E2 Research Disclaimer

Before proceeding, please confirm that you have read the following disclaimer.

2008 Emerging Economies Research LLP ("E2")

1. Disclaimer and conflicts management policy

These research reports were prepared by E2 research analysts as explicitly named within and are not intended for private customers as defined by the FSA. They are not distributed to, nor intended for use by any person/entity who is a resident/citizen of, or located in, any jurisdiction where such publication, distribution, availability or use would be contrary to regulation or law, or which would subject E2 to any registration/licensing/authorisation within the said jurisdiction.

While sources used in preparation of these research reports are believed to be reliable, E2 makes no representation that they are accurate or complete. The opinions, forecasts, assumptions and other information contained in these research reports are as of the date indicated and are subject to change at any time without prior notice.

These reports are provided for informational purposes and should not be construed as a solicitation or offer to buy or sell any securities or related financial instruments.

Neither E2, nor any of its partners, directors, employees, representatives or agents shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including loss of profits arising in any way from the information contained in these reports.

E2, its partners, directors and employees may have had, have or will have long or short positions in the securities (or related financial instruments) referred to herein.

These research reports are for the use of the intended recipients only and their contents may not be reproduced, redistributed, or copied in whole or in part for any purpose without the prior written consent of E2.

Distribution of these document in the United States or to US persons is solely intended for major institutional investors as defined in Rule 15a-6(a)(2) under the US Securities Act of 1934.

Research reports or our website may contain the addresses of, or hyperlinks to, third party websites. Such links or addresses are provided for your convenience and the information contained in the referred site does not in any way form part of any of E2's publications. Accessing such sites or following such links shall be at your own risk.

2. Valuation and price target methodology

Absolute performance, long term (fundamental) recommendation : The recommendation is based on implied upside/downside for the stock from the target price.

A Buy/Sell or Undervalued/Overvalued implies upside/downside of 10% or more.

Target price: The target price is the level the stock should currently trade at if the market were to accept the analyst\'s view of the stock and if the necessary catalysts were in place to effect this change in perception within the performance horizon.

In Trading Recommendations/Ideas/Notes, the time horizon is dependant on prevailing market conditions and may or may not include price targets.

3. Distribution of Recommendations

Distribution of recommendations (as of 09/04/2010):

 

 

4. Managing Conflicts of Interest

The following statements describe E2's policy around the production and distribution of research reports in and from the UK to our institutional client base. E2 does not provide research to private clients as defined by the FSA. These policies are designed to comply with the FSA's Conduct of Business (COB) rules and are not intended to create third party rights or duties that would not already exist if the policy was not made available, nor does it form part of any contract between E2 and any client and/or research recipient, nor do they have the effect of extending E2's normal obligations to any reader or research recipient.

Investment Research

Secondary Research.
The FSA has set specific criteria for research to be described as "impartial". It is E2's policy to only publish investment research that is impartial, clear, fair and not misleading. In addition, as E2 is an independent research boutique with no conflicting investment banking business, as such, according to the FSA's criteria, all of our secondary research can be classified "impartial".

Primary Research
From time to time E2 may publish research on primary offerings. All such primary research reports will be clearly labelled and investors should be aware that the firm may have a conflict of interest in such cases which could be considered to have the potential to affect the objectivity of such clearly labelled reports. Investors should consider such reports as only a single factor in making their investment decision.

Identification and management of conflicts

- Training is provided to all E2 professionals to enable them to recognise and understand conflicts;

- Escalation processes exist for the resolution of identified conflicts;

- Research is reviewed by editors, supervisory analysts and/or research management prior to publication for conformance to our research and compliance policies;

Analyst supervision and remuneration

Research is a client facing service and is managed by our Head of Research. In particular our marketing staff:

- Do not supervise analysts;
- Do not decide on coverage, timing or content of research, and;
- Do not determine analysts' remuneration

In addition, our research analysts' remuneration is neither linked to specific transactions nor to their stock recommendations.

Publication

New research is first published on our password-protected website. Hence it is made available simultaneously to our clients and our marketing staff.

Research may also be distributed after publication on the website by electronic or postal means to individual institutional clients.

Our marketing staff may produce and distribute specific recommendations electronically to our clients.

Personal account dealing and disclosure of interests

Dealing ahead of research publication by the firm or its staff is not permitted. We have procedures in place to prevent/mitigate this risk occurring.

Analysts are not permitted to trade in securities in the companies or sectors that they cover. Any holding acquired prior to an analyst joining E2 is required to be disclosed in the research disclaimer, and disposal of such holdings can only take place when consistent with the analyst's published recommendation.

All E2 staff are required to disclose any holdings prior to joining, and personal account dealing requires pre-clearance by the Compliance Officer. In addition, we have procedures in place to monitor the personal accounts of all E2 professionals.

E2 staff may have had, have or will have interests or positions, both long and short, in the securities or related financial instruments discussed in our research reports.

5. Website Privacy Policy

This Privacy Policy sets forth our current policies. Please bear in mind that we may change the content or services found on our website at any time in the future, and consequently, our privacy policy may also be modified.

Please re-visit this page from time to time to familiarise yourself with any changes to the aforementioned Policy. Your continued use of our website following any changes to the Policy will be deemed as acceptance of the changes.

If you register to use the password-protected portions of our site, we will ask you to provide us with certain information about yourself.

This personal information is maintained in password protected files, and access is limited to staff who need to have such information to provide services to you.

We will never pass on any personal information to any third party.

When you use the our website, we may collect data regarding the portions of the site that you have visited, information you have obtained or any input that you have provided. This may be done using "cookies", which are text files that are stored on your computer. This data may also include your connection metrics, which may include, but is not restricted to, your domain name, internet service provider, access protocol, your browser type, versions and settings, your operating system and other connectivity specifications.

In addition, we may disclose information about you if requested or ordered to do so in the course of a legal or regulatory proceeding.

Although we have tried to create a secure and reliable website for you, the confidentiality of any communication or material transmitted via our web site or by e-mail cannot be guaranteed. When submitting any sensitive information, please consider and be mindful of the fact that it is potentially accessible to others and may be collected without your consent. The use of the Internet and our website is solely at your own risk. We accept no responsibility or liability for the security of personal information transmitted via the Internet.