INVESTOR RELATIONS

IMPORTANT LEGAL INFORMATION

Please read this notice carefully - it applies to all persons who view this part of the website and, depending upon who you are and where you live, it may affect your rights. Please note that this information may be altered or updated. You should read it in full each time you visit this part of the website.

For regulatory reasons, you must be aware of the appropriate regulations for the country which you are in. To allow you to view details on this part of the website, you have to read the following and press "I agree and acknowledge that I am a non-US person". Click here to find out whether you are a non-US person. If you are unable to agree or acknowledge that you are a non-US person, you should press "I disagree" and you will not be able to view such information. If you press "I agree and acknowledge that I am a non-US person" you will be requested to enter your home location to confirm that you are a non-US person. European Capital (as defined below) will record and file your affirmation as to your status as a non-US person or a US person.

The information on this website is issued by European Capital Limited ("European Capital"), whose registered office is at East Wing, First Floor, Dorey Court, Admiral Park, St. Peter Port, Guernsey GY1 6HJ, the Channel Islands. European Capital is incorporated in Guernsey with registered number 43583.

Visitors to this website are encouraged to seek individual advice from their personal, financial, legal, tax and other appropriate advisers before making any investment or financial decisions or purchasing any financial, securities or investment related service or product.

The information contained on European Capital's website is provided for general information and is not comprehensive. It has not been prepared for any other purpose and does not constitute investment advice. Any person seeking access to this part of European Capital's website represents and warrants to European Capital that they are doing so for information purposes only. Any financial, securities or investment related service or product referred to may not be available to all customers or in all cases, may be available only where specifically requested and agreed upon, may be associated with certain specific fees and conditions, and may be materially different than as described. Information on European Capital's website should only be viewed by persons permitted by applicable law or regulatory requirements to receive such information. Should you be in any doubt about whether you fall within this category, you should not access the information and should take legal advice.

Risk considerations

You should remember that the value of investments, and the income from them, may go down as well as up, and is not guaranteed, and investors may not get back the amount of money invested. Past performance cannot be relied on as a guide to future performance. Exchange rate changes may cause the value of overseas investments or investments denominated in different currencies to rise or fall.

In addition, there is no guarantee that the market price of shares will fully reflect their underlying net asset value and it is not uncommon for the market price of such shares to trade at a substantial discount to their net asset value.

These are not all the risks of an investment in European Capital shares. Additional risks are set forth in the prospectus. Investors should take advice from their own independent, professional financial, legal, tax and other appropriate advisers before making an investment decision and are responsible for ascertaining any income tax or other tax consequences which may affect their acquisition of any investment.

Accuracy of information

Although European Capital has taken all reasonable care that the information contained within this website is accurate at the time of publication, no representation or warranty (including liability towards third-parties), expressed or implied, is made (or accepted) as to its accuracy or completeness or fitness for any purpose by European Capital or its group or any of their directors, employees or contractual partners. Under no circumstances will European Capital or its group or any of their directors, employees or contractual partners be liable for any direct, indirect, incidental, special or consequential loss or damages caused by reliance on this information or for the risks inherent in the financial markets.

To the maximum extent permitted by applicable law and regulatory requirements, European Capital specifically disclaims any liability for any errors, inaccuracies or omissions on its website and for any loss or damage resulting from its use, whether caused by negligence or otherwise. You agree to assume responsibility for determining whether any legal or regulatory considerations restrict your access to or ability to use the information, services or products described on European Capital's website and for the use of any information on such website.

The information in this site may become unreliable because of subsequent market conditions, economic circumstances, new legal developments or for other reasons. We disclaim any intent or obligation to update these statements. Moreover, there is no assurance that any projections, predictions, forward-looking statements or forecasts contained in the website will be realized.

Linked websites

European Capital's website may contain or be linked to websites, advice or statements of third parties over which European Capital has no control, and such links are for information purposes only. The material available on these sites has been produced by independent providers that are not affiliated with European Capital. Any opinions or recommendations expressed on third party sites are solely those of the independent providers and not of European Capital. European Capital makes no representation as to the accuracy, adequacy, completeness, timeliness or any other aspect of such information. European Capital shall not be liable for any loss or damage arising from your reliance upon such information. Any links to third party sites are provided solely as a convenience for users and are accessed at your own risk.

Sales restrictions

Access to the information contained on this website may be restricted by laws and regulations applicable to the user. The information on this website does not constitute either an offer to sell or a solicitation of an offer to buy in a country in which this type of offer or solicitation is unlawful, or in which a person making such an offer or solicitation does not hold the necessary authorisation to do so, or at all. Accordingly, persons accessing the information on this website are responsible themselves for ascertaining the legal requirements which would affect their acquisition of any investment, including any foreign exchange control requirements.

USA

Shares in European Capital have not been, and will not be, registered under the US Securities Act of 1933 (the "Securities Act") or any state securities laws and are subject to certain offer and transfer restrictions set forth in the prospectus relating to the Shares. No offer by European Capital to sell securities in the USA or elsewhere is made by this website, nor is an offer to purchase securities solicited. The offer and sale of European Capital's securities in the USA or to US persons is not permitted except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. In addition, European Capital has not been and will not be registered under the US Securities Exchange Act of 1934 or the Investment Company Act of 1940. There will be no public offering of the securities in the United States.

Any offer or sale made other than in compliance with the transfer restrictions set forth in the prospectus are subject to forfeiture and/or compulsory transfer as provided in European Capital's Articles of Association.

If you are not permitted to view the information on this part of the website, or viewing the information would result in a breach of the above, or you are in any doubt as to whether you are permitted to view the information, please exit this website by clicking on the "I disagree" box.

Australia/Canada/Japan/Republic of South Africa

Shares in European Capital are not registered under the applicable securities laws in Australia, Canada, Japan and the Republic of South Africa and subject to certain exceptions may not be sold, offered or delivered in those countries. Accordingly, you represent that you are not a national or resident of Australia, Canada, Japan or the Republic of South Africa and that European Capital is lawfully entitled to make the content of this website available to you under applicable securities laws. If you are unable to give this representation do not view the content of this website.

Other countries

As a general rule, the shares of European Capital may not be sold, offered or delivered in any other countries without registration. The information contained on this website is therefore not directed at specific persons, but to readers generally interested in European Capital.

Other information

Copyright European Capital Limited 2007. All copyright, patent, intellectual and other property rights in the information contained herein are held by European Capital. No rights of any kind are licensed or assigned or shall otherwise pass to persons accessing this information.

You may not copy, reproduce, distribute or modify the content of the European Capital website without European Capital 's prior written permission.

Confirmation of understanding and of residence and acceptance of terms

I have read and understood the information set out above. I understand that it may affect my rights. I agree to be bound by its terms. I confirm that I am permitted to proceed this part of the website. I acknowledge that I am a non-US person.