THIS IS A LEGAL DOCUMENT. IT GRANTS YOU CERTAIN RIGHTS AND IMPOSES CERTAIN OBLIGATIONS ON YOU INCONNECTION WITH YOUR USE OF THE WDB CAPITAL LTD WEBSITE. YOU SHOULD READ THIS DOCUMENT CAREFULLY AND ONLY ACCEPT ITS TERMS IF YOU UNDERSTAND ANDAGREE WITH THEM.

IFYOU ACCEPT AND AGREE WITH ALL OF THEM, YOU SHOULD CLICK ON THE “I ACCEPT” BUTTON BELOW. IF YOU DO NOT AGREE TO ALL OF THESE TERMS AND CONDITIONS, DO NOT CLICK ON THE “I ACCEPT” BUTTON BELOW, IN WHICH CASEYOU WILL NOT BE ABLE TO ACCESS THE WDB CAPITAL LTD  WEBSITE.


Introduction
Welcometo the WDB Capital Ltd Website (the ‘Site’). Please read thefollowinginformation carefully before using the Site. If you agree tobe bound bythese terms and conditions (the ‘Agreement’) by clicking on the ‘IACCEPT’ button below, you will be granted access to the Site. If you donot agree to be bound by these terms, please exit the Site.

WDBreserves the right to vary the information contained in the Sitewithoutnotice to you. Your continued use of the Site following anychanges tothe Agreement will mean that you accept such changes.

Theinformation within this Site has been issued by WDB CapitalLtd (’WDB’). WDB is authorised and regulated by the FinancialServicesAuthority (’FSA’) pursuant to the Financial Services andMarkets Act 2000 to conduct regulated investment activities in theUnited Kingdom.WDB Capital is registered in England and Wales undercompany number 04061756 and its registered office is at 9th Floor, 100Wood Street, London EC2V 7AN.

The material contained in thisSite details WDB’s activities as aninvestment manager and informationrelating to the WDB Capital UKEquity Fund Limited (the ‘Fund’), whichWDB manages. The information contained within this Site is not suitablefor any party who does not qualify as a Professional Client or anEligible Counterparty, as the same is defined in the rules of the FSA,and most if not all of the protections provided by the regulatorystructure in the United Kingdomwill not apply to any investment in theFund.

Those parts of the Site containing information on unregulatedfunds (“Unregulated Funds”) are being communicated by WDB only topersonswhom such information may lawfully be communicated and are notdirectedat any person located in any jurisdiction where it isprohibited todirect such information. Visitors to the Site are requiredto informthemselves of and to observe any such prohibition. Any personin a jurisdiction in respect of which such prohibitions apply mustnot access these parts of the Site. If you are located in anyjurisdiction where there are restrictions on the type of person who mayaccess information relating to Unregulated Funds, by double-clicking onthe ’I agree’ access box, you will be deemed to be representing to WDBthat your accessing those parts of the Site will not cause WDB to breachany such restrictions and WDB will be acting in reliance uponyour representations.

The material set out in the Site isprovided for information purposes only, does not purport to be full orcomplete and does not constitute investment advice or an offer to investin the Fund. The material should not be construed as a solicitation oroffer, or recommendation, to acquire or dispose of any investment or toengage in any other transaction nor shall it or the fact of itsdistribution form the basis of, or be relied on in connection with, anysuch investment or transaction accordingly. Nothing contained in anypart of the Site constitutes investment, legal, tax or other advice noris to be relied upon in making an investment or other decision and youshould obtain independent professional advice relevant to yourparticular circumstances before making any investment decision. Theinformation and opinions contained on the Site are provided without anyexpress or implied warranty and WDB accepts no responsibility orliability as to the completeness, reliability or accuracy of theinformation contained herein.

All information in the Site on theFund is only intended to be reviewed by persons who are either: (i) aProfessional Client or an Eligible Counterparty; or (ii) an employee,officer or director of a Professional Client or an Eligible Counterpartyreviewing this information in that capacity and not in a personalcapacity; or (iii) by a person whom WDB has identified as a permittedperson and is  in receipt of a password (collectively, ’PermittedVisitors’). Access to those parts of the Site containing information onthe Fund is limited only to Permitted Visitors. In accessing those areasyou will be required to double-click on the ’I agree’ access box. Bydoing so, you will be deemed to represent to WDB that you are aPermitted Visitor and WDB will act in reliance upon any suchrepresentation made by you.  WDBcannot be responsible for anymisrepresentations you may make in gaining unauthorised access to theSite.

The Site does not facilitate Permitted Visitors to make aninvestment in the Fund. As a matter of general policy WDB will notconduct regulated investment activities with any person as a result oftheir receiving information from the Site without obtainingfurther information to verify that that person is a Professional Clientor an Eligible Counterparty.


Investment performance information
TheSite contains material about the past performance of the Fund and cannotbe relied upon as a guide to its future performance. The value of aninvestment in the Fund may go down as well as up and an investor may notrecoup the amount originally invested. By its nature, investment in theFund is only suitable for sophisticated investors who do not requireimmediate liquidity for their investment, for whom an investment in aFund does not constitute a complete investment programme and who fullyunderstand and are willing to assume the high risk involved in theinvestment programme of the Fund. While WDB has taken all reasonablecare to ensure that all information on this Site is accurate, neitherWDB nor any other members of WDB’s group of companies, nor any otherperson connected to WDB (“affiliates”) makes any guarantee,representation or warranty that the information or opinions concerningthe Fund are accurate, reliable or complete and accepts noresponsibility or liability for any reliance by any visitor thereon. Anypotential investor should take appropriate steps to verify thisinformation and seek independent financial advice before acting upon it.


Prohibited Visitors
Theinformation on the Site is not directed at any person who is located inany jurisdiction where it is prohibited to direct such information. Ifyou are a person in a jurisdiction in which such prohibitions apply youmust not access this Site.

Limitation of Liability
The material displayed on this site is provided ’as is’ and WDB and its affiliates disclaim any warranties, either express or implied in respect thereof (in so far as such warranties may be excluded under any relevant law). Specifically, but without limitation, WDB and its affiliates expressly disclaim all warranties that:

(a) you will be able to use the Site, or that it will continue to be made available in its current or any other form at the current domain name or at any other domain name;

(b) the Site or any software, information or material of whatsoever nature available on or downloaded from the Site will be free from viruses or defects, compatible with your equipment or fit for any purpose. It is your responsibility to use suitable anti-virus software on any software or other information or material that you may download from the Site and to ensure the compatibility of such software or material with your equipment.

WDB cannot guarantee that any information displayed on the Site has not been changed or modified through malicious attacks or 'hacking'.

Whilst WDB have taken all reasonable care to ensure the information contained in this Site is accurate neither WDB nor any of its affiliates, agents or licensors provides any guarantee or makes any representation as to the accurateness, reliability or completeness of any information, news or opinions contained on or provided in connection with the Site. WDB has not reviewed and is not responsible for any information or opinion contained in any other website from which you have accessed the Site or to which you may hyperlink from the Site.  WDB is not responsible for any errors or omissions or for the results obtained from the use of any information contained in the Site or for any technical problems you may experience with the Site. You are responsible for the security of any data which you transfer to or from the Site.

WDB disclaims all conditions, warranties, or other terms whether expressed or implied by statute, custom or usage (including without limitation, warranties as to satisfactory quality, fitness for purpose, non-infringement of intellectual property and proprietary rights or skill and care) relating to the Site and the information contained in or omitted from the Site.

Neither WDB nor any of its affiliates, agents, employees or licensors shall be liable for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation loss of profit, business opportunity, loss of goodwill, anticipated savings or data) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of the Site or the information contained on the Site; your inability to use the Site at any time and any error in the provision of the Site; unauthorised access to or alteration of the Site or any information or data transmitted in relation to the Site; any computer virus transmitted through the Site; third party services outside WDB's reasonable control (including, but not limited to, telephone and browser services and your use of email communications to contact or instruct us, and any delay in our receipt or confirmation of such a communication, any interception of or changes to such a communication and any reasonable delay in acting on such a communication), whether such services are used by you to access the Site or otherwise; your use of and/or reliance on other websites to which you have gained access by means of hyperlinks published on the Site; any inaccurate information, material or opinions published on the Site (or accessed via the Site) or your reliance thereon. For the avoidance of doubt this provision shall apply whether or not the relevant loss or damage arises by reason of WDB's negligence.

However, nothing in these terms and conditions excludes or restricts WDB's liability to you for the tort of deceit, or for personal injury or death caused by WDB's negligence.

Nothing in this Agreement will affect any duty, obligation or liability owed by WDB under the regulatory system (as defined in the FSA rules) which cannot be excluded or modified by agreement or notice.

You agree to indemnify, defend and hold harmless WDB and its affiliates, agents, employees, licensors and third party sources from and against any and all losses, claims, suits, demands, liabilities, damages, costs or expenses (including reasonable attorneys' fees) whatsoever suffered by WDB (or any of its affiliates, agents employees, licensors and third party sources) as a result of your use of the Site or any breach of this Agreement or any warranties or representations made by you in this Agreement, your violation or any applicable law, statute or regulation or of any third party's rights, or claims asserted by any third parties, which, if proven, would place you in breach of representations, warranties, covenants or other provisions contained in this Agreement.

Availability of the Site
WDB has taken every reasonable care in the preparation of the Site. However, as certain technical matters may be beyond our control, we cannot guarantee that you will have uninterrupted access to the Site at all times, or that you will be able to use the Site, or that it will continue to be made available in its current or any other form at the current domain name or at any other domain name.

Viruses, hacking and other offences
You must not misuse our Site by knowingly introducing viruses, trojans, worms, logic bombs or other material which is malicious or technologically harmful. You must not attempt to gain unauthorised access to our Site, the server on which our Site is stored or any server, computer or database connected to our Site. You must not attack our Site via a denial-of-service attack or a distributed denial-of service attack.

Should you commit a criminal offence under the Computer Misuse Act by breaching this provision we will co-operate with the relevant law enforcement authorities and disclose your identity to them. Your right to use our Site will also cease immediately.

WDB will not be liable for any loss or damage caused by a distributed denial-of-service attack, viruses or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of the Site or to your downloading of any software, information or material of whatsoever nature available on it or on any website linked to it.

WDB cannot guarantee that any information displayed on the Site has not been changed or modified through malicious attacks or "hacking".

Copyright Information
WDB is the owner or the licensee of all intellectual property (including copyright and database rights) in our Site, and in the material published on it, unless expressly indicated otherwise.  You may not publish, distribute, extract, re-utilise or reproduce any part of our Site in any material form other than in accordance with the provisions of these terms of use or as permitted by the Copyright Designs and Patents Act 1988 or the Copyright and Rights in Database Regulations 1997 as applicable or any equivalent legislation as may apply in your country. You may not distribute products or offer services under or by reference to or otherwise use or reproduce any trade marks, trade names or service marks that appear on our Site, including "WDB" and other WDB marks referred to on the Site without the prior written consent of WDB. Other product and company names reproduced on the Site may be the trademarks (registered or otherwise) of the respective owners, and all rights in the material on any other web sites which you may be able to link to from the Site are owned by third parties.

You as a visitor to the Site may view the Site and you are welcome to print hard copies of material on it for your personal, non-commercial use. All other copying or distribution of any part of the Site whether in electronic, hard copy or other format is prohibited and all other rights reserved.

User Conduct
When accessing and using any information provided on this Site, you may not (to the extent you may now or in the future be entitled to do so) upload, post or submit to or transmit or otherwise publish through the Site any content or information which: (a) is unlawful, threatening, abusive, libellous, defamatory, obscene, pornographic, profane or otherwise objectionable information of any kind, or which may be reasonably considered to be so. This includes without limitation any transmissions constituting or encouraging conduct that would constitute a criminal offence, give rise to civil liability or otherwise violate any national or international law; (b) restricts or inhibits any other user from using the Site; (c) infringes the rights (including, without limitation, intellectual property rights such as copyright, trade marks and patents) of third parties; (d) contains a virus or other harmful component; (e) contains advertising of any kind; or (f) constitutes or contains false or misleading indications of origin or statements of fact.

Changes to Terms and Conditions
WDB reserves the right to make any changes to these terms and conditions at any time. Any changes to these terms and conditions will be notified to you by email or by publishing the revised terms and conditions on the Site. By continuing to access the Site following a change to the terms and conditions, you agree to be bound by any changes.

Data Protection
When you visit the Site, we may collect information about you which may not personally identify you but which may be helpful for improving the operation of the Site. Such information may be collected through 'traffic data' and may entail the use of 'cookies', 'IP addresses' or other numeric codes used to identify your computer.

You have the ability to accept or decline 'cookies' by modifying the settings in your browser. However you may not be able to use all the features of the Site if cookies are disabled. More information about how to disable cookies can be found at www.allaboutcookies.org.

We may also collect personal data from you through the Site when you contact us for further information, or if you wish to register to use certain areas of the Site. Such information may be retained by us for general research purposes. We may, from time to time, send you further information relating to WDB's (or any if its affiliates') products or services which we feel may be of interest to you  You may notify us at any time if you wish to cease receiving this further information by contacting your usual contact at WDB.

As a means of processing your personal data for the purposes set out above, we may, if deemed appropriate, send the information which you provide to us to any of WDB's affiliates located anywhere in the world where WDB or WDB's affiliates do business. Some of these countries may not have equivalent data protection legislation protection regarding the use of your personal information. By submitting your information to this Site, you consent to such transfers taking place. WDB implements various security measures in relation to its processing and transfer of personal data. However, the nature of the Internet is such that the data may in some circumstances flow over networks without full security measures and could be accessible to unauthorised persons.

By clicking on the 'I Accept' button you confirm that you consent to the uses of information relating to you set out above.

Miscellaneous
WDB may terminate this Agreement at any time upon notice to you, in which case you will no longer be able to access the Site.

If a competent authority finds that any or part of these terms and conditions are invalid, unlawful or unenforceable to any extent, WDB shall delete the relevant terms or part shall be deemed not to form a part of the remaining terms and conditions and those remaining terms and conditions shall continue to be valid and enforceable to the fullest extent permitted by English law.

No act, omission or delay by WDB shall be a waiver of its rights or remedies under these terms and conditions or at law unless otherwise agreed in writing by WDB.

WDB may assign, subcontract or transfer all or any of its rights and obligations under these terms and conditions (including to WDB's successors or assigns, any of WDB's affiliates or their successors or assigns) located anywhere in the world without requiring further consent from you, and upon such assignment, sub-contracting or transfer, WDB may be relieved of any further obligation to you under them. To the extent required and at our request, you agree to do anything reasonably necessary or beneficial to give effect to such assignment, sub-contracting or transfer.

It is intended that, in addition to the parties, WDB's affiliates may enforce the benefits conferred on them under this Agreement in accordance with the Contracts (Rights of Third Parties) Act 1999. Notwithstanding this, the consent of WDB's affiliates is not necessary for any variation or termination of this Agreement or any one or more clauses of it. Apart from that, a person who is not a party to these terms and conditions (other than an affiliate of WDB) shall have no right to enforce any of its provisions under the Contracts (Rights of Third Parties) Act 1999 but this shall not affect any right or remedy of a third party which exists or is available apart from under that Act.

These terms and conditions are governed in accordance with the laws of England and Wales. The courts of England and Wales shall have exclusive jurisdiction over any dispute arising out of your use of the Site or arising from or connected with this Agreement.

If you have read, and understand and accept the terms and conditions of the Agreement please click on the 'I ACCEPT' button below: