Distressed and Illiquid pricing

Trench Capital Partners LLP 1-3 Fredrick's Place London EC2R 8AE Key Contacts www.trenchcapital.com Robert Southey email: Antoine Barbara email: Issuer ISIN Currency Maturity date Issue date Kaupthing Bond AX0000731506 ISK -- 23 5/16/2009 5/16/2007... More

Trench Capital Partners LLP 1-3 Fredrick's Place London EC2R 8AE Key Contacts www.trenchcapital.com Robert Southey email: Antoine Barbara email: Issuer ISIN Currency Maturity date Issue date Kaupthing Bond AX0000731506 ISK -- 23 5/16/2009 5/16/2007 Kaupthing Bond CAX4342UFS09 CAD 22 23 2/15/2010 2/15/2007 Kaupthing Bond CH0028690557 CHF 22 23 2/12/2010 2/12/2007 Kaupthing Bond CH0029450324 CHF 22 23 2/12/2010 3/26/2007 Kaupthing Bond CH0029917710 CHF 22 23 4/12/2010 4/12/2007 Kaupthing Bond DE000A0E6B87 EUR 22 23 Undated 6/27/2005 Kaupthing Bond DK0030033451 DKK 22 23 6/2/2009 6/23/2006 Kaupthing Bond IS0000007722 ISK 22 23 4/1/2010 4/1/2003 Kaupthing Bond IS0000009173 ISK 22 23 3/22/2014 3/22/2004 Kaupthing Bond IS0000013035 ISK 22 23 6/2/2011 5/2/2006 Kaupthing Bond IS0000015436 ISK 22 23 10/15/2008 10/6/2007 Kaupthing Bond IS0000015451 ISK 22 23 12/15/2008 10/6/2007 Kaupthing Bond IS0000015444 ISK 22 23 11/14/2008 10/6/2007 Kaupthing Bond JP535201A6A6 JPY 22 23 10/20/2009 10/20/2006 Less