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  1. 1. The Cambridge Index Update 18 August 2008 Cambridge Index Rises 0.6% The Cambridge Index rose 0.6% or 32.8 points to close at 5,430.7, supported Sector Break-up - Market Cap. by an 11.0% rise in heavyweight Autonomy Corp., following a slew of contract wins and amid expectations that the stock will join the FTSE 100 Others Health Index next month. Gains on the index were countered by a retreat in the 0.2% Care 5.5% shares of index heavyweights Johnson Matthey, Aveva Group and Greene Basic Materials King, weaker by 1.7%, 5.9% and 8.1%, respectively. Greene King fell in 29.4% tandem with the pub sector, as rising inflation reduced hopes for an imminent cut in interest rates. A total of 20 stocks gained values and 17 shares Technolog y suffered a decline, while 6 stocks remained unchanged during the week under Consumer 45.6% review. Services 6.5% Cybit Holdings was the top pick with a gain of 14.8%. Also prominent on the Industrials winners’ list were Artisan (UK), Bango and Alizyme, which were up 9.8%, 12.9% 8.2% and 6.8% respectively. Chairman of Bango, Mr. Lindsay Bury, purchased 100,000 ordinary shares of 20p each in the company at a price of Source: NW Brown, Reuters, Thomson 31.5p per share and also indicated further interest in 900,000 ordinary shares representing 3.18% of the current issued share capital. Sector Break-up - No. of Comps. Cyan Holdings was the weakest performer with a fall of 31.3% as it announced plans to raise about £2.8 million through a share placing of 300 Basic million shares. The company stated that its current trading remains in line Consumer Materials with its expectation and that it is confident of reaching its profitability goal Services 1 Health 2 Care over the next 12 months. Among other losers, CMR Fuel Cells, Medical 13 Marketing Int. Group and Hartest Holdings fell 15.2%, 15.0% and 8.7% respectively. The FTSE 100 Index ended 0.6% lower at 5,454.8 led by a fall in banking and Industrials 12 commodity shares. Banking stocks ended lower, following a second quarter loss by UBS, a further $1.5 billion write-down by JPMorgan, a broker downgrade for Standard Chartered and a fall in second quarter profit for ING Technology Group NV. Mining and oil shares paced declines tracking further weakness in Consumer Goods 13 metal and oil prices. The fall in pound against the dollar to its lowest level in 2 over two years also weighed on the commodity stocks. During the week, the FTSE techMARK 100 Index jumped 5.5% to 1,579.0 while the FTSE AIM 100 Index closed 0.8% lower at 3,921.7. Source: NW Brown, Reuters, Thomson In the US, the Nasdaq Composite Index climbed 1.6% to 2,452.5 while the Dow Jones Industrial Average ended 0.6% lower at 11,659.9, as the fall in inflation concerns due to lower oil prices were offset by poor economic data and disappointing news for the banking sector. The sustained drop in oil prices led to improved prospects for consumer and business spending. However, worse-than-expected inflation data for July and a rise in jobless claims were a drag on the market. A number of financial stocks suffered due to broker downgrades. The Cambridge & FTSE AIM 100 Index Movement 6,200 7,200 6,600 5,600 6,000 5,000 5,400 4,400 4,800 3,800 Jul-07 Jul-08 Nov-07 Mar-08 May-08 Oct-07 Dec-07 Jan-08 Feb-08 Aug-07 Sep-07 Apr-08 Jun-08 The Cambridge Index (LHS) FTSE AIM 100 Index (RHS) www.nwbrown.co.uk 1
  2. 2. NW BROWN Group Limited Cambridge Index Update Index Movers Cybit Holdings PLC Cybit Holdings PLC 60 7,200 Cybit Holdings PLC, a telematics service provider, continued last week’s rally 53 6,575 to surge 14.8% to 50.5p and top the gainers’ list. 45 5,950 38 5,325 30 4,700 9-Jul-08 24-Aug-07 22-Dec-07 31-Jan-08 3-Oct-07 11-Mar-08 20-Apr-08 30-May-08 12-Nov-07 Cybit Holdings PLC (LHS) The Cambridge Index (RHS) Source: Reuters, Thomson Autonomy Corp. PLC Autonomy Corp. PLC 1,200 7,200 Autonomy Corp. PLC, an infrastructure software company, rose 11.0% to 1,075 6,575 1143.0p, following a slew of contract wins and amid expectations that the 950 5,950 stock will join the FTSE 100 Index next month. A broker upgrade on the stock extended gains. 825 5,325 700 4,700 The company stated that Northcliffe Media, one of the largest newspaper publishing groups in the UK and Central and Eastern Europe, has selected its 9-Jul-08 24-Aug-07 22-Dec-07 31-Jan-08 3-Oct-07 11-Mar-08 20-Apr-08 30-May-08 12-Nov-07 unique meaning-based computing technology to power its corporate pan- enterprise search portal, Spider. The company also entered into a seven- Autonomy Corp. PLC (LHS) figure license agreement with a major U.S. automotive manufacturer for The Cambridge Index (RHS) compliance purposes. Source: Reuters, Thomson Borealis, a leading provider of innovative value-creating plastics solutions to the infrastructure, automotive and advanced packaging markets, selected Autonomy’s unique meaning-based computing technology to power its corporate intranet. Separately, the company announced that it has entered into an agreement with Ministerie van Justitie, the Dutch Ministry of Justice, to license its Intelligent Data Operating Layer software. Artisan (United Kingdom) PLC Artisan (United Kingdom) PLC 180 7,200 House builder and commercial business park developer, Artisan (United 135 6,575 Kingdom) PLC continued last week’s trend of recovery and advanced 9.8% to 90 5,950 33.5p. The share’s value has erased 79.5% over the past one year. 45 5,325 0 4,700 9-Jul-08 24-Aug-07 22-Dec-07 31-Jan-08 3-Oct-07 11-Mar-08 20-Apr-08 30-May-08 12-Nov-07 Artisan (United Kingdom) PLC (LHS) The Cambridge Index (RHS) Source: Reuters, Thomson Bango PLC Bango PLC 50 7,200 Shares of Bango PLC, a developer and provider of technology for mobile 43 6,575 phone users, gained 8.2% to 33p. Company Chairman, Mr Lindsay Bury, 35 5,950 purchased 100,000 ordinary shares of 20p each in the company at a price of 28 5,325 31.5p per share. Following the purchase, Mr. Bury indicated further interest in 20 4,700 900,000 ordinary shares representing 3.18% of the current issued share capital. 9-Jul-08 24-Aug-07 22-Dec-07 31-Jan-08 3-Oct-07 11-Mar-08 20-Apr-08 30-May-08 12-Nov-07 Bango PLC (LHS) The Cambridge Index (RHS) Source: Reuters, Thomson www.nwbrown.co.uk 2
  3. 3. NW BROWN Group Limited Cambridge Index Update Alizyme PLC Alizyme PLC Alizyme PLC, a biopharmaceutical development company specialising in 100 7,200 75 6,575 products for the treatment of obesity and diabetes, posted its third 50 5,950 consecutive weekly gains, rising 6.8% to 8.15p. 25 5,325 0 4,700 Alizyme PLC (LHS) The Cambridge Index (RHS) Source: Reuters, Thomson Cyan Holdings PLC Cyan Holdings PLC 14 7,200 Cyan Holdings PLC, a fable semiconductor company providing configurable 11 6,575 application software, swung from its earlier position of the top gainer last 7 5,950 week to the top loser this week. The share plunged 31.3% to 1.375p, 4 5,325 following an announcement by the company that it will raise about £2.8 0 4,700 million via the placing of 300 million shares. The company stated that it plans to use the proceeds to fund working capital. The company also mentioned 9-Jul-08 24-Aug-07 22-Dec-07 31-Jan-08 3-Oct-07 11-Mar-08 20-Apr-08 30-May-08 12-Nov-07 that its trading remains in line with its expectations and added that it is confident of improvements in turnover and profitability next year. Cyan Holdings PLC (LHS) The Cambridge Index (RHS) Source: Reuters, Thomson CMR Fuel Cells PLC CMR Fuel Cells PLC 80 7,200 CMR Fuel Cells PLC, a developer of fuel cell stacks for portable and small 63 6,575 stationary power generation applications, eased 15.2% to 14p. The share 45 5,950 price has witnessed a fall of 80.3% over the last one year. 28 5,325 10 4,700 9-Jul-08 12-Nov-07 11-Mar-08 30-May-08 3-Oct-07 22-Dec-07 31-Jan-08 24-Aug-07 20-Apr-08 CMR Fuel Cells PLC (LHS) The Cambridge Index (RHS) Source: Reuters, Thomson Medical Marketing Int. Group PLC Medical Marketing International Group PLC 140 7,200 Shares of Medical Marketing International Group PLC, a specialist pharma 105 6,575 company focusing on the development of drugs for cancer, continued to lose 70 5,950 ground after falling 15.0% to 12.75p. The stock has taken a beating as the share price plummeted by 90.1% over the past one year. 35 5,325 0 4,700 Medical Market ing Int . Group PLC (LHS) The Cambridge Index (RHS) Source: Reuters, Thomson www.nwbrown.co.uk 3
  4. 4. NW BROWN Group Limited Cambridge Index Update Hartest Holdings PLC Hartest Holdings PLC 65 7,200 Hartest Holdings PLC, a supplier of instrumentation and medical equipment, 60 6,575 was down 8.7% to 52.5p. 55 5,950 50 5,325 45 4,700 9-Jul-08 24-Aug-07 22-Dec-07 31-Jan-08 3-Oct-07 11-Mar-08 20-Apr-08 30-May-08 12-Nov-07 Hartest Holdings PLC (LHS) The Cambridge Index (RHS) Source: Reuters, Thomson ITM Power PLC ITM Power PLC 140 7,200 ITM Power PLC, a company focused on new technologies using hydrogen as a 110 6,575 fuel, dropped 8.2% and closed at 47.8p. 80 5,950 50 5,325 20 4,700 9-Jul-08 24-Aug-07 22-Dec-07 31-Jan-08 3-Oct-07 11-Mar-08 20-Apr-08 30-May-08 12-Nov-07 ITM Power PLC (LHS) The Cambridge Index (RHS) Source: Reuters, Thomson www.nwbrown.co.uk 4
  5. 5. NW BROWN Group Limited Cambridge Index Update Other Movers in the Index Brewery and pub operator, Greene King PLC retreated 8.1% to close at 542.5p, tracking losses across the pub sector, as rising inflation reduced hopes for an imminent cut in interest rates. Biotech firm Acambis PLC gained 0.5% to 187.5p. The company expects that the last day of dealings in its shares will be 23 September 2008 and that trading of its shares on the main market of the London Stock Exchange will be cancelled with effect from 26 September 2008. Amino Technologies PLC, a broadband network software and systems company, rose 0.5% to 52.8p. The company, in its unaudited consolidated results for the six months ended 31 May 2008, announced that its turnover was up 7.1% to £14.53 million (H1 2007: £13.56 million), gross profit increased 32.6% to £6.42 million (H1 2007: £4.84 million), operating profit rose by £1.25 million to £0.61 million (H1 2007: operating loss of £0.64 million) and profit before tax jumped £1.49 million to £1.09 million (H1 2007: loss of £0.40 million). The company is well placed to benefit from the growth in the IPTV market. Specialist pharma company Meldex International PLC, eased 5.3% to 31.0p. The company applied to AIM for the admission of 10.936 million shares issued at 54.75p each. The new shares have been allotted, as vendor consideration, to Melmed Holding AG to satisfy the company’s earn out obligations pursuant to the Sale and Purchase Agreement for the Melbrosin acquisition dated 27 June 2007. Separately, the company announced that it will launch a range of TabWrap™ enabled Menoflavon products at the Expopharm exhibition to be held in September 2008 in Munich. These new products will be made available at the Expo and launched thereafter as OTC products available in pharmacies throughout Austria and Germany. The company also stated that Finance Director, Hiral Patel is resigning from the company with immediate effect by mutual agreement. Shares of nCipher PLC, a provider of internet security products, services and technologies, gained 0.7% ahead of its half-yearly results to be published on 22 August 2008. The company introduced its nCipher nShield for PCI Express, a computer expansion card interface format abbreviated as PCI-E or PCIe. www.nwbrown.co.uk 5
  6. 6. NW BROWN Group Limited Cambridge Index Update Table 1: Cambridge Index - Weekly Top 5 Gainers Company Price as on 1 Week 1 Year M Cap Ticker Sector Name 15 Aug 2008 % Chg % Chg (£ Mn) Industrial Cybit Holdings CYH-LN Transportati 50.5p 14.8% 0.0% 13.9 PLC on Software & Autonomy Corp. AU.-LN Computer 1143.0p 11.0% 41.6% 2449.7 PLC Services Artisan (United Household ART-LN 33.5p 9.8% -79.5% 2.7 Kingdom) PLC Goods Software & Bango PLC BGO-LN Computer 33.0p 8.2% -24.1% 8.9 Services Pharma & Alizyme PLC AZM-LN 8.2p 6.8% -89.7% 18.0 Biotech Source: Thomson, Reuters Table 2: Cambridge Index - Weekly Top 5 Losers Company Price as on 1 Week 1 Year M Cap Ticker Sector Name 15 Aug 2008 % Chg % Chg (£ Mn) Technology Cyan Holdings CYAN-LN Hardware & 1.4p -31.3% -86.9% 2.1 PLC Equipment Electronic & CMR Fuel Cells CMF-LN Electrical 14.0p -15.2% -80.3% 2.8 PLC Equipment Medical Pharma & Marketing Int. MMG-LN 12.8p -15.0% -90.1% 7.5 Biotech Group PLC Hartest Industrial HTHN-LN 52.5p -8.7% -11.0% 4.5 Holdings PLC Engineering Electronic & ITM Power PLC ITM-LN Electrical 47.8p -8.2% -56.4% 48.8 Equipment Source: Thomson, Reuters Table 3: Cambridge Index - Top 5 Weights % Weight as on Company Name Ticker Sector 15 Aug 2008 Johnson Matthey JMAT-LN Chemicals 29.4% PLC Autonomy Corp. AU.-LN Software & Computer Services 20.7% PLC Technology Hardware & ARM Holdings PLC ARM-LN 11.8% Equipment Aveva Group PLC AVV-LN Software & Computer Services 7.7% Greene King PLC GNK-LN Travel & Leisure 6.2% Source: NW Brown, Thomson, Reuters From NW Brown & Co Research and analysis for these reports has been conducted by Dawnay Day AV Analytics on behalf of NW Brown Group For more information on the companies and markets referred to above please visit www.nwbrown.co.uk www.nwbrown.co.uk 6

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