HALLWOOD FINANCIAL LIMITED

DISCLAIMER

Intended Addressees

This website contains documents, announcements and information related to the revised offer (the "Revised Offer") by Hallwood Financial Limited for the entire issued and to be issued share capital of The Local Radio Company plc. The Revised Offer will not being made, directly or indirectly, or by the use of the mails of, or by any means or instrumentality (including, without limitation, facsimile or other electronic transmission, telex or telephone) of inter-state or foreign commerce or any facility of, a national securities exchange of any jurisdiction if to do so would constitute a violation of the relevant laws of such jurisdiction ("Restricted Jurisdiction") (including the United States, Canada, Australia, Ireland, South Africa or Japan), and the Revised Offer will not be capable of acceptance by any such use, means, instrumentality or facility or from within a Restricted Jurisdiction. Accordingly, copies of the documents, announcements and information contained in this website are not being, and must not be, directly or indirectly, mailed, transmitted or otherwise forwarded, distributed or sent in or into or from a Restricted Jurisdiction and persons receiving such documents (including, without limitation, custodians, nominees and trustees) must not mail, transmit, or otherwise forward, distribute or send them in or into or from a Restricted Jurisdiction.

The release, publication or distribution of documents, announcements and information contained in this website in jurisdictions other than the UK may be restricted by law and therefore any persons who are nor resident in the UK or who are subject to the laws of any jurisdiction other than the UK should inform themselves about, and observe, any applicable requirements. Any failure to comply with the applicable requirements may constitute a violation of the securities laws of any such jurisdiction. The documents, announcements and information contained in this website have been prepared for the purpose of complying with English law and the City Code on Takeovers and Mergers and the information disclosed herein may not be the same as that which would have been disclosed if such documents, announcements and information had been prepared in accordance with the laws of jurisdictions outside the UK.

Your right to access this service is conditional upon complying with the above requirements. By accessing the documents, announcements and information contained in this website you warrant and undertake that you are a person who is entitled, under the laws of the jurisdiction(s) that apply to you, to access such documents, announcements and information and that you are not a resident of a Restricted Jurisdiction

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