LIMITED PARTNERSHIP ACT 1907

Notice is hereby given, pursuant to section 9 of the Limited Partnership Agreement Act 1907, that, on 20 July 2005, Alcyon SA transferred the interests held by it in Doughty Hanson & Co III Partnership No 14 (“Partnership No 14”) to Pictet Private Equity Investors SA and thereupon Pictet Private Equity Investors SA became a Limited Partner in Partnership No 14 in substitution for Alcyon SA. 20 July 2005.