Beta version

22 June 2012

Intellisys

Value Indicator UK AIM market

22 June 2012

Contents
Introduction...................................................................................................................... 3 Timing .......................................................................................................................... 3 Value ........................................................................................................................... 4 Conclusion .................................................................................................................... 4 Banks & Investment Banks Basic Resources Chemicals Construction Financial Services Food & Beverage
Over Valued ........................................................ 5 Under Valued ................................................................. 5 Under Valued .......................................................................... 5 Over Valued ....................................................................... 5 Under Valued ................................................................. 5 Over Valued ................................................................. 5

Under Valued .......................................................................... 6 Healthcare Under Valued ....................................................... 6 Industrial Goods & Services Over Valued .............................................................................. 6 Insurance Under Valued ................................................................................. 6 Media Under Valued .............................................................................. 6 Over Valued .................................................. 7 Personal & Household Products Over Valued ................................................................................. 7 Retail

Oil & Gas

Under Valued .......................................................................... 7 Under Valued ............................................................ 8 Technology (continued) Over Valued ................................................................. 8 Telecommunications

Technology

Travel & Leisure

Utilities DISCLAIMER ................................................................................................................... 10 RISK WARNING Ratings and Targets ............................................................................. 11

Under Valued ................................................................. 8 Over Valued .................................................................................. 9

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Intellisys Introduction

Value Indicator UK AIM market

22 June 2012

The overriding purpose of this daily report is to provide users with a quick guide that will identify those shares that merit their investment attention in an increasingly time critical and information noisy trading environment. The report is published daily and delivered to the subscribers personal email box, typically, before the official open of the London Stock Markets. Putting aside luck, Intellisys recognises that the timing and value of an investment are the two primary drivers behind a successful portfolio performance. Timing Intellisys has invested considerably in identifying what it believes are the key factors that influence investment timing. Having identified the key parameters, these have been established as rules that reflect market dynamics and cut through the daily investment noise. Through this discipline, Intellisys has removed the emotional and sentimental factors as well as the daily pressures exerted upon primary stock promoters (analysts and traders) to find stories for their investment meetings. From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading indicators appear to be, on average, about 77% accurate in identifying good trading points as well as some 74% accurate for overall trend correlation. The following chart provides an indication the accuracy scores for each of the 40 stocks analysed. Individual Stock Rating & Trend Accuracy Scores
120.0% 120.0%

110.0%

110.0%

100.0%

100.0%

90.0%

90.0%

80.0%

80.0%

70.0%

70.0%

60.0%

60.0%

50.0%

50.0%

40.0%

40.0%

30.0%

30.0%

20.0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Best Buy/Sell Trend

20.0%

Source: Intellisys

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Intellisys Value

Value Indicator UK AIM market

22 June 2012

A similar discipline has been applied to the process of establishing Target Indications. On a daily basis, Intellisys analyses as broad an array of historic data from not only the Consolidated Income Statement but also the Balance Sheet and Cash Flow Statement and then utilises this data within its proprietary valuation models. Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment research for the last 15+ years. Additionally, these investment valuation techniques lend themselves to accurate cross-border analysis. The resultant Target is also discounted to a Net Present Value to make the Target as realistically valid as possible. Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of market levels but a management teams ability to establish and maintain a value generating operating environment set against a constantly changing global background. The typical investment analysts approach to determining target prices is to start with a modest range of some 6 8 valuation measures and remove those that are not providing the intuitive result. Intellysis approach is the opposite we use as many valuation methodologies as possible. Further, Intellisys recognises that some target Indications may appear strange or extreme. However, subscribers should not dismiss these outcomes but use them as starting points to challenge their established or perceived valuation opinion of a stock. In short, this disciplined approach provides an investment reality check to assist investors from falling in love with a stock or becoming mesmerised by management cults. Conclusion No investment methodology is 100% successful and like all trading and investment systems active position monitoring is critical for maximised investment performance. Therefore, Intellisys recommends that its products should be used in conjunction with, and not separate from subscribers existing investment systems as well as discussing investment options with their financial advisers.

Philip Morrish (philip.morrish@intellisys.uk.com)

RISK WARNING Ratings and Targets Intellisys does not make personal recommendations. The information in this publication is provided solely to enable you to make your own investment decisions. It is a starting point to identify value not the end point or final answer. Small Cap shares, particularly those listed on the AIM market, are not well research, which can and does create substantial pricing inefficiency. If you are unsure about dealing in shares and other equity investments, you should contact your financial adviser as these types of investments may not be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back the full amount you originally invested. If denominated in a foreign currency, fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them. Past performance is not necessarily a guide to future performance.

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Intellisys Banks & Investment Banks

Stock AMBRIAN C APITAL ARBUTHNOT BANKING GROUP ARDEN PARTNERS C ENKOS SEC URITIES DANIEL STEWART SEC S. EUROPEAN ISLAMIC INV.BK. JARVIS SEC URITIES LONDON C APITAL GP.HDG. MERC HANT HOUSE SUSP - 20/04/12 NUMIS PANMURE GORDON & C O. VSA C APITAL GROUP WESTHOUSE HOLDINGS W H IRELAND GROUP

Value Indicator UK AIM market

22 June 2012
Over Valued

Price 12M Lo 8.62 8.00 530.00 280.00 44.50 31.50 55.75 54.25 1.08 1.08 3.48 2.70 182.50 160.00 74.00 61.00 0.04 0.04 91.25 72.00 9.50 9.50 4.13 4.00 22.00 22.00 78.00 49.50

12M Hi ST Rec LT Rec 25.38 Sell Sell 530.00 Sell Strong Buy 69.50 Neutral Buy 96.38 Neutral Buy Neutral 1.95 Strong Buy 3.98 Neutral Sell 192.50 Neutral Sell 88.00 Neutral Buy 0.29 Buy Sell 119.63 Neutral Buy 22.50 Strong Buy Strong Buy 10.00 Buy Sell 64.50 Buy Strong Buy 102.00 Neutral Buy

Target -43 899 56 62 1 -1 38 95 -0 113 69 -3 66 91

Beta 0.84 0.55 0.83 0.74 0.65 0.59 0.34 0.28 0.69 0.54 0.54 0.73 0.92 0.59

Basic Resources In development and will be released soon Chemicals

Stock BYOTROL HARDIDE INDITHERM OXFORD ADVD.SURFS.GP. PLANT HEALTHC ARE PLASTIC S C APITAL SC APA GROUP Price 12M Lo 6.75 6.50 0.55 0.40 4.25 2.88 11.25 5.75 48.00 33.00 77.50 59.50 58.50 40.50 12M Hi 14.50 1.05 4.88 13.75 64.00 96.00 70.50 ST Rec Buy Buy Buy Buy Buy Neutral Neutral LT Rec Strong Buy Sell Strong Buy Sell Strong Buy Strong Buy Strong Buy

Under Valued

Under Valued
Target 29 0 12 9 109 203 281 Beta 0.66 0.94 0.49 0.80 0.86 0.79 0.76

Construction
Stock ASHLEY HOUSE BREEDON AGGREGATES ELEC O JAMES HALSTEAD KEDC O LUPUS C APITAL MIC HELMERSH BRIC K HDG. MOUNTFIELD GROUP POWERFILM PROSPERITY MINERALS HDG. RENEW HOLDINGS STEPPE C EMENT SWP GROUP Price 12M Lo 13.75 10.00 22.50 16.63 8.00 7.25 513.00 410.25 1.10 1.08 129.00 86.00 21.00 20.00 1.25 0.75 12.50 12.50 75.50 68.00 81.25 54.00 24.75 24.00 4.38 4.25 12M Hi ST Rec LT 19.25 Neutral Strong 24.25 Neutral Strong Neutral 15.00 535.75 Neutral 3.25 Buy Strong 133.00 Neutral Strong 33.00 Buy Strong 3.00 Neutral Strong 35.50 Strong Buy 130.00 Neutral Strong 83.00 Sell Strong 41.00 Neutral 9.25 Neutral Strong Rec Buy Buy Sell Sell Buy Buy Buy Buy Sell Buy Buy Sell Buy

Over Valued
Target 544 91 -41 344 2 802 164 26 10 1185 448 -21 31 Beta 0.04 0.15 0.54 0.39 0.76 1.11 0.72 0.27 0.70 1.08 0.63 1.08 0.29

Financial Services In development and will be released soon Food & Beverage
Stock AGRITERRA ASIAN C ITRUS HDG. (LON) BLAVOD WINES AND SPIRITS C HINA FOOD C OMPANY FINSBURY FOOD GROUP M P EVANS GROUP NIC HOLS PUREC IRC LE (DI) REAL GOOD FOOD C O. UKRPRODUC T GROUP WYNNSTAY GROUP ZETAR Price 12M Lo 3.59 1.98 33.75 32.00 1.08 1.00 24.25 23.75 22.50 20.75 485.50 371.00 701.00 505.00 134.50 78.50 57.00 34.75 11.50 9.50 383.50 327.50 189.50 173.50 12M Hi 4.60 60.00 2.75 44.50 30.25 525.00 732.00 185.00 74.00 21.50 398.50 252.00 ST Rec Buy Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral LT Strong Strong Strong Strong Strong Rec Buy Buy Buy Buy Buy Sell Sell Sell Buy Buy Buy Buy

Under Valued

Over Valued
Target 12 92 28 83 512 247 591 46 708 265 3390 1583 Beta 0.68 0.83 0.15 0.86 0.67 0.72 0.23 0.92 0.97 0.94 0.20 0.65

Strong Strong Strong Strong

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Intellisys Healthcare

Value Indicator UK AIM market

22 June 2012
Under Valued

In development and will be released soon Industrial Goods & Services In development and will be released soon Insurance
Stock GABLE HOLDINGS OMEGA INSURANC E HDG.(DI) PERSONAL GROUP HDG. Price 12M Lo 22.88 15.63 66.00 48.00 316.50 258.75 12M Hi 25.13 80.00 336.00 ST Rec LT Rec Neutral Strong Buy Sell Sell Neutral Sell

Under Valued

Over Valued
Target 36 51 288 Beta 0.69 0.08 0.40

Media
Stock ADVENTIS GROUP AEOREMA C OMMUNIC ATIONS ARC ONTEC H GROUP ASIA DIGITAL HOLDINGS AVESC O GROUP C ATALYST MEDIA GROUP C ELLO GROUP C ONTENT MEDIA C ORP. DC D MEDIA DODS (GROUP) EBIQUITY ELEC TRIC WORD EROS INTERNATIONAL GALLEON HOLDINGS I-DESIGN GROUP INTANDEM FILMS INTERNATIONAL GREETINGS MBL GROUP MEDIA C ORPORATION MEDIAZEST METRODOME GROUP MILESTONE GROUP MIRADA MOTIVE TELEVISION NETPLAY TV NEXT FIFTEEN C OMM. PROGRESSIVE DIG.MDA.GP. RC ET.ENTERPRISES REDHOT MEDIA INTL.(DI) TEN ALPS THE MISSION MKTG.GP. TOTALLY UBC MEDIA GROUP VERDES MANAGEMENT WEARE 2020 YOUGOV Price 12M Lo 0.28 0.20 23.25 8.00 0.11 0.09 2.25 2.25 150.00 109.50 65.00 56.50 32.50 30.25 0.50 0.33 2.38 1.15 4.75 3.63 86.00 68.00 2.13 1.63 219.50 199.00 2.88 2.63 34.50 27.00 3.63 3.38 51.00 47.50 5.00 3.75 0.45 0.28 0.11 0.11 0.88 0.70 0.88 0.60 9.50 9.50 0.08 0.07 9.25 8.37 91.50 73.00 22.75 13.62 8.25 8.25 33.00 24.25 3.00 1.63 29.00 13.75 0.90 0.40 2.13 1.75 0.26 0.19 13.75 13.12 65.00 43.63 12M Hi 6.75 29.50 0.18 61.00 169.50 70.50 45.00 1.10 7.75 8.12 93.50 4.38 310.00 5.38 66.00 7.37 82.00 13.75 1.80 0.75 2.25 1.18 20.00 0.45 9.75 97.00 27.25 27.75 61.13 3.75 31.25 1.70 3.00 0.60 22.00 74.00 ST Rec Neutral Neutral Buy Buy Neutral Buy Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Sell Buy Neutral Neutral Neutral Neutral Buy Buy Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral LT Rec Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Neutral Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy

Under Valued
Target 257 120 1 40 1972 68 819 31 165 56 320 23 698 84 104 8 1592 3931 32 4 24 2 73 1 39 654 35 693 42 174 683 8 18 6 310 276 Beta 0.62 0.58 0.68 0.68 0.88 0.47 0.85 0.93 0.61 0.96 0.75 0.58 0.57 0.52 0.48 0.60 1.18 0.33 0.42 0.74 0.64 0.72 0.62 1.05 0.78 0.49 0.78 1.10 0.77 0.51 0.71 0.83 0.47 0.73 0.35 0.92

Oil & Gas In development and will be released soon

Under Valued

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Intellisys

Value Indicator UK AIM market

22 June 2012
Over Valued

Personal & Household Products

Stock AIREA ARMOUR GROUP C HARAC TER GROUP C HURC HILL C HINA C OLEFAX GROUP C ONC HA FITBUG HOLDINGS JOHN LEWIS OF HUNGERFORD SINC LAIR (WM.) HDG. SOC IALGO SWALLOWFIELD TANDEM GROUP TELFORD HOMES THEO FENNELL WALKER GREENBANK Price 12M Lo 10.75 10.13 3.25 1.88 142.50 123.00 315.00 262.50 237.50 197.50 0.02 0.02 1.50 1.33 0.73 0.63 162.50 143.00 0.55 0.55 120.00 100.00 89.00 76.00 101.50 62.00 10.00 10.00 67.00 42.75 12M Hi ST Rec LT Rec 14.50 Neutral Strong Buy 8.12 Sell Sell 175.00 Neutral Buy 337.50 Neutral Sell 257.50 Neutral Buy 0.12 Buy Sell Buy Sell 7.62 0.85 Neutral Buy 196.00 Neutral Neutral 1.88 Strong Buy Sell Neutral Buy 128.00 107.00 Neutral Strong Buy 111.50 Neutral Sell 22.50 Buy Sell Neutral Sell 75.75

Target 22 -1 206 266 266 -0 -1 1 157 -0 160 170 44 3 48

Beta 0.31 0.96 0.72 0.40 0.60 0.83 0.64 0.59 0.62 0.57 0.25 0.45 1.10 0.89 0.83

Retail
Stock ASOS BOOKER GROUP C RAWSHAW GROUP C VS GROUP EC O C ITY VEHIC LES EXPANSYS MAJESTIC WINE MULBERRY GROUP STANLEY GIBBONS GROUP UNITED C ARPETS GROUP VERTU MOTORS Price 12M Lo 1632.00 1142.00 87.75 66.15 2.25 2.13 130.00 91.00 1.73 1.60 1.38 0.98 403.00 315.00 1650.00 1295.00 214.50 164.00 2.38 2.25 27.50 22.75 12M Hi 2422.00 89.10 7.25 140.50 4.13 2.98 510.00 2472.00 235.50 7.87 33.25 ST Rec Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Buy Neutral LT Rec Sell Strong Buy Strong Buy Strong Buy Sell Sell Strong Buy Sell Strong Buy Strong Buy Neutral

Over Valued
Target 446 133 15 242 -2 -0 766 1240 369 39 29 Beta 0.67 0.63 0.61 0.62 0.55 0.58 0.38 0.98 0.80 0.80 0.88

Technology
Stock @UK AC C ESS INTELLIGENC E AC C UMULI AC TIVE RISK GROUP ALLOC ATE SOFTWARE AMINO TEC HNOLOGIES ANT BANGO BELGRAVIUM TEC HS. BLINKX BOND INTL.SOFTWARE BRADY C OMS C ONC URRENT TEC HNOLOGIES C ORERO NETWORK SEC URITY C YAN HOLDINGS DDD GROUP DELC AM EARTHPORT ENDAC E FFASTFILL FIRST DERIVATIVES FORBIDDEN TEC HS. GEONG INTERNATIONAL GLOBO IDOX ILX GROUP IMAGINATIK INDIGOVISION GROUP INTERC EDE GROUP INVU IOMART GROUP IQE IS SOLUTIONS K3 BUSINESS TEC H.GP. Price 12M Lo 8.62 7.37 3.50 2.25 11.13 7.62 28.50 28.00 73.00 64.50 52.50 38.00 18.25 15.00 153.50 52.50 7.00 5.38 33.50 33.50 54.50 33.50 82.00 68.00 0.70 0.33 42.50 39.50 49.50 35.50 0.43 0.36 25.00 21.50 712.50 402.50 12.63 12.63 367.50 367.50 13.62 9.75 475.50 457.50 21.50 12.00 7.37 6.87 17.75 13.75 39.25 20.88 14.12 13.75 0.33 0.30 292.50 167.00 61.50 51.50 0.28 0.28 137.38 93.50 28.50 17.75 44.00 37.50 167.50 122.00 12M Hi 16.13 4.63 12.75 54.50 84.00 60.00 27.50 185.50 8.87 158.00 61.50 95.00 3.00 50.50 60.50 0.98 34.00 757.50 20.38 620.00 14.75 560.00 47.00 43.00 30.13 39.25 32.50 1.04 395.00 84.00 0.90 151.00 46.25 47.00 223.00 ST Rec Neutral Neutral Neutral Neutral Neutral Neutral Buy Neutral Buy Buy Neutral Neutral Buy Neutral Neutral Buy Buy Neutral Buy Neutral Neutral Neutral Neutral Buy Neutral Sell Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral LT Rec Sell Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Sell Sell Strong Buy Sell Buy Strong Buy Strong Buy Sell Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy Strong Buy

Under Valued
Target -652 44 53 334 762 1194 228 450 126 208 1411 652 79 422 339 -2 3 5294 -1 542 72 4046 9 668 355 211 756 21 4776 250 1 539 240 487 3023 Beta 0.55 0.29 0.63 0.48 0.45 0.31 0.56 0.59 0.76 0.97 0.63 0.37 0.88 0.37 0.64 0.99 0.70 0.42 0.84 0.95 0.09 0.81 1.06 0.95 0.79 0.54 0.74 0.79 0.76 0.77 0.93 0.54 1.15 0.32 0.87

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Intellisys Technology (continued)

Stock LOMBARD RISK MANAGEMENT MAXIMA HOLDINGS MTI WIRELESS EDGE NASSTAR NETC ALL NETDIMENSIONS (HDG.)(DI) NEXUS MANAGEMENT OMG ON-LINE PENNANT INTL.GROUP PILAT MEDIA GLOBAL PLAYTEC H PROAC TIS HOLDINGS SARANTEL GROUP 'A' SC ISYS SC OTTY GROUP (C DI) SEEING MAC HINES SERVIC E POWER TEC H. SIMIGON (DI) SOFTWARE RADIO TEC H. SOPHEON SQS SFTW.QUALITY SYS. STATPRO GROUP STILO INTERNATIONAL TELIT C OMMS. TIKIT GROUP TOUMAZ ULTIMA NETWORKS ULTRASIS VIALOGY ZOO DIGITAL GROUP

Value Indicator UK AIM market

22 June 2012
Under Valued

Price 12M Lo 8.12 6.25 24.50 18.50 5.25 5.13 11.13 8.50 27.25 15.50 34.25 20.75 0.12 0.12 24.50 16.75 25.00 20.50 32.25 17.50 28.50 24.25 335.00 215.50 20.00 17.00 0.43 0.06 51.50 42.50 1.35 1.25 2.25 1.88 6.25 6.25 11.00 4.75 23.50 20.38 4.25 4.25 209.00 146.50 89.50 74.50 4.75 2.00 53.50 44.25 309.50 242.50 9.12 5.38 1.08 0.85 0.42 0.29 2.75 1.50 11.50 9.50

12M Hi ST Rec LT Rec 13.75 Neutral Strong Buy 33.50 Sell Strong Buy 11.50 Neutral Strong Buy 11.25 Buy Strong Buy 27.25 Neutral Strong Buy 38.38 Neutral Strong Buy 0.28 Neutral Strong Buy 28.50 Neutral Strong Buy 38.50 Neutral Strong Buy Neutral Strong Buy 32.50 42.00 Neutral Strong Buy 393.50 Neutral Neutral 30.50 Neutral Strong Buy 0.94 Buy Sell 57.50 Neutral Strong Buy Neutral Strong Buy 3.24 3.88 Neutral Sell 13.12 Buy Strong Buy 11.00 Neutral Strong Buy 39.00 Neutral Strong Buy 8.00 Strong Buy Strong Buy Neutral Strong Buy 222.50 107.00 Neutral Strong Buy 4.75 Neutral Strong Buy 94.00 Neutral Strong Buy 349.00 Neutral Strong Buy Buy Sell 11.88 1.50 Neutral Strong Buy 0.79 Neutral Strong Buy 4.50 Buy Sell 50.00 Neutral Strong Buy

Target 59 2037 118 80 185 60 5 484 68 482 561 323 246 -3 1608 11177 -1 89 74 181 89 709 1078 25 1453 3028 -7 14 4 2 478

Beta 0.48 0.74 0.57 0.25 0.45 0.78 0.51 0.52 0.63 0.82 0.44 0.65 1.07 0.68 0.84 0.48 0.52 0.58 0.18 1.05 0.83 0.56 0.95 #NA 0.51 0.68 0.96 0.71 0.40 1.22 0.55

Telecommunications
Stock 2 ERGO GROUP ADEPT TELEC OM ALTERNATIVE NETWORKS AVANTI C OMMS.GP. DAISY GROUP IPOINT-MEDIA MESSAGING INTERNATIONAL MOBILE STREAMS MONITISE PINNAC LE TEC HNOLOGY GP. REDSTONE Price 12M Lo 52.00 52.00 49.00 31.50 262.00 246.63 305.00 241.25 93.00 86.00 0.55 0.55 0.88 0.73 23.75 9.12 31.25 25.50 0.39 0.28 0.80 0.78 12M Hi ST Rec LT Rec 82.50 Neutral Strong Buy 50.25 Neutral Strong Buy 315.00 Neutral Strong Buy 436.50 Neutral Sell 127.00 Buy Strong Buy 0.73 Strong Buy Sell 1.13 Neutral Strong Buy 29.88 Neutral Strong Buy 40.00 Buy Sell Buy Strong Buy 0.47 1.50 Neutral Strong Buy

Over Valued
Target 125 140 622 174 165 0 2 43 20 1 5 Beta 0.46 0.79 0.09 0.53 0.29 0.99 0.68 0.51 0.69 0.77 0.30

Travel & Leisure

Stock BEST OF THE BEST C ELTIC ESSENDEN GLOBAL BRANDS GOALS SOC C ER C ENTRES GVC HOLDINGS INDIAN RESTAURANTS GROUP LO-Q MINOAN GROUP PEEL HOTELS PPHE HOTEL GROUP PREZZO PROBABILITY ROTALA SC EPTRE LEISURE SKYWEST AIRLINES SPORTINGBET TASTY WEBIS HOLDINGS YC O GROUP YOUNG & C O.BREW.'A' Price 12M Lo 21.50 16.00 34.50 29.00 11.50 4.50 0.55 0.33 126.50 88.00 149.00 99.50 2.55 1.00 300.50 145.00 7.25 5.75 39.50 29.50 211.00 165.00 68.00 53.50 75.00 47.00 38.75 34.00 4.75 4.25 20.25 20.25 30.75 26.25 65.00 39.50 0.88 0.55 3.88 2.50 604.00 580.00 12M Hi 32.50 41.50 24.50 6.40 132.00 170.00 4.25 328.50 16.00 66.00 294.50 70.38 78.50 42.00 23.50 29.25 58.75 71.50 1.38 13.00 712.00 ST Rec Neutral Neutral Buy Buy Neutral Neutral Buy Neutral Buy Neutral Neutral Neutral Buy Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral LT Strong Strong Strong Rec Buy Buy Buy Sell Strong Buy Sell Strong Buy Buy Strong Buy Strong Buy Strong Buy Strong Buy Sell Strong Buy Strong Buy Strong Buy Strong Buy Neutral Strong Buy Strong Buy Strong Buy

Under Valued
Target 135 114 499 0 417 86 17 434 49 395 1865 187 12 372 242 57 147 69 52 125 1134 Beta 0.47 0.27 0.75 0.59 0.81 0.73 0.69 0.69 0.73 0.60 0.79 0.98 0.69 0.29 0.44 1.11 1.13 0.48 0.59 0.99 0.54

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Intellisys Utilities
Stock ANDES ENERGIA GREENKO GROUP HELIUS ENERGY IPSA GROUP IGAS ENERGY KSK POWER VENTUR MODERN WATER OPG POWER VENTURES RENEWABLE ENERGY GNRTN. RENEWABLE ENERGY HDG. RURELEC

Value Indicator UK AIM market

22 June 2012
Over Valued

Price 12M Lo 48.00 17.50 104.00 100.50 15.25 10.25 3.13 3.13 66.50 43.75 472.38 462.50 43.50 38.50 34.50 30.50 46.25 42.75 10.25 8.50 7.62 6.13

12M Hi ST Rec LT Rec 82.75 Neutral Strong Buy 227.63 Neutral Strong Buy 18.13 Neutral Sell 10.63 Strong Buy Strong Buy 70.25 Buy Sell 690.00 Neutral Sell 60.00 Neutral Strong Buy Buy Strong Buy 82.50 52.25 Neutral Strong Buy 15.25 Buy Sell 10.88 Neutral Strong Buy

Target 311 253 2 10 10 420 82 99 118 -22 59

Beta 0.95 0.73 0.57 0.25 0.47 0.90 0.51 0.86 0.60 0.59 0.76

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Intellisys DISCLAIMER

Value Indicator UK AIM market

22 June 2012

Intelligent Analysis Limited has prepared this report. Intellisys (Intellisys) is the trading name of Intelligent Analysis Limited. Intelligent Analysis Limited is a provider of financial research reports that indicate the possible value of quoted company shares. The information contained within any and all of Intellisys reports are designed to present an objective assessment of the possible value or relative value of a company and/or an actuarial sector or stock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietary systems to derive its outputs. The base data for the models are derived from sources believed to be accurate but Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of the source data or its models and proprietary systems. Subscribers, and casual readers, should not rely upon the Intellisys research outputs when forming specific investment decisions but should seek advice specific to their situation and investment requirements from a person authorized under the Financial Services and Markets Act 2000, before entering into any investment agreement. Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event will Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other party for any direct, indirect, special or other consequential damages arising from the use of this report. The Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdiction where (by reason of that persons nationality, residence or otherwise) the publication or availability of the Intelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom such prohibitions apply must not access the Intelligent Analysis Limited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may be taken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. Recipients of Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the rules and regulations made for the protection of investors in the UK. Any user distributing information taken from any Intelligent Analysis Limited or Intellisys report and/or the Intellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Use pages and obtain the agreement of such other person to comply with the terms set forth. Intellisys' published reports are published for information purposes and only available to market counterparties, high net-worth and sophisticated individual investors. No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other financial instruments in any company or any interest therein, nor shall it form the basis of any contract entered into for the sale of shares or any other financial instrument in any company. Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person may have positions in or options or other financial instruments on any of the securities mentioned within a report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules.

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Intellisys

Value Indicator UK AIM market

22 June 2012

Subscribers, and casual reader, are reminded that the value of shares in any company may go up or down and that past performance is not necessarily a guide to future performance. Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does not offer, provide or purport to provide or offer investment advice.

RISK WARNING Ratings and Targets Intellisys does not make personal recommendations. The information in this publication is provided solely to enable you to make your own investment decisions. It is a starting point to identify value not the end point or final answer. Small Cap shares, particularly those listed on the AIM market, are not well research, which can and does create substantial pricing inefficiency. If you are unsure about dealing in shares and other equity investments, you should contact your financial adviser as these types of investments may not be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back the full amount you originally invested. If denominated in a foreign currency, fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them. Past performance is not necessarily a guide to future performance.

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