Dec.'05 SR

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0><tr> <td valign="top" colspan=2 height=90 BGCOLOR="#006699" TEXT="#080000" background="043d05a3.jpg"> <div> <FONT SIZE="5" COLOR="#000000" FACE="Arial" ><B>MORGAN VENTURES LIMITED</B></FONT><B>    </B><B> |     </B><A HREF="index.htm" TARGET="_top" TITLE="MORGAN VENTURES LIMITED"><B>home</B></A></div> <div>                                                   </div> <div> </div> </td> </tr><tr> <td valign="top" width=210 BGCOLOR="#FFCC66" TEXT="#080000" background="044d2123.jpg"> <bR> </td> <td valign="top" height=390 width="100%" BGCOLOR="#FFFFFF" TEXT="#080000"> <div> <I>Dec.'05 SR</I></div> <div> <TABLE BORDER="2" CELLPADDING="1" CELLSPACING="1" WIDTH="690" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="BOX" RULES="ALL" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP COLSPAN=6 HEIGHT= 39 WIDTH="670"><div> <B>Segmentwise Revenue,Results and Capital Employed under Clause 41 of the Listing Agreement</B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="179"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="179" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="90"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="90" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="103"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="103" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="179"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="179" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="90"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="90" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="103"><div>  </div> </tD> <tD VALIGN=TOP><NOBR><div> (Rs.in lacs)</div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="179"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="179" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="90"><div> Unaudited Results</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> Unaudited Results</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> Unaudited Results </div> </tD> <tD VALIGN=TOP WIDTH="103"><div> Unaudited Results </div> </tD> <tD VALIGN=TOP WIDTH="91"><div> Audited Results</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="179"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="179" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="90"><div>  for the Quarter </div> </tD> <tD VALIGN=TOP WIDTH="96"><div>  for the Quarter </div> </tD> <tD VALIGN=TOP WIDTH="96"><div>  for the Six Months </div> </tD> <tD VALIGN=TOP WIDTH="103"><div>  for the Six Months </div> </tD> <tD VALIGN=TOP><NOBR><div> for the Year</div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="179"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="179" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="90"><div> Ended 31.12.2005</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> Ended 31.12.2004</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> Ended 31.12.2005</div> </tD> <tD VALIGN=TOP WIDTH="103"><div> Ended 31.12.2004</div> </tD> <tD VALIGN=TOP WIDTH="91"><div> Ended 30.06.2005</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="179"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="179" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="90"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="90" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="103"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="103" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="179"><div> Segment Revenue</div> </tD> <tD VALIGN=TOP WIDTH="90"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="90" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="103"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="103" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 ><NOBR><div> Fund Based Activities</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="90"><div> 166.59</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 0.00</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 199.75</div> </tD> <tD VALIGN=TOP WIDTH="103"><div> 0.12</div> </tD> <tD VALIGN=TOP WIDTH="91"><div> 80.07</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="179"><div> Investments</div> </tD> <tD VALIGN=TOP WIDTH="90"><div> 19.37</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 238.93</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 30.33</div> </tD> <tD VALIGN=TOP WIDTH="103"><div> 1028.50</div> </tD> <tD VALIGN=TOP WIDTH="91"><div> 1242.85</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 ><NOBR><div> Windmill Operation </div> </NOBR></tD> <tD VALIGN=TOP WIDTH="90"><div> 49.67</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 34.79</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 178.72</div> </tD> <tD VALIGN=TOP WIDTH="103"><div> 85.93</div> </tD> <tD VALIGN=TOP WIDTH="91"><div> 162.88</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="179"><div> Net Sales/Income form Operations </div> </tD> <tD VALIGN=TOP WIDTH="90"><div> 235.63</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 273.72</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 408.80</div> </tD> <tD VALIGN=TOP WIDTH="103"><div> 1114.55</div> </tD> <tD VALIGN=TOP WIDTH="91"><div> 1485.80</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="179"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="179" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="90"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="90" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="103"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="103" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="179"><div> Segment Results </div> </tD> <tD VALIGN=TOP WIDTH="90"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="90" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="103"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="103" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP COLSPAN=2 HEIGHT= 19 ><NOBR><div> (Profit before Interest and Tax)</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="103"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="103" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 ><NOBR><div> Fund Based Activities</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="90"><div> 158.69</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> -5.40</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 179.03</div> </tD> <tD VALIGN=TOP WIDTH="103"><div> -7.19</div> </tD> <tD VALIGN=TOP WIDTH="91"><div> 31.04</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="179"><div> Investments</div> </tD> <tD VALIGN=TOP WIDTH="90"><div> 19.42</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 238.49</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 29.73</div> </tD> <tD VALIGN=TOP WIDTH="103"><div> 628.83</div> </tD> <tD VALIGN=TOP WIDTH="91"><div> 1230.47</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 ><NOBR><div> Windmill Operation </div> </NOBR></tD> <tD VALIGN=TOP WIDTH="90"><div> 14.67</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> -14.47</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 114.43</div> </tD> <tD VALIGN=TOP WIDTH="103"><div> -39.95</div> </tD> <tD VALIGN=TOP WIDTH="91"><div> 29.78</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 ><NOBR><div> Total Segment Results</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="90"><div> 192.78</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 218.62</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 323.19</div> </tD> <tD VALIGN=TOP WIDTH="103"><div> 581.69</div> </tD> <tD VALIGN=TOP WIDTH="91"><div> 1291.29</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 ><NOBR><div> Less : Interest Expense</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="90"><div> 0.04</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 4.99</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 0.04</div> </tD> <tD VALIGN=TOP WIDTH="103"><div> 5.04</div> </tD> <tD VALIGN=TOP WIDTH="91"><div> 5.04</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="179"><div> Less : Unallocable Expenditure</div> </tD> <tD VALIGN=TOP WIDTH="90"><div> 0.00</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 0.14</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 0.10</div> </tD> <tD VALIGN=TOP WIDTH="103"><div> 0.43</div> </tD> <tD VALIGN=TOP WIDTH="91"><div> 1.21</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 ><NOBR><div> Total Profit Before Tax</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="90"><div> 192.74</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 213.49</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 323.05</div> </tD> <tD VALIGN=TOP WIDTH="103"><div> 576.22</div> </tD> <tD VALIGN=TOP WIDTH="91"><div> 1285.04</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="179"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="179" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="90"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="90" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="103"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="103" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP COLSPAN=2 HEIGHT= 38 WIDTH="272"><div> Capital Employed (Segment Assets less </div> </tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="103"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="103" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 ><NOBR><div> Segment Liabilities)</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="90"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="90" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="103"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="103" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 ><NOBR><div> Fund Based Activities</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="90"><div> 6118.41</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> -857.52</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 6118.41</div> </tD> <tD VALIGN=TOP WIDTH="103"><div> -857.52</div> </tD> <tD VALIGN=TOP WIDTH="91"><div> -409.56</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="179"><div> Investments</div> </tD> <tD VALIGN=TOP WIDTH="90"><div> 449.09</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 1096.16</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 449.09</div> </tD> <tD VALIGN=TOP WIDTH="103"><div> 1096.16</div> </tD> <tD VALIGN=TOP WIDTH="91"><div> 1485.54</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 ><NOBR><div> Windmill Operation </div> </NOBR></tD> <tD VALIGN=TOP WIDTH="90"><div> 1943.08</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 2210.07</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 1943.08</div> </tD> <tD VALIGN=TOP WIDTH="103"><div> 2210.07</div> </tD> <tD VALIGN=TOP WIDTH="91"><div> 1978.80</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="179"><div> Total Capital Employed in the Company</div> </tD> <tD VALIGN=TOP WIDTH="90"><div> 8510.58</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 2448.71</div> </tD> <tD VALIGN=TOP WIDTH="96"><div> 8510.58</div> </tD> <tD VALIGN=TOP WIDTH="103"><div> 2448.71</div> </tD> <tD VALIGN=TOP WIDTH="91"><div> 3054.78</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="179"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="179" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="90"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="90" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="103"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="103" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="179"><div> Notes :</div> </tD> <tD VALIGN=TOP WIDTH="90"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="90" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="103"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="103" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="179"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="179" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="90"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="90" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="96"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="96" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="103"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="103" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP ROWSPAN=2 COLSPAN=6 HEIGHT= 1 ><NOBR><div> 1. Segments have been identified in line with the Accounting Standard on Segment Reporting. </div> </NOBR></tD> </tR> <tR> </tR> <tR> <tD VALIGN=TOP ROWSPAN=4 COLSPAN=6 HEIGHT= 1 WIDTH="670"><div> 2. Segment Revenue,Results and Capital Employed figures include the respective amounts       identifiable to each of the segments. Unallocable  expenditure  includes expenses  incurred at a  corporate level which relate to the company as a whole.</div> <div>     </div> </tD> </tR> <tR> </tR> <tR> </tR> <tR> </tR> </TABLE></div> <bR> </td> </tr></table></body>