Skipton International Limited Launched Following Local Amalgamations

LONDON - A new and enlarged bank was launched in Guernsey on 28 September 2009, following the amalgamation of Skipton Guernsey Ltd and Scarborough Channel Islands Ltd. The launch follows the merger in the UK of the Skipton and Scarborough Building Societies on 30 March 2009.

The new bank, called Skipton International Limited, will continue to offer a broad range of savings accounts to local residents and expatriates worldwide, including sterling, euro and US dollar denominated products. The company will also develop and expand its highly successful mortgage operations in both Guernsey and Jersey.

Skipton International is planning to grow both locally in the Channel Islands and globally amongst the UK’s expatriate population. An innovative range of new products and services designed to strengthen the company’s core commitment to customer service will be launched over the coming months, including extending internet based capabilities in areas such as giving customers the ability to instruct transactions securely via Skipton International’s website, www.skiptoninternational.com which will be launched on amalgamation.

To cement the new launch, a new brand and logo have been developed. The logo has been carefully designed to symbolise the heritage and strength of both Scarborough Channel Islands Limited and Skipton Guernsey Limited. The new image reflects the shared values of trust, security and stability, so customers can feel immediately familiar with, and confident in, the new company.

Other changes will include a greater focus on professional advisors. The company will have a team dedicated to developing and expanding its relationships with leading financial services intermediaries in addition to its direct client offering. This new area of activity will be overseen by the recently appointed Commercial Director, Jim Coupe.

Commenting on the launch of Skipton International, Managing Director Alan Bougourd said, “Skipton International will be a larger and ultimately more dynamic company, as we will be able to draw on a larger pool of resources and skills. Our savings customers will enjoy continued deposit security through an undertaking given by our parent, Skipton Building Society, which is now the fifth largest building society in the UK, with approximately 860,000 members and over GBP15 billion in assets. All our clients can therefore feel safe knowing they are part of a large, stable and well run financial services group with over 150 years of history.”

Providing excellence in Customer Service will continue to sit at the core of the company’s philosophy, with both deposit and lending operations having been strengthened through the amalgamation of the Skipton and Scarborough teams in refurbished offices at Fairbairn House, Rohais. Alan Bougourd closes, “We are confident our new company will be a popular choice amongst Channel Island and international customers both for savings and mortgage products.”

Editor’s notes:

1) Skipton International Limited (SIL) is a wholly owned subsidiary of Skipton Building Society, the UK’s 5th largest building society with over GBP15 billion assets.

2) SIL is licensed under the Banking Supervision (Bailiwick of Guernsey) Law 1994, as amended and conducts business only in the Bailiwick of Guernsey, it is not authorised to accept deposits elsewhere.

3) Skipton Building Society has given an undertaking agreeing to discharge the liabilities of SIL in so far as SIL is unable to discharge them out of it own assets and whilst SIL remains a subsidiary of Skipton Building Society.

4) As a Licensed Bank in Guernsey, Skipton International Limited is a participant in the Guernsey Banking Deposit Compensation Scheme (the “Scheme”) established by The Banking Deposit Compensation Scheme (Bailiwick of Guernsey) Ordinance, 2008 (the “Ordinance”). The following is a brief summary of the Scheme, but is not intended as a substitute for the actual wording of the Ordinance, a copy of which is available on request.

- The Scheme only applies to ‘qualifying deposits’, which broadly means deposits made by natural persons for their own benefit; with a few limited exceptions such as, for example, deposits made by trustees of retirement annuity trust schemes, the Scheme does not apply to companies, trusts, partnerships or charities.

- The Scheme will provide compensation in the event that a Licensed Bank is unable to repay its depositors. Under normal circumstances, payment will be made within 3 months of receipt of a valid claim form. - Compensation is limited to a maximum of GBP50,000 per individual claimant; in the case of a joint account each depositor would be entitled. - Total Scheme compensation in any five year period is limited to GBP100 million. If claims exceed this cap, compensation would be reduced pro rata. The cap also means that compensation in respect of any one bank cannot exceed GBP100 million. - The amount payable may be reduced if the Bank has any contractual right of set-off against the account. The Scheme is entitled to recover compensation from any funds subsequently paid out by the Bank. - Further information and a leaflet about the Scheme is available at: Website: www.dcs.gg Telephone: +44-(0)-1481-722756 Post: P.O. Box 380, St Peter Port, GY1 3FY

5) Deposits made with SIL are not covered by the Financial Services Compensation Scheme established under the UK Financial Services and Markets Act 2000.

6) Copies of the latest audited accounts are available on request.

For more information on Skipton International products, visit www.skiptoninternational.com or call +44(0)-1481-727374

Logo is available on request.

Media contacts: Please contact: Guy Stephenson/Jennifer Duffy Nacelle Limited Tel: +44(0)20-8333-9125 +44(0)7980-241-558 E-mail: jenny@nacelle.co.uk

Source: Skipton International Limited

Media contacts: Please contact: Guy Stephenson/Jennifer Duffy, Nacelle Limited, Tel: +44(0)20-8333-9125, +44(0)7980-241-558, E-mail: jenny at nacelle.co.uk