This publication is not for US investors.

The information given in this report is based upon sources we believe to be
reliable, but its accuracy cannot be guaranteed. 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 and you are recommended to seek advice concerning suitability
from your investment advisor. Charles Stanley & Co. Ltd. and connected
companies, their directors, members, employees and members of their families
may have positions in the securities mentioned. 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 their original sum.

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