Argo Trust Limited
FEBRUARY 11, 2004

The MFSA and the Registrar of Companies wish to warn the public that they have information that several Italian investors have been having contacts and dealings with an ARGO TRUST LIMITED, a company supposedly set up in Malta. There are indications that Italian investors have been solicited and encouraged to invest money in a share exchange scheme promoted by this ARGO TRUST LIMITED involving shares in foreign companies. The MFSA and the Registrar warn the public that no such company exists in Malta and no such company has ever been set up in Malta. Moreover, the share offer proposal being promoted has not been authorized in the manner required by Maltese law.

The Maltese authorities are also aware that the Italian promoters of this non-existing company have provided potential investors with names and addresses of professional firms in Malta without their knowledge or approval. The promoters of this scheme have, in other ways, shown disregard for legal correctness and have occasioned needless inconvenience and misunderstandings.

In the light of these circumstances, this matter has been brought to the attention of the Maltese Police authorities and to CONSOB, the Italian securities regulator.

Investors who may have had dealings with this “company” or its promoters may wish to contact the MFSA or the Registrar of Companies on free phone 800 74924 or email [email protected].