18 JUNE 2009

Update on completing the Proof of Debt Form

With reference to the Proof of Debt Form, attached to the letter to creditors dated 10 June 2009, we have been asked to clarify Point 3 of the form, which asks creditors to state the:

"Total amount of claim, including any Value Added Tax and outstanding uncapitalised interest as at the date the company went into liquidation".

Please note that this is a statutory form and, for the purposes of completing Point 3 of this form, the total amount of claim is as at the date of the commencement of the winding-up of the Company, being 9 October 2008.

Nominations for the Committee of Inspection

As referred to in Section 1.8 of the letter to creditors dated 10 June 2009, the following nominations have been received in respect of the Committee of Inspection:

Nigel Smith

I am a retail depositor with about £98,000 and $430,000 at risk and have been involved with collating questions from depositors who post queries on the Depositor Action Group website to Mike Simpson (latterly Liquidator Provisionally, now Liquidator) on bi-weekly calls. While I have not sought or hold proxy votes for other creditors, I believe that I have been involved and provided a useful function to retail depositors who are looking for specific answers and also to the LP in helping reduce the amount of similar questions directed at his offices over the last 6 months.

I am 38 years old and a Chief Marketing Officer of a large technology company based in the UK.

Axa Isle of Man Limited

AXA Isle of Man Limited is a wholly owned subsidiary of the AXA group and has been offering offshore insurance products on the Isle of Man since 1992. It is one of the leading offshore insurance companies offering products into the UK market. AXA Isle of Man Limited understands the offshore financial market and its customer base and, after the collapse of Kaupthing Singer & Friedlander (Isle of Man) Limited, has worked with other insurance creditors to secure the solution that best suited its policyholders. AXA Isle of Man Limited has also held talks with other interested creditors and freely exchanged views as to the best way forward, not always in agreement, but always with the aim of maximising the return to creditors.

Gavin Brake

Age 38. UK national, UK tax payer. Private retail depositor in KSFIOM. Currently living in Devon in the UK. Educational background - degree from Cambridge University. Professional experience as follows, 1993 - 2005: Goldman Sachs, of which 1993 - 1997 Investment Banking/Mergers & Acquisitions (in UK & US), 1997 - 2000 Equities (Capital Markets, Structured Trades, Derivatives, UK, Europe & Nordic Regions, Emerging Markets), 2000 - 2005 Financing Group (Managing Director 2004 and Joint Head of UK Financing Business for Goldman Sachs). Extensive financial and legal experience working with both major corporate client and Governments. 2005 - present: Devon (change of lifestyle/semi retired). I now own two farms in Devon, one equestrian based and one under development. Chairman of my local Parish Council. One of four trustees of a 640 acre private common land estate in my parish. Also own & manage two small private limited companies, both of which represent family businesses. Since KSFIOM went into provisional liquidation I have undertaken a number of important initiatives to further the interests of depositors including (i) travelling to Iceland to meet in person with the Finance Ministry, Chairman of the Resolution Committee and Moratorium Supervisor of Kaupthing Bank Hf, (ii) various meetings with Alan Bell, IOM Treasury Minister and other representatives of the IOMG, (iii) meetings with senior Conservative MPs and members of the Shadow Cabinet in London, (iv) instigating a group legal action on behalf of depositors with "inflight funds" to seek compensation from those parties in the UK responsible for preventing bank transfers in the week prior to provisional liquidation, (v) promoting the interests of higher value depositors though the HNW Committee of 9, of which I am one member, (vi) holding & exercising the proxy vote on behalf of higher value depositors in the recent vote against the proposed Scheme of Arrangement. I have personally funded all my activities/travel to date. In summary, I believe I have the necessary skills, relevant professional experience and can commit the time required for a role on the Committee of Inspection.

William McMurray

  • Major depositor with Kaupthing Singer & Friedlander (I.O.M)
  • Resident, Isle of Man
  • 70 years of age
  • Retired Professional Engineer C. Eng. F.I.E.E. F.I. Mech.E
  • Retired 1997
  • Business experience until retirement included Chief Executive positions with industrial corporations in U.K. , U.S.A, and associates in Europe
  • Some years prior to retirement I completed a Management Buy Out of six engineering companies which I subsequently registered with full listing on the London Stock Exchange
  • The businesses were sold in 1997 with significant premium to shareholders
  • I submit these details for depositors consideration whose interests I would hope to serve, without bias, on the proposed committee

Stuart Roberts

Commentary to be updated

Singer & Friedlander (Isle of Man) Limited Retirement Benefits Scheme

Commentary to be updated