Each quarter you receive a Compulsory Redemption, which is 4% of your account balance as at 15 February 2010. We are writing to advise that the upcoming June Compulsory Redemption payment will be less than the amount you usually receive by approximately 17%. This is because we have had to make provisions on pre- GFC loans in the Trust where the Manager is mortgagee in possession, as we no longer believe we will recover the full amount upon repayment of the loans and accounting standards require us to bring these to account.