MF GLOBAL SECURITIES LIMITED RESEARCH / SALES / SALES TRADING E-MAIL, BLOOMBERG MESSAGE , BLOOMBERG INSTANT BROADCAST, INSTANT MESSAGE AND TEXT MESSAGE "ELECTRONIC COMMUNICATION" DISCLAIMER

MF Global Securities Limited provides independent research of European equity markets, which is designed to help our institutional clients outperform their respective benchmarks. Our Analysts aim to cover the largest 300 companies in Europe. Our BUY and SELL recommendations are used to draw attention to stocks, which we believe are under-priced or over-priced by circa 15%. Stocks which we believe will no longer achieve this price differential or stocks which we have not rated, are by definition, NEUTRAL. The percentage distribution of our ratings as at 18th March 2009 was BUY 42%; SELL 12%; NEUTRAL 46%. Target Prices are established in the context of a flat market.

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The research analyst who prepared this electronic communication confirms that the views expressed herein accurately reflect the analyst's personal views about the subject security or securities contained in this electronic communication and that no part of the analyst's compensation is or will be directly related to the specific recommendation or views contained in this electronic communication. However, the analyst may benefit from bonus arrangements which are derived from total commission revenues generated from MFG's business in the sector as a whole. No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. This electronic communication is designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives. It is issued on the basis that MFG is not acting in a fiduciary capacity. This electronic communication is issued without regard to the recipient's specific investment objectives and the value of any security, or the income derived from it, may fluctuate. Certain securities and/or transactions give rise to substantial risks and are not suitable for all investors. Investors must undertake independent analysis with their own legal, tax and financial advisers and reach their own conclusions regarding the economic benefits and risks of the security described herein and the legal, credit and tax aspects of any anticipated transaction. Where a security is denominated in a currency other than the local currency of the recipient, changes in exchange rates may have an adverse effect on the value of the security. Past performance is not necessarily a guide to future performance. MFG, its Officers, employees and affiliates may have a financial interest in the security or securities described in this e-mail or otherwise buy, make markets in, hold trade or sell any security or securities described herein or provide services to issuers discussed herein. The security or securities mentioned herein may not be eligible for sale in some jurisdictions and may not be suitable for all types of investor. Investors should contact their MFG Representative if they have any questions or wish to discuss the contents of this electronic communication.

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