Disclaimer

This website is for information purposes only and reflects our opinions at the date of the last update only. In no circumstances should the information be used or considered as an offer or solicitation to buy or sell any financial instrument or as the basis of any other contractual obligations. It should not be regarded as an offer or solicitation to conduct investment business as defined by the UK Financial Services and Markets Act 2000. Information contained on this website has been compiled from sources believed to be reliable but it has not been independently verified. No representation is made as to its accuracy or completeness, no reliance should be placed on it and no liability is accepted for any loss arising from reliance on it. The information does not constitute advice or a personal recommendation for which the duty of suitability would be owed by us, and you should therefore seek your own advice as to the suitability of any investment matter mentioned herein. You are reminded that the price of securities and the income from them can go down as well as up and that the past performance of an investment or a market is not necessarily indicative of future trends. You are further reminded that you may not recover the full amount that you invest in any security and that some securities carry a higher degree of risk than others. With regard to any mention herein of any Aim or Ofex stocks, you should be aware that the rules of these markets are less demanding than the rules of The London Stock Exchange and that the risks of these investments may therefore be higher. There may also be less liquidity in these stocks leading to a greater disparity in the buying and selling prices. McCall, Aitken, McKenzie & Co Limited and/or companies connected with them (together known as "McCall, Aitken, McKenzie") and/or the officers and employees of those companies may have a position or engage in transactions in any of the securities mentioned herein or in related securities. McCall, Aitken, McKenzie, their affiliates, directors, employees or other representatives shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information herein contained. The contents of this website should not be construed as an express or implied promise, guarantee or implication by McCall, Aitken, McKenzie that clients will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations in an analysis can be very speculative and may result in losses as well as profits, in particular if the conditions mentioned in the analysis do not occur as anticipated. You acknowledge and agree that all proprietary rights in the information you receive from this website shall remain the property of McCall, Aitken, McKenzie. Reproduction, redistribution and transmission of any information contained in this website is strictly prohibited. Please note that any calls to McCall, Aitken, McKenzie may be recorded to enable us to carry out our regulatory responsibilities. To the fullest extent permitted by law, neither McCall, Aitken, McKenzie, their affiliates, directors, employees or other representatives will be liable for damages arising out of or in connection with the use of this website or the information, content or materials included in this website. This limitation applies to all damages of any kind, including, without limitation, direct, indirect and consequential losses, profit or income, loss of or damage to property and claims by third parties. McCall, Aitken, McKenzie & Co Limited of West Lodge, Arngibbon House, Stirlingshire, SCOTLAND FK8 3ES is authorised and regulated by Financial Services Authority and is a member of the London Stock Exchange. It is registered in Scotland with company number SC213105.

Research Policy Note

Our research recommendations are issued and approved for distribution within the United Kingdom by McCall, Aitken, McKenzie & Co Limited only to market counterparties and intermediate customers as defined under the FSA rules. Our research is not directed at, may not be suitable for and should not be relied upon by any other person. The information contained in our research is compiled from a number of sources and is believed to be correct, but cannot be guaranteed. It is not to be construed as an offer, invitation or solicitation to buy or sell any securities of any of the companies referred to within it. All statements made and opinions expressed are made as at the date on the face of the material and are subject to change without notice. Where prices of securities are mentioned, these are the mid-market prices as at the close-of-business on the business day immediately preceding the date of the research. The meanings of our research ratings, together with the proportion of our recommendations issued during the previous quarter carrying each rating, is set out on our website at www.macamac.com. McCall, Aitken, McKenzie & Co Limited and/or its associated companies and ultimate holding company may from time-to-time provide investment or other services to, or solicit such business from, any of the companies referred to in research material. In addition, they and/or their directors and employees and/or any connected persons may have an interest in the securities of any of the companies in the report and may from time-to-time add to or dispose of such interests. Details of the significant conflicts relating to the companies that we research are set out on our website at www.macamac.com, together with a summary of our policies for managing conflicts of interest.

Research Rating Definitions

Rating	Definition**
Buy Accumulate Hold Reduce Sell	15%+ upside relative to the FTSE ALL-SHARE 5-15% upside relative to the FTSE ALL-SHARE Between -5% to 5% relative to the FTSE ALL-SHARE 5-15% downside relative to the FTSE ALL-SHARE >15% downside relative to the FTSE ALL-SHARE

**Performance Expectations are with respect to Total Return over a 12 month horizon

Our Research Methodology

McCall, Aitken, McKenzie & Co is a fundamental investment analyst, looking at each company in its own right before a rigorous global peer group review. McCall, Aitken, McKenzie & Co publishes proprietary forecasts, based on the consensus market view, and then compensates for outlying market expectations. Thereafter we apply a proprietary 'Risk to Consensus Index' (RTCI)* based on our research, data gathering and analysis. We concentrate on 'clean earnings' progression, cash flow and dividends as the primary sorting mechanism. This methodology will produce contra market indicators from time to time, and clients are advised of this. We publish a medium term recommendation with price target, along with short term trading analyses and strategies.
*RTCI - Is a proprietary methodology created by McCall, Aitken, McKenzie & Co to allocate a probability score to the consensus market forecast for 'clean earnings'. A score of 10 indicates, in our view, a High risk of missing the forecast, whilst a score of 1 demonstrates our view of the risk being Low. An increase rating of the score may not necessarily mean we are more bearish on a stock, and reflects the view we have of market consensus to likely out-turn. Replication of the RTCI score is expressly prohibited unless the specific permission from McCall, Aitken, McKenzie & Co is granted, and due recognition of the intellectual ownership is made clear. A more detailed explanation and definition of the RTCI can be obtained from McCall, Aitken, McKenzie & Co.