E R MORGAN & CO LTD. (Company Number 757462)

To whom it may concern. Notice is hereby given pursuant to section 175 of the Companies Act 1985 that:   1. The above-named Company has approved a payment out of capital for the purpose of acquiring its own shares by purchase;   2. The amount of the permissible capital payment for the shares in question is £75,000 and the Resolution approving such payment out of capital was passed on 24th September 1998;   3. The statutory declaration of the Directors’ and the Auditors’ report required by sections 173 and 174 of the said Act are available for inspection at the Company’s registered office at 160-162 Cowbridge Road East, Cardiff CF1 9ND;   4. Any Creditor of the Company may at any time within the 5 weeks immediately following 24th September 1998, apply to the Court under sections 176 and 177 of the Act for an Order prohibiting payment. P. Grossman, of Discovery House, Scott Harbour, Cardiff CF1 5PJ, Solicitors for the Company.