04 JULY 2012

Cash Position

Attached is the summary of cash balances held at 30 June 2012.

 PDF Cash Position

Cash balances decreased by approximately £68.8 million during the month. Loan interest and other income totalled approximately £0.1 million. The seventh dividend distribution was approximately £68.8 million and expenses were approximately £0.1 million.

Loan Book

Attached is the summary of the loan book position at 30 June 2012.

 PDF Loan Book

There were no loan redemptions during the month.

The loan book details shown have been converted to Sterling using exchange rates as at 29 June 2012.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts. Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 30 June 2012, and we have calculated that they would add a further £1.9 million to the value of the receipts due on these loans. Sterling options purchased to hedge future US dollar receipts were matched against the relevant loans included in the summary at 30 June 2012, and we have calculated that they would add £Nil to the value of the receipts due on these loans.

Bank holidays

Please note that Thursday 5th July and Friday 6th July are bank holidays in the Isle of Man.

Systems disruption

Due to essential maintenance and server upgrades, there will be interruptions to our systems during the week beginning 9th July. Therefore there may be delays in responding to queries during this period.

Contacts

The best way to make contact is to write to the bank or email ksf@iom.pwc.com. If you do need to telephone the bank, please use the main switchboard number +44 1624 699222. As the bank is no longer manned full time, your call may be transferred to an answerphone. Please be aware that all telephone calls are recorded for security purposes.

Mike Simpson

Joint Liquidator