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This research has not been prepared in accordance with regulatory requirements designed to promote the independence of investment research.

Recommendations are given in good faith, but without legal responsibility and are subject to change without notice. The information does not constitute advice or a personal recommendation or take into account the particular investment objectives, financial situations or needs of individual clients. You are recommended to seek advice concerning suitability from your investment advisor. Investors should be aware that past performance is not necessarily a guide to the future and that the price of shares, and the income derived from them, may fall as well as rise and the amount realised may be less than the original sum invested.

This research is based on current public information that we consider reliable, but we do not represent it is accurate or complete and it should not be relied upon as such.

The CFD Group and its connected companies, their directors, members, employees and members of their families may have positions in the securities or derivatives (including options and warrants) t

ereof of covered companies referred to in this research.
As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity, independence and impartiality of this report. Investors should consider this report as only a single factor in making their investment decision.

This research is not an offer to sell or the solicitation of an offer to buy or sell any security in any jurisdiction where such an offer or solicitation would be illegal.

Our research is distributed primarily electronically and, in some cases, in printed form.

C 2008 All rights reserved. No part of this report may be reproduced or distributed in any manner without the written permission of The CFD Group LLP. The CFD Group LLP specifically prohibits the re-distribution of this report, via the internet or otherwise, and accepts no liability whatsoever for the actions of third parties in this respect.

This document is issued by The CFD Group LLP, an Appointed Representative of Equitrade Markets, Authorised and Regulated by the Financial Services Authority