GRAHAM AND ROSEN

We have now formed an Action Group representing investors who were advised by Graham & Rosen solicitors on developments which are now in liquidation. This group is now open for registration of interest only, and any decision to admit further members will now be taken by existing members.

We are aware that there are developments where Graham & Rosen acted on investors' behalf, and which were backed by an NWIC bond, which are now in default but are not yet in liquidation. In respect of those developments we are accepting registration of interest and will be monitoring the situation and keeping investors advised.