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3.5 You understand that while you may be able to access certain research tools and reports through this Site, the availability of such information does not constitute a recommendation to buy, sell or otherwise trade all or any of the securities mentioned therein. Charles Stanley accepts no fiduciary duties to the reader of such material and in communicating such research material is not acting in a fiduciary capacity. Neither Charles Stanley nor any of its directors, officers, employees or agents shall have any liability, howsoever arising, for any error or incompleteness of fact or opinion in it or lack of care in its preparation or publication, provided that this shall not exclude liability to the extent that this is impermissible under the law relating to financial services. All statements and opinions are made as of the date on the face of the relevant research material and are not held out as applicable thereafter. Research recommendations are given in good faith but without legal responsibility and are subject to change without notice. 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. You agree not to hold Charles Stanley and/or any of its respective offices, employees, agents or affiliates, liable for any investment decisions made by you arising from the use of this Site or its contents.

3.6 Charles Stanley conducts a full service investment management, investment banking and brokerage business. Charles Stanley has investment banking relationships with a number of the companies covered by our research division. Charles Stanley may seek investment banking business from the covered businesses referred to in this research. Charles Stanley and its connected companies, their directors, members, employees and members of their families may have positions in the securities or derivatives (including derivatives, options and warrants) thereof of covered companies referred to in research. As a result, investors should be aware that Charles Stanley may have a conflict of interest that could affect the objectivity, independence and impartiality of its research. Investors should consider research as only a single factor in making their investment decision.

3.7 The policy on the production of research by Charles Stanley, the definitions of its research recommendations and how it manages actual or potential conflicts of interest can be found at: www.charles-stanley.co.uk/documents/researchpolicy.pdf

3.8 Research material will carry the date of publication or, on a research circular printed overnight, the date on which it was sent to the printers. Where a price is quoted in research material it will generally, in the absence of contrary words, be the latest practicable price prior to distribution or, in the case of a research circular printed overnight, the closing price at the close of business.

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4.1 Should you leave this Site via a link contained herein, and view content on any website that is not provided by Charles Stanley, you do so at your own risk. The content to which you link will not have been developed, checked for accuracy, or otherwise reviewed by Charles Stanley. Charles Stanley is not responsible for damages or losses caused by any delays, defects or omissions that may exist in the services, information or other content provided in any such website, or for any such site's policies in relation to the use or processing of personal data. Charles Stanley makes no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality or timeliness of any electronic content.

4.2 Charles Stanley is not responsible for the accuracy of information contained within websites provided by third parties that may have links to or from its Site. Charles Stanley does not guarantee the timelines, sequence, accuracy, adequacy or completeness of such information and Charles Stanley gives no express warranties with respect to the information. The material available on external websites has been produced by independent providers that are not affiliated with Charles Stanley and nor may they be they regulated by The Financial Services Authority. Any opinions or recommendations expressed on external sites are solely those of the independent providers and are not the opinions or recommendations of Charles Stanley.

4.3 You understand that while some of the linked websites may provide information about investments, the availability of such information does not constitute a recommendation to buy or sell or otherwise trade all or any of the securities discussed therein. You understand that you are responsible for your own investment decisions and you should seek your own professional advice as to the suitability of any investment mentioned in such information.

5. Other Information

5.1 In order to maintain the security of its systems, protect its staff and detect fraud and other crimes, Charles Stanley reserves the right to monitor all internet communications, including web and email traffic, into and out of our domains. Monitoring includes checks for, but not limited to, viruses and other malignant codes, criminal activity and use or content which is unauthorised as being in breach of the Charles Stanley Acceptable Use Policy.

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5.4 Charles Stanley reserves the right to cooperate fully with any investigation by national and international police, regulatory authorities and other officials, and reserves the right to disclose any personal data (including personal or private electronic communication transmitted on this Site) to such officials to the extent requested by them in connection with any such investigation, or as otherwise required by law or regulation.

January 2008