<p><strong>Distribution of Ratings in respect of Investment Research</strong></p>
<p>Ratings from 1 Jan 2009 to 31 Dec 2009</p>
<table class="recTable" style="width: 60%;" cellspacing="0">
<tbody>
<tr class="topline" valign="top">
<td>&nbsp;</td>
<td class="dcol">All Securities</td>
<td class="dcol">Corporate Clients</td>
</tr>
<tr>
<td>Buy</td>
<td class="dcol">38.2%</td>
<td class="dcol">71.4%</td>
</tr>
<tr>
<td>Add</td>
<td class="dcol">25.8%</td>
<td class="dcol">28.6%</td>
</tr>
<tr>
<td>Hold</td>
<td class="dcol">28.6%</td>
<td class="dcol">0%</td>
</tr>
<tr>
<td>Reduce</td>
<td class="dcol">3.9%</td>
<td class="dcol">0%</td>
</tr>
<tr>
<td>Sell</td>
<td class="dcol">3.5%</td>
<td class="dcol">0%</td>
</tr>
<tr>
<td>&nbsp;</td>
<td class="dcol">&nbsp;</td>
<td class="dcol">&nbsp;</td>
</tr>
<tr class="topline">
<td>Total</td>
<td class="dcol">100%</td>
<td class="dcol">100%</td>
</tr>
</tbody>
</table>