Copyright © 2007 SQC Research Limited

www.sqcresearch.co.uk is the wholly owned domain of SQC Research Limited.

"You" means the person specified as the user in the registration form. The details provided by you on the registration form are important. It is considered to be your responsibility to ensure they are correct and complete and to inform us of any subsequent changes.

Disclaimer

Investing in securities can carry risk and you are therefore recommended to consult your stockbroker, solicitor, accountant or other professional advisor prior to completing any investment transaction.

This disclaimer relates not only to all pages, files, reviews and commentary on the www.sqcresearch.co.uk web site, but also to other sites upon which SQC Research provides editorial content or upon which such editorial is re-produced or quoted.

SQC Research does not have any investment clients and does not offer any subscription services to investors. Its only clients are the quoted companies for whom it provides investor relations services, mainly through the publication of Company Profiles. Those profiles are an assembly in an 'easy to read' format of information and opinion already available elsewhere in the public domain.

The information made available through SQC Research and www.sqcresearch.co.uk is for general information and use and is not intended to address particular requirements.

It is emphasised that SQC Research does not have investment clients and does not offer investment advice. Its profiles are not to be considered as a solicitation to buy, sell or hold particular equities. They do not constitute any form of specific advice or recommendation and they are not intended to be relied upon by users in making (or refraining from making) any investment decisions.

SQC Research and/or its analysts and associates may have a holding in any of the shares of the companies profiled upon on this website.

Users should remember that the price, value or income associated with a share may fluctuate or fall against that investor's interests and you may not get back the amount you invest. Furthermore, past performance of the equities market in general or of a specific share is not necessarily a guide to future performance. Equities can be subject to sudden and large falls in value and investing in equities in general or in any specific share referred to on this website may not be suitable for each investor.

There is an extra risk of losing money when shares are bought in some smaller quoted companies, including 'penny' shares. There is a big difference between the buying price and the selling price of these shares. If they have to be sold immediately, investors may get back much less than they paid for those shares.

Equally certain shares of companies profiled on this website may be difficult to sell and the investor may not be able to quickly realise his investment. It can be difficult for investors to obtain reliable information about the value of such shares or the extent of the risks to which they are exposed.

Investors should also remember that the levels and bases of taxation can change.

It should go without saying that if in doubt about any investment decision an investor should consult an investment advisor.

Where the information consists of pricing or performance data, the data contained therein has been obtained from company reports, financial reporting services, periodicals, and other sources believed reliable.

Editorial content on this web site is provided by SQC Research, which is an electronic and printed publisher of financial information.

Published information may include the opinion of SQC Research, other industry providers of content or of independent analysts and are not meant to be a solicitation or recommendation to buy, sell or hold securities.

Similarly, information about companies or products profiled may be obtained from such companies themselves and, although believed to be reliable, is not guaranteed and SQC Research makes no representation or warranty, expressed or implied, as to the accuracy or information provided. Investors should not rely solely on the information contained in the publication and are recommended to use such information as a starting point for conducting additional research in order to allow the investors to form their own opinion regarding the merits of a particular investment or other financial product.

All material on www.sqcresearch.co.uk is protected by copyright. SQC Research reserves the right to initiate legal proceedings against anyone engaged in the unauthorised reproduction of the material. Any site member found to have reproduced or replicated any material from www.sqcresearch.co.uk may have their membership automatically terminated.

Factual statements in this electronic publication are made as of the date stated and are subject to change without notice. Receipt of this electronic publication shall not, under any circumstances, create any implication that there has been no change in the affairs of companies profiled since the date of review and SQC Research does not undertake to advise you of any changes in circumstances that may subsequently arise.

SQC Research provides investor relations services through these electronic pages for which it receives financial compensation, which should be viewed by readers as a potential conflict of interest. You should also be aware that shares of companies profiled may experience short-term volatility following publication of any profile.

Neither SQC Research nor any representative, agent or employee nor any connected company or party shall be liable to a user of this free service or to any third party for any loss or injury arising out of the information or any actions taken or not taken in response to any information or a users use of (or inability to use) this service. You are responsible for validating the integrity of any information received over the Internet.

We repeat that this service is not an offer to buy or sell, or a solicitation of any offer to buy or sell the securities mentioned. Opinions do not necessarily imply the suitability of particular securities for individual situations. The value of securities and investments and the income from them may fluctuate. It should be remembered that past performance is not necessarily a guide to future performance and investors may not get back the amount they invested. It may be difficult for you to sell or value certain investments or to obtain reliable information about their value or the extent of the risks to which they are exposed.

Neither SQC Research nor any of its analysts, associates, data providers or affiliates makes any warranties, express or implied, that the services or the availability of services in any particular jurisdiction outside the U.K. is in compliance with any applicable laws or regulations. Accordingly, if it is prohibited to make the services, site or any part available in your jurisdiction or to you (by reason of your nationality, residence or otherwise) such services or any part are not directed at you. You accept that if you are the resident out the U.K. you must satisfy yourself that you are lawfully able to receive the services and in particular any document which allows you to apply for any securities through the services in the country which you are accessing the services.

Neither SQC Research nor any of its analysts, associates, data providers or affiliates accept liability for any costs, losses or damages resulting from or related to the availability or contents of the service to persons in jurisdictions outside the U.K. or to persons who are nominees or trustees for citizens, residents or nationals of other countries. The services or any part thereof do not constitute an offer or solicitation to buy or sell investments in any jurisdiction.

Investing in securities can carry risk and you are therefore recommended to consult your stockbroker, solicitor, accountant or other professional advisor prior to completing an investment transaction.

Market or individual company commentary represents the opinion of either editorial management or of the analyst who is quoted. All statements are opinions only and are not meant to be a solicitation or recommendation to buy, sell or hold securities.

www.sqcresearch.co.uk provides hypertext links to sites on the Internet which are operated by other people. Using an external hypertext link means that you may be leaving the www.sqcresearch.co.uk site and SQC Research therefore takes no responsibility for and gives no warranties, guarantees or representations in respect of linked sites.

Due to the number of sources from which SQC Research obtains content and the nature of electronic distribution via the world wide web neither SQC Research nor any of its analysts, associates, data providers or affiliates have any liability for any losses, costs or damages resulting from or related to use of or inability to use any information contained in the content matter or the provision of the content matter to the fullest extent to which such liability may be excluded or avoided by law and in no event shall SQC Research be liable to you for lost profits or for indirect, incidental, special, punitive or consequential damages arising out of or in relation to the content matter or the provision of information.

SQC Research makes no warranty that the service is free from infection by viruses or anything else that has contaminating or destructive properties.