LIST OF EXCLUSIONS REFERRED TO IN ARTICLE 4 (2)

1. Professional and institutional investors, including:

- investment firms as defined in Article 1 (2) of Directive 93/22/EEC,

- credit institutions as defined in the first indent of Article 1 of Council Directive 77/780/EEC,

- financial institutions as defined in Article 1 (6) of Council Directive 89/646/EEC,

- insurance undertakings,

- collective-investment undertakings,

- pension and retirement funds.

Other professional and institutional investors.

2. Supranational institutions, government and central administrative authorities.

3. Provincial, regional, local and municipal authorities.

4. Directors, managers and personally liable members of investment firms, persons holding 5 % or more of the capital of such investment firms, persons responsible for carrying out the statutory audits of investment firms' accounting documents and investors with similar status in other firms within the same group as such a firm.

5. Close relatives and third parties acting on behalf of the investors referred to in point 4.

6. Other firms in the same group.

7. Investors who have any responsibility for or have taken advantage of certain facts relating to an investment firm which gave rise to the firm's financial difficulties or contributed to the deterioration of its financial situation.

8. Companies which are of such a size that they are not permitted to draw up abridged balance sheets under Article 11 of the Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54 (3) (g) of the Treaty on the annual accounts of certain types of companies (1).

(1) OJ No L 222, 14. 8. 1978, p. 11. Directive as last amended by Directive 94/8/EC (OJ No L 82, 25. 3. 1994, p. 33).