pif investor class action , page-9

The following is a copy of the ASX announcement pertaining to the PIF Class Action. I imagine the level of PIF investor participation will have an impact on the success of the IMF due dilligence with regard to committing to the Class Action. Legal intervention/representation has been a long time coming and could very well be our only hope of financial compensation so I hope the Class Action is strongly supported by elligible unitholders. Regards Seamisty
RELEASE TO AUSTRALIAN SECURITIES EXCHANGE (“ASX”)

13 JULY 2009

NEW FUNDING AGREEMENT

UNIT HOLDERS OF PREMIUM INCOME FUND

V MFS DIRECTORS & KPMG PARTNERS

1. The Board of Directors of IMF (Australia) Limited announces that it proposes to fund claims

that certain unit holders in Wellington Investment Management Ltd (formerly MFS

Investment Management Ltd (MFSIM), being the Responsible Entity for the Premium Income

Fund, have against:

(a) Directors of MFSIM; and

(b) Partners of KPMG as auditors of MFSIM’s Compliance Plan

2. The claims relate to alleged beaches by the MFS Directors and KPMG partners of the

Corporations Act in 2005, 2006 and 2007.

3. All unit holders who held units as at 29 January 2008 are eligible to participate in the claim

which IMF will fund subject to due diligence and a level of unit holder participation

acceptable to IMF.

4. The claim is currently envisage to be in the form of a representative proceeding for all of

those unit holders who held units at 29 January 2008 and who sign a litigation funding

agreement with IMF.

5. IMF will include the claim value in its quarterly Case Investment Reports as they are

published.

Diane Jones

Chief Operating Officer