NDF DRL Arc Update

5th August 2010

Update for investors in Capital at Risk products

We are nearing the end of our investigations into how NDF Administration Limited (NDF), Defined Returns Limited (DRL) and Arc Capital and Income plc (Arc) promoted the five Capital at Risk funds (listed below). These investigations have been necessary for us to determine whether there are likely to be any bases on which we will be able to accept claims from investors.

This has been a lengthy and particularly complicated process involving an analysis of the information included in the fund brochures along with a review of other relevant company records.

We now expect to be able to confirm our position before the end of September, and thank investors for their continued patience.

For information, the investments defined as Capital at Risk products include:

If you have any other enquiries you can contact us by phone, in writing, or by email.