Litigation expenses
Litigation costs were incurred in the amount of $2.7 million and $0.4 million for the first
nine months and third quarter ended September 30, 2009 (2008: $0.09 million),
respectively. These costs were incurred mainly as a result of the Noteholders’ action
which commenced in December 2008. This action has resulted in the dismissal of the
derivative action contained in the Application and a hearing scheduled in early
December 2009 for the rest of the Application. Accordingly, the Company expects to
incur additional legal costs relating to its defence if the rest of the Application is pursued
by the Noteholders.