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Company Research: Better Capital Limited

Better Capital Limited (the "Company") is a feeder fund and will pursue its investment objective by investing in BECAP Fund LP, a Guernsey limited partnership ("Better Capital Fund"). Consequently, the Company's investment objective and policy mirror those of Better Capital Fund. There will not be any other feeder funds investing in Better Capital Fund.

Investment advice will be provided to Better Capital Fund by an investment advisory team that will be led by Jon Moulton.

Investment objective

To generate attractive total returns from investing in a portfolio of distressed businesses. Such returns are expected to be from capital growth.

Investment policy

To seek to invest in a concentrated portfolio of companies which have significant operating issues and may have associated financial distress, with a primary focus on investments in companies which have significant activities within the United Kingdom and Ireland.

Uninvested or surplus capital or assets may be invested on a temporary basis in:

cash or cash equivalents, money market instruments, bonds, commercial paper or other debt obligations with banks or other counterparties having a "single A" or higher credit rating as determined by any reputable rating agency selected by the general partner of Better Capital Fund (the "General Partner"); and

any "government and public securities" as defined for the purposes of the rules of the FSA. The aggregate amount deposited or invested with any single such bank or other counterparty (including their associates) or in government and public securities of any single issue, shall not exceed £35 million.

Investment restrictions

Better Capital Fund will not:

without the consent of the Company invest more than 20 per cent. of the total amount of monies invested in the Better Capital Fund by the Company and the special limited partner (the carried interest vehicle) following admission of the Company to AIM (the "Total Commitments") in securities of any one company or group of companies;

invest more than 10 per cent. of the Total Commitments in public companies, provided that such restriction shall not apply to:

quoted positions in companies which are intended to be taken private or which become quoted after investment by Better Capital Fund;

the short term investment of monies pending deployment into turnaround opportunities); or

investments that have (in the opinion of the General Partner) the character of a private equity investment (which would generally include the ability to exert significant influence over value creation and/or the strategic direction of such entity);

engage in speculative investment in activities such as commodities, commodity contracts or forward currency contracts (provided however that this shall not prevent Better Capital Fund from entering into investment activities which are regarded by the General Partner as being protective of the interests of Better Capital Fund);

enter into any transaction where a security is sold short or where the Better Capital Fund has an uncovered position (other than for the purposes of hedging in connection with any investment); or

other than as required for the purposes of hedging in connection with any investment or otherwise for efficient portfolio management and the reduction of risk and cost, invest at any time in any option, futures contract, total return swap, derivative, contract for difference or other similar instrument (excluding convertible securities or similar arrangements).

Borrowings

No borrowing will be made at the level of the Company. Better Capital Fund is not expected to borrow, but it will retain the power to do so, for short term purposes, up to an aggregate amount equal to 10 per cent. of Total Commitments. There is no restriction on borrowings at levels below that of the Better Capital Fund, but it is anticipated that there will be little scope for such borrowing given the nature of the businesses in which Better Capital Fund will invest.

Technical Information

Registered Address

Charts

Ticker Symbol	Not known
ISIN Code	Not known
Industry Sector	Not known
Listing Exchange	AIM
Trading Status	Pre-float
First Trading Day	17th December 2009

Better Capital Limited

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Better Capital Limited
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