The Company notes comments in the press regarding the commencement of legal action in the Supreme Court of Bermuda relating to the purported vote by a shareholder in connection with IRF's recent acquisition of a 28% interest in Proton Investment Bank, S.A. The Company confirms that such legal action has commenced.  The Company has taken legal advice and believes that action is without merit and will defend the action vigorously.

The Company understands that since the filing of this action, the complaining shareholder has sold, to third parties, more than two thirds of the shares which are the subject of the complaint.