Auditors' report

(continued)

the significant estimates and judgements made by the directors in the

preparation of the financial statements, and of whether the accounting

policies are appropriate to the circumstances of the Company and the

Group, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information

and explanations which we considered necessary in order to provide us

with sufficient evidence to give reasonable assurance that the financial

statements are free from material misstatement, whether caused by

fraud or other irregularity or error.  In forming our opinion we also

evaluated the overall adequacy of the presentation of information in the

financial statements.

Opinion

In our opinion the financial statements give a true and fair view of the

state of affairs of the Company and the Group as at 30 June 2001 and of

the loss of the Group for the year then ended and have been properly

prepared in accordance with the Companies Act 1985.

Chartered Accountants and Registered Auditors 2001

21 September 2001

Deloitte & Touche

Hill House

1 Little New Street

London EC4A 3TR

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