Post Kaupthing Singer & Friedlander Limited ("KSF") entering Administration on 8 October 2008, a phased transfer of KSF Group's Asset Management activities has been undertaken to Williams de Broë Limited ("WDB" - the investment management division of Evolution Group plc) as follows:

• Singer & Friedlander Investment Management Limited ("SFIM"): During Q1 2009 SFIM's client base was transferred to WDB;

• New Street Asset Management Limited: During Q3 2009 the company in its entirety was transferred to WDB;

• Singer & Friedlander Asset Management Limited ("SFAM"): On 1 February 2010 WDB Asset Management Limited became the Authorised Corporate Director of the S&F Funds ICVC in place of SFAM; SFAM was subsequently placed into liquidation on 13 June 2011.

• Singer & Friedlander Capital Management Limited ("SFCM"): SFCM has taken the decision to wind up its operation, and ceased the provision of services to clients as at 26 March 2010, with all products being withdrawn from the market. WDB has acquired a portfolio of SFCM clients to whom various tailored WDB products have been offered. SFCM have written to all clients explaining the situation and made clear what options available with regard to their account(s). Any further client questions regarding SFCM should be directed to the Administrators' Information Line on +44 (0)20 3205 5071

Information about WDB and their products and services can be found at www.wdebroe.com, and information about Evolution Group plc at www.evgplc.com.