Research

• Edison Investment Research – 9th August 2011

• Equity Development Research – 11th August 2011

• Equity Development Research – 17th December 2010

• Edison Investment Research – 12th August 2010

• Equity Development Research – 4th August 2010

• Equity Development Research – 17th June 2010

• Edison Investment Research – 3rd February 2010

• Maxima Equity Development - December 2009

• Edison Investment Research - 4th August 2009

• Edison Investment Research - 3rd February 2009

• Edison Investment Research - 12th August 2008

• Edison Investment Research - 1st July 2008

• Edison Investment Research - 27th February 2007

• Edison Investment Research - 7th December 2006

DISCLAIMER - Issued by the Directors and Management of Maxima Holdings Plc ("The Company")

Research analysts have from time to time published material commenting on The Company. Any opinions, estimates or forecasts regarding The Company's performance made by such analysts are theirs alone and do not represent opinions, forecasts or predictions of The Company or its Management. By distributing the information below The Company does not imply its endorsement of or concurrence with such information. The Company does not accept any responsibility whatsoever for the views of these or any other analysts reporting on The Company.