In the matter of the A Employee Shares Trust, Royal Court of Jersey, 26 January 2010

The “A” Employee Shares Trust (the “Trust”) was
established under English law on 21 March 2000 as an
employee benefit trust. The Trust was administered in
Jersey by Equity Trust (Jersey) Limited as trustee (the
“Trustee”). Shares in the founder of the Trust the
(“Founder”) were contributed as Trust assets.
The Founder did not have any employees. However it
had a trading subsidiary (the “Subsidiary”) which did and
shortly after the creation of the Trust, the Subsidiary
merged with an American company (the “American
Company”) the majority of whose shares were held in the
Trust. As a result of the merger, the Subsidiary ceased to
be a subsidiary of the Founder and became a subsidiary
of the American Company. In or around May 2000
therefore, the position was that the Founder had no.........

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