Qualifying Investor

• any natural person with a minimum net worth (which excludes main residence and household goods) in excess of Euro 1,250,000 or its equivalent in other currencies; or
• any institution (an entity other than a natural person): -
  - which owns or invests on a discretionary basis at least Euro 25,000,000 or its equivalent in other currencies, or
  - the beneficial owners of which are qualifying investors in their own right