diff --git a/os/dos/exe2coff/README.licensing b/os/dos/exe2coff/README.licensing
new file mode 100644
--- /dev/null
+++ b/os/dos/exe2coff/README.licensing
@@ -0,0 +1,3 @@
+The files in this directory are not licensed under the same terms as the
+rest of OpenTTD. Licensing details can be found in OpenTTD's readme.txt
+and in this directory or subdirectories as well.