Edwin Coe LLP - Updates

Legal Situation Update 10/3/09

Kaupthing Singer & Friedlander (Isle of Man) Limited (“the Bank”)- In Provisional Liquidation

The liquidation proceedings

Legal Update from Edwin Coe 9/2/09.. written in Press Release form.

Action Group promotes unified action

The Depositors’ Action Group (“DAG”) are committed to ensuring depositors get the maximum recovery possible. To ensure this is achieved we need to make sure all available means are examined and used to the full. These include both legal and political avenues. In doing so, costs are incurred and we need to ensure that funds are available to meet them.

Judicial Review Update 13/01/2009

Kaupthing Bank hf seek a declaration from the court that the Kaupthing Singer & Friedlander Ltd Transfer of Certain Rights and Liabilities Order 2008 (“the Transfer Order”) is illegal in that the primary legislation being the Banking (Special Provisions) Act 2008 (“the Act”) does not provide for the making of the Transfer Order as a matter of construction of the Act. The Act itself is the founding legislation for a number of nationalisations/interventions including Northern Rock, Bradford & Bingley and KSF.

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