The Fund will be managed as a long/short equity portfolio, with a current long bias. At least 75% of the assets will be invested in energy securities and options. The portfolio will be widely diversified by energy type (oil, gas, coal, uranium) and business emphasis.

Portfolio manager is E. Wayne Nordberg, a Senior Director at Ingalls & Snyder LLC, is the Fund’s Chief Portfolio Manager. He has 45 years experience in research and portfolio management, including head of Energy Research at Citibank and Director of Technology Research at White, Weld & Co. He has served on several energy company boards and was a director of the Lord, Abbett & Company family of mutual funds during his 11 years as a Partner of that firm. Mr. Nordberg is a member of the Financial Analysts Federation and The New York Society of Security Analysts.

The current AUM in energy strategy is $150m. Returns were 16.9%,10.5%, 31.9% and 20.6% from 2001 – 2004. Contact Daniel McDermott dan@lhpltd.com No online Source

From FierceFinance.com/Yahoo: Just how much money did Kohlberg Kravis Roberts & Co., the Carlyle Group and Providence Equity Partners make on PanAmSat, just seven months after taking the company private? The answer: a lot! With a $200 million special dividend that will be paid soon and a $246 million follow-on dividend in October, the firms have recouped most of the equity they invested and will still hold about 55 percent of the company, according to TheDeal.com. While the profits rankled some investors, notably Renaissance Capital, more people were likely impressed than angered. None more so than the lead underwriters, Morgan Stanley, Citigroup and Merrill Lynch. {literal}Source{/literal}

From InstitutionalInvestor.com: The $750 million Baylor University endowment has increased its alternatives allocation to 40% from 30% to diversify and in reaction to inflation and equity return concerns. {literal}Source{/literal}

Atlassets.com reports that the California Public Employees' Retirement System has elected Charles Valdes as new chair of the Investment Committee and George Diehr as vice chair. Valdes, who has been a CalPERS Board member since 1984, is an attorney with the California Department of Transportation and former president of the California State Employees Association. Valdes has replaced Rob Feckner. Diehr, a professor of management science at California State University, San Marcos, was elected to the Board in 2003. Diehr has replaced Priya Mathur. Full article: {literal}Source{/literal}

From FinanceTech.com: As black-box trading increases, hedge funds are executing orders at a rapid pace by drawing on their credit relationships with prime brokers. But, are prime brokers and clearing firms - which lend money and clear and settle accounts for hedge funds and proprietary trading groups - seeing the true picture of their clients' intraday risk exposure?

According to a recent report by The Tabb Group, "Managing Risk in Real-Time Markets," as black-box trading and DMA (direct market access) trading increase, clients may be placing orders faster than their clearing firms and prime brokers can monitor the risk. If a hedge fund uses multiple executing brokers that supply their own DMA platforms, then the prime broker could be in the dark until the close of trading. The report suggests that prime brokers are incurring more risk because they are not calculating margin deposits in real time. Moreover, these so-called margin engines are not updated until all the hedge funds' positions are flipped to the prime broker at the end of the day.

"If you're executing with one broker and flipping to another prime broker, from the time that trade is taken up and accepted by the prime broker, somebody has to live with the risk," explains Steve Sanders, managing director at Interactive Brokers. The situation becomes more complex as hedge funds expand their trading across multiple asset classes, such as fixed income, foreign exchange, options and futures. IT silos that exist with large sell-side firms may not share information in real time, and each desk may have a different risk model.

As a result of these gaps, the Tabb Group report calls for a new information architecture for fast markets that can update applications in real time from multiple sources using "push" technology. But clearing firms are reluctant to slow down their clients....Full article: {literal}Source{/literal}

Dundee Leeds has further strengthened its fund administration services with the appointment of Christine Egan as Senior Vice-President, Head of Business Development. Ms Egan joins Dundee Leeds from the Bank of Bermuda/HSBC where she was Vice-President, Regional Director of Sales for the Americas from 2002 through 2005. With over 15 years industry experience, and a background in consulting, senior relationship management, audit and finance, Ms Egan has expertise in providing both on and offshore fund accounting and administration services. In this new position, Ms Egan will be responsible for international business development and client relationship management.

Dundee Leeds has seen steady, but impressive growth since Robin Bedford’s appointment in 2003 and currently has $18 billion under administration. Dundee Leeds is a full service, independent fund administration firm and is committed to providing a first class service tailored to the individual needs of each client. With offices in Bermuda, Cayman and BVI, Dundee Leeds services both on and offshore funds. No online Source

Cogent Investment Research LLC announced the launch of the Cogent Dynamic Averages. These directly accessible, real-time composites allow professional investors to freely examine specific investment strategies and perform in-depth comparative analyses of broad investment categories and sub-groups without the bias inherent in synthetic static "Index" products. The Cogent Dynamic Averages are real-time representations of the 58 separate investment strategies incorporated in the CogentHedge online analytical application and reported in our monthly newsletter. They include eleven major investment classifications and all 47 sub-strategies. There are at present over 4000 alternative investment entities profiled in the CogentHedge database and accessible to the qualified user. {literal}Source{/literal}

Platinum Capital Management announced Robert J. Keefe is joining the firm’s Global Advisory Board. Described by the New York Times as a "major factor in American politics", Mr Keefe is the Chairman of TKC International, Inc., a Washington- based lobbying, public affairs, and strategic communications firm. He is a long- term veteran of the US Democratic Party, and has served as an advisor to presidential candidates, senators and congressmen, governors and mayors. No online Source

From Reuters/Dailytimes.com.pk: A study by Barclays Capital found mutual fund investment in commodities has grown from around $150 million in early 2002 to about $6.5 billion now. The involvement of pension funds, has jumped to $45 billion from $10 billion in early 2002. Analysts say it is difficult to estimate hedge fund investments in commodities but expect more and more of the $1 trillion pool to find its way into commodities as traditional assets like equities and bonds perform poorly. {literal}Source{/literal}

Bank of America Corp.fired two managing directors after determining they used a tip about a planned takeover from a job candidate to seek an advisory role, people familiar with the matter said. The New York Post writes that Eric Corrigan and Thomas Chen left Banc of America Securities LLC's financial institutions group in New York last week, said the people, who declined to be identified.

The Charlotte, North Carolina-based company also rescinded an offer to hire Thomas Heath, the J.P. Morgan Chase & Co. banker who told Corrigan and Chen that Capital One Financial Corp. was in talks to buy Hibernia Corp., they said. {literal}Source{/literal}

From NJ.com: Andrew Krieger, a currency trader, bulldozed more than an acre of Palisades Interstate Park in 2002, leveling trees, excavating a mile of trails, destroying an old stone wall and disturbing two small streams next to his property in Alpine, state officials said. State officials said the work was done during a three-month period after Krieger failed to obtain DEP permission to build a tennis court on the land. The state and the park commission separately sued Krieger in 2003, seeking compensatory and punitive damages.

"In my 20 years of public land management, I have never seen a case as severe as this, where an adjacent property owner took such a deliberate and willful action in damaging public park property," commission Superintendent Jim Hall said in a statement yesterday. Krieger was charged with theft, criminal mischief, conspiracy to commit theft and conspiracy to commit criminal mischief. He faced up to 20 years in prison before the charges were downgraded to criminal mischief as part of the settlement agreement. Full article: {literal}Source{/literal}

The Independent writes the party could soon be over for all those hedge funds who have been busy taking advantage of the low interest rates in the US to borrow money to buy European stocks, ABN Amro warned. The squeeze on such investors started yesterday after the US Federal Reserve announced a rise in rates, and this definitely spells bad news for European shares, according to the Dutch broker.

ABN turned cautious yesterday on European equities and suggested a sharp sell-off is possible in the coming days given the "shaky platform of dollar debt that many trading positions in the European market have been built on". {literal}Source{/literal}

Bloomberg writes German securities laws may need to be tightened after they failed to protect investors in Phoenix Kapitaldienst GmbH, a Frankfurt-based derivatives brokerage shut down earlier this month amid fraud allegations, lawyers said. Phoenix allegedly pooled investors' money in a shared account even after Germany's Federal Administrative Court ruled the practice illegal in 2002 and financial regulator BaFin told it to stop, Oliver Saha, a lawyer at the Munich-based law firm Rotter Rechtsanwaelte, said in an interview. A civil court had in 2004 ordered Phoenix to compensate shareholders, he said. “This case will show whether there are gaps in German regulation and whether there should be better protection for investors,” Saha said. Full article: {literal}Source{/literal}

From FinanceAsia.com: Even as it announces five new brokerage licenses, the government struggles to leave out the welcome mat for fund houses. Last September, Abdullah Badawi, prime minister of Malaysia, announced that the government would hand out five new licenses for foreign brokers to enter the Malaysian market, and five new licenses to global fund managers to operate there as well. This week, half of that vision came true: Abdullah announced five new brokerage licenses, awarded to CLSA, CSFB, JPMorgan, Macquarie Bank and UBS.

But only one foreign fund house, Aberdeen Asset Management, was also announced as winning a new license. Fund executives in Kuala Lumpur and Singapore say only one, or perhaps two other firms had bothered to apply. The new rules, announced in the latest budget, allow fund managers to fully own an operation in Malaysia, which will be a first. They will be allowed to compete against local players, but only for institutional business. Fund managers will not be allowed to market unit trusts domiciled in Europe, Hong Kong, Singapore or other jurisdictions....Full article: {literal}Source{/literal}

An American firm has predicted a Philippine society upheaval leading to the collapse of President Arroyo and her government. The head of the investment risk analysis firm that accurately predicted a default in foreign debt payments and social unrest in Argentina said a social revolt is imminent in the country that would lead to a government collapse.

Condor Advisers Inc. noted that social and political similarities exist between the Philippines today and pre-default Argentina. The California-based firm's clients include the largest mutual fund companies and hedge funds in the United States. “Just like Argentina, the Philippines' eventual public-sector debt default will be the result of social revolt and government collapse...Full article: {literal}Source{/literal}

Greylock to launch equity fund
Greylock Capital Management, a $1 billion hedge fund firm run by emerging market debt investor Hans Humes, is planning to launch an emerging markets equity fund in May. (InstitutionalInvestor.com)

NASD fines Spear, Leeds & Kellogg $1m for concealing sales of IPO shares
NASD announced today it has censured and fined Spear, Leeds & Kellogg, L.P. $1 million for creating and implementing an internal system to conceal sales of securities allocated in initial public offerings from the Depository Trust Corporation .

Goldman Sachs acquisition bets on wind-powered electricity generation
Goldman Sachs Group, the world's third-biggest securities firm by capital, has agreed to buy Houston-based Zilkha Renewable Energy, a developer of wind-power projects, to expand its electricity-generating business. (dfw.com)

Lazard IPO set at $1.8B (JP33)
Bruce Wasserstein moved a step closer to keeping his job at Lazard LLC and getting rid of the pesky founding family in the process. The New York Post writes that the privately-held investment bank said in a regulatory filing that it would raise $1.8 billion, considerably more than the $850 million it was supposed to get from just an initial public offering of its stock.
More importantly, the extra money — $200 million of which is coming from French bank, Ixis, $250 million from private sources and $500 million in debt financing — seems to put Wasserstein on target to turn over the $1.62 billion that Lazard Chairman Michael David-Weill and his allies want to walk away from the 157-year-old company. Wasserstein must complete the IPO by the end of 2005 or resign. (NYPost)

Mercer multimanager unit starts U.S. operation
Mercer Global Investments, the multimanager investment unit of Mercer Human Resource Consulting, formally launched operations in the United States Monday with four clients and combined assets under management of more than $300 million, said Barry McInerney, MGI’s U.S. president. The United States is now MGI’s second market after Australia, where Mercer, under the Australian Master Trust name, has clients with just less than US$6 billion. (PIOnline.com)

ICE, owner of London exchange IPE, files for $115 mln IPO
Energy and commodities exchange IntercontinentalExchange Inc., owner of Europe's biggest energy bourse, may raise up to $115 million in an initial public offering of stock, a regulatory filing showed. (Reuters)

Nissan picks Singapore for treasury center
The Japanese carmaker will set up a global payments factory to reduce transaction processing costs and improve liquidity. (FinanceAsia.com) No online Source

Alternative Asset Center (AAC) is offering Opalesque subscribers the following three cumulative benefits with an annual subscription to AAC’s Fund of Hedge Fund’s DataFeeder service:

1. A free hard-copy Directory of Fund of Hedge Funds (valued at USD 750)
2. Six free months of data subscription – i.e. order the yearly subscription now (before Mar, 31) and receive 18 months access
3. Enjoy a 10% discount on the DataFeeder service Apart from the DataFeeder service, AAC offers a 10% discount for the hard-copy Directory as well. All offers expire Mar 31st.

To view more information, including sample data click here.

The largest and most comprehensive of its kind. 750 unique global FoHF’s. Complete manager contacts, monthly fund performance, AUM, fees, underlying Hedge Funds, investment objective, portfolio allocations and much more...

This elegantly bound 810 page hardcopy Directory is now available for immediate dispatch. Do not miss your chance to have this essential research solution at your finger tips!

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2nd Annual Hedge Funds World - Global Opportunities 2005
4-6 April 2005 - The Four Seasons Hotel, New York
"The Global hedge fund markets come to America"

With hedge fund managers from more than 25 different countries across Europe, Asia, The Middle East, Africa and the Americas. Save time and money by attending the 1 event that covers opportunities across the globe. Find out when you hear from global leaders such as:

Europe:
Ullrich Angersbach, Chief Executive Oficer, Sigla Zürichfinanz AG, Switzerland
David Murrin, Chief Investment Officer, Emergent Asset Management, UK
Sy Schlueter, Managing Partner, CAI Analyse - und Beratungsgesellschaft mbH, Germany
Jean-Pierre Aguilar, Chief Executive Officer, Capital Fund Management, France
Mattias Westman, Chief Investment Officer, Prosperity Capital Management, Russia
Marco Menaguale, Directtore Generale, Gottardo Asset Management, Italy

Scandinavia:
Kaj Ronnlund, Chairman, er Capital Management, Finland
Peter C. Warren, Chief Investment Oficer, WarrenWicklund Asset Management, Norway
Peter Elam Håkansson, Chairman, East Capital Asset Management, Sweden
Leif Hasager, Executive Vice President, Bankpension, Denmark

Middle East and Africa:
Arif Naqvi, Chief Executive and Vice Chairman, Abraaj Capital, Dubai
David Gibson-Moore, Managing Director, Robeco Alternative Investments, Bahrain
Albert Hammond, Chief Executive Officer, Antares Fund Management, South Africa

The Americas:
Ricardo de Campos, Chief Investment Oficer, Hedging Griffo Asset Management, Brazil
Pablo Taussig, MBA, Managing Director, Patagonia Argentine Recovery Fund, Argentina
Jim McGovern, Chief Executive Oficer, Arrow Hedge Partners, Canada

View the complete conference programme now! www.hedgefundsworld.com/2005/hfw_us

To register and claim your rebate, email rani.kuppusamy@terrapinn.com or call +65 63222 721

Alternative Industry Discussion, Professional Networking and Capital Introductions
Metropolitan Club, New York (1 East 60th Street at 5th Avenue)
Tuesday, April 5th 6PM to 10PM - in coordination with Hedge Funds Hedge Funds World conference

This special evening will include over 400 hedge fund industry guests who will enjoy topical speeches by well known alternative industry professionals followed by a cocktail reception. The event has been planned in coordination with Hedge Funds World at The Pierre, A Four Seasons Hotel, New York from April 4th to the 6th.

Panel Topic “Hedge Fund Allocation Priorities – Strategy vs. Returns”:

• George H. Walker – Head of Alternative Investments, Goldman Sachs & Co.
• Dana Hall, CFA – Lighthouse Partners, LLC
• Roger Fenningdorf, CFA – Partner, Rocaton Investment Advisors, LLC
• Louis Gerken – Chairman, Gerken Capital Associates

Register for Evening Reception at www.globalcapitalacquisition.com
Contact Lisa Harvey for Capital Introduction details on +1 646 270 7819 or Lisa.harvey@globalcapitalacquisition.com

Alternative Investing Summit East
Ritz Carlton, Amelia Island, FL
April 6-8, 2005

Opal Financial Group is your quintessential global conference producer. We are the best at providing the right people, the right topics and the right interactive environment. Explore numerous alternative investment opportunities and strategies most significant in today's highly competitive and dynamic environment. We Look Forward to your Participation.

Email: info@opalgroup.net
Phone: (212) 532-9898 x230
http://www.opalgroup.net

Hedge Funds World Risk Management 2005
12 - 13 April 2005 The Pierre Four Seasons, New York, USA

Hedge Funds World Risk Management 2005 is the definitive event for those involved in risk management within the hedge fund arena, showcasing an unrivalled panel of speakers from the world's top fund managers, investors and service providers.

Participants will have the chance to learn about the very latest risk management strategies and techniques employed by leading institutions, whilst networking and doing business with key industry decision makers. Key conference themes include:

• The hedge fund risk universe
• New investment opportunities
• Fundamental risk management techniques for hedge funds
• Portfolio construction and optimization Transparency and disclosure
• Balancing risk versus return
• Outsourcing the risk management function
• Risk modelling techniques
• Investor confidence

DON’T MISS OUT! To receive your 10% rebate as an Opalesque subscriber contact Rebecca Sloan on: +44 (0) 20 7827 4176 or rebecca.sloan@terrapinn.com
www.hedgefundsworld.com/2005/risk

Alternative Investment Summit 2005
The Leading Event for European Investors in Hedge Funds & Private Equity
18-19 April 2005, London - Dorchester Hotel

The Alternative Investment Summit is designed to demystify the Private Equity and Hedge Fund industries and to tackle the key issues that investors face when considering investment in these areas. The conference agenda is aimed primarily at institutional investors and attracted around 400 delegates in 2004, making it the leading event for European Investors in Hedge Funds & Private Equity.

On Day One we have added an optional breakout stream, “The Alternative Investment Roundtable” and on Day Two we have responded to demand by adding a second day of Hedge Fund content, including an “Alternative Investment Showcase”, where delegates will come face-to-face with some of the world’s top Hedge Fund managers.

Speakers this year include the highly respected economist Gavyn Davies (Prisma / ex Goldman Sachs/BBC), top investment consultant Roger Urwin (Watson Wyatt), star hedge fund managers Sushil Wadhwani (ex-Tudor, ex BoE MPC) and Michael Sofaer (Sofaer Capital), and renowned private equity specialist Jon Moulton (Alchemy Partners).

Around 400 Delegates in 2004: The Alternative Investment Summit is designed to provide a rare combination of education and networking. Last year’s total of 400 delegates included a record number of pension funds, emphasising the radical change in investor attitudes that is taking place. We expect another record attendance in 2005, so early booking is advised. A selections of topics:

• GLOBAL INVESTMENT OUTLOOK - GAVYN DAVIES
• ATTAINING EXCELLENCE IN HEDGE FUND MANAGER SELECTION & MONITORING
• GLOBAL MACRO - Dr SUSHIL WADHWANI
• GLOBAL CREDIT MARKETS OUTLOOK - JEAN-LOUIS LELOGEAI
• FUNDS OF HEDGE FUNDS: WHERE FROM HERE? - ALASTAIR ALTHAM
• BOOSTING ALPHA THROUGH STYLE SELECTION - MICHAEL HOWELL
• INVESTING IN EARLY STAGE HEDGE FUNDS - MARCEL HERBST
• HEDGE FUNDS: MORE THAN ABSOLUTE RETURN - JOHN WILKINSON
• HEDGE FUND RISK: UNDERSTANDING "FAT TAILS" - Dr TERENCE MOLL

Full programme: www.irc-conferences.com/31

REGISTER NOW and receive a 10% discount off the two day price by calling Ellie Nalon-Santana on +44 (0) 870 777 4144 or e-mail: Ellie@irc-conferences.com. Please state -Opalesque- in your correspondence.

Hedge Funds World Scandinavia 2005
26 - 28 April 2005 Grand Hotel, Stockholm, Sweden

• Determine NEW opportunities in the Nordic Markets – hear from all the regulators (FSAs) and tax experts who are opening up these hedge fund markets
• Network and gain critical market intelligence from over 40 key Nordic hedge fund experts
• Hear from and meet with leading end-user institutional investors and pension funds

The Nordic market as it stands is buoyant and growing. The high demand for alternatives is reflective of a large pool of institutional money that is now flowing via a series of allocations into hedge funds. For the last three years, business opportunities have grown steadily and Nordic investors have taken a more confident approach to hedge funds.

Their specific adherence to risk management principles and due diligence shows that under the right conditions, hedge funds will soon be a recurring feature of many Nordic institutional portfolios.

Hedge Funds World Scandinavia 2005 will feature an unprecedented speaker line-up of regulators (FSAs), tax experts, Nordic investors, pension funds, hedge fund providers, managers and single fund managers. Top-level speakers include:

• Henrik Adamsson, Economist, Senior Administrative Officer, Ministry of Finance (Stockholm)
• Richard Gröttheim, Executive Vice President, Sjunde AP-Fonden, The 7th Swedish Pension Fund (Stockholm)
• Eystein Kleven, Leader of Unit, Norwegian Financial Supervisory Authority (Kredittilsynet) (Oslo)
• Petri Määttä, Market Supervisor, Finnish Financial Supervisory Authority (Rahoitustarkastus) (Helsinki)
• Professor Lionel Martellini, PhD, Professor of Finance, Edhec Business School and Scientific Director, Edhec Risk and Asset Management Research Centre (Nice)
• Joakim Schaaf, Head of Investment Funds & Securities Companies, Legal Department, Swedish Financial Supervisory Authority (Finansinspektionen) (Stockholm)
• Jarkko Syyrilä, Senior Officer, Committee of European Securities Regulators (CESR) (Paris)
• Jens Anthon Vestergaard, Financial Inspector, Danish Financial Supervisory Authority (Finanstilsynet) (Copenhagen)

DON’T MISS OUT! To receive your 10% rebate as an Opalesque subscriber contact Rebecca Sloan on: +44 (0) 20 7827 4176 or rebecca.sloan@terrapinn.com
Full programme: www.hedgefundsworld.com/2005/hfw_SE

Renaissance Chicago Hotel, Chicago, IL
May 18 - 20, 2005

Endless possibilities and immense opportunities is what we deliver through our events. As the pioneer in orchestrating the first ever Emerging Managers Summit, Opal Financial Group has once again exceeded industry standards by delivering another highly successful event.

The Emerging Managers Summit aims to provide Institutional Investors the opportunity to meet a select group of up-and-coming managers to learn their various styles and strategies.

Email: info@opalgroup.net
Phone: (212) 532-9898 x230
www.opalgroup.net

11th Annual Global Alternative Investment Management Forum
6-10 June 2005, Beaulieu, Lausanne, Switzerland

Meet Over 1500 of The Most Influential Global Asset Allocators, Newest Launches & Innovative Players In Commodities, Hedge Funds & Esoteric Strategies

GAIM 2005: Your Winning Shortcut!
Not only is GAIM 2005 the world’s premier and most comprehensive global alternative investment event – it is simply the largest annual meeting place for the most influential and successful industry players.

Over 250 Speakers!
Independently researched and produced, GAIM is as ever committed to delivering you not only the newest funds, the freshest ideas & most innovative strategies but insights from some of the most experienced and serially successful players in the business. Just some of these include:

• Mark Anson, CalPERS
• Stanley Fink, MAN Group
• J. Morgan Rutman, Harvest
• Paul Gorman, Mayo Foundation
• Stephan Zimmerman, New Smith Capital Partners
• Dr Robert Shiller, Yale University
• Gavyn Davies, Prisma Capital Partners
• Art Samberg, Pequot
• Don Philips, Morningstar
• Sean Simon, Ivy Asset Management
• Avinash Persaud, GAM
• Jamil Baz, Deutsche Bank and many many more....

You will find the full programme and registration details on: http://www.icbi-uk.com/r.asp?uID=287

Build your brand and create new business with the intelligent marketing options of the Opalesque Alternative Market Briefing - the industry's favorite hedge fund newsletter! Please email me: knab@opalesque.com for details. Communication that works!

ISSN Number: 1450-1953
Alternative Market Briefing has been called the best news service on hedge funds. Our mission is to intelligently select and timely provide the most important daily news for professionals dealing with hedge funds. Alternative Market Briefing offers both a quick overview and indepth coverage of all subjects through the "Source" link that leads you to the publicly available online news sources. The concept that we follow is that of a "clipping service" - the added value for you is that we screen, intelligently select and efficiently present each day the most important hedge fund news. The majority of the news sources used do not require a subscription, however some may ask you to register. Once registered, you can access these news sources freely. Please mail us your feedback and suggestions to feedback@opalesque.com - we love to hear from you!

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Disclaimer: The information contained in this newsletter does not constitute an offer or solicitation to sell any security or fund to or by anyone in any jurisdictions, nor should it be regarded as a contractual document. Under no circumstances should the information provided on this newsletter be considered as investment advice, or as a sufficient basis on which to make investment decisions. The information contained herein has been gathered by Opalesque Ltd. from sources deemed reliable as of the date of publication, but no warranty of accuracy or completeness is given. Opalesque Ltd. is not responsible for and provides no guarantee with respect to any of the information provided herein or through the use of any hypertext link. Past results are no indication of future performance. All information in this newsletter is for educational and informational purposes and does not constitute investment, legal, tax or accounting advice.