At the outset, please be assured that the trustees empathise with the plight of all the

beneficiaries. Certain procedures, however, need to be put into place, correctly, prior to the

trustees distributing funds to the beneficiaries. Furthermore, Squirrel Benefit Administrators Pty Ltd

is still in the process of trying to locate the bulk of 66 000 beneficiaries so that whatever distribution

takes place is as fair as practicably possible. Consequently, the trustees also need to obtain the

necessary sanction to circumvent the liability for not distributing funds to beneficiaries whose

details are not verified.

As such, the trustees request your patience as what can be done is being done as fast as it can

be. The trustees will attempt to start with a distribution by no later than February 2013. You will

however appreciate that the trustees do not wish to commit themselves to a sooner date so as

to avoid getting beneficiaries’ hopes up unnecessarily. The trustees are also not in a position to

state what amount beneficiaries will be receiving and categorically state that beneficiaries will

merely receive a pro rata distribution (the required sanction will be sought from the High Court

towards the end of January 2013).

We trust the above to explain the situation satisfactorily.