REGULATORY

•  Such communications are exempt from the financial promotion restriction in section 21 of the Financial Services and Markets Act 2000 on the grounds that they is made only to persons who are exempt ("exempt persons") from such restriction by virtue of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001

•  VCL aims to prevent recipients other than exempt persons from gaining access to such communications and any person, who is not an exempt person, but who gains access to such communications should not act upon the information contained therein

•  The following warning is intended to appear on all such communications made by VCL to High Net Worth Individuals HNWI s or associations thereof; and should be taken to apply, even in the inadvertent omission of such warnings:

“This communication is exempt from the general restriction (in section 21 of the Financial Services and Markets Act 2000) on the communication of invitations or inducements to engage in investment activity on the grounds that it is made to a certified HNWI or associations thereof”

•  To qualify as an HNWI, that individual must have given the appropriate certificate

•  The content of the communication has not been approved by an authorised person and such approval is, unless this exemption or any other exemption applies, required by section 21 of the Act

•  Reliance on the communication for the purpose of engaging in any investment activity may expose the investor to a significant risk of losing all of the property invested

•  Any person who is in any doubt about the investment to which the communication relates should consult an Authorised Person specialising in advising on investments of the kind in question

•  To qualify as an HNWI, that individual must have certified as follows within the preceding 12 months:

" I make this statement so that I am able to receive promotions which are exempt from the restriction on financial promotion in section 21 of the Financial Services and Markets Act 2000 ( the Act ). The exemption relates to certified HNWIs and I declare that I qualify as such ie that during the financial year immediately preceding the date hereof, (i) I had an annual income of not less than £100,000; or (ii) held, throughout the financial year immediately preceding the date hereof, net assets (excluding my private dwelling house) to the value of not less than £250,000. I accept that the content of promotions and other material that I receive may not have been approved by a person who has been authorised under that Act and that their content may not therefore be subject to controls which would apply if the promotion were made or approved by an authorised person. I am aware that it is open to me to seek advice from someone who is authorised under the Act and who specialises in advising on this kind of investment"

WEALTH WARNING

•  The value of shares can rise or fall and an investment in a share, which may be mentioned by VCL is likely to be less realisable and to carry a higher risk than an investment in a share quoted or listed on any stock exchange

•  Shares in companies mentioned by VCL may not be suitable for all persons. All recipients of communications made by VCL are accordingly advised to consult a person authorised under the Financial Services and Markets Act 2000 who specialises in advising in investments of this kind before making any investment decisions