DISCLAIMER - Issued by Morses Club PLC ("the Company")

Any opinions on or estimates or forecasts of the Company's performance made by research analysts are theirs alone and do not represent opinions forecasts or predictions of the Company or its Management. By distributing such research information, the Company does not imply its endorsement of or concurrence with it. The Company does not accept any responsibility whatsoever for the views expressed by research or other analysts reporting on the Company.