Fsa 29th May 2007

Mrs Racheal Selby The Fiancial Services authority 25 North Colonnade Canary Wharf London E14 5HS Friday, May 18, 2007 Dear Mrs Selby, Further to our meeting of 9th May 2007 at the FSA Canary Wharf offices, I am writing to inform you of the plan of action and proposed timescales that Cameron Farley proposes to comply with the requirements of the FSA. Below is a numeric list of task, their proposed timescales and owners.

A log-in and password to grant access to our online client information system •

Task manager(s) David Mcintosh- Cameron Farley IT employee

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Methodology David will create a demo client so that FSA can see exactly what information was transmitted to clients

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Timescale David is currently on holiday, but returns on Monday 21st May 2007. The log in will be available by the end of May 2007

Written confirmation of banking arrangement for holding client monies in a secure environment until the matters have been resolved to the satisfaction of the FSA . • Task manager Stephen Farley •

Methodology We have had a meeting with our bank manager on Thursday 17th May 2007 at which time I signed all the account opening documents for a new client account. These documents have now been sent to the Company Secretary for signing. Once this account is opened, funds will be transferred into this account and the account will be lodged with our legal representatives.

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Timescale The bank assures us that the account should be opened by the end of May 2007

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Communication(s) sent to the investors •

Task manager Stephen Farley

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Methodology All clients have already been contacted and verbally informed of the necessary changes being implemented plus being informed that the funds cannot be traded in the existing format. We, with the help of our representatives, will be writing to the clients and informing them of the options available to them such as; o Switching accounts to a recommended provider o Having a refund of investments

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Timescale On going

Written confirmation of our undertaking to cease accepting or conducting further FOREX business until the matters have been resolved to the satisfaction of the FSA •

Task manager Stephen Farley

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Methodology A formal letter penned by my-self to confirm that all activities relating to Contracts for difference FOREX are suspended until a clear directive is given on the compliance

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Timescale This letter has been delivered by email on 18th May 2007

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Team of experts assisting Cameron Farley with this compliance exercise

CPA Audit Peek House 20 Eastcheap London, EC3M 1AL Task manager

Greg Pritchard Methodology 1. One option is to introduce us to a full regulated UK company or companies to transfer existing Cameron Farley clients with a view of them continuing to trade CFD FOREX 2. Set up Cameron Farley as an Appointed Rep with a company authorised to provide CFD FOREX in the UK 3. Submit an FSA application for Cameron Farley in its own right as an entity Timescale Methodology 1- a time scale of 1-2 weeks Methodology 2- a time scale of 1-2 weeks Methodology 3 - a time scale of 3-6 months

Team of experts assisting Cameron Farley with this compliance exercise (cont’d)

Russell Jones & Walker Solicitor 80-86 Grays Inn Road London WC1X 8NH Tel: 0207 339 6547 Task manager Wayne Murrell Methodology This company will be reviewing all other activities emanating from this action plan and as suggested by FSA throughout this exercise. We also have the option of speaking with Pinsent Masons solicitors whom were recommended by Greg Pritchard. Cameron Farley has been registered with the Inland Revenue to conduct physical currency trading with immediate effect. This will enable any of the existing clients who are happy to switch to this option. MLR no. 12264876 Timescale On going

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Team of experts assisting Cameron Farley with this compliance exercise (cont’d) C & C Mortgages 6 Union street Leven Fife, KY8 4NJ Direct dial 01333 427010

Task manager Ian Cameron Methodology Cameron Farley is currently an appointed introducer of this company and Personal Touch Financial. A proposal is on the table to set up a new company which would have appointed status immediately, and will late seek full regulatory status. Timescale Ian Cameron is currently speaking with the FSA to get direction/guidance

This is purely a framework and will be amended as timescales become accurately known. We are also recruiting 2 FSA accredited individuals from June 2007, who will manage all the client related issues.

Yours Sincerely Stephen Farley Cameron Farley Ltd

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