Mario Koppers

From: Carole Gardiner [carole@bouncegroup.co.za]

Sent: 19 May 2009 12:08 PM
To: mario.koppers@gmail.com
Subject: An update on Edwafin directors

Hi Mario

I need to inform you that I am no longer a director of either Edwafin or Edwabond, although fully aware of my current
fiduciary duty.

Essentially I was the Sales Manager of the Cape Town branch from September 2006 to March 2009 and was only
appointed to the board in the early part of 2008.

From a logistical perspective, I had little or no say in the overall management of the Group, literally being unable to
even purchase a roll of toilet paper without an approved requisition
from Head Office in KZN.

My major task was to run the Cape Town office and to meet sales targets prescribed to me by Head Office. I stand
under correction, but am fairly certain that no investments were taken by the Cape Town branch after October 2008
when all the staff members were retrenched and the office in Bellville closed. I, however, remained in their employ,
and can state with certainty that once I became aware of the financial constraints in December 2008, I was not party
th
to any further investments being taken, even in my 10 week tenure in the Hillcrest office from 5 January to mid-
March 2009. I subsequently returned from
Durban to Cape Town after having been retrenched (without a package due to a lack of funds)) following my
resignation from both boards. To date I am still owed monies from outstanding salary payments.

I must state in my capacity as an investor in Edwafin, and in support of my wider family, who are also exposed to
close to R5million ( no investments taken in by myself), that I do not believe it to be in the investors interest for the
application for liquidation to be awarded at this stage.

I believe that the matter is being capably handled by the judiciary and that we should rather await this decision,
desisting in the interim from further hype and speculation. There is no evidence, to my knowledge, of any current or
past directors having been involved in reckless trading or mismanagement of funds and certainly I always
experienced a strong element of good corporate governance within the Group, administered from their Head Office in
KZN. I do not believe that the current or past directors have detached themselves from either their fiduciary duty or
the responsibility they face regarding investors funds.

My understanding is that there are a number of imminent funding opportunities available to the Group and feel
strongly that under judicial management, there is every opportunity for the investors to have their interest payments
restored in the short term and their capital safely intact again.

If you have any further questions for me, please do not hesitate to contact me.

Kind regards

Carole Gardiner
Tel/Fax: 021 671 6146
Cell: 072 800 7105
E-Mail: cmgardiner@vodamail.co.za