Mr Sample
Mrs Sample
Hamish Salmon

Mr Sample

1. Trustees have resolved to make the following Investment decisions.

• Purchase 8,000 units of Elephant Communications Limited at $12.24.

2. Trustees consider that these purchases ideally suit the Investment Strategy for the following reasons: The investments are considered to present excellent prospects for growth/income in the medium term.

3. Consideration has been given to research supplied to the Trustees by Salomon Smith Barney. Copies of this research is housed in the Research File in the offices of Capital Creation.

The Chairperson then read the foregoing as the Minutes of this Meeting

Resolved that the Minutes as read be accepted and hereby are confirmed as the minutes of this Meeting.

Carried

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Chairperson

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