4May2012

Name
Title
Company
Address
CITY/TOWN
DearShareholder
Cver Lhe lasL couple of days, Lhere has been conslderable medla commenL abouL Lhe reslgnauon of
our audlLor, and our work wlLh Lhe llnanclal MarkeLs AuLhorlLy Lo resolve quesuons Lhey have asked.
Cn May 1, we announced kMC's reslgnauon as Lhe CC Croup's AudlLor due Lo unresolved
dlerences as Lo wheLher cerLaln Lransacuons should be dlsclosed as relaLed parLy Lransacuons, and
concerns over Lhe adequacy of governance and managemenL of nanclal reporung. A copy of our
announcementis!"!#$%&'((
We sLrongly re[ecL Lhese clalms. We are acuvely engaged ln ndlng a new rm Lo underLake Lhe CC
group audlL.
We have also acknowledged we are worklng wlLh Lhe lMA Lo resolve any quesuons Lhey have, and
we wlll commenL furLher when approprlaLe. CC has noLhlng Lo hlde and we are noL concerned by
Lhelr presence.
Ourgoalsrevolvearoundgrowingvalueforourinvestors,whethertheyareshareholdersinPGCor
lnvesLors ln our wealLh managemenL funds, and we wlll conunue ln our pursulL of Lhose goals.
Yourssincerely

BryanMogridge
Chairman,PGC
yne Could Corporauon LlmlLed - C 8ox 167, ChrlsLchurch, new Zealand - h: 03 363 0000 - lax: 03 379 8616 - www.pgc.co.nz