This document is issued by cbw the trading name of clear blue water limited and is to be used in private circulation only to persons whose business involves the acquisition and disposal orthe holding of securities (whether as principal or agent).  Circulation is prohibited by the Financial Services Act 1986, as amended by the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005.  

The information contained in this document is strictly private and confidential and is only for the use of the person to whom it is sent. The information herein may not be reproduced, distributed or published by any recipient for any purpose without the prior written consent of cbw. 

The information and opinions contained in this document are for background purposes only, they do not purport to be full or complete and do not constitute investment advice. The information may be historical and, therefore, while cbw has taken care to ensure the accuracy of this document at the time it was published, such information and/or opinions may not continue to be accurate with the passing of time. This document does not constitute or form part of any offer to issue or sell, or any solicitation of an offer to subscribe or purchase any investment, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any subsequent contract by any investor or purchaser.  While the information has been given in good faith after taking reasonable care that there are no misleading statements or material facts of omission, no representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this document by any of cbw, its directors, members, employees, contractors or affiliates and no liability is accepted by any such persons for the accuracy or completeness of any such information or opinions.  If you are in any doubt as to the contents of this document you should seek independent professional advice. 

The distribution of this document may be restricted in certain jurisdictions. The above information is for general guidance only, and it is the responsibility of any person or persons in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction.  

The financial promotion restriction contained in section 21 of the Financial Services and Markets Act 2000 does not apply to this communication as it is being made only to recipients whom the person making the communication believes on reasonable grounds to be investment professionals or such other persons to whom the financial promotion restriction does not apply by virtue of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005.  This communication is directed at persons having professional experience in matters relating to investments and that any investment or investment activity to which it relates is available only to such persons or will be engaged in only with such persons (or such other persons as may be exempt from the Financial Promotion Restriction).  Persons who do not have professional experience in matters relating to investments should not rely on the communication.  

The information contained herein and this disclaimer are governed by English law.