Cayman Islands

Harwell Capital has its registered office based in the Cayman Islands. All investments will be made in a Cayman Islands Segregated Portfolio Company, with a separate Segregated Portfolio established for each investee company.

The Cayman Islands are a British Overseas Territory which over the last 40 years has developed into one of the world's largest international finance centres. The success of Cayman's financial services is attributed to its sound regulatory regime, political and economic stability, tax neutral platform and a well developed Common Law system based on English law, supported by highly skilled and experienced service providers.

Harwell Capital selected the Cayman Islands as domicile for the investment vehicle due to its reputation as a global finance centre, and the Segregated Portfolio Company (or "SPC") structure which was ideally suited to allowing investors to build their own portfolio of separate technology investments.

The SPC is a single legal entity within which may be established various segregated portfolios or SPs. The assets and liabilities of each segregated portfolio are legally separate from those of the other segregated portfolios. When the SPC was first introduced in the Cayman Islands in 1998, the use of the SPC structure was restricted to licensed insurers. However, an amendment to the Companies Law of the Cayman Islands in late 2001 removed this restriction, and SPCs are now used in other sectors such as investment funds, where the protection afforded by the use of segregated portfolios is being applied to segregate share classes with different investment objectives and risk profiles.