Como desenhar texto rotacionado em VB.NET?

Duncan Mackenzie escreveu sobre como desenhar texto rotacionado. O exemplo, em VB.NET, é:

 1 Public Enum Direction As Integer 
 2   N = 0
 3   NE = 1
 4   E = 2
 5   SE = 3
 6   S = 4
 7   SW = 5
 8   W = 6
 9   NW = 7
10 End Enum
11 
12 Protected Overrides Sub OnPaint(ByVal e As 
13   System.Windows.Forms.PaintEventArgs) 
14 
15   e.Graphics.Clear(Me.BackColor) 
16 
17   Dim bounds As Rectangle 
18   Dim g As Graphics 
19   Dim rotation As Single = 0
20 
21   g = e.Graphics 
22   bounds = New Rectangle(50, 50, Me.Width - 100, 
23     Me.Height - 100) 
24 
25   Dim rect As System.Drawing.RectangleF 
26 
27   g.DrawEllipse(Pens.Black, bounds) 
28 
29   Dim myMatrix As Drawing2D.Matrix 
30   Dim sf As New StringFormat(StringFormatFlags.NoWrap) 
31 
32   sf.Alignment = StringAlignment.Center 
33   myMatrix = g.Transform() 
34   rect = New System.Drawing.RectangleF(bounds.X, 
35     bounds.Y, bounds.Width, bounds.Height) 
36 
37   For i As Integer = 0 To 7 
38     If i > 0 Then 
39       myMatrix.RotateAt(45, 
40         New PointF(Me.Width / 2, Me.Height / 2), 
41         Drawing.Drawing2D.MatrixOrder.Append)
42       g.Transform = myMatrix 
43     End If 
44 
45     Dim directionString As String 
46 
47     directionString = 
48       System.Enum.GetName(GetType(Direction), i) 
49     g.DrawString(directionString, 
50       New Font("Arial", 12, FontStyle.Bold), 
51       Brushes.Black, rect, sf) 
52   Next 
53 End Sub