Holding(s) in Company

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Avarae Global Coins PLC

2. Reason for the notification  (please tick the appropriate box or boxes)

An acquisition or disposal of voting rights 

X

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An event changing the breakdown of voting rights

Other (please specify): Placing _______________________

3. Full name of person(s) subject to the notification obligation:

Kaupthing Singer & Friedlander Ltd

4. Full name of shareholder(s) (if different from 3.):

Kaupthing Singer & Friedlander Ltd

5. Date of the transaction (and date on which the threshold is crossed or reached if different):

03.10.2008

6. Date on which issuer notified:

21.10.2008

7. Threshold(s) that is/are crossed or reached:

23%

8. Notified details:

24,090,000

A: Voting rights attached to shares

Class/type of shares 

 if possible using the ISIN CODE

Situation previous to the Triggering transaction 

Resulting situation after the triggering transaction

Number of Shares 

Number of Voting Rights

Number of shares 

Number of voting rights

% of voting rights

Direct 

Indirect

Direct

Indirect

Ordinary Shares

Isin: GB00B137SQ61

Below 3%

Below 3%

24,090,000

24,090,000

23.36%

B: Financial Instruments

Resulting situation after the triggering transaction 

Type of financial instrument 

Expiration date 

Exercise/ Conversion Period/ Date 

Number of voting rights that may be acquired if the instrument is exercised/ converted. 

% of voting rights

Total (A+B)

Number of voting rights

% of voting rights

24,090,000

23.36%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

The shares are held in KSF ltd Crest account through Kaupthing, Singer & Friedlander Ltd.

Kaupthing, Singer & Friedlander Limited is in administration. Kaupthing Singer & Friedlander Limited (the Company) was placed into administration pursuant to a court order made on 8 October 2008. Margaret Elizabeth Mills, Patrick Joseph Brazzill, Thomas Merchant Burton and Alan Robert Bloom were appointed joint administrators of the Company.

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

14. Contact name:

Brian Hatton

15. Contact telephone number:

01624 631692