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Additional Disclosure regarding Research – 25 January 2010

Numis Securities Limited ("Numis") research reports are for distribution only under such circumstances as may be permitted by applicable law. A research report has no regard to the specific investment objectives, financial situation, or particular needs of any specific recipient, even if sent only to a single recipient. A research report is offered solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell securities or related financial instruments, nor is it to be construed as a recommendation for Numis to effect any transaction to buy or sell securities or related financial instruments on behalf of any recipient.  Research reports do not take into account the tax, or any other financial issues of investing an in Investment Company.  You should seek independent professional advice on such matters.  There is no express or implied understanding between Numis or Numis Securities Inc. (“Numis Inc.”) and any recipient of a research report that Numis will receive any commission income in connection with such research report. The securities that may be described in a research report may not be eligible for sale in all jurisdictions or to certain categories of investors. All research reports are based on information believed to be reliable, but they have not been independently verified and are not guaranteed as being accurate. Research reports are not guaranteed to be complete statements or summaries of any securities, markets, reports or developments referred to therein.

Any statements or opinions expressed in a research report are subject to change without notice and Numis is not under any obligation to update or keep current the information contained therein. All statements and opinions expressed in a research report are made as of the date of a research report and are not held out as applicable thereafter. Neither Numis nor any of its directors, officers, employees, or agents shall have any liability, however arising, for any error, inaccuracy or incompleteness of fact or opinion in a research report or lack of care in a research report's preparation or publication; provided that this shall not exclude liability to the extent that this is impermissible under the law relating to UK financial services.

Numis may rely on information barriers, such as "Chinese Walls" to control the flow of information within the areas, units, divisions, groups, or affiliates of Numis.

Investing in any non-U.S. securities or related financial instruments (including ADRs) discussed in a research report may present certain risks. The securities of non-U.S. issuers may not be registered with, nor be subject to the regulation of the U.S. Securities and Exchange Commission. Information on such non-U.S. securities or related financial instruments may be limited. Foreign corporations are typically not subject to audit and reporting standards and regulatory requirements comparable to those in effect within the United States.

Past performance is not an indication or guarantee of future performance and no representation or warranty, express or implied, is made by Numis with respect to future performance. The value of any investment or income from any securities or related financial instruments discussed in a research report is subject to volatility and can fall as well as rise. Investors may not get back the full amount they originally invested. The value of any investment or income from any securities or related financial instruments discussed in a research report denominated in a currency other than U.S. dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from any securities or related financial instruments discussed in such research report.

No part of the content of any research report may be copied, forwarded or duplicated in any form or by any means without the prior consent of Numis and Numis accepts no liability whatsoever for the actions of third parties in this respect.

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This site is maintained by Numis Securities Limited. Legal & Regulatory Conditions governing this website.