TO THE CREDITOR AS ADDRESSED TO THE SECURED NOTEHOLDER AS ADDRESSED

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1 TO THE CREDITOR AS ADDRESSED TO THE SECURED NOTEHOLDER AS ADDRESSED 14 February 2014 Dear Sir / Madam The Rialto, Level Collins St Melbourne Victoria 3000 GPO Box 4736 Melbourne Victoria 3001 T F E info.vic@au.gt.com W G R FINANCE LIMITED (IN LIQUIDATION) ACN: ( the Company ) I refer to previous correspondence with respect to the Company and provide my Annual Report to Creditors on the conduct of the Winding Up pursuant to Section 508 of the Corporations Act I have convened a meeting of the creditors of the Company which is to be held on Monday, 3 March 2014, at 9:00am at the offices of Grant Thornton Australia Limited, The Rialto, Level 30, 525 Collins Street, Melbourne, Victoria Please find enclosed the following: Notice of an Annual Meeting of Creditors; The Joint and Several Liquidators Annual Report to Creditors including a summary of Receipts and Payments; Instrument of Proxy Form ( Proxy Form ); and Question Sheet for the Annual Meeting of Creditors. If you intend to appoint another person to act on your behalf at the meeting, or you are a corporate creditor, you are required to complete and return the enclosed Proxy Form appointing your representative to GPO Box 4735, Melbourne, Victoria 3000 or by facsimile on (03) no later than 4.00pm on Friday, 28 February Sandhurst Trustees Limited (Secured Noteholders) Please note that Secured Noteholders will be represented by Sandhurst Trustees Limited at the forthcoming meeting of creditors. Sandhurst Trustees Limited will participate on behalf of, and exercise the Secured Noteholders voting rights at this meeting. Grant Thornton Australia Limited ABN ACN Grant Thornton Australia Limited is a member firm within Grant Thornton International Ltd. Grant Thornton International Ltd and the member firms are not a worldwide partnership. Grant Thornton Australia Limited, together with its subsidiaries and related entities, delivers its services independently in Australia. Liability limited by a scheme approved under Professional Standards Legislation

2 2 Individual Secured Noteholders are permitted to attend the forthcoming meeting of creditors, in their capacity as observers only. Secured Noteholders are encouraged to complete the enclosed Question Sheet should they have any questions that they wish the Joint and Several Liquidators to address at the forthcoming Annual Meeting of Creditors. Should creditors or Secured Noteholders have any queries, please contact either Ms Mei Lin Lee or Jennifer Chambers of my office on (03) or or Yours faithfully Stephen R Dixon JOINT AND SEVERAL LIQUIDATOR Enc.

3 FORM 529 Regulation (2) Corporations Act 2001 Corporations Regulations 2001 NOTICE OF AN ANNUAL MEETING OF CREDITORS OF G R FINANCE LIMITED (IN LIQUIDATION) ACN: ( the Company ) Notice is hereby given that an Annual Meeting of Creditors of the Company will be held at the offices of Grant Thornton Australia Limited, The Rialto, Level 30, 525 Collins Street, Melbourne, Victoria 3000, on Monday, 3 March 2014at 9:00am. The purpose of the meeting is: 1. To receive an account of the Joint and Several Liquidators acts and dealings and the conduct of the Winding Up for the Company 2. To remove Mr Frank O Brien representing Sandhurst Trustees Limited as a member of the Committee of Inspection and replace that vacancy with a member(s) of Sandhurst Trustees Limited, and 3. To consider any other business that may be lawfully brought forward. DATED this 14th day of February 2014 Stephen R Dixon JOINT AND SEVERAL LIQUIDATOR

4 G R Finance Limited (In Liquidation) ACN: Joint and Several Liquidators' Annual Report to Creditors 14 February 2014 Stephen Dixon Joint and Several Liquidator Laurence Fitzgerald Joint and Several Liquidator Jennifer Chambers Senior Accountant T E jennifer.chambers@au.gt.com Mei-Lin Lee Graduate T E mei-lin.lee@au.gt.com 2014 Grant Thornton G R Finance Limited (In Liquidation) 14 February 2014

5 Contents Section Page 1. Overview 3 2. The Loan to Lanco Commercial Projects Pty Ltd ("the Lanco Loan") 6 3. The Townsville Property ("the Property") 8 4. Investigations Joint and Several Liquidators' Receipts and Payments Remuneration Annual Meeting of Creditors Grant Thornton G R Finance Limited (In Liquidation) 14 February

6 Section 1 Overview 01. Overview 02. The Loan to Lanco Commercial Projects Pty Ltd ("the Lanco Loan") 03. The Townsville Property ("the Property") 04. Investigations 05. Joint and Several Liquidators' Receipts and Payments 06. Remuneration 07. Annual Meeting of Creditors 2014 Grant Thornton G R Finance Limited (In Liquidation) 14 February

7 Overview Overview Introduction and Background I, Mr Stephen Robert Dixon, hereby provide my Annual Report to Creditors of the Company pursuant to Section 508 of the Corporations Act 2001 ("the Act"); As you are aware, Mr Laurence Andrew Fitzgerald, and I were appointed Joint and Several Administrators of the Company on 13 October 2011, pursuant to Section 449C(1) of the Act; At a reconvened Second Meeting of Creditors held on 24 January 2012, it was resolved to authorise the Company to execute a Deed of Company Arrangement ("the DOCA"). The DOCA was executed on 15 February 2012 and Mr Fitzgerald and I were appointed as Joint and Several Deed Administrators, and control of the Company was returned to the Directors of the Company; On 7 September 2012, creditors resolved to terminate the DOCA and to place the Company into Liquidation. Mr Fitzgerald and I were appointed as the Joint and Several Liquidators of the Company in accordance with Section 445E of the Act; The purpose of this Report; is to provide creditors with an account of the Joint and Several Liquidators' acts and dealings, to provide an update on the conduct of the Winding Up of the Company, to detail the remaining issues outstanding in the Liquidation, to provide a summary of the Joint and Several Liquidators' Receipts and Payments, and to provide details of the Joint and Several Liquidators' additional remuneration; and This Report should be read in conjunction with my previous reports to creditors. Joint and Several Liquidators' Actions I hereby provide the following summary of the Joint and Several Liquidators' activities to date: Attended to correspondence with Lanco Commercial Projects Pty Ltd ("Lanco") and maintained the principal and interest ledger with respect to the Lanco Loan Facility; Pursued the guarantors of the Lanco Loan Facility and Wound Up a number of the guarantor entities; Liaised with the Bankruptcy Trustee and Official Liquidators of some of the various guarantors of the Lanco Loan Facility; Liaised with agents and property consultants with respect to the Townsville property ("the Property"); Attended to repairs and maintenance at the Property; Attended to correspondence with the tenant of the Property ("the Tenant") and maintained the rent ledger; Attended to correspondence with the Tenant's solicitor; Conducted investigations into the affairs of the Company, including but not limited to, whether the Company entered into any uncommercial transactions, preferential payments, unfair loans, and whether it traded whilst insolvent; Conducted investigations into the conduct of the Company's Directors and Officers; 2014 Grant Thornton G R Finance Limited (In Liquidation) 14 February

8 Overview Overview Joint and Several Liquidators' Actions (cont.) Liaised with my solicitors with respect to the findings of my investigations and prepared briefs to my solicitors; Liaised with my solicitors with respect to an application to obtain subpoenas for the production of documents and to conduct public examinations; Prepared reports to Sandhurst Trustees Limited, the Committee of Inspection, responded to creditors' queries, and responded to Secured Noteholders queries; Held meetings with the Committee of Inspection; and Attended to statutory lodgements, including but not limited to, minutes of meetings and lodgement of ASIC forms Grant Thornton G R Finance Limited (In Liquidation) 14 February

9 Section 2 The Loan to Lanco Commercial Projects Pty Ltd ("the Lanco Loan") 01. Overview 02. The Loan to Lanco Commercial Projects Pty Ltd ("the Lanco Loan") 03. The Townsville Property ("the Property") 04. Investigations 05. Joint and Several Liquidators' Receipts and Payments 06. Remuneration 07. Annual Meeting of Creditors 2014 Grant Thornton G R Finance Limited (In Liquidation) 14 February

10 The Loan to Lanco Commercial Projects Pty Ltd ("the Lanco Loan") The Lanco Loan Update on the Lanco Loan As advised in my previous reports to creditors, Lanco failed to remit interest payments from October 2012 onwards. In addition, Lanco was unable to adhere to the agreed terms to settle the Lanco Loan by 30 June As such, Lanco has defaulted on its obligations with respect to the Lanco Loan. Due to this default, I was unable to remit a distribution to Secured Noteholders in the 2013 calendar year as previously anticipated. I advise that upon becoming aware of Lanco's inability to settle the Lanco Loan within the required timeframe, I liaised with the Committee of Inspection, in particular, Sandhurst Trustees Limited. I outlined the circumstances of the default and it was agreed by the Committee of Inspection that it was not in the best interest of the Liquidation to remit a distribution to Secured Noteholders. Consequently, the Joint and Several Liquidators have pursued the guarantors of the Lanco Loan in order to recover the outstanding debt. I advise that the guarantors of the Lanco Loan are as follows: Mr William Berry Thompson; Ms Susan Mary Thompson; Procarp Pty Ltd; Lanco Hobart Holdings Pty Ltd (In Liquidation); Lanco Hobart Operations Pty Ltd; Launceston Holdings Pty Ltd (In Liquidation); Lanco Launceston Operations Pty Ltd; Horsham International Property Pty Ltd; Horsham Operations Pty Ltd (In Liquidation); Bairnsdale Property Pty Ltd; and Bairnsdale Operations Pty Ltd (In Liquidation). I confirm that I filed applications to Wind Up the following guarantors, which were subsequently placed into Official Liquidation: Launceston Holdings Pty Ltd (In Liquidation); Horsham Operations Pty Ltd (In Liquidation); Bairnsdale Operations Pty Ltd (In Liquidation); and Lanco Hobart Holdings Pty Ltd (In Liquidation). I have been liaising with the Official Liquidators of these entities by providing information and support in order to assist their investigations into the affairs of these companies. It is anticipated that these investigations will assist in the identification and recovery of any assets which will ultimately benefit the Company and consequently, the Secured Noteholders. I further advise that I instructed my solicitors to file an application for the Supreme Court of Victoria to issue subpoenas against Mr William Berry Thompson and Ms Susan Mary Thompson and an application to conduct a public examination of Mr and Ms Thompson in order to further assess whether there are of any securities available to be recovered for the benefit of the Company. In this regard, I note that the return date for compliance with the subpoenas was 20 December 2013, and that the public examinations are scheduled to be held on 24 February 2014 to 28 February 2014; I confirm that on 10 May 2013, I received funds in the amount $122, from one of the guarantors of the Lanco Loan, arising from the sale of a property secured by an unregistered second mortgage; As such, at the date of this Report, I advise that the balance of the Lanco Loan which remains outstanding is as follows: Amount ($) Principal 2,488, Interest 654, Outstanding balance of the Lanco Loan as at 14 February ,142, Grant Thornton G R Finance Limited (In Liquidation) 14 February

11 Section 3 The Townsville Property ("the Property") 01. Overview 02. The Loan to Lanco Commercial Projects Pty Ltd ("the Lanco Loan") 03. The Townsville Property ("the Property") 04. Investigations 05. Joint and Several Liquidators' Receipts and Payments 06. Remuneration 07. Annual Meeting of Creditors 2014 Grant Thornton G R Finance Limited (In Liquidation) 14 February

12 The Townsville Property ("the Property") The Townsville Property ("the Property") Update on the Property I confirm that the tenant of the Property is continuing to remit payment of his monthly rental obligations, although the tenant is slightly in arrears. As previously advised, I formally engaged Knight Frank Townsville as the local property manager to be responsible for maintaining the condition of the Property, as well as assisting with tenant relations. Elan Property Group ("Elan") were also engaged to act as advisors with respect to a realisation strategy for the Property. Elan have previously advised that the Property should not be taken to the market at this stage, however I shall seek a reassessment of the realisation strategy of the Property from Elan in or about April / May In order to achieve an optimal sale price of the Property, I have commissioned a Property Risk Audit of the Premises, which outlined maintenance works which would be required to be undertaken prior to taking the Property to market. In consultation with the Committee of Inspection, in particular, Sandhurst Trustees Limited, I instructed Elan to undertake a schedule of works to be completed and confirm that this is currently being implemented at the Property, in a staggered manner. Furthermore, I commissioned an Asbestos Risk Report, and as a result, an Asbestos Management Plan ("AMP") has been implemented at the Property. In addition, a number of Occupational Health and Safety procedures were also put in place at the Property as a result of the AMP. I advise that the program of works are to benefit the tenancy of the Property, which ensures continued rental income to the Company, and also places the Property in the best position for a future sale campaign Grant Thornton G R Finance Limited (In Liquidation) 14 February

13 Section 4 Investigations 01. Overview 02. The Loan to Lanco Commercial Projects Pty Ltd ("the Lanco Loan") 03. The Townsville Property ("the Property") 04. Investigations 05. Joint and Several Liquidators' Receipts and Payments 06. Remuneration 07. Annual Meeting of Creditors 2014 Grant Thornton G R Finance Limited (In Liquidation) 14 February

14 Investigations Investigations Investigative Procedures My investigations into the affairs of the Company are on-going. In particular, I am documenting the date of insolvency of the Company, quantifying related party transactions that may be recovered for the benefit of creditors, and identifying possible misconduct of the Directors and Officers of the Company. Actions that have been undertaken to investigate the affairs of the Company and the conduct of its Directors and Officers have included: A forensic review of the Company's computer system, including keyword searches, review of s and other pertinent documents sourced from the Company's server, and the Company's accounting software system; Preparation of investigation memorandums documenting the findings from my investigations and liaising with my solicitors with respect to causes of actions to recover monies for the benefit of creditors; and Liaising with third parties to obtain and review particular transactions. Voidable Transactions Pursuant to Section 588FB of the Act, a Liquidator is able to recover compensation from a party, deemed to be a party to an uncommercial transaction. An uncommercial transaction is a transaction entered into between the Company and another party, which is to the detriment of the Company and to the benefit of the other party. My investigations have revealed potential uncommercial transactions involving a number of related party entities and contraventions of the Act committed by the Company's Directors and Officers. In this regard, I have undertaken significant investigations into these related party transactions and contraventions of the Act. In particular, I have finalised my investigations with respect to the following: Transactions involving Disam Assets Pty Ltd; The loans made to Clemwood Enterprises Pty Ltd; and The lending practices of the Company and the conduct of the Company's Directors and Officers with respect to same. Please note that I am continuing with my investigations with respect to transactions involving further related parties and entities. I anticipate that these investigations will be completed with the next two (2) months. Voidable Transactions (cont.) I have provided my investigation memorandums to my solicitors and am currently formulating legal options for recovery proceedings. I advise that an application was made and that the Supreme Court of Victoria issued subpoenas against the following parties, and I have been granted orders for the Joint and Several Liquidators to publicly examine same, in order to gather further evidence to assist my investigations: Mr Phillip John Boyle; Mr Justin Peter Mastores; Mr Roydon Euan Luff; Mr Roderick James Young; and Mr James Patrick Kelly. The public examinations of the above parties will serve to assist my investigations into any recovery action identified of related party transactions, and any contraventions of the Act committed by the Company's Directors and Officers. In this regard, please note that the Supreme Court of Victoria ordered that the subpoenas for the production of documents be complied with by 20 December 2013, and that the public examinations of the abovementioned persons be held from 24 February 2014 to 28 February Grant Thornton G R Finance Limited (In Liquidation) 14 February

15 Investigations Investigations Insolvent Trading Pursuant to Sections 588G and 588M of the Act, a Liquidator can recover from the Director of the Company, compensation for any debt incurred by the Company, where a reasonable person would have suspected at the time the debt was incurred, the Company could not meet the payment of its debts as and when they fell due and payable. My investigation into a potential insolvent trading claim is continuing. I note that in determining whether any contravention of insolvent trading occurred, it is important to identify the date at which the Company became insolvent. The Act defines solvency as being able to pay all debts as and when they fall due and payable. Due to the nature of the Company's business, I have liaised with my solicitors to obtain advice on when a Secured Note becomes due and payable. I have been advised that my investigations with respect to insolvent trading may be assisted by documentary evidence that Secured Noteholders may have with respect to redemption requests made to the Company, its directors and officers, and employees for their Secured Notes. In particular, in order to assist my investigations, I request that Secured Noteholders provide me with copies of any documentary evidence they hold with respect to: Secured Notes being rolled over in contradiction to a redemption request at maturity of their Secured Notes; or The non payment of an early redemption requests of their Secured Notes. Offences Pursuant to Section 533 of the Act, a Liquidator is required to report to the Australian Securities and Investments Commission ("ASIC") the results of the investigations undertaken into the affairs of a company, including details of any contraventions of the Act committed by a company's Director and / or Officer. A Section 533 report must also be lodged if a dividend of less than fifty (50) cents in the dollar is paid to creditors. As detailed previously, my investigations into the affairs of the Company and its Directors and Officers are on-going. My report pursuant to Section 533 of the Act will encompass the findings of my investigations. As such, the Section 533 report will be completed upon the conclusion of investigations into the Company and its Directors and Officers. I anticipate my report will be submitted to ASIC with the next two (2) months Grant Thornton G R Finance Limited (In Liquidation) 14 February

16 Section 5 Joint and Several Liquidators' Receipts and Payments 01. Overview 02. The Loan to Lanco Commercial Projects Pty Ltd ("the Lanco Loan") 03. The Townsville Property ("the Property") 04. Investigations 05. Joint and Several Liquidators' Receipts and Payments 06. Remuneration 07. Annual Meeting of Creditors 2014 Grant Thornton G R Finance Limited (In Liquidation) 14 February

17 Joint and Several Liquidators' Receipts and Payments Joint and Several Liquidators' Receipts and Payments Joint and Several Liquidators' Receipts and Payments The table opposite provides a summary of the Joint and Several Liquidators' receipts and payments for the period 7 September 2012 to 31 January Receipts (Incl GST) Amount ($) Bank interest 8, Cancelled debenture cheques Cash at bank (brought forward from DOCA period) 714, GST refunds 59, Lanco Guarantors' settlement proceeds & interest applied 122, Lanco Loan interest received 36, Proceeds from legal settlement (Voss) 127, Refunds 1, Rent received 1,015, Total Receipts 2,087, Payments (Incl GST) Bank charges (580.05) Council rates (66,854.31) Council search fee (65.00) Distributions to employees (8,578.31) Distributions to Secured Noteholders (498,394.02) GST payments (14,444.00) Insurance (41,951.22) Insurance administration fee (660.00) Joint and Several Voluntary Administrators remuneration (100,736.08) Joint and Several Deed Administrators' remuneration (93,729.68) Joint and Several Liquidators' remuneration (537,399.01) Joint and Several Liquidators' disbursements (5,104.56) Land tax (16,750.00) Legal disbursements (32,635.77) Legal fees (345,912.27) PAYG payments (776.37) Property advisor fees (36,916.00) Property management fees (11,246.40) Property manager disbursements (5,173.88) Property repairs and maintenance (24,209.89) Reissued Debenture cheques (13,172.00) Stamp duty (2,016.96) Total Payments (1,857,305.78) Net Receipts (Payments) 230, Provision for legal fees held on Trust (138,507.23) Cash at Bank 91, Grant Thornton G R Finance Limited (In Liquidation) 14 February

18 Section 6 Remuneration 01. Overview 02. The Loan to Lanco Commercial Projects Pty Ltd ("the Lanco Loan") 03. The Townsville Property ("the Property") 04. Investigations 05. Joint and Several Liquidators' Receipts and Payments 06. Remuneration 07. Annual Meeting of Creditors 2014 Grant Thornton G R Finance Limited (In Liquidation) 14 February

19 Remuneration Remuneration Overview A summary of the Joint and Several Liquidators' remuneration, fee approval received to date and additional remuneration that will be sought at a forthcoming Committee of Inspection meeting to be held on 3 March 2014 are provided in the following table: Proposed remuneration resolutions At the forthcoming Committee of Inspection meeting to be held on Monday, 3 March 2014, I will seek approval of the following amounts: Retrospective fee approval from 9 September 2013 to 31 January2014 in the amount of $60, (plus GST); and Prospective fee approval from 1 February 2014 to 30 September 2014 in the amount of $200, (plus GST). Amount ($) (excl. GST) Past remuneration approved: Liquidation Period: From 9 September 2012 to 31 December , Total past remuneration approved: 496, Current remuneration approval sought: Resolution 1: From 13 November 2013 to 31 January , Resolution 2: From 1 February 2014 to 30 September , Total current remuneration approval sought: 260, Reasons for additional remuneration I confirm that the Joint and Several Liquidators' remuneration is greater than previously anticipated due to: The default of the Lanco Loan and as a consequence, the need to pursue the guarantors of the facility, including, inter alia, making applications to Court for; subpoenas, public examinations, and filing Winding Up applications; Increased time incurred with respect to the tenant of the Property, and attending to the repairs and maintenance program at the Property; Greater than anticipated time incurred in attending to the investigation of the Company s affairs and the Company's Directors and Officers' conduct as a result of the complexity and quantum of potential recoverable transactions identified; Continued investigations with respect to the completion of my report to ASIC pursuant to Section 533 of the Act; and The public examination process of various examinable persons, as previously mentioned in this Report, and liaising with my solicitors with respect to possible recovery actions Grant Thornton G R Finance Limited (In Liquidation) 14 February

20 Section 7 Annual Meeting of Creditors 01. Overview 02. The Loan to Lanco Commercial Projects Pty Ltd ("the Lanco Loan") 03. The Townsville Property ("the Property") 04. Investigations 05. Joint and Several Liquidators' Receipts and Payments 06. Remuneration 07. Annual Meeting of Creditors 2014 Grant Thornton G R Finance Limited (In Liquidation) 14 February

21 Annual Meeting of Creditors Annual Meeting of Creditors Annual Meeting of Creditors Pursuant to Section 508 of the Act, an Annual Meeting of Creditors of the Company is to be held at the offices of Grant Thornton Australia Limited, located at the Rialto, Level 30, 525 Collins Street, Melbourne on Monday, 3 March 2014 at 9:00am. The purpose of this meeting is to discuss the contents of this Report, in particular: To update the creditors on the conduct of the Liquidation and the Joint and Several Liquidators' acts and dealings; To consider a resolution to remove Mr Frank O Brien representing Sandhurst Trustees Limited as a member of the Committee of Inspection and replace that vacancy with a member or members of Sandhurst Trustees Limited; and discuss any other relevant business. The meeting will be open to Creditors for questions and general discussion. However, should you wish to address any issues in detail, please detail your questions in writing prior to the meeting to allow sufficient time to prepare a detailed response to your question. Individual Secured Noteholders are permitted to attend the forthcoming meeting of creditors, in the capacity as observers only. Secured Noteholders are encouraged to complete the enclosed Question Sheet should they have any questions that they wish the Joint and Several Liquidators to address at the forthcoming Annual Meeting of Creditors. Estimated Finalisation of the Liquidation Due to the current status of my investigations, the public examinations to be held and the likelihood of legal proceedings, I am unable to provide an estimate of the time required to complete the Liquidation. Distribution to Secured Noteholders As outlined in this Report, there are a number of matters that remain to be finalised, in particular, settlement of the Lanco Loan, sale of the Townsville Property and the investigations into the Company's affairs and the conduct of its Directors and Officers, and any recovery actions that may arise as a consequence. I advise that until the above matters are finalised, I will not be in the position to declare and remit a distribution to Secured Noteholders. Any distribution prior to the above matters being finalised, may prejudice the ultimate return to Secured Noteholders. I do intend revising this position on completion of the examination process. I will update Noteholders at the meeting of creditors. Joint and Several Liquidators' Account Pursuant to Section 539(5) of the Act, the Joint and Several Liquidators' account of receipts and payments have been prepared and lodged with the Australian Securities and Investments Commission. Should you have any queries with respect to this Report, please contact either Ms Jennifer Chambers or Ms Mei-Lin Lee of my office on (03) or jennifer.chambers@au.gt.com or mei-lin.lee@au.gt.com. Stephen R Dixon JOINT AND SEVERAL LIQUIDATOR 2014 Grant Thornton G R Finance Limited (In Liquidation) 14 February

22 FORM 532 Regulation Corporations Act 2001 Corporations Regulations 2001 G R Finance Limited (In Liquidation) ACN: APPOINTMENT OF PROXY I/We (1) of a creditor of G R Finance Limited (In Liquidation) appoint (2) or in his/her absence (3) as my/our general/special proxy to vote at the meeting of creditors to be held on Monday, 3 March 2014 at 9:00am or at any adjournment of that meeting. Resolution Type For Against Abstain That Mr Frank O Brien formerly of Sandhurst Trustees Limited, be removed from the Committee of Inspection of G R Finance Limited (In Liquidation) as representative for Sandhurst Trustees Limited, and that vacancy be filled by appointing a member of Sandhurst Trustees Limited Ordinary DATED this day of (4) Signature

23 CERTIFICATE OF WITNESS - only complete if the person given the proxy is blind or incapable of writing. I, of certify that the above instrument appointing a proxy was completed by me in the presence of and at the request of the person appointing the proxy and read to him before he attached his signature or mark to the instrument. DATED this day of 2014 Signature of witness Description Place of residence Notes: (1) If a firm strike out "I" and set out the full name of the firm. (2) Insert the name of the person appointed. (3) If a special proxy, add the words to vote for or the words to vote against and specify the particular resolution. (4) If the creditor is a sole trader, sign in accordance with the following example: A.B., proprietor. If the creditor is a partnership, sign in accordance with the following example: A.B., a partner of the said firm. If the creditor is a company, then the form of proxy must be under its Common Seal or under the hand of some officer duly authorised in that capacity, and the fact that the officer is so authorised must be stated in accordance with the following example: for the company, A.B. (duly authorised under the Seal of the Company).

24 G R FINANCE LIMITED (IN LIQUIDATION) ACN: QUESTIONS TO BE RAISED AT THE ANNUAL MEETING OF CREDITORS TO: Mr Stephen Dixon FAX NO: (03) jennifer.chambers@au.gt.com or mei-lin.lee@au.gt.com SERCURED NOTEHOLDER S NAME: QUESTION 1: QUESTION 2: QUESTION 3:

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