EDWIN COE LETTER TO PWC HIGHLIGHTING ERRORS IN PRESS RELEASE

EDWIN COE LETTER TO PWC HIGHLIGHTING ERRORS IN PRESS RELEASE

Dear Sirs,

Press release

The press release of the Liquidator Provisionally says

"If the Scheme is given approval by creditors, the Scheme will be sanctioned by the courts on 25 May 2009 and at that point become effective. This will be the Effective date of the Scheme."

This is misleading.

(1) The court hearing is on 27 May not 25 May.

(2) The court "will" not sanction the scheme at that hearing. If creditor approval is given the court may sanction it or it may not. The "will" is misleading and should be corrected.

(3) Clause 7 of the Scheme says that it will not become effective until recognition of the moratorium is obtained in the UK. Unless this is done before the Scheme is sanctioned, the Scheme will not be effective on 27 May.

Please ensure that these errors are corrected.

Graphs appended to the Explanatory Statement

The graphs presented to the Court last Thursday were inaccurate. Fresh graphs were going to be produced showing the correct position. In addition,further graphs to reflect the new classes of depositors are required. Please may we have these as a matter of urgency.

Yours sincerely,
Dominic de Bono
Solicitor
For Edwin Coe LLP

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