These reports are prepared by the Research Department of Emperor Securities Limited and written in general terms. They are intended for general reference only and the application of their contents to specific situations will depend on the particular circumstances involved. The data contained in these reports were taken from statistical services, reports in our possession and from other sources. The opinions and estimates expressed are our own and we make no representations either as to the accuracy or as to the existence of other facts or interpretations which might be significant. The information herein were gathered from responsible sources but we cannot guarantee their accuracy or completeness. We may from time to time have a position in the securities described in these reports and may buy or sell such securities. No responsibility for loss occasioned to any person acting or refraining from action as a result of the material in these reports can be accepted by Emperor Securities Lim