DISCLAIMER Welcome to the website of Troy Asset Management. Please read the following disclaimer and click the I agree button if you wish to access the site. This document is issued by Troy Asset Management Limited which is Authorised and Regulated by the Financial Services Authority. This document is not intended as an offer or solicitation for the purchase or sale of any investment or financial instrument. The investment approach and process described may not be suitable for all investors. The investments discussed may fluctuate in value and investors may get back less than they invested. Changes in rates of exchange may cause investments to go up or down. Past performance is not necessarily a guide to future performance. Although Troy considers the information in this document to be reliable no warranty is given as to its accuracy or completeness. The opinions expressed are subject to change without notice and no reliance should be placed on them. For further information please contact Troy Asset Management at Brookfield House, 44 Davies Street, London, W1K 5JA (Tel: 020 7499 4030 ) All copyright and database right that subsist in the home page and in the sub-domain pages of this website ("the Site") are owned by Troy Asset Management Limited ( Troy ) (or other parties). Note: 1. The contents of this Site has been approved for issue by Troy which is authorised and regulated by the Financial Services Authority. 2. Nothing in this Site should be construed as investment, tax, legal, accounting or other advice. Nothing in this Site constitutes an offer to engage in investment activity. 3. This Site is not intended for use or distribution to persons if Troy is prohibited by any law or jurisdiction from making the information available to such persons. No right is granted to use the Site: (i) to create a database (electronic or otherwise) that includes material downloaded or otherwise obtained from the Site except where expressly permitted on the Site; (ii) to transmit or re-circulate any material obtained from the Site to any third party except where expressly permitted on the Site; (iii) in such a way so as to remove the copyright or trade mark notice(s) from any copies of any material made in accordance with these terms. 4. Whilst every effort has been taken to ensure the accuracy of the information contained on this Site, save as required by applicable law and regulation no warranty or representation is given as to the accuracy or completeness of such information and Troy does not accept any liability for this information. 5. Troy cannot guarantee that your use of the Site will be free from error and/or uninterrupted. Troy shall not be liable for any damages including, but not limited to, indirect or consequential damages, damages for loss of opportunity or chance, or any damages whatsoever arising from use or loss of use, data, or profits, whether in contract, negligence or other tortious action, arising out of, or in connection with the Site or any other Internet sites. 6. The Site may contain links to external websites operated by third parties. These links are included to give users the opportunity to access other pages that it is felt may be of assistance to them. Troy makes no representations as to the accuracy or any other aspect of the information contained on such sites and Troy accepts no responsibility for the content of these sites. 7. Whilst effort has been taken to ensure that the Site is free from viruses, no warranties are given that it is free from viruses and users are responsible for ensuring that they have installed adequate virus checking software. Troy shall not be liable for any viruses or any other computer code, files or programs designed to interrupt, restrict, destroy, limit the functionality of or compromise the integrity of the Site or any hardware on which it is hosted. 8. These terms may be varied from time to time. Please ensure that you review these terms regularly as you will be deemed to have accepted a variation if you continue to use the Site after a variation has been posted. 9. On some pages of the Site users are asked to contact Troy to provide, or obtain, further information. Where any personal data is provided, Troy will process that data in accordance with the Data Protection Act 1998 and always in the reasonable context of your request. Please bear in mind the following: (i) past performance is not necessarily a guide to future performance; (ii) the value of investments and the income from them may go down as well as up and you may not get back the original amount of your investment; (iii) if you have any doubt about the suitability for you of funds managed by Troy or services provided by Troy, you should contact an independent financial adviser.  Troy Asset Management Limited Telephone +44 (0)20 7499 4030 Fax +44 (0)20 7491 2445. Brookfield House, 44 Davies Street, London, W1K 5JA. Troy Asset Management is registered in England No.3930846 and has its registered office at Hill House, 1 Little New Street, London EC4A 3TR. ©Troy Asset Management Limited 2003. All rights reserved.

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