Compendeon B.V.
Bunnik CB, The Netherlands

Dear Visitor:

We want you to know how we handle the information you send us via the internet. Our Privacy Policy adapts to the internet's dynamic environment. We keep you informed by updating this Privacy Policy as our procedures change. Please review it occasionally to remain informed. This Policy was last updated on December 12, 2004. This is the way we handle information:

Automatic Collection:
Our Web server automatically recognizes only the visitor's domain name (not the e-mail address) and records the visitor's browser and platform type (e.g., Netscape browser on a Microsoft platform).

Cookies:
We use cookies to:
- Record the visitor's session information (such as the visitor's path throughout the site).
- Record user-specific information on the pages the visitor selects for viewing.

E-mail Addresses:
When visitors send us an e-mail correspondence, we retain the visitor's e-mail address. We do not contact visitors by their e-mail address except to respond to a sender's e-mail query.

Visitor-Keyed Information:
We retain information provided by our visitor, such as registration information, and contact information (e.g., name, address, phone number).

On request with verification, we will give the visitor a reminder with unique identifier information (e.g., customer number or password).

Ad Servers:
Compendeon does not have arrangements with any ad server companies for this Web site.

Security:
We use industry-standard encryption technologies when transferring and receiving customer data exchanged with our site server. All other data transfer is conducted through a secure phone line.

Children's Online Privacy:
The Children's Online Privacy Protection Act took effect April 21, 2000 and pertains to Web sites directed toward children under 13 years of age. compendeon.com does not collect information on any person under 13 years. We ask that children do not submit information to us without the consent of a parent or guardian.

Disclosure:
If required by law, court order or in the good faith belief that disclosure is otherwise advisable, we may disclose your information.

Disclaimer
The information contained on our website and in our newsletter is intended only for professional investors and contains information which is confidential and may be privileged. Unauthorized disclosure, copying or use (of any part) of this information is prohibited. If you are not the intended recipient, please notify the sender or Compendeon b.v. by return e-mail or telephone (+31 30 6569090) and delete the newsletter from your system, including any attachments thereto. Any information in our newsletter that does not relate to the official business of Compendeon b.v. shall be understood as neither given nor endorsed by it.
Internet communications are not secure, therefore Compendeon b.v. does not accept any liability for either the contents on our website or in our newsletter. Violation of this notice may be unlawful.