pif news,

Dear PIF Members,
I have just received this E-mail:
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From: Lachlan McIntosh
Sent: Friday, September 28, 2012 4:02 PM
To: '[email protected]' Cc: 'Simon Raftery'
Subject: Asset Resolution Ltd

Simon
David Beddall and I met Tony Pope and Simon Raftery of Castlereagh Capital yesterday.

I confirm ARL is in the process of formally offering Mr Pope a board position and is doing the same with Castlereagh Capital. As discussed,among other things,Castlereagh will take the lead on all class action matters being dealt with by ARL. The PIF Action Group has specifically requested this and ARL agrees to the process.

Unless Simon has a view that this should not be public,I have no problem with disclosure of this matter. Simon,do you have a view?

Lachlan McIntosh | Partner
22 Capital Pty Ltd | 22 Market Street, Brisbane QLD 4000
t +61 7 3225 4901 | f +61 7 3225 4999
e [email protected] | w www.22capital.com.au
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I have been given permission to release these news to HC Forum for your information:

THE NEWS ARE:

- Castlereagh Ferrier were approached to be Agents fo ARL
- This was accepted by its Director Simon RAFTERY
- 22 Capital P/L are partners with C'reagh and will be assuming Financial development of PIF assets
C'reagh will assume all Recovery Actions including Class Action currently underway.
- PIF AG Executive will issue notice letters
- End of November should see first meeting of unit-holders
under ARL stewardship
- I am pleased to be sharing with you these news at this earliest, as more will follow.

And I am certain that we can see return of Castlereagh to our cause in such emphatic way as justification for our inexhaustible Patience.

Best wishes in these New Directions for PIF.

Regards,