28 March 2014 [INVESTOR NAME] [INVESTOR ADDRESS] Dear

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1 28 March 2014 [INVESTOR NAME] [INVESTOR ADDRESS] Dear Investor, Portfolio name: XXXX Portfolio number: XXXXXXXX Number of units: XXXXXXXX Important information regarding your Sandhurst Protected Global Opportunities Fund The Sandhurst Protected Global Opportunities Fund (the Fund) issued by Sandhurst Trustees Limited ABN 16 004 030 737 AFSL 237906 (Sandhurst) was established in May 2007 as a 7 year capital protected investment maturing in May 2014. Investors are provided with exposure to a diversified portfolio of international investments. At inception, the portfolio exposure was equally divided between a diversified portfolio of offshore listed real estate investment trusts (REITs) and emerging market funds in Brazil (Latin America), Russia, India and China (BRIC funds). In this letter we have referred to these investments collectively as the Portfolios. In accordance with the Fund's PDS, at the end of the 7 years, investors receive certain assets rather than cash. The assets are units in the StreetTRACKS (subsequently renamed SPDR in 2007) S&P/ASX 200 Fund (STW units). STW units are traded on the ASX. The SPDR S&P/ASX 200 Fund (STW Fund) seeks to closely track, before fees and expenses, the returns of the S&P/ASX 200 index. The issuer of STW units is State Street Global Advisors, Australia Services Limited. The number of STW units you will receive is linked to the performance of the Portfolios over the 7 year term. The value of the Portfolios are calculated on 9 May 2014 based on averaging their performance over the last 3 years. The Fund is capital protected. This means that if you have held your investment for the 7 year term the value of STW units you receive will be valued at not less than the amount you initially invested (excluding the application fee) and after delivery costs. These costs may include brokerage or any cost or expense incurred in relation to delivering the STW units to you. Unfortunately, due to the global financial crisis occurring in late 2007, and global REITs and emerging markets having not yet fully recovered, the performance of the Portfolios have been significantly impacted. The value of the Portfolios for the last 3 years has been below the amount initially invested. As a result, capital protection will apply. Credit Suisse (the entity from which the Fund purchased its investment exposures) will redeem the Portfolios and purchase STW units as at their value on the 9 May 2014. Please note capital protection does not apply after 9 May 2014. This means that you are exposed to market conditions affecting the ASX 200 and general risk factors impacting the STW Fund such that the value of the STW units may increase or decrease from 9 May 2014. It is expected that the STW units will be transferred to you on 16 May 2014. From this date you should consider whether you should continue to hold or sell the STW units in light of your personal circumstances and seek professional, including taxation, advice if appropriate. 1

2 What does this mean for you? The attached form (Maturity Notice) must be returned to Sandhurst prior to 2 May 2014 indicating the option you would like to take. You are required to specify the CHESS sponsored Holder Identification Number (HIN) which you require the STW units to be transferred to, or whether you would prefer the STW units transferred to an issuer sponsored subregister and a unique Security holder Reference Number (SRN) allocated to your holding. If you do not return the Maturity Notice to Sandhurst by this time, Sandhurst will request Pirie Street Custodian Limited (ABN 64 004 742 581, AFSL 240521) (a related body corporate and Settlement Participant of the Australian Securities Exchange), to transfer the STW units to the CHESS sponsored HIN nominated in your application form. If there is no such nomination or the nomination in the Maturity Notice is invalid, Sandhurst will direct Pirie Street Custodian Limited to transfer the STW units to an issuer sponsored subregister in the name on your application form. Please return the signed Maturity Notice to Sandhurst Trustees prior to 2 May 2014: Sandhurst Trustees PGOF Maturity Notice Level 5, 120 Harbour Esplanade Docklands VIC 3008 If you have any questions, please contact our Customer Service Centre on 1800 634 969 from Monday to Friday 8.30am to 5.00pm Melbourne time. Yours sincerely, Richard Morice Head of Funds Management Sandhurst Trustees Limited 2

3 Maturity Notice Sandhurst Protected Global Opportunities Fund Complete, sign and return by Friday 2 May 2014 Please return by mail, fax or email Investor details XXXXXXXX [INVESTOR NAME] [INVESTOR ADDRESS] Please tick one of the options below () Transfer Delivery Assets to CHESS subregister Please complete option 1. Transfer Delivery Assets to Issuer Sponsored subregister Please complete option 2. Option 1 Transfer of Delivery Assets to CHESS subregister CHESS Sponsor Participant ID _________________________________ Holder Identification Number (HIN) X________________________________ ASX Settlement will issue a CHESS Holding Statement at the end of May showing your STW holding. If you have any questions in regards to your holdings, please contact your CHESS Sponsor. If the name and address details completed above do not exactly match that of your previously registered CHESS details, the transfer of the STW units will be transferred to the issuer sponsored subregister. Option 2 Transfer Delivery Assets to issuer sponsored subregister For each issuer sponsored holding, you will be allocated a unique Security holder Reference Number (also known as an SRN) by Link Market Services. Your SRN uniquely identifies your holding on the issuer sponsored subregister. Link Market Services is expected to issue a holding statement by the end of May. If you have any questions in regards to your holdings, please contact Link Market Services on 1300 554 474. Please note that Sandhurst will provide the information disclosed on this form to Pirie Street Custodian Limited to effect this transaction. As a result, these holdings will be held by Pirie Street Nominees Pty Ltd (ABN 69 077 851 622) (a related body corporate) until transferred, in accordance with the above instructions. Further information regarding how Sandhurst handle your personal information is available at www.sandhursttrustees.com.au. Note: All signatories must sign Investor 1 Investor 2 _______________________________________ _____________________________________ Print full name Print full name Signature Signature Date: Company signatory name and title Company signatory name and title Sole Director Director Company Secretary Director Company Secretary Company Seal If you are providing instruction via facsimile or email, you agree to release Sandhurst and any other related body corporate from any loss, liability, cost or expense arising from any payment made or action (or inaction) taken based on a facsimile or email instruction that is given, or appears to be given, by you. To the maximum extent permitted by law shareholders will have no claim against Sandhurst, any related body corporate or any service provider in relation to payments made or actions taken based on facsimile or email instructions. 1

4 Please send your completed and signed Maturity Notice to Sandhurst Trustees prior to 2 May 2014: Sandhurst Trustees PGOF Maturity Notice Level 5, 120 Harbour Esplanade Docklands VIC 3008 Toll free fax: 1800 835 800 Email: [email protected] 2

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