From: [email protected] Sent: Friday, January 23, 2015...

From: [email protected]
Sent: Friday, January 23, 2015 9:31 AM
To: Jennifer HUTSON
Subject: 021729586 NSX announcement; 18 December 2014

[ Sale of Shares held in Asset Resolution Limited for $1.2 million
Wellington Capital Limited as responsible entity of the Premium Income Fund advises that it has entered into and
settled Share Sale Agreements with a number of parties for the sale of all of its shareholding in Asset Resolution
Limited, being 150,025,399 shares.
The sale price was $0.008 per share being a total purchase price of $1,200,203. ]
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Good day Ms Hutson,

There is some confusion among the members as to this announcement.

Would you be able to clarify these points:

1. As the ARL shares (150,025,399) were originally issued to Perpetual Nominees Ltd
for custodianship of assets transferred to it; does the amount realised from SALE
represents an operational profit for Wellington Capital?

a. As these shares were included in recent ARL 1 cent distribution,
would you consider to return that ‘profit’ to PIF consolidated balance sheet?
b. Please provide information on current total cash deposited for Future Distribution to members.
( the Annual Report and related updates are very confusing and seem to obfuscate
this very simple and vital information e.g. “Amount available for Distribution as @...” )

2. This sale was not on NSX listings of the date or approximate date of SALE.
Why was it not shown? (trades between 21 November and 22 December 2014)

3. SALE price was $0.008 per share, while NSX board was showing $0.004.
Why this 100% difference?

I will greatly appreciate your prompt response.

Respectfully,
Simon Grundel
HIN/SRN I0050005191