Vantis Report to Stanford's Investors

2 November 2009


Dear Sir/Madam

Stanford International Bank Limited -in Liquidation (the Bank)(SIB)

This report will be emailed to those investors who have registered on the Online claims Management System. We will not be sending this report out via the postal service, as we have found the service to be unreliable in many of the countries where investors are located and this Is compounded by the costs involved. We therefore believe that email is the most effective way to communicate wi investors. For ease of reference, a copy of this report has also been posted on our website www.vantisplc.com/Stanford

Current Position with Investor Claims and Enquiries

Investors can now register their claims on the Online Claims Management System, which can be accessed via the following link: www.vantisplc.com/Stanford. Investors who have registered on the Online Claims Management System will be able to print a statement of their account, change their address details, and formally agree their claim, or notify us of any discrepancies.

For investors who do not have access to a computer, or do not wish to register online, it will remain possible for them to submit their claims In writing directly to the Joint Liquidators via the headquarters of SIB in Antigua. We shall also advertise details of how investors can register their claims in due course through national publications in the various jurisdictions where investors reside.

We continue to deal with email enquiries, responding to investor queries both in English and Spanish.

Recognition Proceedings

United Kingdom (UK)

Assets of circa US 100 million have been located in the UK. To gain control of these assets, the Joint Liquidators sought formal recognition of our appointment. On 3 July 2009, the High Court of Justice of England & ales Issued a judgment in favour of the liquidators that the Centre Of Main Interest (COMI) of SIB is Antigua and Barbuda. This judgment has been appealed to the Court Of Appeal in the UK by Ralph Janvey, the United States (US) Receiver appointed by the Securities and Exchange Commission (SEC). The appeal hearing has been set for the 17 November 2009. As such, until the appeal is concluded, the funds in question are frozen and not available to either the Joint liquidators or Mr Janvey.

Canada

The Canadian Court did not consider our application for recognition under COMI, but issued a judgment recognising the US Receiver as the party to whom the assets located in Canada (approx. US$20 million) should pass.We have taken steps to appeal the Court's decision to not hear our COMI argument. Given the existence of further proceedings involving the Attorney General in Ontario, Canada, the funds in Canada remain frozen.

Switzerland

The decision recognition Switzerland is with the Swiss authorities and we await their decision, which we anticipate receiving within the next two months. Detailed submissions have been made to the Swiss Financial Market Supervisory Authority, as to why COMI should be granted to the Joint Liquidators.

United States (US)

Proceedings have been issued under Chapter 15 of the US bankruptcy code. As SIB is not the subject of insolvency proceedings in the US, we are seeking the recognition by the US Court of the Antiguan proceedings. Unfortunately, the US Court has not yet considered our application and,at the current time, is not able to forecast a hearing date.

US Receiver's Appeal Against the Decision of the High Court of Antigua & Barbuda

On 15 April 2009, the US Receiver made an application to the Eastern Caribbean Appeal Court of Antigua & Barbuda to appeal the decision to place SIB into liquidation and this matter remains outstanding.

US Receiver Co-operation

We, together with our attorneys, have sought to reach a co-operation agreement with the US Receiver and we set out these matters in detail in our last report. To date, no indication of co-operation has been received.

Antiguan & Barbudan land Assets

The land assets of SIB are still the subject of discussion with the Government of Antigua who took a protective step to preserve these assets. The land assets have a significant value, but will inevitably take a considerable time to realise.

Dividend Prospects for Creditors

As all the COMI recognition proceedings have either not been adjudicated upon or the decision is subject to appeal and other assets, being land with an anticipated long term realisation period, we are at present unable to estimate the level and timing of a distribution to creditors.

Other Matters

We continue with our investigations into the failure of the Bank and the alleged fraudulent manner in which its executive directors acted. You may be aware that a number of the former directors of the Bank have been charged in the US with offences relating to the fraud perpetrated upon the Bank.