Preliminary Results

BILLAM PLC: PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006

The Board of Billam PLC ("Billam" or "the Company") today announces
its preliminary results for the year ended 31 December 2006.
Key Points:
* Shareholders approved wider investment powers in July 2006
* First investment made by wholly owned subsidiary, Development
  Funding Limited ("DFL") in February 2007 to provide mezzanine
  finance to a privately owned house building company
* Deficit on ordinary activities before taxation reduced to £0.9
  million (2005: £5.1 million)
* Net asset value per share 12.3p (2005: 20.0p)


Commenting on the results, Simon Bennett, Chairman of Billam said:

"The Company's investment portfolio has been thoroughly reviewed by
the Board. Whilst a number of the investee companies have made
progress during the year, your Board is committed to making
investments in the future that will generate profitable returns for
shareholders. As a consequence, whilst we will continue to look at
investments in the life sciences and information technology sectors,
where the majority of Billam's investments have historically been
made, we intend to take advantage of the attractive opportunities
that we are seeing through DFL, our development financing business.
The Board will be looking to make further realisations from our
investment portfolio, as and when offers are received for our
holdings at valuations that meet our expectations."

For further information contact:

Simon Bennett 0207 222 1918
Nish Malde 01923 713600

Chairman's Statement

Background

The year has been one of considerable change for your Company. At  an
Extraordinary General Meeting in March,  2006 Nish Malde and  Dimitri
Dimitriou were appointed to  the Board of  Billam Plc ("Billam")  and
following this meeting,  I was asked  to be Chairman.  At our  Annual
General Meeting  in July  2006 shareholders  approved a  widening  of
Billam's investment powers, which will allow your Board to invest  in
businesses that  will generate  new revenues  and cash  flow for  the
Company and will, as a result, increase our net assets.
Indeed, we recently  announced on  15 February 2007  that our  wholly
owned development  finance  subsidiary, Development  Funding  Limited
("DFL"), which started trading after the year end, has made its first
investment by providing mezzanine finance  of a little over  £900,000
to a privately owned  housebuilding company. This mezzanine  facility
has been  provided  in  connection with  a  specific  development  in
Northamptonshire, which is expected to be completed in the summer  of
2008. The gross development value of the project is £5.1 million. DFL
are sharing the development risk with the housebuilder concerned, and
we anticipate that the annualised return from this investment will be
in excess of 20 per cent. The financing for DFL's investment has been
provided by  Billam's principal  shareholder, Mr  Stephen Wicks,  who
since the year end has made  new loans to the Group of  approximately
£800,000 on commercial terms. Mr Wicks has the option to convert part
of his loans  into ordinary shares  in Billam. The  Board expects  to
make further development  financing investments through  DFL, as  and
when suitable opportunities present themselves.

PERFORMANCE DURING YEAR ENDED 31 DECEMBER 2006

The Board announce  that the  deficit on  ordinary activities  before
taxation has  been reduced  to  £0.9 million  from the  £5.1  million
recorded for 2005, but we are disappointed to note that Billam's  net
assets have  now fallen  to  £1.3 million  (2005: £2.2  million).  As
referred to above, the Board intend in the future to make investments
that will generate profitable returns for Billam shareholders.

The directors are not propsing the payment of a dividend for the year
ended 31st December 2006.

During  the  year  we   have  further  rationalised  the   investment
portfolio. We  have sold  our  investments in  Sareum plc  and  Sosei
Limited and since the year end,  as recently announced, we have  sold
at a profit  above book values,  our holdings in  Intellego PLC,  TMO
Biotec Limited and a small part  of our investment in Cybit  Holdings
PLC for  a total  consideration  of £215,000  to Angus  Forrest,  the
former  Chief  Executive  of  Billam,  in  part  settlement  of   the
outstanding amounts due to him.

As far as the principal investments in our portfolio are concerned, I
would like  to  draw your  attention  to the  achievements  of  these
investee companies, as follows:-

Quoted investments

Cybit Holdings plc

Cybit Holdings plc  ("Cybit") is one  of Europe's leading  telematics
service providers, that provides  organisations with a  comprehensive
suite of online solutions  to improve the  management and control  of
their mobile  assets. In  its  latest interim  results, for  the  six
months ended  30  September,  2006  Cybit reported  an  18  per  cent
increase in revenues to £5.8  million and a return to  profitability.
Shareholders funds totalled in  aggregate £8 million, including  cash
balances of £2 million.

In June, 2006 Cybit acquired BlueFinger for £1.6 million, one of  the
world's leading  suppliers  of coastal  surveillance  and  monitoring
systems. The integration  of this business  has strengthened  Cybit's
core telematics business and will provide cross selling opportunities
for the company's other products. Cybit have recently announced  that
Bluefinger had won an order worth  more than £1 million for a  vessel
monitoring system.

Cybit  has  also  recently   announced  the  acquisition  of   Thales
Telematics Plc,  a UK  based vehicle  telematics and  wireless  asset
management business. Following this  acquisition, Cybit now  provides
its services to over 1,500  organisations who collectively have  over
35,000 mobile assets.

EiRx Therapeutics plc

EiRx Therapeutics plc ('EiRx") is a drug discovery company developing
targeted therapies  for  cancer. The  company  has its  own  in-house
research department and  achieved a major  milestone in August,  2005
when it filed its first ever  patents on potential new cancer  drugs.
The company,  which  at this  stage  in its  development  is  largely
pre-revenue, announced its preliminary results for the year ended  30
June, 2006  in December.  These  results showed  a loss  on  ordinary
activities before taxation of £1.8 million (2005: loss £2.9 million).
In September, the company announced the  results of tests for one  of
its products, used in the treatment of breast cancer, which showed  a
50 per cent reduction in tumour  volume with no evidence of  systemic
toxicity. The results are encouraging as they demonstrate that EiRx's
product can enter the circulation, reach  the site of the tumour  and
prevent its growth.

During the year, EiRx has also entered into collaborative  agreements
with Almac Diagnostics and bioMérieux SA.

Physiomics plc

In March, 2007  Physiomics plc ("Physiomics")  announced its  interim
results for the 6 months ended 31 December, 2006 which showed a  loss
before taxation of £0.154 million (2005: loss before taxation  £0.184
million).

The company reported that they are pushing ahead with the development
of their cell cycle technology and have filed a patent in respect  of
the company's SystemCell® technology. During the period under review,
Physiomics continued its  programme with Cyclacal,  Inc and  received
the first  tranche of  funds from  the EU  funded TEMPO  grant  aided
programme. In addition, the company  signed a 7 month agreement  with
ValiRx plc, to use SystemCell® technology, as a means to optimise the
latter's oncology drug discovery programmes.

Unquoted investments

TRI-MEX Group Limited

TRI-MEX Group Limited ("TRI-MEX") provides monitoring and  protection
solutions for the protection  of vehicles and  goods in transit.  The
accounts for  the year  ended 31  March, 2006  showed a  loss  before
taxation of £1.3 million (2005: loss before taxation of £1.3 million)
on turnover of £0.354  million (2005: £0.477  million). The Group  is
now focussed  on its  "EUROWATCH" system  and the  group's  principal
source of revenue was sales of subscriptions from this source.
Whilst the contract  TRI-MEX signed with  Mercedes-Benz in  February,
2004  did  not  deliver  the  expected  turnover,  the  company   has
agreements with Jaguar  Cars and Land  Rover to provide  pan-European
EUROWATCH services for each of their own brand tracking products.  In
addition, TRI-MEX has recently signed  a master agreement with  Aston
Martin Lagonda and the  company's unit is now  fitted as standard  on
DB9 and V8 cars  built for the  UK and as a  factory fit for  Europe.
Whilst there can be  no certainty, the  Directors of TRI-MEX  believe
that there will be a significant increase in revenue this year.

Overheads

During the year we have made further efforts to reduce our cost base.
I am  therefore pleased  to  report that  total overheads  have  been
reduced to £0.5  million for  the year  (2005: £0.6  million) and  we
anticipate that  with the  actions already  taken our  costs will  be
substantially lower during 2007.

Management

I am  pleased to  be able  to report  that we  have recruited  Howard
Cramer, as Managing Director of our development financing  subsidiary
Development Funding  Limited.  Howard brings  with  him a  wealth  of
experience of the property market. Howard worked for Bovis Homes  and
Rosehaugh's housing division and the privately owned Buxton Homes  as
Land  &  Marketing  Director,   before  establishing  Howard   Cramer
Associates in 1988. Howard has been responsible for site  acquisition
on behalf  of a  number of  the UK's  leading housebuilders  and  has
successfully completed the developments of both residential and mixed
use projects.

As referred to  above, we  have in  the last  12 months  considerably
reduced the number of investments in our portfolio. As a consequence,
Dimitri Dimitriou agreed to step down from the Board on 14 May,  2007
as he originally joined the Board to provide advice on the investment
portfolio. I would like to take this opportunity to thank him for his
contribution to the Board.

Shareholders

The free share-dealing scheme for small shareholders will be offered.
This year  eligible shareholders,  those with  holdings of  5,000  or
fewer Ordinary 20 pence  shares, will receive  a personal letter  and
details of  the scheme  allowing them  to sell  or buy  shares at  no
transaction cost until 14 September 2007.

Outlook

The Company's investment  portfolio has been  thoroughly reviewed  by
the Board  and we  have met  with  the management  teams of  all  our
investee companies.  Whilst a  number of  these companies  have  made
progress during  the  year,  as  referred to  above,  your  Board  is
committed to  making investments  in the  future that  will  generate
profitable returns for shareholders. As a consequence, whilst we will
continue to look at investments in the life sciences and  information
technology sectors, where the  majority of Billam's investments  have
historically been made, we intend to take advantage of the attractive
opportunities  that  we  are  seeing  through  DFL,  our  development
financing business.  The  Board  will  be  looking  to  make  further
realisations from our  investment portfolio, as  and when offers  are
received for our holdings at valuations that meet our expectations.

Simon Bennett
Chairman
26 June, 2007



+----------------------------------------------------------------------------+
|CONSOLIDATED STATEMENT OF TOTAL RETURN                                      |
|(INCORPORATING THE REVENUE ACCOUNT)                                         |
|FOR THE YEAR ENDED 31 DECEMBER 2006                                         |
|                                                                            |
|----------------------------------------------------------------------------|
|                            ||   2006|   2006|  2006|   2005|   2005|   2005|
|----------------------------++-------+-------+------+-------+-------+-------|
|                            ||  £'000|  £'000| £'000|  £'000|  £'000|  £'000|
|----------------------------++-------+-------+------+-------+-------+-------|
|                            ||Capital|Revenue| Total|Capital|Revenue|  Total|
|----------------------------++-------+-------+------+-------+-------+-------|
|----------------------------++-------+-------+------+-------+-------+-------|
|Losses on investments       ||  (454)|      -| (454)|(4,530)|      -|(4,530)|
|----------------------------++-------+-------+------+-------+-------+-------|
|----------------------------++-------+-------+------+-------+-------+-------|
|Income                      ||      -|     86|    86|      -|     52|     52|
|----------------------------++-------+-------+------+-------+-------+-------|
|----------------------------++-------+-------+------+-------+-------+-------|
|Gross revenue and capital   ||  (454)|     86| (368)|(4,530)|     52|(4,478)|
|deficit                     ||       |       |      |       |       |       |
|----------------------------++-------+-------+------+-------+-------+-------|
|----------------------------++-------+-------+------+-------+-------+-------|
|Administrative expenses     ||      -|  (513)| (513)|      -|  (607)|  (607)|
|----------------------------++-------+-------+------+-------+-------+-------|
|----------------------------++-------+-------+------+-------+-------+-------|
|Operating deficit           ||  (454)|  (427)| (881)|(4,530)|  (555)|(5,085)|
|----------------------------++-------+-------+------+-------+-------+-------|
|----------------------------++-------+-------+------+-------+-------+-------|
|Interest payable and similar||      -|   (11)|  (11)|      -|    (3)|    (3)|
|charges                     ||       |       |      |       |       |       |
|----------------------------++-------+-------+------+-------+-------+-------|
|----------------------------++-------+-------+------+-------+-------+-------|
|Deficit on ordinary         ||  (454)|  (438)| (892)|(4,530)|  (558)|(5,088)|
|activities before taxation  ||       |       |      |       |       |       |
|----------------------------++-------+-------+------+-------+-------+-------|
|----------------------------++-------+-------+------+-------+-------+-------|
|Tax on ordinary activities  ||      -|      -|     -|     28|   (28)|      -|
|----------------------------++-------+-------+------+-------+-------+-------|
|----------------------------++-------+-------+------+-------+-------+-------|
|Deficit attributable to     ||  (454)|  (438)| (892)|(4,502)|  (586)|(5,088)|
|equity shareholders         ||       |       |      |       |       |       |
|----------------------------++-------+-------+------+-------+-------+-------|
|----------------------------++-------+-------+------+-------+-------+-------|
|Deficit per ordinary share  ||       |       |      |       |       |       |
|----------------------------++-------+-------+------+-------+-------+-------|
|Basic and fully diluted     || (4.3p)| (4.2p)|(8.5p)|(44.1p)| (5.7p)|(49.8p)|
|----------------------------++-------+-------+------+-------+-------+-------|
+----------------------------------------------------------------------------+

All of the above results arise from continuing activities.
There are no recognised gains and losses for the year other than
those reflected in the above Statement of Total Return.

+-------------------------------------------------------------------+
| BALANCE SHEET AT 31 DECEMBER 2006                                 |
|                                                                   |
|-------------------------------------------------------------------|
|                                           | |||    2006 |    2005 |
|-------------------------------------------+-+++---------+---------|
|                                           | |||   £'000 |   £'000 |
|-------------------------------------------+-+++---------+---------|
| Fixed assets                              | |||         |         |
|-------------------------------------------+-+++---------+---------|
| Investments                               | |||   2,446 |   3,106 |
|-------------------------------------------+-+++---------+---------|
| Current assets                            | |||         |         |
|-------------------------------------------+-+++---------+---------|
| Debtors                                   | |||     171 |     171 |
|-------------------------------------------+-+++---------+---------|
| Cash at bank and in hand                  | |||       1 |       9 |
|-------------------------------------------+-+++---------+---------|
|                                           | |||     172 |     180 |
|-------------------------------------------+-+++---------+---------|
|-------------------------------------------+-+++---------+---------|
| Creditors: amounts falling due within one | |||   (745) |   (259) |
| year                                      | |||         |         |
|-------------------------------------------+-+++---------+---------|
|-------------------------------------------+-+++---------+---------|
| Net current liabilities                   | |||   (573) |    (79) |
|-------------------------------------------+-+++---------+---------|
|-------------------------------------------+-+++---------+---------|
| Total assets less current liabilities     | |||   1,873 |   3,027 |
|-------------------------------------------+-+++---------+---------|
|----------------------------------------------++---------+---------|
| Creditors: amounts falling due after more    ||         |         |
| than one year                                ||   (567) |   (872) |
|----------------------------------------------++---------+---------|
|-------------------------------------------+-+++---------+---------|
| Net assets                                | |||   1,306 |   2,155 |
|-------------------------------------------+-+++---------+---------|
| Capital and reserves                      | |||         |         |
|-------------------------------------------+-+++---------+---------|
| Called up share capital                   | |||   2,279 |   2,250 |
|-------------------------------------------+-+++---------+---------|
| Share premium account                     | |||   5,423 |   5,409 |
|-------------------------------------------+-+++---------+---------|
| Capital reserve realised                  | |||   (708) |   (842) |
|-------------------------------------------+-+++---------+---------|
| Capital reserve unrealised                | ||| (3,245) | (2,657) |
|-------------------------------------------+-+++---------+---------|
| Merger reserve                            | |||   1,012 |   1,012 |
|-------------------------------------------+-+++---------+---------|
| Revenue account                           | ||| (3,455) | (3,017) |
|-------------------------------------------+-+++---------+---------|
| Shareholders' funds                       | |||   1,306 |   2,155 |
|-------------------------------------------+-+++---------+---------|
|-------------------------------------------+-+++---------+---------|
| Net asset value per share                 | |||         |         |
|-------------------------------------------+-+++---------+---------|
| Ordinary shares                           | |||   12.3p |   20.0p |
|-------------------------------------------+-+++---------+---------|
| Deferred shares                           | |||       - |       - |
+-------------------------------------------------------------------+

+-------------------------------------------------------------------+
|                                               CASH FLOW STATEMENT |
|                               FOR THE YEAR ENDED 31 DECEMBER 2006 |
|                                                                   |
|-------------------------------------------------------------------|
|                                  ||  2006 |  2006 |  2005 |  2005 |
|----------------------------------++-------+-------+-------+-------|
|                                  || £'000 | £'000 | £'000 | £'000 |
|----------------------------------++-------+-------+-------+-------|
|----------------------------------++-------+-------+-------+-------|
| Net cash outflow from operating  ||       | (626) |       | (263) |
| activities                       ||       |       |       |       |
|----------------------------------++-------+-------+-------+-------|
|----------------------------------++-------+-------+-------+-------|
| Returns on investment and        ||       |       |       |       |
| servicing of finance             ||       |       |       |       |
|----------------------------------++-------+-------+-------+-------|
| Interest paid                    ||     - |       |   (3) |       |
|----------------------------------++-------+-------+-------+-------|
| Net cash outflow from returns on ||       |       |       |   (3) |
| investment and servicing of      ||       |       |       |       |
| finance                          ||       |       |       |       |
|----------------------------------++-------+-------+-------+-------|
|----------------------------------++-------+-------+-------+-------|
| Capital expenditure and          ||       |       |       |       |
| financial investment             ||       |       |       |       |
|----------------------------------++-------+-------+-------+-------|
| Purchase of investments          ||  (46) |       |  (27) |       |
|----------------------------------++-------+-------+-------+-------|
| Sale of investments              ||   352 |       |   255 |       |
|----------------------------------++-------+-------+-------+-------|
| Net cash inflow from capital     ||       |   306 |       |   228 |
| expenditure and financial        ||       |       |       |       |
| investment                       ||       |       |       |       |
|----------------------------------++-------+-------+-------+-------|
|----------------------------------++-------+-------+-------+-------|
| Net cash outflow before          ||       | (320) |       |  (38) |
| financing                        ||       |       |       |       |
|----------------------------------++-------+-------+-------+-------|
|----------------------------------++-------+-------+-------+-------|
| Financing                        ||       |       |       |       |
|----------------------------------++-------+-------+-------+-------|
| Loans received                   ||   335 |       |     - |       |
| Loans repaid                     ||  (54) |       |     - |       |
|----------------------------------++-------+-------+-------+-------|
|----------------------------------++-------+-------+-------+-------|
| Net cash inflow from financing   ||       |   281 |       |     - |
|----------------------------------++-------+-------+-------+-------|
|----------------------------------++-------+-------+-------+-------|
| Decrease in cash in the year     ||       |  (39) |       |  (38) |
|----------------------------------++-------+-------+-------+-------|
+-------------------------------------------------------------------+









NOTES TO THE PRELIMINARY ANNOUNCEMENT
for the year ended 31 December 2006

BASIS OF PREPARATION

The financial information in this preliminary announcement has been
prepared in accordance with the accounting policies set out in the
financial statements of Billam PLC for the year ended 31 December
2006 which have remained unchanged from the previous financial year.



1.TAX ON DEFICIT ON ORDINARY ACTIVITIES

The tax credit / (charge) for the year is made up as follows:


+-------------------------------------------------------------------+
|      |    | 2006    | 2006    | 2006  | 2005    | 2005    | 2005  |
|------+----+---------+---------+-------+---------+---------+-------|
|      |    | £'000   | £'000   | £'000 | £'000   | £'000   | £'000 |
|------+----+---------+---------+-------+---------+---------+-------|
|      |    | Capital | Revenue | Total | Capital | Revenue | Total |
|------+----+---------+---------+-------+---------+---------+-------|
|-----------+---------+---------+-------+---------+---------+-------|
| Deferred  |       - |         |       |      28 |         |       |
| tax       |         |       - |     - |         |    (28) |     - |
+-------------------------------------------------------------------+


2.DEFICIT PER ORDINARY SHARE

The deficit per ordinary share is based on the weighted average
number of ordinary shares in issue during the year of 10,524,035
ordinary shares of 20 pence (2005: 10,206,154 ordinary shares of 20
pence) and the following figures:


+-------------------------------------------------------------------------+
|                          |2006   |2006   |2006  |2005   |2005   |2005   |
|                          |£'000  |£'000  |£'000 |£'000  |£'000  |£'000  |
|--------------------------+-------+-------+------+-------+-------+-------|
|                          |Capital|Revenue|Total |Capital|Revenue|Total  |
|--------------------------+-------+-------+------+-------+-------+-------|
|--------------------------+-------+-------+------+-------+-------+-------|
|Deficit attributable to   |(454)  |(438)  | (892)|(4,502)|(586)  |(5,088)|
|equity shareholders       |       |       |      |       |       |       |
|--------------------------+-------+-------+------+-------+-------+-------|
|--------------------------+-------+-------+------+-------+-------+-------|
|Deficit per ordinary      | (4.3p)| (4.2p)|(8.5p)|(44.1p)| (5.7p)|(49.8p)|
|shares                    |       |       |      |       |       |       |
+-------------------------------------------------------------------------+



3.SHARE CAPITAL



+----------------------------------------------------------------+
|                                                | 2006  | 2005  |
|------------------------------------------------+-------+-------|
|                                                | £'000 | £'000 |
|------------------------------------------------+-------+-------|
| Authorised                                     |       |       |
|------------------------------------------------+-------+-------|
| 19,210,250 ordinary shares of 20p each         |       |       |
| (2005: 19,210,250 ordinary shares of 20p each) | 3,842 | 3,842 |
|------------------------------------------------+-------+-------|
| 157,950,000 deferred shares of 0.1p each       |   158 |   158 |
|------------------------------------------------+-------+-------|
|                                                | 4,000 | 4,000 |
|------------------------------------------------+-------+-------|
| Allotted, called up and fully paid             |       |       |
|------------------------------------------------+-------+-------|
| 10,603,835 ordinary shares of 20p each         |       |       |
| (2005: 10,460,000 ordinary shares of 20p each) | 2,121 | 2,092 |
|------------------------------------------------+-------+-------|
| 157,950,000 deferred shares of 0.1p each       |   158 |   158 |
|------------------------------------------------+-------+-------|
|                                                | 2,279 | 2,250 |
+----------------------------------------------------------------+



4.NET ASSET VALUE PER SHARE
The net asset value per share and the net asset values attributable
to each class of share at the year end calculated in accordance with
the Articles of Association were as follows:


+-------------------------------------------------------------------+
|      |    | 2006    | 2006    | 2006  | 2005    | 2005    | 2005  |
|------+----+---------+---------+-------+---------+---------+-------|
|      |    | £'000   | £'000   | £'000 | £'000   | £'000   | £'000 |
|------+----+---------+---------+-------+---------+---------+-------|
|      |    | Capital | Revenue | Total | Capital | Revenue | Total |
|------+----+---------+---------+-------+---------+---------+-------|
|-----------+---------+---------+-------+---------+---------+-------|
|  Deferred |       - |         |       |      28 |         |       |
|       tax |         |       - |     - |         |    (28) |     - |
+-------------------------------------------------------------------+


The net asset value per ordinary share is based on net assets at the
year end after allowances for the deferred shares and on 10,603,835
ordinary shares of 20 pence (2005: 10,460,000 ordinary shares of 20
pence) being the number of ordinary shares in issue at the year end.
The net asset value per deferred share is based on net assets at the
year end and on 157,950,000 deferred shares of 0.1p each (2005:
157,950,000) being the number of deferred shares in issue at the year
end.

5.PRELIMINARY ANNOUNCEMENT

The preliminary statement, which has been agreed with the auditors,
was approved by the Board of Directors on 26 June 2007. Copies of the
Company's audited accounts for the year ended 31 December 2006 will
be dispatched to shareholders and the AIM team by 30 June 2006.Copies
will also be available, free of charge, on request from the company's
Registered office, Trinity Court, Batchworth Island, Church Street,
Rickmansworth, Hertfordshire WD3 1RT.

The financial information set out above do not constitute statutory
accounts as defined by Section 240 of the UK Companies Act 1985. The
summarised balance sheet at 31 December 2006, the summarised profit
and loss account and the summarised cash flow statement for the year
then ended have been extracted from the Company's statutory accounts
for the year ended 31 December 2006.

The statutory accounts for the year ended 31 December 2006 and the
year ended 31 December 2005 received audit reports which were
unqualified and did not contain statements under Section 237(2) or
Section 237 (3) of the UK Companies Act 1985. The statutory accounts
for the year ended 31 December 2005 have been delivered to the
Registrar of Companies, but the statutory accounts for the year ended
31 December 2006 have not yet been filed.

The Annual General Meeting of the company will be held at 10.30am on
24 July 2007at the offices of KBC Peel Hunt Limited at 111 Old Broad
Street, London, EC2N 1PH.

---END OF MESSAGE---