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Pyrrho Investments Limited
Public Cash Offer
Disclaimer – Important
Public cash offer under the City Code on Takeovers and Mergers (the "Code") for MWB Business Exchange Plc ("Business Exchange") by Gallant Victor Holdings Limited ("GVHL"), a wholly-owned subsidiary of Pyrrho Investments Limited (GVHL and Pyrrho Investments Limited together being "Pyrrho") (the "Offer").

YOU ARE ATTEMPTING TO ENTER THE AREA OF THIS WEBSITE THAT CONTAINS ANNOUNCEMENTS, DOCUMENTS AND INFORMATION (THE "INFORMATION") PUBLISHED BY BUSINESS EXCHANGE AND/OR PYRRHO RELATING TO THE OFFER IN COMPLIANCE WITH THE CODE. THE AVAILABILITY OF THE INFORMATION IS SUBJECT TO THE TERMS AND CONDITIONS SET OUT BELOW AND MAY BE RESTRICTED UNDER SECURITIES LAWS IN CERTAIN JURISDICTIONS This notice requires you to confirm certain matters before you may obtain access to the Information. The Information is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of any offer to purchase, acquire, subscribe for, sell or otherwise dispose of, any securities pursuant to the Offer or otherwise in any jurisdiction in which such offer or solicitation is unlawful. The Information has been prepared and/or collated by Pyrrho for information purposes only and in good faith in accordance with applicable English law and the Code, and any information disclosed may not be the same as that which would have been prepared in accordance with the laws of jurisdictions outside the United Kingdom.

The Offer will be subject to the applicable requirements of the Code, the Panel on Takeovers and Mergers, the London Stock Exchange and the Financial Services Authority ("FSA"). The Offer will be made solely by the offer document and the accompanying form of acceptance (in respect of Business Exchange shares held in certificated form), which when issued will contain the full terms and conditions of the Offer, including details of how the Offer may be accepted by the shareholders of Business Exchange. The Offer cannot be accepted validly by the shareholders of Business Exchange or any other persons by means of downloading a copy of the documents relating to the Offer from this website.
Overseas shareholders
Unless otherwise determined by Pyrrho or required by the Code and permitted by applicable law and regulation, the Offer is not being, and will not be made, directly or indirectly, in or into or by the use of the mails of, or by any other means or instrumentality (including, without limitation, facsimile, telex, telephone, internet or other forms of electronic communication) of interstate or foreign commerce of, or by any facility of a national, state or other securities exchange of any of the United States, Canada, Japan, Australia or any jurisdiction where local laws or regulations may result in a significant risk of civil, regulatory or criminal exposure if information concerning the Offer is sent or made available to Business Exchange shareholders in that jurisdiction (each being a "Restricted Jurisdiction") and will not be capable of acceptance by any such use, means, instrumentality or facility or from within any Restricted Jurisdiction. Accordingly, unless otherwise determined by Pyrrho or required by the Code and permitted by applicable law and regulation, copies of any documents relating to the Offer are not being and must not be, directly or indirectly, mailed, transmitted or otherwise forwarded, distributed or sent, in whole or in part, in, into or from any Restricted Jurisdiction and persons receiving such documents (including, without limitation, custodians, nominees and trustees) must not, directly or indirectly, mail, transmit or otherwise forward, distribute or send them in, into or from any such jurisdiction. The availability of the Offer to persons who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions in which they are located. Persons who are not resident in the United Kingdom should inform themselves about, and observe, any applicable legal or regulatory requirements of their jurisdiction. Any failure to comply with such applicable requirements may constitute a violation of the securities laws of any such jurisdiction. If you are not permitted to view some or all of the documents relating to the Offer on this website, or viewing such documents would result in a breach of the above, or you are in any doubt as to whether you are permitted to view such documents, please exit this web page by clicking on the "I Disagree" box below.
Cautionary Statement with Respect to Forward-Looking Statements
The information and documents contained in this section of the website contain certain forward-looking statements with respect to the financial condition, results of operations and business of Business Exchange and certain plans and objectives of Pyrrho with respect thereto. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "hope", "aims", "continue", "will", "may", "should", "would", "could", or other words of similar meaning. These statements are based on assumptions and assessments made by Pyrrho in light of their experience and their perception of historical trends, current conditions, future developments and other factors they believe appropriate. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this section of the website could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date on which they are made. Pyrrho does not assume any obligation to update or correct the information and documents contained in this section of the website (whether as a result of new information, future events or otherwise), except as required by applicable law.

There are several factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or dispositions. Nothing contained in this section of the website shall be deemed to be a forecast projection or estimate of the future financial performance of the Pyrrho group, the Business Exchange group or any other person following the implementation of the Offer or otherwise.
Responsibility
The directors of GVHL accept responsibility for the information relating to Pyrrho contained in the documents available in this part of the website, save that, except as otherwise specified in the relevant document(s), the only responsibility accepted by them in respect of the information relating to Business Exchange (and its subsidiaries, subsidiary undertakings and associated undertakings (including any joint venture, partnership, firm or company in which Business Exchange or any of its subsidiaries or subsidiary undertakings is interested or any undertaking in which Business Exchange and such undertakings (aggregating their interests) have a direct or indirect interest in 20 per cent. or more of the voting equity capital of an undertaking)), which has been compiled from public sources, is to ensure that such information has been correctly and fairly reproduced and represented. To the best of the knowledge and belief of the directors of GVHL (who have taken all reasonable care to ensure that such is the case), the information for which they are responsible is in accordance with the facts and does not omit anything likely to affect the import of such information.

The documents included in this part of the website speak only at the specified date of the relevant document and, subject to any continuing obligations under applicable law or any relevant listing rules, Pyrrho expressly disclaims any obligation to disseminate any updates or revisions to any statements in this part of the website or the information contained herein to reflect any change in expectations or events, conditions or circumstances on which any such statement(s) is based.

None of the directors of Pyrrho or its affiliated companies have reviewed, and none of them shall have any responsibility for, or accepts any liability in respect of, any information on any other website that may be linked to this website by a third party.

If you are in any doubt about the contents of this area of the website or the action you should take, you should seek your own financial advice from an independent financial adviser authorised under the Financial Services and Markets Act 2000 or, if you are located outside the United Kingdom, from an appropriately authorised independent financial adviser.

McQueen Limited ("McQueen"), which is authorised in the United Kingdom by the FSA, is acting exclusively for Pyrrho and no one else in connection with the Offer and will not be responsible for anyone other than Pyrrho for providing the protections afforded to clients of McQueen nor for providing advice in relation to the Offer or any other matters referred to on this website.
Governing law
This notice shall be governed by, and interpreted in accordance with, English law.
Acceptance of this disclaimer
If, having read this disclaimer in full, you decide to agree to the terms set out below, you will need to click on the "I Agree" link below. By so doing you will confirm that:

  1. you are accessing this website for information purposes only;

  2. you understand that viewing this information may affect your rights and you agree to be bound by the terms of this disclaimer and accept that you are making the confirmations and acknowledgements herein;

  3. you are permitted to proceed to this part of the website and are not accessing this information from any Restricted Jurisdiction (nor are you acting on behalf of someone who is resident in any Restricted Jurisdiction);

  4. you acknowledge that Pyrrho is lawfully entitled to make the content of this section of the website available under all applicable laws; and

  5. you acknowledge and agree that you will not distribute any part of the Information (by any means including by electronic transmission) to persons (including, but not limited to, natural persons, companies, corporations, partnerships and other similar entities) located in any Restricted Jurisdiction. You also acknowledge that any such distribution could result in a breach by you of the applicable laws or regulations of such jurisdictions.
If, having read this disclaimer in full, you are not permitted to view the Information, or viewing the Information would result in a breach of the conditions set out above, or you are in any doubt as to whether you are permitted to view the Information, or you do not want to accept the terms of this disclaimer, please exit this web page by clicking on the "I Disagree" box below.

Alternatively if, having read this disclaimer in full, you are permitted to view the Information and you have read and understood the disclaimer set out above, then you may choose to agree to the following terms by clicking on the "I Agree" box below.

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