Important Notice

This notice is published by QuantMetriks Research Ltd ("QuantMetriks"), an appointed representative of Toscafund Asset Management which is authorised and regulated by the Financial Services Authority. It is intended for Eligible Counterparties and Professional Clients only as defined in the Financial Services and Markets Act 2000 as amended from time to time. It is not intended for Retail Clients as defined therein.

The information contained herein is believed to be accurate but no warranty is given as to its accuracy and the information, opinions or estimates are subject to change without notice.

The information contained in this document does not constitute a distribution, an offer to sell or the solicitation of an offer to buy any securities or products in any jurisdiction in which such an offer or invitation is not authorised and/or would be contrary to local law or regulation.

No liability is accepted by any person within QuantMetriks for any losses or damage arising from the use or reliance on the information contained in this document including, without limitation, any loss or profit, or any other damage; direct or consequential.

The content of this document may not be reproduced, redistributed, or copied in whole or in part for any purpose without Toscafund's prior express consent. This document is not an advertisement and is intended for use by QuantMetriks clients only.

The source of all graphs and data is as stated, otherwise the source is QuantMetriks Research Ltd.

QuantMetriks Research Ltd. ("QuantMetriks", or the "firm") an Appointed Representative of Toscafund Asset Management LLP ("Toscafund").Toscafund is an investment manager authorised and regulated by the U.K. Financial Services Authority ("FSA") and is required to conduct its business activities in accordance with the Principles of Business as set forth in the FSA Handbook. Included in these principles is a requirement that business be conducted with integrity, that customers be treated with fairness, that customer communications be clear, fair and truthful and that conflicts be managed fairly. As an Appointed Representative of Toscafund, the QuantMetriks will also adhere to these principles.

Our policies are issued to comply with FSA Conduct of Business rules and are not intended to create any third party rights or duties that would not exist if the policies had not been made available, or to form part of any contract between the firm and any other person.

QuantMetriks is 100% owned by Old Oak Holdings Limited. Old Oak also owns 50% of Toscafund.

Pursuant to a service agreement) between QuantMetriks and Toscafund (the "Service Agreement"), Toscafund provides various services to QuantMetriks, including accounting, compliance, administrative, facilities services.

Pursuant to the Service Agreement, Toscafund economic experts may from time to time provide advice to QuantMetriks on macroeconomic issues and may contribute to reports produced by QuantMetriks or participate in client meetings with QuantMetriks.

Certain Toscafund partners or employees may also serve as advisers or staff of QuantMetriks. In no event will such partners or employees be engaged in any portfolio management activities for Toscafund.

QuantMetriks does not conduct any proprietary trading or customer investment activity.

Toscafund may at any given time hold more than 5% of the total issued share capital of a company or companies that may be in industry sectors that are the subject of QuantMetriks research.

There may also be other financial interests held by QuantMetriks affiliates in an issuer that is within an industry sector that is the subject of a QuantMetriks report. However, QuantMetriks does not hold any financial interest in any issuer.

QuantMetriks provides economic analysis services only and therefore does not act as a liquidity provider or market maker. Unless specifically disclosed in a research report, no affiliate of the firm (including Toscafund) acts or will act as a liquidity provider or market maker to companies that are the within sectors discussed in its analyses.

From time to time, Toscafund managed funds may trade in stocks within the industry sectors that are the subject of QuantMetriks sector reports.

The firm has not agreed with any issuers to produce research on the issuer.

The firm has effective control arrangements in place to prevent and avoid conflicts of interest with respect to research recommendations, including information barriers.

If applicable, QuantMetriks will disclose the price of shares received or purchased (and date of acquisition) by a person within the firm in a public offering where the issuers are the subject of a research recommendation made by the firm.

The firm will not be recommending particular shares and therefore, does not publish regular reports with respect to recommendations that are "buy", "hold", "sell" or equivalent terminology.

QuantMetriks is subject to the same compliance policies of its affiliated firm Toscafund Asset Management LLP, an FSA regulated investment manager. These policies address conflicts of interest, personal account dealing and the handling of sensitive information as well as other matters. These policies are a part of the control arrangements that are in place at QuantMetriks to prevent and avoid conflicts of interest. The Chief Compliance Officer of Toscafund will act in the same capacity for QuantMetriks.

As the 100% owner of QuantMetriks, Toscafund will retain naming rights and data analysis tools, while the raw data (charts) & macro research will be available to all paying clients.

Toscafund will be a client of QuantMetriks.

Toscafund may choose to pay QuantMetriks for its services out of "Commission Sharing" pots established at its main brokers on an arm's length basis.

© QuantMetriks Research Ltd. 2011, all rights reserved.