This document has been approved under section 21(1) of FSMA 2000 by Numis Securities Limited (“Numis”) for communication only to market counterparties and intermediate customers as those terms are defined by the rules of the Financial Services Authority. Its contents are not directed at, may not be suitable for and should not be relied on by private customers. Numis does not provide investment advisory services to private customers. This document is not an offer or a solicitation to buy or sell any security. It does not constitute a personal recommendation and recipients must satisfy themselves that any dealing is appropriate in the light of their own understanding, appraisal of risk and reward, objectives, experience, and financial and operational resources. Numis accepts no fiduciary duties to the reader of this document and in communicating this research material is not acting in a fiduciary capacity. 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Where a price is quoted in research material it will generally, in the absence of contrary words, be the latest practicable price prior to distribution or, in the case of a research circular printed overnight, the closing price at the close of business. The tariff for recommendations is set out in the Numis website, together with the relevant time horizon. A chart showing the recommendation history for the company covered for the past twelve months is included in this document and is also set out under the appropriate company name in the archive of research material contained in this website and is available to all customers who normally receive Numis research material. There is also available on this website an analysis of the split of recommendations over the past quarter for all subject companies and for corporate clients. For this information - see www.numiscorp.com/x/regulatory.html This document has been prepared for persons in the United Kingdom and is not intended for distribution or use outside the United Kingdom. This material is not directed at you if Numis is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you and in particular is not for distribution in and is not directed at persons in the United States or Canada. You should satisfy yourself before reading it that Numis is permitted to provide research material concerning investments to you under relevant legislation and regulations. Numis accepts no responsibility whatever for any failure by a person resident outside the United Kingdom to observe the foregoing. © 2006 Numis Securities Limited. Source: In the preparation of this note we have used, company annual reports and websites, data given at analyst presentations, Bloomberg and Datastream. The company has seen a draft of thisresearch circular and minor factual comments have been incorporated.

Our research recommendations are issued and approved for distribution within the United Kingdom by Seymour Pierce Limited only to market counterparties and intermediate customers as defined under the FSA rules. Our research is not directed at, may not be suitable for and should not be relied upon by any other person. The information contained in our research is compiled from a number of sources and is believed to be correct, but cannot be guaranteed. It is not to be construed as an offer, invitation or solicitation to buy or sell any securities of any of the companies referred to within it. All statements made and opinions expressed are made as at the date on the face of the material and are subject to change without notice. Where prices of securities are mentioned, these are the mid-market prices as at the close-of-business on the business day immediately preceding the date of the research. The meanings of our research ratings, together with the proportion of our recommendations issued during the previous quarter carrying each rating, is set out on our website at www.seymourpierce.com. Seymour Pierce Limited and/or its associated companies and ultimate holding company may from time-to-time provide investment or other services to, or solicit such business from, any of the companies referred to in research material. In addition, they and/or their directors and employees and/or any connected persons may have an interest in the securities of any of the companies in the report and may from time-to-time add to or dispose of such interests. Details of the significant conflicts relating to the companies that we research are set out on our website www.seymourpierce.com, together with a summary of our policies for managing conflicts of interest. Seymour Pierce does not meet all of the FSA standards for managing conflicts of interest, as a result our research should not be regarded as an impartial or objective assessment of the value or prospects of its subject matter, though of course we will always ensure that it remains clear, fair and not misleading. Seymour Pierce Limited is authorised and regulated by the Financial Services Authority, and is a member of the London Stock Exchange.