31 July 2007 — DFSA Accepts Enforceable Undertaking

Dubai, U.A.E., July 31, 2007: The Dubai Financial Services Authority (DFSA) has accepted an Enforceable Undertaking from Rupert Neil Bumfrey in relation to his activities in the Dubai International Financial Centre (DIFC).

The Undertaking was accepted following a DFSA investigation into Bumfrey’s conduct concerning the financial promotion of the First Persian Equity Fund Limited in the DIFC.

The DFSA took action after receiving complaints that an offer of securities had been made by Bumfrey in the DIFC.

A Person may not make an offer of securities in the DIFC, other than an exempt offer, unless a Prospectus has been filed with the DFSA and published. A Prospectus for the First Persian Equity Fund Limited, has not been filed with the DFSA and the offer of securities in the First Persian Equity Fund Limited is not an exempt offer pursuant to the DIFC Markets Law.

A Person undertaking an activity in the DIFC that constitutes a financial service must first be Authorised or Recognised to carry out such an activity unless otherwise exempt. Rupert Neil Bumfrey did not have the requisite authorities or exemptions.

Bumfrey has agreed to Terms and Conditions which are set out in the DFSA Enforceable UndertakingDFSA Enforceable Undertaking, dated 28 July 2007, pursuant to Article 89, Regulatory Law No. 1 of 2004. Bumfrey undertakes to refrain from making an offer of securities or carrying out any financial services in or from the DIFC for a period of twelve months from the date of the signing of the Undertaking. Further, Bumfrey will not be able to carry out any financial services in the DIFC unless appropriately Authorised by the DFSA. The Undertaking is legally enforceable under the Laws of the DIFC.

David Knott, DFSA Chief Executive, stated: "Maintaining the integrity of the DIFC is one of the primary objectives of the DFSA. The DFSA does this by ensuring that Persons who provide financial services in the DIFC are appropriately licensed and have in place measures that protect the interests of investors. Likewise, Persons making offers of securities in the DIFC must make appropriate disclosures to potential investors about the risks associated with investing in financial products. Appropriate disclosures enable investors to make choices about the risk profile and type of products in which they wish to invest.

This Enforceable Undertaking is a clear reminder that the DFSA will take action against persons who fail to comply with the DIFC Law."