GUERNSEY FINANCIAL SERVICES TRIBUNAL

Castle Company Management (LLC) Limited

Applicant

and

Guernsey Financial Services Commission

Respondent

Sitting in Guernsey in public in private

On Tuesday 24, Wednesday 25 and Thursday 26 June and on Wednesday 16 July3rd April 2003

COVERING NOTE

This note is not part of the Opinion in this case. It indicates, however, that there is a confidential annex attached to, and forming part of the Opinion. That confidential annex is not, however, to be published, even when the rest of the Opinion is published, without a further direction from the President, or an order from a Court of competent jurisdiction.

22 July 2003