Kaupthing Singer & Friedlander (Isle of Man) LTD ('the Company') - in liquidation

At the meeting of the Depositors’ Compensation Scheme Manager (“Scheme Manager”) held on 27 May 2009 an event of default was declared in respect of the Company. The Depositors’ Compensation Scheme (“the Scheme”) has therefore now been activated.

The date of default declared is 27 May 2009.

Under the Compensation of Depositors Regulations 2008 (“the Regulations”) the Financial Supervision Commission is the Scheme Manager of the Scheme. The day-to-day administration of the Scheme will be carried out by the Scheme Agent: KPMG LLC has been appointed by the Manager to this role.

A dedicated website has been created for the Scheme, www.dcs.im. Apart from giving information about the coverage of and claiming under the Scheme, this website will later enable claimants to submit their claims on-line and be the main form of general communication to depositors about the Scheme and its ongoing progress. Full contact details for the Scheme Agent are given on the site. All queries about the Scheme should be directed in the first instance to info@dcs.im.

It is the intention of the Scheme Manager to co-ordinate with the Joint Provisional Liquidators of the Company in sending out details about how to claim, with the objective of making the overall process, for relevant persons, of claiming under the Scheme and in the liquidation as straightforward as possible. It is the intention of the Scheme Manager to send a letter to potential Scheme claimants by 5 June 2009 explaining who can, and how to, submit a claim for compensation. The general contents of this letter will also be shown on the website www.dcs.im

As mentioned above, regular update information will appear on www.dcs.im, and by letter where appropriate.