You have reached this page through a hyperlink contained in a communication issued by Singer Capital Markets Limited ("SCM"). This page is an integral part of that communication. The communication may contain confidential and/or privileged information, is for the named addressee only and should not be passed on to any other person. If you have received it in error, any disclosure, copying or distribution of it by you is prohibited and may be unlawful. Further, if you are not the intended recipient, please advise the sender immediately by reply email and delete the email and any attachments without retaining a copy.

E-mails and any attachments are confidential and may contain proprietary information, some or all of which may be legally privileged. The email you have received is intended solely for the use of the individual or entity to whom it is addressed. If you are not the intended recipient you must not use, disclose, distribute, copy or print this email. Further please notify the author immediately by telephone or by replying to this e-mail, and then delete all copies of the e-mail on your system. While SCM has taken steps to control the spread of viruses on its systems, it cannot guarantee that this email and any files transmitted with it are virus free. No liability is accepted for any errors, omissions, interceptions, corrupted mail, lost communications or late delivery arising as a result of receiving this message via the Internet or for any virus that may be contained in it. Any views or opinions expressed by an individual within this email do not necessarily reflect the views or opinions of SCM. Emails that you send to SCM may be monitored by systems or persons other than the named communicant, for the purposes of ascertaining whether the communication complies with the law and SCM’s policies. Information obtained from sources believed to be reliable. Potential counterparties should review independently, and/or obtain independent professional advice, and draw their own conclusions regarding the suitability of any transaction, including the economic benefit and risks, and the legal, regulatory, credit, tax and accounting aspects in relation to their particular circumstances. SCM may have a position in, buy/sell or offer to buy/sell securities identical/related to those mentioned herein.

Information relating to any company or security is for information purposes only and should not be interpreted as a solicitation to buy or sell any security or to make any investment. The information in the communication you have received has been compiled from sources believed to be reliable but it has not been independently verified. No representation is made as to its accuracy or completeness, no reliance should be placed on it and no liability is accepted for any loss arising from reliance on it.

All expressions of opinion are subject to change without notice. Opinion may be personal to the author and may not reflect the opinions of SCM.

THIS IS NON INDEPENDENT RESEARCH AND A MARKETING COMMUNICATION under the FSA Conduct of Business rules. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and it is not subject to any regulatory prohibition on dealing ahead of the dissemination of investment research. Please see the important disclosures and disclaimers, which can be found at the end of this report and are an integral part of it.

SCM does not produce investment research that would be regarded as impartial within FSA rule COBS 12.2. Please see our website for disclosures of relationships and other material disclosures and our policy relating to equity research (TO BE CONFIRMED). This policy only covers research communicated by persons described in the communication as analysts. Communications from either sales persons or sales traders or anyone else should not be regarded as investment research.

Singer Capital Markets Limited. Registered Office: One Hanover Street, London, W1S 1YZ. Registered in England (No.5792780). Authorised and regulated by the Financial Services Authority. A Member of the London Stock Exchange.

Recommendations and Stock Ratings

SCM utilises the following system for stocks under formal coverage:

Target prices and recommendations are based on analyst expectations of absolute share price performance over the next 12 months.

Buy, Fair Value, or Sell (see definitions below):

BUY is +10% or above expected absolute performance over the next 12 months;

FAIR VALUE is between -10% and +10% expected absolute performance over the next 12 months; and,

SELL is -10% or worse expected absolute performance over the next 12 months.

SCM does not produce recommendations on corporate clients, although it may chose to publish price targets.

Temporary movements by stocks across the boundaries of these categories due to share price volatility will not necessarily trigger a recommendation change SCM has no policy or standard as to the frequency of any updates or changes to its coverage policies.

Allocation of Equity Ratings in Q4 2009

* The percentage of recommendations published within this rating category within the previous calendar quarter.

** The percentage of the recommendation universe within this rating category to which SCM provided "investment banking services" within the past 12 months. Please note SCM does not produce recommendations on companies who are corporate clients of SCM, although they may chose to publish target prices.

Valuation Methods and Risk Disclosure

Although the definition and application of these methods are based on generally accepted industry practices and models, please note that there is a range of reasonable variations within these models. The application of models typically depends on forecasts of a range of economic variables, which may include, but not limited to, interest rates, exchange rates, earnings, cash flows and risk factors that are subject to uncertainty and also may change over time. Any valuation is dependent upon the subjective opinion of the analysts carrying out this valuation.

Singer Capital Markets Limited | One Hanover Street | London | W1S 1YZ | Tel +44 (0)20 3205 7500 | Fax +44 (0)20 3205 7550