if persons have not objected, page-3

12/08/2013

To: jenny hutson
Cc: ASIC, Yusuf Khan

	Column 1	Column 2
0	From:
1	Sent:	Monday, 12 August 2013 9:31:14 AM
2	To:	jenny hutson ([email protected])
3	Cc:	ASIC ([email protected]); Yusuf Khan ([email protected])

Ms Hutson,

In your capacity as Responsible Entity of the Premium Income Fund I would like to know who exactly is responsible for the appointment of FTI Consulting and Korda Mentha Queensland (KMQ)being involved with the PIF and what benefits to PIF unit holders has been achieved as a result of this decision. I would also like to know what this appointment has cost the PIF.
What were the TOTAL PIF assets valued at when the decision was made to assign a proportion of the PIF to Asset Resolution Ltd (ARL) in Sept 2012. http://www.nsxa.com.au/ftp/news/021725728.PDF
I would also like to know ALL costs which have been directly attributed to the PIF in association with the appointment of ARL, a decision which was later found to be invalid by the Full Court of the Federal Court: The Full Court also declared that by making the in specie transfer of ARL shares to unit holders of PIF, Wellington did not operate the PIF and perform the functions conferred on it by PIF’s constitution, and contravened section 601FB(1) of the Corporations Act 2001.
http://www.asic.gov.au/asic/asic.nsf/byheadline/13-127MR+Wellington+Capital+distribution+to+unit+holders+found+to+be+invalid?openDocument

In the event Wellington Capital Ltd (WCL) does not win an appeal to the High Court relating to the above contravention, will Premium Income Fund unit holders be compensated by WCL for all costs incurred by WCL relating to the possible invalid ARL appointment, including all associated legal costs and those incurred by FTI and KMQ?

What exactly is the current legal position of Asset Resolution Ltd.'s involvement with the PIF as a result of the above court decision?

I am also concerned about the involvement of FTI Consulting with the Premium Income Fund after reading a media article today relating to the competency of Ms Ginette Muller who is also directly involved with our Fund.
http://www.smh.com.au/business/muller-should-pull-pin-at-lm-20130811-2rq80.html

I would appreciate answers to the above concerns at your earliest convenience.


Regards,