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MF Global UK Services Limited (in administration)Joint Administrators’ progress report for the period 28 February 2018 to 27 August 2018

24 September 2018

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Document Classification: KPMG Public

© 2018 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

Notice: About this reportThis Report has been prepared by Blair Carnegie Nimmo, Edward George Boyle and Michael Robert Pink, the Joint Administrators of MF Global UK Services Limited, solely to comply with their statutory duty under the Insolvency Rules (England and Wales) 2016 to provide creditors with an update on the progress of the administration, and for no other purpose. It is not suitable to be relied upon by any other person, or for any other purpose, or in any other context.

This Report has not been prepared in contemplation of being used, and is not suitable to be used, to inform any investment decision in relation to the debt of or any financial interest in MF Global UK Services Limited or other companies in the same group.

Any estimated outcomes for creditors included in this Report are illustrative only and cannot be relied upon as guidance as to the actual outcomes for creditors. Any person that chooses to reply on this Report for any other purpose or in any context other than under the Insolvency Rules (England and Wales) 2016 does so at its own risk. To the fullest extent permitted by law, the Joint Administrators do not assume any responsibility and will not accept any liability in respect of this Report to any such person.

Blair Carnegie Nimmo is authorised to act as an insolvency practitioner by the Institute of Chartered Accountants of Scotland. Edward George Boyle and Michael Robert Pink are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales. The Joint Administrators act as agents for MF Global UK Services Limited and contract without personal liability. The appointments of the Joint Administrators are personal to them and, to the fullest extent permitted by law, KPMG LLP does not assume any responsibility and will not accept any liability to any person in respect of this Report or the conduct of the administration.

We are bound by the Insolvency Code of Ethics.

The Officeholders are Data Controllers of personal data as defined by the Data Protection Act 2018. Personal data will be kept secure and processed only for matters relating to the appointment. For further information, please see our Privacy policy at – home.kpmg.com/uk/en/home/misc/privacy-policy-insolvency-court-appointments.html.

http://home.kpmg.com/uk/en/home/misc/privacy-policy-insolvency-court-appointments.html

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Administrators Blair Carnegie Nimmo, Edward George Boyle and Michael Robert Pink of KPMG LLP

Company/MFG Services MF Global UK Services Limited

CVA Company voluntary arrangement

Directors Aislinn Marion Shaw (resigned 9 February 2012), Richard Warren Moore (resigned 31 January 2012) and Simon William Gardiner (resigned 31 January 2012)

Group MF Global Holdings Limited and subsidiaries

HMRC HM Revenue and Customs

MFGUK MF Global UK Limited (in special administration)

Proposals The Administrators’ Statement of Proposals under Paragraph 49 of Schedule B1 of the Insolvency Act 1986

Report Fourteenth progress report prepared by the Administrators pursuant to Rule 18.2 of the Rules for the period 28 February 2018 to 27 August 2018

Glossary of terms

The references in this Report to Sections, Paragraphs or Rules are to the Insolvency Act 1986, Schedule B1 of the Insolvency Act 1986 and the Insolvency Rules(England and Wales) 2016 respectively.

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ContentsPage

Executive summary 5

Administrators’ Proposals and purpose of the administration 7

Progress of administration 9

Estimated outcome for creditors 13

Future strategy of administration 15

Appendices

1. Statutory information

2. Administrators’ time and cost analysis, including schedule of charge out rates

3. Receipts and payments account

4. Schedule of expenses

17

19

23

26

Executive summary

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■ This Report provides creditors with an update of the progress of the Company’s administration for the period from 28 February 2018 to 27 August 2018.

■ The quantum of the overall return to MFG Services’ creditors is entirely dependent on further dividend receipts from the special administration of MFGUK.

Until June 2018 there was the likelihood that a final dividend from MFGUK to MFG Services was imminent, as a result of the approval of a CVA proposal the Joint Special Administrators of MFGUK put to its creditors. However, an application to Court for directions was necessary and whilst MFGUK was initially successful, the decision was overturned at an appeal hearing and the CVA of MFGUK was terminated.

This means that the special administration of MFGUK continues. The remaining issues in the special administration are complex and could take in excess of seven years to conclude. The latest estimated outcome from the Joint Special Administrators advises that the timing and quantum of any future dividends are unclear at the present time.

Further explanation is set out under “progress of the administration”, page 9.

■ In view of MFGUK’s change in circumstances, we are reviewing whether we are able to make a further modest interim distribution to MFG Services’ unsecured creditors in the coming months. In addition, with the resolution of MFGUK’s ongoing matters potentially taking some years to conclude, we are considering our options and whether there are any ways we could make an earlier final return to MFG Services unsecured creditors and conclude this administration. These matters may take some months to explore, and will likely result in us submitting an application to Court to seek an extension to the Company’s administration period beyond the current expiry date of 30 April 2019. We will provide creditors with an update in our next progress report (to be circulated by 27 March 2019).

■ All figures in this Report and its appendices are shown net of VAT, unless otherwise stated.

■ The relevant statutory and supporting information is set out in the Appendices of this Report.

Blair Nimmo

Joint Administrator

Executive summary

Administrators' Proposals and purpose of the administration

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The Administrators’ Proposals were approved without modification at the meeting of creditors held on 5 January 2012.

As reported in the Proposals, the Company was placed into administration so that its assets could be realised as advantageously as possible by providing ongoing employee services to MFGUK and seeking to realise value for the inter-company debt, with a view to achieving a better result for the Company’s creditors as a whole than would be likely if the Company were wound up (without first being in administration).

As previously reported, the administration period was initially extended by 6 months by creditor consent and subsequently by Court orders dated 22 November 2012 and 1 April 2015. Following a further application to Court in April 2016, the Company’s administration period has been extended to 30 April 2019.

Administrators' Proposals and purpose of the administration

Progress of the administration

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This section updates you on our strategy for the administration and on our progress to date. It follows the information provided in previous reports.

Background

We worked with MFGUK in relation to its staffing needs until 31 January 2015 when the remaining two employees transferred to a contracting company.

A Management Agreement in place between MFG Services and MFGUK terminated on 30 October 2014. The Company received contributions of £1 million from MFGUK during the period of the Management Agreement. Following its termination the Company is responsible for meeting all of its costs.

Inter-company claim

In our last progress report, we advised of the CVA of MFGUK which was intended to expedite the return of funds to those creditors of MFGUK who opted to take an accelerated final dividend of 9.75p/£ rather than to remain as a creditor of MFGUK whilst its final assets were realised and liabilities established. As advised, MFG Services opted to receive the accelerated final dividend.

The implementation of the CVA was subsequently delayed due to the submission of three new claims against MFGUK which were potentially material. All three claims were rejected, with appeals lodged at Court by the claimants. In light of these appeals and the possible effect these claims could have on the creditor outcomes from the CVA, the Joint Special Administrators and the CVA Supervisors sought directions from the Court in respect of whether or not to proceed with the implementation of the CVA.

At the initial hearing in May 2018 the Judge directed that the CVA be implemented, but this decision was overturned by the Court of Appeal, which in June 2018 determined that the fairest outcome, in light of the emergence of the substantial new claims, would be for the CVA to be precluded from becoming effective. Accordingly the Joint Special Administrators of MFGUK issued a notice on 11 June 2018 confirming the non-satisfaction of the conditions precedent to the CVA, with the CVA automatically terminating on 12 June 2018.

The special administration of MFGUK continued throughout the CVA process and the Joint Special Administrators of MFGUK continue to focus on achieving the best outcome for its creditors. However, following the termination of the CVA, the timing or quantum of any future distributions is unclear and pending the resolution of complex issues in the special administration which may take in excess of seven years to conclude.

More information in relation to the special administration of MFGUK, the nature of the ongoing issues, updates on the estimated outcome for MFGUK and a full explanation of the steps taking during the CVA prior to its termination can be found on the MFGUK website: www.kpmg.co.uk/mfglobaluk.

As you will be aware from previous reports, we are reliant on confirmation of any further dividends from MFGUK to determine the quantum of the overall return (above the 80p/£ already declared and paid) to creditors of MFG Services.

Progress of the administration

http://www.kpmg.co.uk/mfglobaluk

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Tax compliance

We continue to liaise with and provide returns/make payments to HMRC. There are no outstanding issues.

Other pension schemes

Individual policies have now been assigned to the members of the GNI Group Money Purchase Pension Plan. We have heard nothing further in relation to the winding up process of this plan and do not therefore envisage any refund payable to the Company on completion of the winding-up process.

Receipts, payments and expenses for the period

Receipts and payments made in this period are set out in the attached receipts and payments account (see Appendix 3).

The only receipt in the period relates to bank interest.

There have been no payments made in the period.

The schedule of expenses attached as Appendix 4 details the costs incurred, whether paid or unpaid, relating specifically to this reporting period.

If you would like to request more information about our remuneration and expenses disclosed in this progress report, you must do so in writing within 21 days of receiving this progress report. Requests from unsecured creditors must be made with the concurrence of at least 5% in value of unsecured creditors (including the unsecured creditor making the request) or with permission of the Court.

If you wish to challenge the basis of our remuneration, the remuneration charged, or the expenses incurred during the period covered by this progress report, you must do so by making an application to Court within eight weeks of receiving this progress report. Applications by unsecured creditors must be made with concurrence of at least 10% in value of unsecured creditors (including the unsecured creditor making the challenge) or with the permission of the Court.

The full text of the relevant rules can be provided on request by writing to the Joint Administrators of MF Global UK Services at KPMG LLP, 15 Canada Square, London, E14 5GL.

Progress of the administration (cont.)

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Administrators’ remuneration

A copy of “A Creditors’ Guide to Administrators’ Fees” from Statement of Insolvency Practice 9 (‘SIP9’) produced by the Association of Business Recovery Professionals is available at: https://www.r3.org.uk/what-we-do/publications/professional/fees/administrators-fees. If you are unable to access this guide and would like a copy please contact Rosie Bostock on 0207 311 4316.

Attached as Appendix 2 is a detailed analysis of time spent, and charge out rates, for each grade of staff for the various areas of work carried out from 28 February 2018 to 27 August 2018, as required by the Association of Business Recovery Professionals’ Statement of Insolvency Practice No. 9.

In the period from 28 February 2018 to 27 August 2018, the Administrators and their staff have incurred time costs of £26,895 representing 53 hours at an average hourly rate of £506.

Category 1 disbursements of £130 have been incurred on courier, printing and postage costs in the reporting period. None of these have yet been paid.

The basis of the Administrators’ remuneration was approved by a resolution of creditors at the initial meeting of creditors and fixed by reference to time properly given by the Administrators and their staff in attending to matters arising in the administration.

Additionally a resolution was sought allowing the Administrators to draw category 2 disbursements should they arise. These are costs that are directly referable to the appointment in question but not to a payment to an independent third party. They may include shared or allocated costs that can be allocated to the appointment on a proper and reasonable basis, for example, business mileage. A full explanation of these disbursements is set out in the Creditors’ Guide to Administrators’ Fees referred to above.

We have not drawn any remuneration in the period against the above mentioned time costs.

Progress of the administration (cont.)

https://www.r3.org.uk/what-we-do/publications/professional/fees/administrators-fees

Estimated outcome for creditors

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Preferential creditors

Preferential creditors have been paid in full.

Unsecured creditors

The Company’s unsecured creditors with an agreed claim have received a first interim dividend of 80p in the £.

We continue to estimate the total return to MFG Services’ creditors will be in the range of 80 – 90p in the £. As explained in previous reports, with an up date set out on page10, the final return available to MFG Services’ creditors is dependent on the amount we receive from MFGUK by way of a dividend. As we are unable to confirm if or whenwe will receive a dividend from MFGUK over and above the distribution it has already made to its unsecured creditors, we remain unable to revise the estimated overallreturn to MFG Services’ creditors.

In view of MFGUK’s change in circumstances, and the envisaged lengthy delay in receipt of any further dividends to its creditors, we are reviewing whether we are able to make a further modest interim distribution to MFG Services’ unsecured creditors in the coming months. We will provide creditors with an update in our next progress report (to be circulated by 27 March 2019).

Estimated outcome for creditors

Future strategy of the administration

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Future strategy

The Administrators will continue to manage the affairs, business and property of the Company in order to achieve the purpose of the administration. This will include progression of the ongoing matters in this administration, which as explained in this Report will take time to conclude. These include but are not limited to:

Liaising with MFGUK in relation to the final claim we submitted regarding the Company’s inter-company position, receiving a catch-up dividend on the increased element of this claim (circa £50,000) and, if available, receiving a further/final dividend from MFGUK. As noted in this Report it may be years before there is certainty of this position and any further dividend is received MFGUK;

Adjudicating the claims of the unsecured creditors and making a further distribution to creditors if and when funds are available. Again, the overall return to MFG Services’ creditors is dependent on the total receipt of dividend distributions from MFGUK;

In light of MFGUK’s circumstances, which could take in excess of 7 years to be determined, the Company will need to remain in administration beyond the current expiry date of 30 April 2019. We will consider our options in the coming months, to include whether there are any solutions available that allow us to make an earlier final return to MFG Services’ creditors. Unless liquidation is deemed more appropriate we will submit an application to Court seeking a further extension to the Company’s administration period;

Finalising the administration, including payment of all administration liabilities; and

Dealing with statutory and compliance obligations.

Exit from administration

Once all matters in the administration have been concluded, the Administrators will take the necessary steps to deal with the Company appropriately. This is likely to be via dissolution of the Company, unless liquidation is considered appropriate.

Future reporting

We will provide a further progress report within one month of 27 February 2019.

Future strategy and extension of the administration

Appendix 1

Statutory information

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Appendix 1

Statutory informationCompany Name MF Global UK Services Limited5 Canada Square, Canary Wharf, London, E14 5GL

Company number 06233208

Date of incorporation 1 May 2007

Registered office 15 Canada Square, Canary Wharf, London, E14 5GL

Previous address 5 Churchill Place, Canary Wharf, E14 5HU

Court High Court of Justice

Court reference 9526 of 2011

EC regulation on insolvencyproceedings

The EC regulation applies and these proceedings are the main proceedings as defined in Article 3 of the ECRegulations

Administrators Blair Carnegie Nimmo, Edward George Boyle and Michael Robert Pink

Former Administrators Richard Dixon Fleming, Richard Heis

Date of appointment 31 October 2011

Appointer Directors

Para 100(2) statement In accordance with paragraph 100(2) all functions or acts to be carried out by the Administrators are to beexercised by all or any one or more of the persons for the time being holding that office

Directors Aislinn Marion Shaw (resigned 9 February 2012), Richard Warren Moore (resigned 31 January 2012) andSimon William Gardiner (resigned 31 January 2012)

Secretary Vicki Kong (resigned 31 January 2012)

Details of share holdings The Company is a wholly owned subsidiary of MF Global Holdings Europe Limited, and is an indirectly, whollyowned subsidiary of MF Global Holdings Limited

Appendix 2

Administrators’ time and cost analysis, including schedule of charge out rates

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Appendix 2

Administrators’ time and cost analysis (from 28 February 2018 to 27 August 2018)MF Global UK Services Limited

Partner / Director Manager Administrator Support Total hours

Time cost Average hourly rate

Administration & planningCashieringGeneral (Cashiering) 0.90 0.90 £216.00 £240.00Reconciliations (& IPS accounting reviews) 0.20 1.60 1.80 £590.00 £327.78GeneralBooks and records 0.30 0.20 0.50 £213.00 £426.00Fees and WIP 0.20 0.20 £110.00 £550.00Statutory and complianceChecklist & reviews 0.80 0.25 1.05 £223.25 £212.62Strategy documents 5.10 5.00 10.10 £6,651.50 £658.56TaxPost appointment corporation tax 0.30 1.70 0.20 2.20 £1,200.00 £545.45Post appointment VAT 1.80 1.80 £792.00 £440.00CreditorsCreditors and claimsAgreement of unsecured claims 0.30 0.30 £96.00 £320.00General correspondence 1.40 1.40 £770.00 £550.00Statutory reports 7.10 8.80 1.70 3.25 20.85 £11,073.75 £531.12EmployeesCorrespondence 2.20 8.00 10.20 £3,754.00 £368.04Realisation of assetsAsset RealisationDebtors 1.00 0.80 1.80 £1,205.00 £669.44Total in period 13.50 22.40 13.70 3.50 53.10 £26,894.50 £506.49

Note: All staff who have worked on this assignment, including cashiers and secretarial staff, have charged time directly to the assignment and are included in the analysis of time spent. The cost of staff employed in central administration function is not charged directly to the assignment but is reflected in the level of charge out rates. Time is charged using a minimum time unit of six minutes.

Source: Administrators’ records.

Brought forward time (appointment date to reporting period start date) 6,587.32 2,964,883.05Time in reporting period time 53.10 26,894.50Carry forward time (appointment date to reporting period end date) 6,640.42 2,991,777.55

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Administrators’ time and cost analysis (from 28 February 2018 to 27 August 2018)Narrative of work carried out for the period 28 February 2018 to 27 August 2018

The key areas of work have been:

Statutory and compliance■ preparing statutory receipts and payments accounts;■ ensuring compliance with all statutory obligations within the relevant timescales.

Strategy documents, checklist and reviews■ monitoring and reviewing the administration strategy, particularly in light of the termination of MFGUK’s CVA;■ dealing with queries arising during the appointment.

Cashiering■ reconciling post-appointment bank accounts to internal systems;■ ensuring compliance with appropriate risk management procedures in respect of receipts and payments.

Tax■ submitting tax returns relating to the periods affected by the administration;■ analysing VAT related transactions;■ dealing with post appointment tax compliance.

General■ reviewing time costs data and producing analysis of time incurred which is compliant with Statement of Insolvency Practice 9.

Asset realisations■ Responding to queries raised by MFGUK in relation to the inter-company claim■ Keeping up to date with progress of MFGUK’s CVA and subsequent termination;■ Monitoring updates, including reviewing the revised estimated outcome statement posted by MFGUK to its website in relation to the position regarding the

likelihood and timing of any further dividend from MFGUK.

Creditors and claims■ responding to enquiries and correspondence from former employees and creditors regarding the administration and submission of their claims;■ drafting our progress report.

Appendix 2

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Summary of disbursements paid from 28 February 2018 to 27 August 2018£ 28 February 2018

to 27 August 2018

Courier & delivery costs 0.61External printing 39.18Postage 89.90Total disbursements 129.69

Summary of charge out rates in operation during the course of the administration

£ 28 February 2018to 27 August 2018

Restructuring, Tax, Pensions and ForensicsPartner 765Associate partner/Director 670Senior Manager 550Manager 440Senior Administrator/Assistant Manager/Consultant 320Administrator 240Support staff 125

Appendix 2

Administrators’ time and cost analysis (from 28 February 2018 to 27 August 2018)


Source: KPMG LLP records.

Joint Administrators’ charging policy

The time charged to the administration is by reference to the time properly given by us and our staff in attending to matters arising in the administration. This includes work undertaken in respect of tax, VAT, employee, pensions and health and safety advice from KPMG in-house specialists.

Our policy is to delegate tasks in the administration to appropriate members of staff considering their level of experience and requisite specialist knowledge, supervised accordingly, so as to maximise the cost effectiveness of the work performed. Matters of particular complexity or significance requiring more exceptional responsibility are dealt with by senior staff or us.

A copy of “A Creditors’ Guide to Joint Administrators Fees” from Statement of Insolvency Practice 9 (‘SIP9) produced by the Association of Business Recovery Professionals is available at: https://www.r3.org.uk/what-we-do/publications/fees/administrators-fees. If you are unable to access this guide and would like a copy, please contact Rosie Bostock on 0207 311 4316.

The relevant hourly charge-out rates are set out above for the grades of our staff actually or likely to be involved on this administration. Time is charged by reference to actual work carried out on the administration; using a minimum time unit of six minutes.

All staff who worked on the administration, including cashiers and secretarial staff, have charged time directly to the administration and are included in the analysis of time spent. The cost of staff employed in central administration functions is not charged directly to the administration but is reflected in the general level of charge-out rates.

https://www.r3.org.uk/what-we-do/publications/fees/administrators-fees

Appendix 3

Receipts and payments account

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Appendix 3

Administrators’ abstract of receipt and paymentsNote:

The Administrators have received remuneration of £2,395,959 from MFGUK for this engagement. This remuneration was paid by MFGUK inaccordance with the Management Agreement in place between MFGUKand MFG Services until 31 October 2014. This remuneration is therefore not reflected in the Company’s receipts and payments account.

Note: (a) There are no estimated to realise figures as the directors had detailed all assets as ‘uncertain’ per their Statement of Affairs.


Administrators’ abstract of receipts & payments

£Statement of AffairsEstimated to realise

From 28/02/2018To 27/08/2018

From 31/10/2011To 27/08/2018

Asset realisations (a)Inter-company receivables – MFGUK UncertainLegal contribution from MF Global UK Ltd 631,862.85Cash at bank Uncertain 652,091.92Management fees 1,000,000.00Staff loans and advancesCorporation tax Uncertain

2,283,954.77Other realisationsGross interest 3,860.87 27,351.14Sundry Refunds 9,421.08Dividend income 10,370,474.28

3,860.87 10,407,246.50Cost of realisationsAdmin. receivers' fees (157,910.05)Creditor distribution in lieu of fees (36,923.96)Irrecoverable VAT (11,197.38)Legal fees (924,604.60)Legal disbursements (155,883.23)Professional fees (113.60)Irrecoverable VAT (50,290.18)Statutory advertising (1,059.90)Bank charges (495.00)

(1,338,477.90)Preferential creditorsEmployees' wage arrears/holiday pay (170,875.92)

(170,875.92)Unsecured creditorsTrade and expense (5,143,174.74)Employees (3,985,634.32)

(9,128,809.06)3,860.87 2,053,038.39

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Appendix 3

Administrators’ abstract of receipt and payments

Note: (a) There are no estimated to realise figures as the directors had detailed all assets as ‘uncertain’ per their Statement of Affairs.


Administrators’ abstract of receipts & payments (continued)

£Statement of AffairsEstimated to realise

From 28/02/2018To 27/08/2018

From 31/10/2011To 27/08/2018

Represented byFloating charge VAT receivable 186,363.77Floating charge current 2,052,683.43Floating ch. VAT payable (78.39)Floating ch. VAT control (185,930.42)

(2,053,038.39)

Appendix 4

Schedule of expenses

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Schedule of expenses

Notes

Administrators’ remuneration

The Administrators’ remuneration was approved at a meeting of creditors held on 5 January 2012. Details of the Administrators' time costs incurred in this period are set out in the attached Report, supported by an analysis of time costs and expenses included at Appendix 2.

The accrual above shows time costs incurred from 28 February 2018 to 27 August 2018 that have not yet been paid.

As already stated, in accordance with the terms of the Management Agreement in place until 30 October 2014, the Administrators’ remuneration was being paid by MFGUK. All current and future costs will be borne by the estate.

KPMG Restructuring policy for the recovery of disbursements

Where funds permit the officeholder will look to recover both category 1 and category 2 disbursements from the estate. For the avoidance of doubt, such expenses are defined within SIP 9 as follows:

Category 1 disbursements: These are costs where there is specific expenditure directly referable both to the appointment in question and a payment to an independent third party. These may include, for example, advertising, room hire, storage, postage, telephone charges, travel expenses, and equivalent costs reimbursed to the officeholder or his or her staff.

Category 2 disbursements: These are costs that are directly referable to theappointment in question but not to a payment to an independent third party.They may include shared or allocated costs that can be allocated to theappointment on a proper and reasonable basis, for example, business mileage.

Any disbursements paid from the estate are disclosed within the attached summary of disbursements.

Category 2 disbursements charged by KPMG Restructuring include mileage, this is calculated as follows:Mileage claims fall into three categories:- Use of privately-owned vehicle or car cash alternative – 45p per mile - Use of company car – 60p per mile- Use of partner’s car – 60p per mile

Creditors’ request for further information

Creditors are advised that any additional information regarding other expenses charged for the period is available from the Administrators upon request in writing by any Secured Creditor or any unsecured creditor(s) with at least 5% in value of the unsecured debt or with the permission of the Court. This request must be made within 21 days of receipt of the attached Report. In addition creditors are reminded that the quantum can be challenged by any Secured Creditor or any unsecured creditor(s) with at least 10% in value (including that creditor’s claim) of the unsecured debt by making an application to Court within eight weeks of receipt of the attached Report. The full text of these rules can be provided upon request by writing to the Joint Administrators at KPMG LLP, 15 Canada Square, London, E14 5GL.

Schedule of expenses – 28 February 2018 to 27 August 2018

£ Paid Accrued Total for period

Cost of realisationsAdministrators’ remuneration 0.00 26,894.50 26,894.50Total 0.00 26,894.50 26,894.50Source: Administrators’ records.

Appendix 4


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The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


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