EDWAFIN INVESTMENT HOLDINGS LIMITED

(IN LIQUIDATION)

THIRD CIRCULAR TO ALL DEBENTURE HOLDERS AND CREDITORS

DATED 25 NOVEMBER 2009

The joint liquidators made application to the High Court of South Africa Kwa-Zulu
Natal Pietermaritzburg on the 17 of November 2009 in order to conduct an enquiry in
terms of Section 417 read with Section 418 of the Companies Act into the affairs of
the Company in liquidation.

In terms of Section 418 the joint liquidators applied to appoint Judge P C Combrinck
in order to preside over the enquiry. Mr P C Combrinck is a retired Supreme Court
of Appeal Judge who will be requested to deliver a report pursuant the enquiry.

The enquiry will be proceeding on the 2, 3 and 4 December 2009. Creditors are
advised that the enquiry is a private one and cannot be attended by creditors or
investors.

The scope of the enquiry is at present confidential and cannot be disclosed at this
stage. However in broad terms the investigation relates to the causes of the demise of
the Company.

From our initial investigation it appears that the Company was never an income
generating activity and this needs to be investigated in more detail.

The estate has limited funds available to it, however these funds, such as they are, will
be utilised in order to conduct the enquiry. A report to creditors with regards to
recovery possibilities will be drafted as soon as possible after the finalisation of the
enquiry.

Finally, the joint liquidators hereby request that in the event that an investment in
Edwafin, or its subsidiaries, was made via an overseas bank account, that you provide
us with the following:

1. the amount that was paid overseas;

2. the bank details of the overseas account;
3. the date the payment was made;
4. proof of payment of the funds, should same be available
5. copy of the debenture certificate

A detailed report will follow in due course, which will provide as much detail as
possible regarding the prospects of recovery and updates in respect of our ongoing
investigation.