Dear Clients and Partners of S. P. Hinduja Banque Privée,

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I hope this letter finds you and your family well as we begin to emerge from this pandemic. The excellent client portfolio performance for 2020, which I recently wrote to you about, has led to increased media interest in the Bank. You may have seen misleading media reports about a banking licence previously held in the Cayman Islands under the name Hinduja Bank & Trust(Cayman) Ltd.

In May 2020, S. P. Hinduja Banque Privée received notification that a Cayman Islands banking licence under its name had been revoked. In fact, the Cayman entity has been commercially inactive since 2009; it has had no employees and has never had any clients. As such, the previous management had ceased making filings. The management referred to in the letter has long since departed the Bank. Prior to the letter being received, the decision had been made to shut the entity.

You may have seen misleading reports alleging that the Cayman authorities had expressed concerns regarding money laundering. This is not the case; the bank had simply ceased to file compliance documents with the Cayman authorities as it had no operations in the territory.

S. P. Hinduja Banque Privée is and always has been committed to the highest standards of regulatory compliance in service of our clients.

All of us at S. P. Hinduja send our best regards to you and your family. I look forward to meeting you again soon and continuing to create deep impact for the world ahead.

Yours faithfully,

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Karam Hinduja

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