Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
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  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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Value Catalyst Fund Limited (T (VCF)

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Thursday 02 November, 2006

Value Catalyst Fund Limited (T

Letter to Chairman of Deutsche Telekom AG

The Value Catalyst Fund Limited ("VCF" or "the Company")

Letter to the Chairman of the Supervisory Board of Deutsche Telekom AG

The  Value  Catalyst  Fund Limited (AIM: VCF) and its investment  manager  Laxey
Partners  Limited ("Laxey Partners") wish to announce that on  25  October  2006
Laxey  Partners  sent  a  letter to the Chairman of  the  Supervisory  Board  of
Deutsche Telekom AG ("DTAG"), copied to the members of the Supervisory Board and
Executive Management of DTAG.

Colin Kingsnorth, Director of Laxey Partners and VCF, said today:

"We  have invested in DTAG attracted by its strong market position and its  vast
portfolio of highly attractive assets, which we believe are valued by the market
at a substantial discount to their real worth. We are concerned that the ongoing
strategic review is not sufficiently addressing the value of the single parts of
DTAG  and how the various parts fit into a coherent strategy, which would ensure
the  maximisation of value for shareholders and other stakeholders. We urge  the
company  to rethink focus and in particular its ambitions in the USA as well  as
the  need to retain certain assets such as its property portfolio and other non-
core activities."

The text of the letter is as follows:

"Dear Dr. Zumwinkel,

Laxey  Partners  is a global value investment management company  that  promotes
shareholder engagement and sound corporate governance to close the valuation gap
between  the share price at which a company trades and its intrinsic  value.  We
have  a  substantial shareholding in Deutsche Telekom AG ("DTAG" or the "Group")
and  have invested in the Group attracted by its strong market position and  its
vast  portfolio of highly attractive assets, which we believe are valued by  the
market at a substantial discount to their real worth.

In  our  view, this situation will not correct itself piecemeal and a  concerted
and  far  reaching approach is required. We clearly welcome and  support  DTAG's
ambition  to become the leading telecoms operator in Europe not only by  revenue
but  also  by  profit, as stated as the key aim of the "Telekom  2010"  strategy
which  has  already  been presented in outline by Management.  However,  we  are
concerned  that the ongoing strategic review does not sufficiently  address  the
value  of  the single parts of the Group and how the various parts  fit  into  a
coherent strategy, which would ensure the maximisation of value for shareholders
and other stakeholders.

We  are also concerned that, without an unbiased review of all strategic options
to  maximise shareholder value, including a potential disposal or separation  of
certain  non-core assets, management will fail to achieve any significant  value
creation. The telecoms market is and will remain highly competitive and requires
clear  focus of resources in terms of management time and capital. We fear  that
DTAG  is currently spread too thinly outside Europe and partially within Europe,
to be able to create superior value with each of its assets in the long-term. We
urge Management to rethink focus and in particular:

  -           its  ambitions  in  the USA: although T-Mobile USA  is  delivering
     attractive growth and the US market presently remains favourable, the value
     of  the asset is not properly reflected in the DTAG share price. Nor do the
     synergies with the rest of the Group appear to be substantial; and
  -           the  need  to retain certain assets such as its property portfolio
     and other non-core activities.

It  is  important  to emphasise that the measures we think the Management  Board
should now examine would not concern any cuts within the domestic operations. On
the contrary, such measures would free up management and financial resources  to
invest into the core domestic activities and strengthen these.

We would be keen to discuss our views and expectations prior to the finalisation
of  the  current strategic review and would be available for a meeting  at  your
earliest  convenience. However, if you believe that the annual  general  meeting
would  be  a  more appropriate setting for such a discussion, as it would  allow
other shareholders to voice their opinions, we would be happy to initiate such a
debate.  Under section 122 clause 2 of the German Companies Act, a  shareholding
with a par value of only €500,000 is sufficient to add an item to the agenda  of
the  next annual general meeting. We would be happy to propose a resolution with
the  aim to nominate a representative of the minority institutional shareholders
to  the Supervisory Board. This representative would have the mandate to promote
such  a strategic review, if that was considered a helpful initiative by various
shareholders.

We  are  sure that the Supervisory Board, the Management, the German government,
the  institutional  and retail shareholders and other stakeholders  all  have  a
common  aim: for DTAG to fulfil its undoubted potential and for the share  price
to reflect that success.

With best regards,
Colin Kingsnorth
Director"


Laxey  Partners is the investment manager of VCF, a shareholder in  DTAG.  Laxey
Partners   is  a  global  value  investment  management  company  that  promotes
shareholder engagement and sound corporate governance to close the valuation gap
between the share price at which a company trades and its intrinsic value.

Further   information  on  Laxey  Partners  can  be  found   on   its   website:
www.laxeypartners.com.

2 November 2006