LIMITED PARTNERSHIPS ACT 1907

Notice is hereby given that, pursuant to section 10 of the Limited Partnerships Act 1907, on 23 May 2003 Osan Ltd transferred to Investor Portfolio Investments Limited all of the interest held by it in The Phoenix Development Capital Fund (“the Partnership”), a Limited Partnership registered in England with number LP 4202 and that with effect from 23 May 2003 Osan Ltd ceased to be a Limited Partner and Investor Portfolio Investments Limited became a Limited Partner in the Partnership. For and on behalf of Phoenix Equity Partners Limited 23 May 2003.