copy of email sent to j hutson and asic

In your capacity as Re of the PIF I would like to know if the Kooralbyn Resort has been sold to the owner of Yong Real Estate or another party for approx. $6.5million and settlement is due Feb 2014 and the offer has gone 'unconditional'?



Can you please confirm this and also if the outstanding rates on the KR of approx. $1mill were paid from the $3.74 million which was transferred to ARL as a provision for outstanding rates, land tax, water charges and associated costs relating to the loans which were assigned to ARL by WCL? Also can PIF investors expect to see a return of capital from this sale and from other assets already divested, if so when and how much?



I would also like to know how an existing PIF asset that was already previously written down and revalued by WCL or others to approx. $25mill in 2012 could have depreciated so rapidly in value in such a short period of time from being sold to Asset Resolution Ltd. How long did Wellington Capital Ltd draw management fees at the obviously unrealistic value placed on this property and who was responsible for the valuation when the property was 'sold' to ARL?