Material Interests

The table below lists all the companies covered by Seymour Pierce research, and identifies those cases in which Seymour Pierce has a business relationship with the company or a material interest in the company, which could potentially conflict with our obligation to ensure that our research is clear, fair and unbiased.

Key to potential conflicts:

1. The investment analyst responsible for the research recommendation has a personal holding of the securities issued by the company, or of derivatives related to such securities. Such a holding will usually relate to much less than 1% of the company's issued share capital.

2. Seymour Pierce or an affiliate owns more than 5% of the issued share capital of the company.

3. Seymour Pierce or an affiliate is party to an agreement with the company relating to the provision of investment banking services, or has been party to such an agreement within the past 12 months. Where Seymour Pierce provides corporate broking services to a company, the agreement covering such services includes a provision that we will prepare and publish research at such times as we consider appropriate.

4. Seymour Pierce or an affiliate has been lead manager or co-lead manager of a publicly disclosed offer of securities for the company within the past 12 months.

5. Seymour Pierce is a market maker or liquidity provider in the securities issued by the company.

6. Seymour Pierce is party to an agreement with the company relating to the production of research recommendations.