To

Ricky Bell

General Manager

Peoples Bank Limited

89, Industrial Towers, Western London

UK

25^th July 2012

Subject: Apology letter for late payment

Dear Mr. Ricky

I am writing this letter to apologize for the late payment of interest for the loan taken by our company. I would like to mention that our company has taken a loan of $1.5 billion dollars for different expansion project. The interest for the said loan was to be serviced in every month as per the terms and conditions of the loan. Unfortunately our company was unable to pay the interest for the last three months because of the poor financial heath due to ongoing euro zone crisis. Our revenues have declined by almost 50% while our quarterly profits have contracted by more than 90%. We are currently unable to fund our basic necessary expenses and we are using our internal resources to tide over this period of economic meltdown.

Hope that you will cooperate with us during these tough times of financial crisis in our company. I am confident that we will soon start paying the due interest of our loans once we get back on the growth path.

Yours Sincerely

Glenn Cowan

Manager (Accounts Department)

KYC Software Private Limited