KPMG update on Alpari (UK) 

Account validation 

We are now in a position to contact the first tranche of clients with negative balances. This tranche should cover all clients with negative balances for whom the Joint Special Administrators have verified the available contact information but excludes clients that had open CHF trades after 09.00 GMT on Thursday 15 January 2015. The validation work in respect of the remaining clients is ongoing and we will provide a further update as soon as we are able.

CCI Legal Services Limited (“CCI Legal”)

The Joint Special Administrators have appointed CCI Legal to assist them in recovery of the debts due from clients with negative balances. Please accept this notice as confirmation that CCI Legal are formally authorised to act on behalf of the Company and the Joint Special Administrators and to accept payments due to the Company. CCI Legal will contact clients directly. You should raise any questions or queries with them in the first instance and they will liaise with the Company and the Joint Special Administrators as appropriate.

Account consolidation

Where clients held more than one account with the Company all such accounts have been consolidated to arrive at a single net balance per individual. Clients should therefore only receive a demand for one amount which will reflect the final aggregated balance of all accounts they held with the Company.

Currency conversion

All account balances have been converted to GBP at the official exchange rate, which is the mean of the buying and selling spot rates prevailing in the London market as published at the close of business on 19 January 2015. Whilst we are requesting settlement in GBP, if this presents difficulties for you please speak to CCI Legal to discuss arrangements for paying in other currencies.

Prompt settlement discounts

The Joint Special Administrators will be allowing prompt settlement discounts to clients who make arrangements to settle their account balances promptly. Full details will be provided by CCI Legal once they are in a position to contact clients. To benefit from these concessions it is important that you deal with any demand you might receive promp.

Source: KPMG

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