Isle of Man
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Foundations Program plc - in liquidation
FPA Limited - in liquidation

Update August 2014

For the attention of Participants and Loan Note Holders

Glossary

Foundations Program plc - in liquidation ("FPP")
FPA Limited - in liquidation ("FPA")
Joint Liquidators and Joint Official Receivers ("JL&JORs")

In the Isle of Man High Court on 31 July 2014, Deemster Doyle considered the application of the JL&JORs to resolve whether or not certain assets are held on trust by FPA (the "Trust Application"). The following classes were represented by their appointed advocates:

• Participants whose policies remain intact - Class 2
• Participants whose policies have matured or been surrendered - Class 3
• Loan Note Holders - Class 1

Memebrs of each class were notified of the substance of the Trust Application by CallinWild following the Court Order dated 3 June 2014.

The hearing was conducted over a full day's session and all submissions have been completed.

Deemster Doyle has reserved his judgment. This means that he will prepare a written judgment having reflected on the written and oral arguments put to him. There is no fixed timetable for the delivery of written judgments but the judgment will be posted on this site as soon as it is available.

1 August 2014

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KPMG International Cooperative ("KPMG International") is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-a-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.