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Update to Participants and Loan Note Holders and Other Creditors of FPP & FPA

Update 1 November 2017

Glossary

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

Interim distribution payments

Further to the update dated 16 June 2017, we wish to confirm an interim distribution has been paid to the majority of FPP and FPA creditors with admitted claims.

However, there remains a small number of creditors who still need to provide the JL&JORs with their bank details. In this respect, if you have not yet provided the JL&JORs with your bank details, please contact Mr Aidan Tucker, contact details provided on the website.

Prospect of future distribution payments

You will note from our letter of the 4th July 2017 that the payment of a further distribution is not guaranteed. The JL&JORs by way of the interim distribution noted above, have paid in the region of 49% of all admitted claims. Should a future dividend be possible the present expectation is that it will not be material. It may be many months before a further update in this regard is available.

Next Steps

The JL&JORs will seek to complete the interim distribution and clarify remaining issues on certain life policies before reporting on the next steps.

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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.