February 2004

Dear HFA executive,

ISI Publications is pleased to publish Offshore Online, an on-line newsletter and database resource for the offshore financial community. The editorial team generates two comprehensive, monthly newsletters, BizOffshore and LawOffshore (details below).

Through your membership of HFA, we are pleased to be able to offer you a 20% discount on the subscription - so, a price of US$319 (instead of the usual US$399) for a year's subscription to the newsletter, plus full access (password-protected) to the associated online database.

For further information please visit www.offshoreon.com. Or e-mail at info@offshoreon.com : don't forget to mention that you are a HFA member.

And why subscribe to this information service?

The offshore world is undergoing a period of strong growth coupled with great uncertainty. The success of offshore centres such as Bermuda, the British Virgin Islands and the Cayman Islands has brought these offshore jurisdictions into the limelight. The international community is questioning their low tax regimes, regulatory systems and perceived lax financial supervision. The OECD is attacking them as "harmful tax competition". The European Union is criticising them for inadequate financial regulation and the United Nations is accusing some of assisting to launder the proceeds of drugs and other illicit trade. Faced with these challenges, the offshore world is entering a period of unprecedented change.