ANALYST COVERAGE DISCLAIMER

From time to time, AJ Lucas Group Limited ("AJ Lucas") may be the subject of, or may commission, research reports or other material containing analyst coverage about AJ Lucas ("Reports"). Such Reports have been prepared by, and been made available by, the noted organisation.

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Any views, opinions, forecasts or recommendations in any Reports are solely those of the analysts and do not in any way reflect the views, opinions, forecasts or recommendations of AJ Lucas. Each of AJ Lucas and its directors, officers, employees, associates, affiliates and agents (each a "Relevant Person") does not endorse the content of the Reports, nor does any Relevant Person make any warranty or representation as to the accuracy, completeness, currency or suitability of the content of the Reports. Readers of any of the Reports should obtain independent advice before making any financial and/or investment decisions.

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To the extent permitted by law, no Relevant Person shall be liable or responsible for any losses, damages, costs, expenses or claims arising in any way (including by way of negligence or otherwise) from anyone acting upon, relying upon or refraining from acting upon any Report or any information or material arising from or incidental to any Report, whether in writing or otherwise.