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.

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

European Capital's shares are subject to a number of ownership and transfer restrictions that vary from country to country and may affect your ability to purchase and/or sell the shares. The effect of these limitations may depend on the individual circumstances of each investor. You should expect that the ownership and transfer restrictions applicable to the shares to remain in effect indefinitely. The shares bear legends that identify the ownership and transfer restrictions set forth herein.

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 RESTRICTIONS

No Registration in the United States

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.

Sales of European Capital Shares

The shares have been offered and sold only outside of the United States and to non-U.S. persons in reliance on an exemption from registration provided by Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The shares have also been offered and sold within the United States and to U.S. persons pursuant to other exemptions from registration under the U.S. Securities Act.

A "U.S. person" is any natural person resident in the United States, any partnership or corporation organized or incorporated under the laws of the United States, any estate of which any executor or administrator is a U.S. person, any trust of which any trustee is a U.S. person, any agency or branch of a foreign entity located in the United States, any nondiscretionary account of similar account (other than an estate or trust) held by a dealer or fiduciary for the benefit or account of a U.S. person and any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States. A partnership or organization is also a U.S. person if organized or incorporated under the laws of any foreign jurisdiction and formed by a U.S. person principally for the purpose of investing in unregistered securities, unless it is organized or incorporated, and owned, by accredited investors who are not natural persons, estates or trusts. This definition is subject to change and therefore please refer to Rule 902(k) of the U.S. Securities Act for a complete definition of a U.S. person.

US Ownership Restrictions on Purchasing European Capital Shares

Any U.S. person seeking to acquire common shares (i) must be a "qualified purchaser" (as defined in the U.S. Investment Company Act and related rules); (ii) must be a "qualified institutional buyer" (as defined in Rule 144A under the U.S. Securities Act); and (iii) must not utilize assets of any Plan (as defined below) to acquire or hold the shares or any beneficial interest therein.

Persons acquiring shares are required to execute and deliver representation letters to the Company. The letters are available from your broker, include certain written representations, agreements and acknowledgements relating to the ownership and transfer restrictions applicable to the shares.

Each person acquiring shares will be deemed to have represented, agreed and acknowledged that (1) it is either (a) outside the United States and not a U.S. person or (b) a qualified purchaser and qualified institutional buyer, (2) it will not offer, resell, pledge or otherwise transfer the shares or a beneficial interest therein in the United States or to a U.S. person other than to a qualified purchaser and qualified institutional buyer and (3) no portion of the assets used by it to acquire or hold the shares or a beneficial interest therein constitutes or will constitute the assets of a Plan (as defined below).

Qualified Purchasers and 1940 Act Restrictions

Subject to certain exceptions, to be a qualified purchaser, a natural person must have at least $5 million in "investments" and an institution must have at least $25 million in "investments," in each case as defined in Rule 2a51-l under the U.S. Investment Company Act. This definition is subject to change and therefore please refer to Section 2(a)(51)(A) of the U.S. Investment Company Act for a complete definition of a qualified purchaser. Generally, an investor that is not a qualified purchaser will not be able to purchase shares from European Capital, unless such shares are sold under a different exemption.

Qualified institutional buyers primarily refers to institutions that manage at least $100 million in securities including banks, savings and loans institutions, insurance companies, investment companies, employee benefit plans or an entity owned entirely by qualified investors. Qualified institutional buyers also include registered broker-dealers owning and investing, on a discretionary basis, $10 million in securities of non-affiliates. This definition is subject to change and therefore please refer to Rule 144A under the U.S. Securities Act for a complete definition of a qualified institutional buyer.

Purchasers using ERISA funds

Additional restrictions apply with respect to the use of certain assets to purchase shares. Unless the Board of Directors of the Company has provided written consent to such purchase, each purchaser must represent and acknowledge, as part of the representation letters described above, that no portion of the assets used to acquire or hold the shares or a beneficial interest therein constitutes or will constitute the assets of an "employee benefit plan" (within the meaning of Section 3(3) of ERISA) that is subject to Title I of ERISA, a plan, individual retirement account or other arrangement that is subject to Section 4975 of the U.S. Internal Revenue Code or an entity whose assets underlying assets are considered to include "plan assets" of any such plan, account or arrangement (each, a "Plan"). Due to the complexity of these rules and the penalties that may be imposed upon persons involved in non-exempt prohibited transactions, it is particularly important that fiduciaries, or other persons considering acquiring the common units on behalf of, or with the assets of, any employee benefit plan, consult with their counsel to determine whether such employee benefit plan is subject to Title I of ERISA, Section 4975 of the U.S. Internal Revenue Code.

Penalties for Improper Transfer

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. The prospectus is available on this website under "Investor Relations".

Shares of European Capital may be transferred to either (1) a person who is outside the United States and not a U.S. person or (2) a purchaser that is both a qualified purchaser and a qualified institutional buyer, provided in each case that such person does not and will not use the assets of any Plan to acquire or hold the shares or any beneficial interest therein.

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.

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 ["Cancel"] box.

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.

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 ["Cancel"] box.

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.