18 AUGUST 2010

Cash Position

Attached is the summary of cash balances held at 31 July 2010.

PDF Cash Position

The movement in cash since 30 June 2010 reflects the payment of £95.6 million in respect of the third distribution, receipt of loan repayments / interest of £13.2 million and the receipt of £20.5 million from KSFUK. The loan repayments and distribution from KSFUK were received just before the month end and had not yet been spread around the banks at which we hold accounts. This process was completed in August. Of the balance held, approximately £20.1 million is reserved for distributions to creditors whose claims have been held over or not yet received.

Loan Book

Attached is the summary of the loan book position at 31 July 2010.

PDF Loan Book

During July 2010, six loans were repaid in full realising £7.1 million and three borrowers made part repayments totalling £5.2 million.

The loan book figures have been converted into Sterling using exchange rates as at 31 July 2010.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts. Options purchased to hedge future Euro and USD receipts were matched against the relevant loans included in the summary at 31 July 2010, and we have calculated that they would add a further £2.3 million to the value of receipts due on these loans based on the exchange rates as at 31 July 2010.

Depositors Compensation Scheme

This is a reminder that the Scheme Manager has stated that no new claims will be accepted by the DCS after 27 November 2010. Further details can be found at www.dcs.im.

Any depositors of KSFIOM who have not yet submitted a claim to the DCS and for whom it would be beneficial to do so are urged to submit their claim as soon as possible so that they can receive the payments to which they are entitled.

Contacts

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