Joint Deemed Official Receivers' and Joint Liquidators' report for the period from 9 October 2008 to 15 July 2009

Please find attached the above named report.

We would like to draw attention to the following paragraphs:-

• Page 17, paragraph 3.5. Amount owed by KSF UK. The Administrators of KSF UK have confirmed that the minimum dividend will be 20p in the pound and payable in July 2009.
• Page 19, paragraph 3.10. Other legal matters: Bank of England. A judgment was handed down on 10 July. Although it was agreed that KSF IOM should be entitled to a share of the £147m deposit, it not known at this stage what the company may actually receive.

 Report to Creditors

First meeting of creditors held on 7 July 2009

The results of the voting have been collated and attached below.

  Vote results 7 July 2009 First Creditors Meeting

Contacts

As previously, the best way to make contact is to write to the bank or email branch@singers.co.im. If you need to telephone the bank, please use the main switchboard number +44 1624 699222.

Mike Simpson

Joint Liquidator Provisionally