Dear Ray,

I have sent you a copy of my complaint to the FSA. Has that answered your question? If anyone else wants to see it, please contact me.

I personally did not make any previous complaint to the FSA i.e. that is no complaint was made by me before the request for information under the Freedom of Information Act in March 2005. But, other shareholders may well have – I simply do not know. Even if no previous complaints were made, I do not think that this should deter us or, indeed, give the FSA any excuse for what has happened. They must have been privy to all the documents at the time of the waiver and sale of the core assets without shareholder approval, i.e. the events that enabled SmartLogik to avoid publishing final year accounts by just one day.

If you read my complaint, you will see that I firstly focus on the refusal of the UK Listing Authority (an FSA body) to provide information under the FOI Act. This happened earlier this year. Then I link it back to our main complaints regarding SmartLogik and the failure of the FSA / UK Listing Authority to properly regulate these events. Anyhow, the request for information under FOI was all related to the events surrounding the waiver in 2002, so all the complaints are intricately linked.

I have had a response from the FSA again telling me that they will not provide any information under FOI, because of the confidentiality agreement between them and the other parties, i.e. Ernst & Young, BDO Stoy Hayward, Hoare Govett, etc. The other complaints relating to the principal events surrounding the waiver in 2002 have been sent to another FSA department and we now await the response from that department.

I hope this helps to clarify.

Best regards,

Justin Jones

For SmartLogik Action Group

Keep up the good work.

Cheers Ray Pinnegar