02 APRIL 2009

Kaupthing Singer & Friedlander UK Limited (In Administration) ("KSFUK")

A number of creditors have contacted me following reports in the UK press regarding compensation being provided to certain creditors of KSFUK. KSFIOM creditors have expressed their concerns regarding these particular creditors potentially being granted preference over other creditors of KSFUK, such as KSFIOM.

It is our understanding that the Financial Services Compensation Scheme ("FSCS") has paid compensation in full to both Mr Whelan (to allow for the purchase of the fitness clubs business from JJB plc, which will be rebranded as DW Sports Fitness) as well as deposits due to Stockcube plc. Stockcube plc has announced that its cash on deposit as well as interest due from KSFUK has been compensated by FSCS.

The joint Liquidators Provisionally wish to clarify their understanding that compensation to these parties has not been provided by KSFUK, but by the FSCS. KSFIOM cannot claim compensation from the FSCS in this regard.

Sale of JJB plc shares

The joint Liquidators Provisionally can confirm that KSFIOM has also disposed of its shareholding in JJB plc. The joint Liquidators Provisionally have no further news regarding the realisation of assets at this time.

Contacts

As previously, the best way to make contact is to write to the bank or to 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