Investment Research Recommendation Disclosures

In its equity research Wills & Co's Research Department uses the following recommendation levels:

STRONG BUY

We believe there is significant upside potential in terms of capital growth - which together with income should lead to total returns in excess of 20%

BUY

We believe total returns will exceed 10%

ACCUMULATE

We believe investors should commence building up a holding

HOLD

We believe the stock will return + or - 5%

REDUCE

The stock is within 5% of its target level and we suggest investors begin lowering their exposure

SELL

We believe the likelihood is that this stock will see total returns of -10% or greater

STRONG SELL

We believe that the stock will return greater than -20%

Our Research Department takes a 12-month view when making a recommendation and suggested target levels are forecast to be reached within that time period.

Wills & Co's target levels are arrived at by utilizing fundamentals such as price/earnings ratios, yields & book values both company specific and in comparison to the sector. In addition, we seek to take into account the economic background expected at that time. These fundamentals are then backed up by technical analysis such as Fibonacci levels, Candlestick charting, Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), to arrive at an anticipated target level.

Unless otherwise stated all source material is from Bloomberg or ProQuote.

Wills & Co does not update recommendations on a regular basis and you should keep in contact with your dealer/broker for up to date market information. Updates will depend on company specific and sector/market developments and any changes will be detailed and dated.

If for any reason our Research Department feels that target levels may not be reached or a recommendation change is in order such changes will be highlighted.