Cancellation of Founder Warrants

04/09/2003

At the time of the Company's flotation in November 2000, the Company issued 50,000,000 Founder Warrants. The terms of the Founder Warrants enabled the holder to subscribe for Ordinary Shares in the Company at a price of 0.1p per share.

The Company has reached agreement with the holders of all the Founder Warrants that, for nil consideration, the holders will surrender for cancellation by the Company all of their Founder Warrants.