It was brought to our attention that individuals acting on behalf of a company named “Valcourt” indicating an address at 93-95 Gloucester Place Business Centre, London, a website www.valcourtinvesting.com and an email address info@valcourtinvesting.com, are contacting individuals or companies in order to offer brokerage services and transactions on equities.

Valcourt SA, Geneva (“Valcourt Geneva”) and Valcourt (Guernsey) Ltd (“Valcourt Guernsey”) want to emphasize that they are the only companies part of the Valcourt group.

Valcourt Geneva is a Swiss dealer in securities, subject to the supervision of the Swiss supervisory authority, FINMA; Valcourt Guernsey is licenced by the Guernsey Financial Services Commission.

Neither Valcourt Geneva nor Valcourt Guernsey have anything to do with any other company or entity bearing the name “Valcourt”, and more particularly with a company “Valcourt Investment and Advisory Services” having an address in London.

None of the companies or individuals mentioned in correspondence from a company called “Valcourt”, or on its website has any link or relation of any kind with Valcourt Geneva or Valcourt Guernsey.

The website of “Valcourt Investment” appears to be in many respects a “copy-paste” of the website of Valcourt Geneva and Valcourt Guernsey, but this is a totally unlawful appropriation of the website of Valcourt Geneva and Valcourt Guernsey.

Both companies were only very recently informed of the above-mentioned situation, and are actively looking into the matter, which they consider to be a very serious violation of their rights.

They are seeking legal advice and will take all appropriate legal measures in the various jurisdictions which may be involved in order that the undue use of the name of “Valcourt”, its logo, the contents of the website of Valcourt Geneva and Valcourt Guernsey, etc., are stopped.

Valcourt Geneva and Valcourt Guernsey recommend to any person who may be contacted by individuals using in any way the name “Valcourt” to refer the matter to them.

Yours faithfully,

Valcourt SA Rue de la Rôtisserie 2 P.O. Box 5620 1211 Geneva 11 Switzerland St. Tel.: 0041 22 312 11 20

Valcourt (Guernsey) Limited P.O. Box 165 Trafalgar Court Admiral Park Peter Port Guernsey Tel.: 0044 1481 729 628 Fax: 0044 1481 729 627