Gloucester Syndicate Investors

Confidential to syndicate members and their advisors.

Last updated: 24 December 2010

Dear Investors

We recently emailed a letter endorsed by four very experienced Accountants briefly explaining what the 2010 Gloucester Syndicate Annual Report means for investors.

Despite many assurances, SPI have not repaid the $1M loan and have not addressed many of the issues raised a year ago.

The letter of response from SPI was a white wash as Alcock / Knight do not disprove or challenge the 13 concerns raised, but talk around them or gives background.

On 30 April 2010 we changed the secure site password, please email info@gloucester.co.nz if you would like access to the secure site and the information it contains.