09 SEPTEMBER 2010

Cash Position

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

PDF Cash Position

Cash balances increased by approximately £8million during August, primarily as a result of loan repayments. Catch up dividends were paid out totalling £1.2million.

Loan Book

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

PDF Loan Book

During August 2010, five loans were repaid in full realising £8million and there were five part payments totalling £561,000.

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

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts. Options purchased to hedge future Euro and US Dollar receipts were matched against the relevant loans included in the summary at 31 August 2010, and we have calculated that they would add a further £3.2million to the value of receipts due on these loans based on exchange rates at 31 August 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