Basis of opinion
We carried out our review having regard to the Bulletin 1995/1"Disclosures relating to corporate governance" issued by the Auditing Practices Board. That Bulletin does not require us to perform the additional work necessary to, and we do not, express any opinion on the effectiveness of either the group's systems of internal financial control or corporate governance procedures nor on the ability of the group to continue in operational existence.

Opinion
In our opinion, your statements on internal financial controls on pages 28 and 29 and on going concern on page 30, have provided the disclosures required by paragraphs 4.5 and 4.6 of the Code (as supplemented by the related guidance for directors) and are consistent with the information which came to our attention as a result of our audit work on the financial statements.

In our opinion, based on enquiry of certain directors and officers of the company and examination of relevant documents, your statement on pages 28 to 30 appropriately reflects the group's compliance with the other paragraphs of the Code specified for our review.

Price Waterhouse
Chartered Accountants
London
15 April 1996