Combined Code

The directors support high standards of corporate governance. Following admission of all of the share capital of IdaTech plc (the "Company") to trading on AIM on 6 August 2007, the directors intend to comply with the Combined Code on Corporate Governance published by the Financial Reporting Council and dated June 2006, as amended (the "Combined Code") insofar as it is appropriate and practicable for a company of its size and nature.

Composition of the Board

The board of directors of the IdaTech plc (the "Board") consists of the Chairman, two executive directors and four non-executive directors, including three independent non-executive directors. Save in respect of Michael Lacey-Solyar, who was nominated by Investec Group Investments (UK) Limited, IdaTech regards all of its non-executive directors as independent non-executive directors within the meaning of "independent" as defined in the Combined Code and free from any business or other relationships which could materially interfere with the exercise of their independent judgment. The composition of the Board is not fully Combined Code compliant. However, because the Board includes three independent non-executive directors in total, the directors regard this as an appropriate board structure given the size and nature of the Company.

Responsibilities of the Board

The Board as a whole is responsible for the overall management of the Company's business. In general, the Board should consider all important management and policy matters in relation to the Company which should include, amongst other things, setting the Company's strategic aims, ensuring that the necessary financial and human resources are in place for the Company to meet its objectives and review management performance. The Board should also set the Company's values and standard and ensure that its obligations to its shareholders and others are understood and met. All directors are expected to make decisions objectively in the interests of the Company and its shareholders.

All directors will have full and timely access to all relevant information. The directors may take independent professional advice at the Company's expense in carrying out their functions, if any such director reasonably considers it necessary in furtherance of his duties as a director of the Company.

The Board reserves for its decision all major aspects of the Company, including, inter alia, the approval and monitoring of all policy matters, overall strategies, business plans and annual budgets and their implementation, internal control and risk management systems, material transactions (in particular those which may involve conflicts of interest), financial information, major capital expenditure, appointment of directors and other significant financial and operational matters.

All operational decisions are delegated to the executive directors. The day-to-day management, administration and operation of the business is delegated to management. Management has an obligation to supply the Board and its committees adequate, complete and reliable information in a timely manner to enable them to make informed decisions.

Board Meetings

The Board will meet regularly as well as on an ad hoc basis, as required by business needs. Annual meeting schedules and draft agenda of each meeting will be made available to directors in advance. Notices of regular Board meetings will be served to all directors at least 14 days before the meetings. For other Board and Committee meetings, reasonable notice will be given.

Board Committees

The Board has established an audit committee, a nominations committee and a remuneration committee.

The audit committee is chaired by Angus Fraser and its other members are Sir John Jennings, Alan Lloyd and David Smith. The audit committee meets three or more times a year and has responsibility for, amongst other things, monitoring the integrity of the Group's financial statements and reviewing its summary financial statements. It oversees IdaTech's relationship with its external auditors and reviews the effectiveness of the external audit process. The committee gives due consideration to laws and regulations, the provisions of the Combined Code (insofar as it is appropriate and practicable for a company of the size and nature of the Company) and the requirements of the AIM Rules. It also has responsibility for reviewing the effectiveness of the Group's system of internal controls and risk management systems. The ultimate responsibility for reviewing and approving the interim and annual financial statements remains with the Board.

The nominations committee is chaired by Sir John Jennings and its other members are Angus Fraser, Alan Lloyd and David Smith. The nominations committee will meet not less than twice a year and has responsibility for making recommendations to the board of directors on the composition of the board and its committees and on retirements and appointments of additional and replacement directors and ensuring compliance with the Combined Code insofar as it is appropriate and practicable for a company of the size and nature of IdaTech.

The remuneration committee is chaired by David Smith and its other members are Sir John Jennings, Angus Fraser and Alan Lloyd. The remuneration committee will meet not less than twice a year and has responsibility for making recommendations to the Board on the Group's policy on the remuneration of Senior Management, the determination, within agreed terms of reference, of the remuneration of the Chairman and of specific remuneration packages for each of the executive directors and members of senior management including pension rights and any compensation payments and for the implementation of long-term incentive plans. The remuneration committee will also ensure compliance with the Combined Code in this respect insofar as is appropriate and practicable for a company the size of IdaTech.