Dear Friends,

As you may know, we have been working hard for the past several months on the initial public offering of H2Ocean Limited, a new venture capital investment vehicle designed to invest in fintech globally. Unfortunately, when the Offer closed we had not reached the minimum subscription requirement that would allow for the construction of a sufficiently diversified portfolio, in line with our investment thesis. Accordingly, the Directors have decided to withdraw the IPO from the market and will not be extending the Offer in its current form. No securities have been or will be issued based on the Prospectus dated 6 September 2016.

While this is a disappointment, it is the nature of innovation; some things work and some things do not! We have no doubt H2Ocean is an important vehicle, and we have no intention of abandoning this initiative.

We have been encouraged by the high level of support for our offering and taking into consideration feedback from several larger investors, we intend to proceed with an offer to raise capital in H2Ocean as an unlisted public company. Those investors who indicate an interest in the future offer for H2Ocean will be invited to participate at the relevant time.

The Registry, Link Market Services, and our brokers have been instructed to arrange for the refund of all application monies in relation to the current offer. All investors who have applied for and paid for shares under the IPO Offer will have their application monies refunded no later than 31 October 2016.

We thank you for supporting the H2Ocean IPO and for your interest in fintech innovation. Please do not hesitate to contact us if you have any questions and please be assured we will keep you informed as to our future plans for H2Ocean.

Yours faithfully,

Ben & Toby Heap

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