CRANE INVESTMENT ANALYSIS LIMITED WHAT CLIENTS SAY

A REPORT BY COOPERS & LYBRAND, Chartered Accountants

In addition to reporting upon Crane Investment Analysis Limited’s performance analysis and separate from our role as auditors, we undertook a survey for the company in February 1996 during which clients commented to us as follows:

High Quality of Advice

"Their ability to pick technical levels is the best in the market. While their view remains consistent with the technicals, they have a good understanding of the fundamentals on a global basis as well. Crane Investment Analysis consistently performs by providing concise and clear advice. Their fax is the first thing to look at."

Wide Range of Advice

"We appreciate being able to do a ‘one stop shop’ for technical advice which reflects the fundamental focus of the global market place. The breadth of advice is very important in today’s market place."

Depth of Client Understanding

"Being ex-dealers, Crane Investment Analysis’ staff understand how their clients think and the pressures and constraints under which we operate. Crane Investment Analysis stands apart from other independent advisers because of their closeness with us. They are good listeners and not too theoretical."

Contactability and Decisiveness

"Crane Investment Analysis’ staff are readily available and have the ability and the confidence to recommend specific trades, immediately. Crane Investment Analysis’ advice is timely and personal. The back-up is excellent and they provide a consistent view."

Professional Reputation

"Crane Investment Analysis and the individual staff have amazingly high professional reputations and are very highly respected in the industry. They are proactive to changes in the markets. The fact that they undertake their own trading gives me confidence in their advice."

9 April 1996

Authorised and regulated by the Financial Services Authority