Legal & Regulatory Conditions

A table setting out the tariff for recommendations used in Investment Research and, on an historic basis, in certain Marketing Communications

As from 14^th February 2005, the recommendation framework is as follows: -

UPSIDE OF 20% BUY (Previously 15% +)

UPSIDE OF 10 - 19.99% ADD (Previously 5 - 14.99%)

UPSIDE/ DOWNSIDE OF 0 - 9.99% HOLD (Previously +/- 0 - 4.99%)

DOWNSIDE OF 10 - 19.99% REDUCE (Previously 5 - 14.99%)

DOWNSIDE OF 20% + SELL (Previously 15% +)

All recommendations are struck on a MARKET NEUTRAL basis and a 12-month time horizon.