Zolfo Cooper Partners Named as Joint Provisional Liquidators to Kingate Funds

TORTOLA, British Virgin Islands--(Business Wire)--
The British Virgin Islands` office of Zolfo Cooper today announced today that,
on 8 May 2009, the Eastern Caribbean Supreme Court in the British Virgin Islands
made an order appointing William Tacon and Richard Fogerty of Zolfo Cooper as
Joint Provisional Liquidators of Kingate Global Fund Limited and Kingate Euro
Fund Limited, both of which were fully invested in Bernard L. Madoff Investment
Securities LLC. The Funds are both registered in the British Virgin Islands with
investors in many parts of the world.

"Our function as Joint Provisional Liquidators is to identify, manage, secure
and preserve the underlying assets of the Funds. The terms of the BVI Court
order and the provisions of the BVI Insolvency Act of 2003 outline our
responsibilities throughout this process," said William Tacon of Zolfo Cooper.
"We will be reporting to the BVI Court shortly to provide an update on the
actions taken since our appointment. At this stage we are not asking investors
to submit details of their interests or claims in the Funds, that process will
occur later, assuming full liquidation ensues."

The court-appointed Trustee for the liquidation of Bernard L. Madoff Investments
Securities LLC, Mr. Irving Picard, recently initiated a legal action against the
Funds in the United States Bankruptcy Court for the Southern District of New
York.

"The lawsuits against the Funds which have been filed by Mr. Picard will also be
an immediate priority for the Joint Provisional Liquidators," added Mr. Tacon.

In order to assist investors and creditors, the Joint Provisional Liquidators
have established dedicated websites, www.kingateglobal-liquidation.vg and
www.kingateeuro-liquidation.vg, where updates will be posted periodically, as
information becomes available. The Joint Provisional Liquidators anticipate
receiving the full cooperation of the directors of the Funds and various service
providers, including their administrator, custodian and investment manager and
will be communicating with investors and any creditors in the near future.

About Zolfo Cooper:

Zolfo Cooper is a leading provider of insolvency and restructuring services in
the Caribbean region from its offices in the British Virgin Islands and Cayman
Islands. Zolfo Cooper also has offices in North America and Europe and a network
of associated firms throughout the Far East and Australia.

Van Meter Consultants
Jennifer E. Mercer, 818-802-5199
jennifermercer@earthlink.net

Copyright Business Wire 2009