“unrivalled expertise backed by unparalleled commitment” · 2019-08-14 · bg, lc, and sblc...

“...unrivalled expertise backed by unparalleled commitment...”

1. About us

2. What we do

3. Sectors & Clients

4. Why Us?

5. Track Record

6. Our Professionals

7. Location – Contacts

Contents

"...unrivalled expertise backed by unparalleled commitment..." 2

3

1. About us

2. What we do


4. Why Us?

5. Track Record



"...unrivalled expertise backed by unparalleled commitment..."

About us

• European Risk Capital is the leading investment finance group specialising in structured capital raising and risk funding solutions, with primary focus on financial services, real estate, commodities and alternative assets.

• The breadth and depth of our experience in investment finance and capital markets, combined with our extensive institutional relationships, enable our clients to:

Increase their profitability

Raise cash or synthetic funds at a competitive cost

Enhance their value by means of strategic acquisitions and/or disposals

Optimise their economic and regulatory capital structure

• With a collective deal volume in excess of $15 billion, our professionals have established an enviable track record by aligning our seamless transaction design-to-execution capability with their in-depth expertise across a variety of asset sectors for the benefit of our clients including:

Non-Bank Financial Institutions (consumer and SME finance, non-bank lending, insurance and structured asset funding)

Commercial and Residential Property (structured risk funding and capital sourcing)

Banks & Regulatory Capital (economic/regulatory capital optimisation and structured P&L enhancement)

Alternative Assets (non-mainstream assets & alternative credit, structured trade & commodities finance, capital raising and

counterparty funding)

• Established in 2008 and headquartered in London, European Risk Capital undertakes assignments throughout the United Kingdom and across Continental Europe. Further select international assignments are also considered subject to the underlying transaction quantum and structure.

• European Risk Capital has established strategic relationships with leading institutions which enable us to provide our clients with bespoke solutions rather than commoditised products.

4 "...unrivalled expertise backed by unparalleled commitment..."

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1. About us

2. What we do


4. Why Us?

5. Track Record




What we do

Risk Funding Solutions:

Structuring services on asset backed funding and structured debt/equity financings

Acquisitions & Disposals expertise

Funding strategy formulation and interface with new and existing funders and investors

Enhancement of regulatory and economic capital returns, including accounting deconsolidation

Optimisation of leverage by means of asset backed methodology, structured finance, and securitisation

based techniques

Rating expertise leading to favourable regulatory capital treatment and reduction of funding costs

Risk structure improvement by means of portfolio analysis and eligibility management

Structured receivables solutions design and implementation

Preparation of Information Memoranda

Formulation and negotiation of funding Terms & Conditions

Documentation negotiation services

Restructuring, refinancing, and recapitalisation solutions

Introduction and appointment of specialist legal counsel, regulatory/accounting experts, and asset servicers


What we do (...continued)

Structured Capital – For Corporate & Institutional Clients:

Access to institutional sources of asset backed funding and structured debt/equity financings

£25 million to £1 billion per transaction

Senior Debt, Mezz, and Structured Equity sourcing

Acquisitions & Disposals of asset portfolios or whole corporate entities

Extensive relationships with:

Bank Lenders

Bond Underwriters and Investors

Mezzanine Debt Providers

Asset Backed Investors

Hedge Funds

Derivative Counterparties

Private Equity Houses

Venture Capitalists

UHNWs & Family Offices

Access to both institutional and private funds

MBO / MBI / Acquisition Finance

Cash and Synthetic Capital sourcing

Counterparty exit via funding relief and/or liability refinancing

Implementation of funding platforms for both start-up projects as well as established operators


What we do (...continued)

Structured Capital – For Mid Market Clients – “CreditStream”:

CreditStream LLP (“CreditStream”) is a GBP 1 billion multi-client debt programme sponsored, arranged

and led by European Risk Capital

Bankruptcy-remote debt vehicle that “lends to lenders”

Designed to finance balance sheets of UK mid-market, asset-based, non-bank lenders:

Bridging & Development Lenders

Second Charge Mortgagees

Auto / Equipment Finance Companies

Leasing Companies

Invoice Discounters

Unsecured Loan Providers

Consumer / SME / FinTech Lenders

Provides low-cost, wholesale funding access to the alternative debt capital markets

Individual deal target size of £20m - £100m

Accessed by multiple non-bank finance companies effectively sharing economies of scale, streamlined

credit and documentation processes, and, as a result, lower risk-adjusted funding costs and enhanced

return on capital

Programme Status: Open – Currently accepting new Non-Bank Originator Lenders


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1. About us

2. What we do


4. Why Us?

5. Track Record




Non-Bank Financials

Unsecured and/or secured assets

Residential Mortgage Portfolios (first, second, and buy-to-let)

Bridging & Development Loan Pools

Mid-Market Commercial Property Mortgage Books

Leasing / Auto Loan Portfolios

Consumer Loan Pools

Credit Card Portfolios

SME Loan Pools

Trade Debt Books (domestic & international)

Structured Capital Raising via:

Direct Private Placement – Corporate & Institutional Clients

Our sponsored “CreditStream” Debt Programme – Mid Market Clients

Capital structure design and negotiation

Portfolio acquisition and disposal

Recapitalisation / Structured Equity fundraising

Start-up & implementation

Wind-down and/or exit

Servicing / Collections

Sectors & Clients


Real Estate – Commercial & Residential Property

Capital Raising

Senior Debt

Stretch-Senior

Mezz

Structured Co-Equity

Residential: Development & Bridging Finance, Specialist BTL, PRS & BTR Finance

Commercial: Office, Retail, Logistics

Specialist sub-sectors: Ground Rents, Hotels, Hospitals/Healthcare

Finance restructuring

Distressed acquisitions & sales, including NPLs

Portfolio / Asset sourcing

Sharia’a compliant Islamic structures

CMBS structuring expertise

Structured asset management

Wind-down and/or Exit

Sectors & Clients (...continued)


Banks & Regulatory Capital

Increased profitability and MTM write-backs

Enhanced velocity of Economic Capital

Regulatory Capital and Funding Relief

First Loss investor sourcing

Risk Transfer and Accounting Deconsolidation

Structured ABS portfolio management and pool restructuring

Structured Credit and CLO / CDO structuring / de-risking expertise

Portfolio acquisitions & sales / counterparty sourcing

Cash & Synthetic recapitalisation solutions

Basle-related regulatory structural enhancements

Alternative Assets

Non-Mainstream Assets & Alternative Credit

Structured Trade & Commodities Finance

BG, LC, and SBLC monetisation, including pre-export finance

Life Settlements / Insurance Premia

Emerging Markets Property Finance

TV / Film & Music Royalties

Sectors & Clients (...continued)


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1. About us

2. What we do


4. Why Us?

5. Track Record




The appointment of European Risk Capital is invariably the culmination of one or more of the following compelling reasons:

Impartiality and Cost Optimisation:

European Risk Capital offers no funding of our own. Our impartial and independent service ensures absence of conflicts. This

enables us to identify and access multiple funding and/or risk protection sources, leading to the most appropriate solution at

the most competitive cost for the client.

Deferred Pricing Structure:

Our primary goal is to cultivate and enhance long term, successful relationships with our clients. Subject to transaction size

and deal type, our Success Fees tend to be spread over the life of the transaction, whilst upfront costs normally comprise

nominal Feasibility/Structuring Fees.

Significant Counterparty Relationships:

Our long-standing counterparty relationships extend to senior levels of leading organisations. They provide our client base

with privileged access to a diverse network of established capital markets players, ranging from institutional lenders and

derivatives houses to hedge funds and private equity groups.

Tailor-made Approach:

Our commitment to individual, client-specific assessment and design of the most appropriate, client-specific solution enable

us to provide bespoke, client-specific service rather than merely an off-the-shelf generic product offering.

Track Record:

Our professionals have established an enviable track record with transaction volume in excess of USD 15 billion. A selection

of “market-first”, pathfinder transactions are outlined in the Track Record Section.

Quality instead of Quantity:

Our transaction sizes range from £25 million to £1 billion. We favour client service over league tables. We offer bespoke

solutions rather than commoditised products. Our reputation demonstrates that the extent of our commitment is irrelevant to

deal size.

Why Us?


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1. About us

2. What we do


4. Why Us?

5. Track Record




An indicative selection of "market-first", pathfinder transactions previously executed by our professionals are outlined below:

Structured Credit:

• Sponsorship & Arrangement of a GBP 1 billion multi-client debt programme (“CreditStream”) providing UK mid-

market, non-bank originator lenders with low-cost, wholesale funding access to the alternative debt capital markets

• Deconsolidation structuring and First Loss Investor sourcing for a USD 5 billion securities arbitrage fund

• Structuring of the first ever private Credit Default Swap for a USD 2 billion Conduit Liquidity Facility

• Establishment of a USD 3 billion structured investment portfolio comprising RMBS/CMBS/CLOs originated in the

UK and Europe.

Consumer Finance:

• Arrangement of the first ever “second mortgage” securitised facility in the UK (GBP 200 million)

• Arrangement of all five conduit transactions ever executed in the unsecured mail-order consumer finance sector in the

UK with a total deal volume of GBP 500 million

• Arrangement of a UK Credit Card portfolio acquisition from a major consumer lending institution (GBP 400 million)

• Joint Arrangement of one of the largest non-conforming secured loan facilities in the UK (GBP 500 million)

• Arrangement of the first ever “undivided interest” financing of utility bill receivables by a UK based conduit fund

(GBP 175 million)

Commercial & Residential Property:

• Arrangement of a structured securitisation facility of commercial properties supported by Primary Care Trusts (GBP

250 million)

• Advisory on a liability-driven refinancing of a ground rent asset portfolio for one of the largest residential freehold

owner/managers in the UK (GBP 320 million)

• Structuring of one the largest shopping centre structured debt facilities in Europe (GBP 650 million)

Track Record


• Advisory on disposal of a lease-backed pool of Higher Education / Housing Association student accommodation assets

(GBP 100 million)

• Acquisition, debt syndication, and equity raising for one of the largest retail wholesale developments in France (EU

250 million)

• Advisory on loan restructuring and redemption of an asset backed facility secured on the primary distribution logistics

centre of a FTSE 100 company (GBP 70 million)

• Acquisition of a diverse portfolio including a 5-star hotel, office, retail, and residential properties in Germany (EU 120

million)

• Advisory on extension and restructuring of a mezzanine facility backed by a portfolio of retail stores and distribution

centres of a major UK retailer (GBP 15 million)

• Senior debt and mezzanine capital raising for an office development in Belgium (EU 150 million)

Residential Mortgages:

• Seed capital / arrangement of the first ever non-conforming mortgage warehouse facility in Europe (GBP 50 million)

• Arrangement of the UK’s largest buy-to-let mortgage funding transaction at the time (GBP 1 billion)

• Joint Arrangement of the largest prime and non-conforming co-purchase mortgage facility in Europe (GBP 1.2 billion)

• Debt raising of a structured facility for a Netherlands based mortgage lender (EU 200 million)

• Private placement of a rated mortgage backed note in the US Commercial Paper markets (GBP 175 million)

Leasing & Auto Loans:

• Arrangement of the first ever car loan securitisation including residual values based on a Sharia’a compliant Islamic

finance structure (GBP 50 million)

• Arrangement of the first ever structured bank facility secured on automobile inventory in Europe (GBP 300 million)

Track Record (...continued)


• Advisory on refinancing one of the largest non-conforming auto lenders in the UK via a senior/subordinated funding

structure (GBP 150 million)

• Arrangement of a senior debt funding line for a leading independent auto finance company (GBP 100 million)

• Arrangement of a Sharia’a based structured debt facility for a UK regional operating leasing company (GBP 10

million)

Non-Mainstream Assets:

• Arrangement of the first ever securitised MBO of an insurance premia finance company (GBP 250 million)

• Arrangement of a GBP 50 million charge card securitisation, “…the first of its kind in Europe…” (IFR)

Track Record (...continued)


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1. About us

2. What we do


4. Why Us?

5. Track Record




Tony Gioulis

Managing Partner

Tony has been involved in the structured asset backed markets since the late 80s. He started his City career in

NatWest Markets in 1990, where he spent seven years establishing and executing client-led transaction structures

primarily associated with short-term and medium-term financial assets, as well as developing its asset backed

conduit infrastructure.

He subsequently joined HSBC Investment Bank, where in 1997 he founded its UK/European asset backed

commercial paper business and its $5 billion sponsored multiseller conduit fund, “Regency Markets”. He was

subsequently elevated to Pan European Head, Conduit Finance, in HSBC Markets.

In 2004, he joined the London office of nabCapital, the investment banking division of National Australia Bank,

and assumed the role of Head of Securitisation Europe, with a mandate to establish a major structured debt player

in the UK and the Eurozone. In nabCapital, he led the launch of “CentreStar Capital”, a $10 billion hybrid conduit

fund providing its corporate and institutional client base seeking asset finance with capital markets access and a

securities arbitrage platform designed to finance highly rated ABS.

Tony subsequently founded European Risk Capital, the leading investment finance group specialising in

structured capital raising and risk funding solutions, with primary focus on financial services, real estate,

commodities and alternative assets. His main responsibilities comprise strategic origination and transaction

execution, with special emphasis on long term relationships of the Group.

A structured capital markets veteran with deal experience in excess of $10 billion, Tony has arranged a number of

innovative transactions including the first ever securitisation of charge cards in Europe, quoted in the IFR as a

"landmark deal", and the UK's largest buy-to-let mortgage funding transaction at the time in the region of GBP 1

billion. His structured credit expertise spans across a wide range of cash and synthetic derivative funding

solutions, culminating in numerous loan-backed, auto, consumer, leasing, receivables, CLOs/CDOs, and property

deals over a 20-year period.

Tony has an MBA from University of Southern California, Los Angeles. He is married and lives in West London.

Our Professionals


Mike Stone

Executive Advisor

Mike has over 30 years experience in capital markets and investment banking. He started his career in Midland

Montagu Investment Bank where he was involved in derivatives and financial solutions for institutional clients.

Following the acquisition of Midland by HSBC, he was made Global Head of Futures and Options and was a

board member of both the London and French Futures' Exchanges. In 1996, Mike was appointed Head of

European Fixed Income Distribution at HSBC, a role he held for over six years. During his time, HSBC became a

significant origination and distribution force in structured credit and asset backed issues as well as more vanilla

bonds and loans.

Having developed a deep understanding of the different investor segments and their respective investment

parameters, Mike was hired in 2003 as Head of Markets Europe by National Australia Bank, with a mandate to

build its European investment banking business. He developed a full suite of businesses that included

securitisation, leveraged loans, structured property, asset finance, project finance and structured finance. He was

subsequently elevated to CEO, Institutional Markets & Services UK, where he had full risk oversight for the UK

operation and was personally involved in a number of high profile transactions.

In 2006, Mike assumed the new role of Head of Structuring & Investments in nabCapital, the investment banking

and capital markets division of National Australia Bank, and moved to Australia where he established a new

business group responsible for the restructuring of the A$100bn wholesale banking balance sheet and the

subsequent repackaging of bonds and loans for distribution to institutional and private bank investors. Mike was a

member of both the nabCapital and Clydesdale Executive Committees as well as the Clydesdale Asset and

Liability Committee.

Bringing a wealth of cross-sectoral expertise and extensive senior level relationships, Mike subsequently joined

European Risk Capital, where he has primary responsibility for Financial Institutions, including origination

strategy and distribution management.

Mike has also been assisting the Save the Children Alliance in its strategy for partnering with corporate donors.

He holds BA, MA and M Phil degrees. He is married with two children and lives in London.

Our Professionals (...continued)


Robert Baskeyfield

Executive Director

Robert has a wealth of experience in the commercial and residential property sectors, having started his

banking career with Lloyds Bank in the late 70s and subsequently moving to Chancery Plc in the late 80s, where

he got involved in a variety of real estate transactions including distressed loan management and asset recovery.

By 1996, Robert entered the German real estate banking sector and was instrumental in the establishment of

Deutsche Hyp in London, the real estate lending arm of the Dresdner/Kleinwort Benson and Allianz Banking

Group, where he was elevated to General Manager with a mandate to build the commercial loan business prior to

achieving full branch status in 2002. Deutsche Hyp's diverse banking licence subsequently became the UK

platform for launching EuroHypo AG, the amalgamation of the three real estate groups of Deutsche, Dresdner,

and Commerzbank, forming the largest commercial real estate bank in Europe with assets in excess of €200

billion at the time.

Having led Deutsche Hyp as one of the key parties in the UK branch merger of the three real estate groups,

Robert continued his career in EuroHypo and, following a number of high profile transactions including the

£130m Grand Buildings deal in Trafalgar Square, he moved to KBC Bank in 2004.

In KBC, he became responsible for new origination and built a real estate business from a low base to a fully

functional asset platform in the region of $1 billion. Working closely with KBC Peel Hunt and KBC Financial

Products, he originated, structured, and executed a number of pathfinder deals including KBC London's first

syndicated real estate loan involving the acquisition of land and the subsequent redevelopment of a new €150m

outlet mall investment in West Berlin.

With a real estate career culminating in a variety of assets over a period in excess of 20 years, Robert

subsequently joined European Risk Capital, with primary focus on arranging commercial and residential property

finance transactions including structured debt and hybrid equity placements.

Robert is an ACIB educated in Staffordshire. He is married with two children and lives in Bedfordshire.



Nikos Douros

Executive Director

• Nikos has in excess of 20 years’ experience in banking and technology, culminating in finance arranging and

advisory roles across the capital structure, including debt, mezz, and equity fundraising. He started his career in

the early 90s at Ernst & Young, where he was involved in company valuations and acquisition finance, corporate

financial modeling and asset backed financing advisory.

• He subsequently joined ABN AMRO as treasury dealer with primary responsibility for the USD 2 billion money

market book of the Bank’s Greek subsidiary in all major currencies, including the Greek drachma at the time.

Nikos subsequently moved on to several instrumental positions in the technology space, developing, marketing,

and implementing world class technology solutions not only within banking but also the manufacturing and

telecoms sectors.

From 2005 onwards, he commenced a series of capital intensive projects in construction, infrastructure, real

estate, as well as energy. In his capacity as principal investor as well as executive officer, he ultimately led them

to successful implementation by optimizing their capital structures and securing long term funding from a variety

of alternative investor sources.

By 2010, Nikos was engaged in advising select US listed shipping companies on refinancing, asset valuation, and

expansion capital.

Bringing a wealth of cross-industry knowledge and a significant relationship network, Nikos subsequently joined

European Risk Capital, where he has primary responsibility for the Southeastern Europe division. His mandate

extends across Greece, Cyprus, and the Balkans, and comprises origination strategy and funding solutions for the

banking, financial services, real estate, and commodity sectors.

Nikos holds an MSc in Mechanical Engineering and an MBA in Finance from Cass University Business School.

He is married with two children and lives in Athens.



Jean-François Khan

Senior Advisor

Jean-François has over 20 years’ experience in international banking, working on structured trade

transactions throughout the world with recently a more specific focus on the CIS countries and EMEA. He

has a thorough knowledge of international trade and export finance markets.

He has structured deals for some of the world’s major commodity houses and has significant experience in

financing complex trade finance packages in Eastern Europe where lateral thinking is a pre-requisite.

Jean-François has extensive exposure to the international trade world, having started as a broker at the Paris

Commodity Exchange working on the sugar and coffee markets. In 2010, while working for VTB Bank, he

won the “Deal of the Year” award from both Global Trade Review and Trade Finance Magazine for a €40M

3-year structured pre-export finance facility.

Jean-François is the founder and current managing director of Fi-Nest EURL, a structured commodities

finance boutique based in Paris. Following a strategic alliance entered into with European Risk Capital, he is

currently responsible for the structuring and distribution activities of ERC’s Structured Trade &

Commodities Finance Group.

Jean-François also directs training courses on Commodity Fraud & Risk with the Global Training Group, and

International Trade with the International Finance Corporation, part of the World Bank.



David Cain

Senior Advisor

David started his structured finance career in the mid-90s in the Global Securitised Finance Group of Chase

Manhattan prior to its merger with JP Morgan, with overall responsibility for corporate and acquisition finance

related asset-backed transactions throughout Europe.

He subsequently joined the Rothschild Group where he founded their Structured Finance Advisory business and

developed their European securitisation activity in line with their core strength in corporate finance and debt

advisory. This encompassed design and implementation of a number of strategic initiatives in structured capital

markets, leading to Executive Director status and a Board level appointment by 2003.

Following an extensive City career, David became Principal of a number of independent advisory firms and, at

European Risk Capital, he is responsible for transactions primarily in respect of Non-Bank Financials and Real

Estate. His expertise extends to structured capital fundraising, debt restructuring and acquisitions in consumer

finance, commercial finance, corporate finance and overall property sectors.

David’s multi billion dollar track record is spread across a wide range of asset classes, from credit cards and

residential mortgages to auto leasing and life settlements. He has structured and led a multitude of complex deals,

including arrangement of a GBP400m UK credit card portfolio acquisition, debt raising of a EU200m structured

facility for a Netherlands based mortgage lender, and arrangement of a GBP100m funding line for a leading

independent auto finance company.

David is a CPA with an MBA from the Rotterdam School of Management and a BS in Accounting from

University of Illinois. He is married with two children and lives in London.



Oliver Parr

Senior Advisor

Oliver is a highly experienced banker, having spent over 25 years at JP Morgan and Samuel Montagu/HSBC. He

is currently an active placement agent for private equity and venture capital, as well as an advisor to Frey Capital

AG in Zurich. He is also an advisor to Structured Finance Management Ltd, a London based provider of

management services to the structured finance sector of the capital markets industry.

As a banker, Oliver was responsible for the UK activities of HSBC Investment Bank’s Specialised Financing

division, prior to which he established its mezzanine finance activity. He worked for a number of years in both

Australia and Singapore, as well as in London and New York. More recently he has been a consultant to

Deloittes and, for four years until 2006, ran a financial advisory partnership, STAC Partners LLP.

At European Risk Capital, Oliver is involved in raising structured private equity and venture capital funds,

arranging debenture issues, as well as overall aspects of commercial borrowing; furthermore, he acts as an expert

witness in cases involving loan financing generally and management buyouts in particular.

Oliver is also the Chairman of Premier Art Spaces Ltd, the largest provider of rental space to the UK art market.



Philippe Vienot

Senior Advisor

Philippe has over a decade of experience in corporate finance and asset backed funding, with primary emphasis

on commercial real estate investments, structured debt underwriting, and M&A advisory.

Philippe started his finance career in the mid 90s, in the Corporate Finance Department of Gaz de France, based

in Berlin. He subsequently joined the London and Paris offices of the European M&A Group of Credit Suisse

First Boston where, over a period of five years, he became involved in a variety of public and private transactions

in sectors ranging from oil & gas and utilities to luxury goods and media.

In 2003, Philippe joined the Asset Finance Group at Nomura, where he structured and executed numerous real

estate financings and asset-backed investments, as diverse as the acquisition of Earl’s Court & Olympia exhibition

centres to pub estate operations and caravan parks.

Philippe subsequently joined the London office of Bear Stearns, where he co-founded the Real Estate Principal

Investments Group in 2005. In this role, he arranged and led a large number of debt and equity transactions,

ranging from large office portfolios and retail developments to mixed hotel and residential project-based

financings throughout Europe, with particular focus on Germany, France, Benelux and Scandinavia. Philippe was

subsequently elevated to Senior Managing Director and Head of Real Estate Principal Investments, continuing his

career with JP Morgan after its merger with Bear Stearns.

A structured finance expert in distressed real estate investments and capital restructurings, Philippe is responsible

for European Risk Capital’s structured fundraising relative to commercial property transactions, including asset

management, debt and structured equity sourcing, and distressed acquisitions and sales in the UK and throughout

Continental Europe.

Philippe holds a Masters degree from ESCP Europe in Paris.



Associate Advisors

European Risk Capital harnesses the in-depth expertise and specialist sector experience of a diverse range of

professional advisors who have structured, arranged, and led a wide variety of complex deals across an extensive

range of asset classes.

Our Associate Advisors become involved in specific European Risk Capital transactions on a dedicated basis and

their expertise covers a variety of backgrounds including:

Credit & Risk

Regulatory & Prudential

Accounting & Tax

Rating & Analytics

Legal

Systems & IT



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1. About us

2. What we do


4. Why Us?

5. Track Record




33 St James’s Square

London SW1Y 4JS

United Kingdom

Tel: + 44 (0) 20 7060 6868

Fax: + 44 (0) 20 7661 9400

Press Relations & Enquiries:

[email protected]

www.EuropeanRiskCapital.com

Location – Contacts


mailto:[email protected]

http://www.europeanriskcapital.com/

Disclaimer

The information contained on this document is for information purposes only and not intended to constitute any offer to sell or the invitation or solicitation of an offer to buy any product or service by European Risk Capital LLP (“ERC”) or by any subsidiary, holding company or affiliate of ERC and should not be relied upon in connection with any investment decision.

Services provided by ERC are excluded from being specified as regulated activities for the purposes of the Financial Services and Markets Act 2000, pursuant to the applicability of one or more of Articles 16, 17, 18, 19, 22, 23, 27, 28, 29, 30, 31, 32, 33, 34 or 70 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 and, accordingly, ERC is not regulated by the Financial Conduct Authority.

No partner, employee, director or other officer of ERC or any of its affiliates (whether individually or collectively) gives any representation or warranty as to the accuracy, reliability, or completeness of any of the information contained on this document (the "Information") nor as to the appropriateness of the Information for any use which any recipient may choose to make of it, nor accepts any responsibility for updating any part of the Information or for correcting any material error or omission which may become apparent after Information has been displayed on this document. Except insofar as liability under any statute cannot be excluded, no partner, employee, director or other officer of ERC or any of its affiliates (whether individually or collectively) nor any of its consultants accept any liability (whether arising in contract, or tort, or negligence or otherwise) for any error, omission or misrepresentation in relation to the Information or for any loss, damage, cost or expense (whether direct, indirect, consequential or otherwise) suffered by the recipient of the Information or any other person as a result of any use of or reliance upon the Information or any statement of any kind (including statements of fact or opinion) contained in or to be found upon this document.

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Terms & Conditions

European Risk Capital LLP (“ERC”) is a limited liability partnership registered in England & Wales under Partnership No. OC343167. Registered office: 6 - 9 The Square, Stockley Park, Uxbridge UB11 1FW, UK.

Services provided by ERC are excluded from being specified as regulated activities for the purposes of the Financial Services and Markets Act 2000, pursuant to the applicability of one or more of Articles 16, 17, 18, 19, 22, 23, 27, 28, 29, 30, 31, 32, 33, 34 or 70 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 and, accordingly, ERC is not regulated by the Financial Conduct Authority.

This document is the property of ERC. The information on this document is not intended for distribution to or use by any personal entity in any jurisdiction or country where such distribution would be contrary to local law or regulation. The services offered here are available to clients in the UK and EEA Countries only, and are available to US persons only if said persons are introduced to ERC by an NASD broker-dealer or by an attorney acting on their behalf.

Applicability of these Terms and Conditions

By using this document you accept these terms and conditions of use. If you do not accept them, you must not use this document. ERC reserves the right to change these terms and conditions without notice.

Liability

While every effort has been made to provide clear, accurate, up to date and complete information, this document and its content are provided ‘as is’ without warranties of any kind, expressed or implied, including accuracy, timeliness and completeness. ERC accepts no liability whatsoever for any loss or damage associated with its use.

The information contained on the document has been prepared for general guidance only. It does not constitute professional advice. ERC does not accept liability or responsibility for loss (personal or business) occasioned to any person acting or refraining from action as a result of any information contained on this document.

Jurisdiction

This document is not directed at any person in any jurisdiction where for any reason the publication or availability of this document is prohibited. Those in respect of whom such prohibitions apply must not use this document. These terms are governed by and shall be construed in accordance with the laws of England and Wales and the parties agree to submit to the jurisdiction of the English courts.

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Terms & Conditions

(continued)

Copyright

Copyright and all intellectual property rights in the content of this document are vested in ERC and reserved, unless indicated otherwise. The content of this document belongs to ERC unless indicated otherwise. Any unauthorised use of any material on the document may violate copyright, trademark and other laws. Materials on this document may not be modified, reproduced or publicly displayed, performed or distributed or used for any public or commercial purposes.

Use of email

Although ERC takes due care to protect the security of communications with us, please be aware that we cannot guarantee that such communications will remain confidential before they have arrived in or after they have left our systems.

Please contact ERC at [email protected] with any questions regarding these Terms & Conditions.

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“unrivalled expertise backed by unparalleled commitment” · 2019-08-14 · bg, lc, and sblc...

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