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Shareholder Update (6/22/18) Since the update on 16 May

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Enterprising Investor Member Level  Friday, 12/14/18 06:55:31 AM
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Shareholder Update (6/22/18)

Since the update on 16 May 2018, the Liquidator has been cooperating with Citibank New York (“Citibank” or the “Bank”) who holds the cash accounts for Primus Asset Management, Inc. (“PAM”) and Primus Financial Products, LLC (“PFP”). Citibank is currently carrying out customer due diligence reviews (or CDD/Know Your Client (or KYC) processes) over certain of the PGL subsidiaries’ cash accounts. Based on its review, Citibank has required the Liquidator to provide KYC information and details regarding the Primus organization and certain of its underlying members and investors. Cooperation with the Bank is of paramount importance for the Liquidator to ensure continued access to and control of the PGL subsidiaries’ cash accounts for the ultimate benefit of PGL and its members and investors. Certain KYC/CDD information will have to be obtained from certain members/investors directly, and so the Liquidator will be reaching out to certain investors/members for such information. Once CDD/KYC requirements have been completely addressed by the Liquidator to the satisfaction of Citibank, the Liquidator’s team will move to coordinate with service providers in Delaware to close Primus Asset Management, Inc. (“PAM”) by voluntary winding up under Delaware law, subject to obtaining final tax clearance from local/state and federal tax authorities. Unfortunately, the Liquidator is unable to determine an estimated timeline at this stage regarding the distribution of the 10-cents per share interim dividend (which has been mentioned in the previous update) until Citibank is satisfied that its CDD/KYC requirements for PGL are completed and have been fully complied with.

Regarding the status of Primus Financial Products, LLC’s (“PFP”) claim from the Foreign Exchange Anti-Trust Settlement (the “FX Settlement” or “Settlement”), based on an update in the FX Settlement website1, a Final Approval Hearing was held at 4:00 p.m. on May 23, 2018 at the United States District Court for the Southern District of New York. The Court ordered class counsel to submit additional data with respect to class participation in the settlements and other additional information by July 11, 2018. In the meantime, the Liquidator continues to follow up the status of PFP’s claim with the Claims Administrator. As of to date, we were advised that PFP’s claim remains under review. The Liquidator has been advised that once the claim is reviewed, the Liquidator will be alerted for any deficiencies and will be afforded thirty (30) days to provide any further data to validate the claim. The Claims Administrator advised that it may take a significant amount of time to fully process all claim forms. If PFP’s claim has been found to be in good standing, however, the Liquidator will then receive a Claim Assessment Notification (CAN) which will outline the calculation and quantum of PFP’s entitlement to the FX Settlement. The Claims Administrator had not provided the Liquidator any timeframe as to when the claims review will be concluded and when PFP’s CAN will be released. The Liquidator will provide further updates as soon as news are received and as soon as other matters unfold in the FX Settlement.

1 More information about the Settlement is at www.fxantitrustsettlement.com.


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