Professional Consultants Group Pty Ltd ('Professional Consultants Group') is a corporate authorised representative of InFocus Securities Australia Pty Ltd (ABN 47 097 797 049) which holds an Australian Financial Services License (Number 236523) issued by the Australian Securities and Investments Commission.

This publication has been prepared solely for the purpose of information and analysis and is for the use of the recipient only. It does not constitute, nor is it intended to constitute, an offer or invitation to any person to buy or sell any interest or to deposit moneys with any person. Neither this document, nor its contents, is to be reproduced, transmitted, or made available to any person other than the recipient. The information on this website and related publications is given in good faith and has been obtained from published information and other sources believed to be reliable at the timeofpreparation.

None of Professional Consultants Group, its related companies, their associates nor any person involved in the preparation of this publication accepts any liability or responsibility whatsoever for the accuracy or completeness of this publication and none of them makes any representation or warranty in relation thereto. The Companies, each of their associates and every person involved in the preparation of this publication expressly disclaim all liability for any loss or damage of whatsoever kind (whether foreseeable or not) which may arise from any person acting on any statements contained in this publication notwithstanding any negligence, default or lack of care.

This publication has been prepared without consideration of the particular investment objectives, financial situation and needs of recipients. In all cases recipients should conduct their own investigation and analysis of the information contained in this publication. No recipient should act on the basis of any matter contained in this publication without considering and, if necessary, taking appropriate legal, financial and other professional advice upon the recipient's own particular circumstances. Unless otherwise permitted by law in the applicable jurisdiction, only approved representatives of Professional Consultants Group Securities Limited will affect orders and transactions in securities and other product for customers in such jurisdiction. Should you consider the acquisition of a particular financial product as a result of the material contained, you should obtain a copy of and consider the Product Disclosure Statement for that product before making any decision. At various times Professional Consultants Group Securities Limited and its associates may hold interests in any securities mentioned in this publication. Brokerage may be earned by such companies or persons in respect of any business transacted in all or any securities discussed in the publication.

* © Professional Consultants Group Securities Limited July 2006. All rights reserved.