Disclaimer: by accessing this website or downloading or using any information therein you agree to be subject to the following terms and conditions. If you are unsure about the meaning of any of this information and of the information contained in this website please consult your professional adviser. So far as this is permitted by any relevant local legislation and any applicable regulatory system, you agree to the exclusion by European Capital Markets Limited ("ECML") of any liability, including without limitation that arising from any loss of profit or any other damage direct or consequential, in respect of any errors and/or omissions by ECML and/or any relevant third parties, including without limitation ECML's officers, employees and affiliates. The products or services described on this website are not available in all countries, and nothing in this website constitutes a prospectus or an offer to sell or a solicitation to anyone in any jurisdiction. Any persons in any jurisdiction in which this website would violate any applicable law should not access the site. Nothing contained on this website shall form the basis of any contract or commitment whatsoever by ECML. Subscriptions to any product or service described or referenced in this website may only be made on the basis of the relevant terms and conditions and the product's offering documentation. Prospective investors should be aware of the underlying risks associated with investing in any of the products described in this website. Due to economic, political, market, and other risks there can be no assurance that such products will achieve their investment objectives. The value of investments and related cash flows can go down as well as up, and an investor may not receive back some or the entire amount invested. Past performance is not a guarantee of future results. For information on the risks of investing in any such product please refer to each product's offering documentation. The products described herein are not being offered or sold in the United States or to US persons (as defined in Regulation S of the Securities Act); they will only be offered and sold in compliance with Regulation S under the United States of America Securities Act of 1933, as amended (the "Securities Act"); they will not be registered under the Securities Act; they will not be (i) offered, sold, delivered, pledged or otherwise transferred to a US person or (ii) mailed or otherwise delivered to any location in the United States unless, in the future, the products described herein are registered under the Securities Act or fall within an exemption from the registration requirements of the Securities Act if available. Any holder of the relevant product shall be deemed to have represented to the issuer and ECML that such holder is not a US person and that such holder is not purchasing the instrument for the account of any US person. This website is not designed for the purpose of providing personal financial or investment advice. All information contained in this site is directed at market counterparts and intermediate customers only. If you have visited the site but are not a market counterpart or intermediate customer, ECML and the other parties named herein will not be able to discuss with you the matters to which this information relates to. The information provided does not take into account your particular investment objectives, financial situation or investment needs. The products and services mentioned on this website often have tax consequences. ECML does not provide tax advice and you should consult your own tax advisers regarding the possible tax consequences of any of the products or services mentioned in the website. Any prices and other information on this website are provided solely to enable you to make your own investment decisions and do not constitute personal recommendations or advice. This website may contain or be linked to advice or statements made or prepared or provided by third parties. ECML has not and will not verify this information and makes no representation as to the accuracy, completeness, timeliness, or suitability of such information. Any use made of such information is at your own risk. The internet may not be a reliable and secure transmission medium. ECML shall not have any liability for any data transmission errors such as data loss or damage or alteration of any kind, including, but not limited to, any direct, indirect or consequential damage, arising out of the use of the website or services provided on it. Messages that you send to ECML over the internet may not be secure. ECML recommends that you do not send any confidential information to ECML over the internet. If you choose to send any confidential information to ECML over the internet you do so at your own risk with the knowledge that a third party may intercept this information. Information and instructions sent by you via e-mail and to the website are processed exclusively at your risk. ECML endeavors not to disclose any personally identifiable information that may be collected in this website without your specific permission unless required to do so in order to comply with applicable law, a subpoena, or other legal process. ECML does not sell or rent personal information to any third party. ECML believes that the information which may be viewed on this website is accurate as at the date of publication, but provides no representation or warranty of this of any sort, express or implied. ECML therefore accepts no liability for the accuracy or correctness of this data. The information may be amended by ECML at any time without notice. All materials found on this web site are the property of ECML and all rights are reserved. Extracts of the information in the web site may be reviewed, reproduced or translated for research or private study, but not for sale or for use in conjunction with commercial purposes. Any use of information in the web site should be accompanied by an acknowledgment of ECML as the source, citing the uniform resource locator (URL) of the information. Other than as provided above, any other use of this website requires explicit prior authorization in writing by ECML. All intellectual and other property information and trade marks contained in this website shall continue to be held by ECML and no rights of any kind in it shall pass to you. ECML is a registered trade mark.

Mission Statement
Firm Profile
Products and Services
Terms of Business
Contact Us
e-mail me

|Welcome| |Mission Statement| |Firm Profile| |Products and Services| |Terms of Business| |Disclaimer| |Contact Us|

Copyright 1999-2002. Positive Software Corporation. All rights reserved