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Press release by trustees of Living Hands Umbrella Trust September 2013

07 October 2013 Living Hands Umbrella Trust
Living Hands Umbrella Trust

Living Hands Umbrella Trust

This statement serves to give a detailed account of the activities of the Living Hands Umbrella Trust (LHUT), since the trustees obtained a court order on 25 January 2013, authorising the distribution of funds to beneficiaries. The trustees enlisted the services of Odyssy Consultancy CC (Odyssy), and later Squirrel Benefit Administrators (Squirrel) to assist with the tracing, verification and payment of beneficiaries. As at 30 September 2013; the database had 57 949 beneficiaries that were eligible to receive funds from the trust. Of these, 17 375 were traced and verified, and a total of R 20,635,905.61 was distributed to them. The detailed breakdown of these figures is as follows:

The initial database records:

Initial number of beneficiaries………………………………………. 67 119

Less "Terminated” beneficiaries……………………………………..9 147

(Those who had received their capital prior to January 2013)

Remaining beneficiaries………………………………………………….57 972

Less "Cancelled” beneficiaries………………………………………..13

(Due to duplications)

Less "undefined” beneficiaries ……………………………………...10

(Due to non-entitlement)

Total "in force” beneficiaries………………………………….……….57 949

Details of beneficiary payments:

Beneficiaries paid via TEBA Ltd offices 9 822

Totalling an amount of R 9,366,471.65

Beneficiaries paid via internet transfers 7 553

Totalling an amount of R 11,269,433.96

Beneficiaries are paid a pro rata percentage of their capital, which comprises of 5.8 months stipends. The balance of funds available for distribution to the beneficiaries that are yet to be traced is an approximate amount of R 60 million.

Further distributions:

Litigation against Old Mutual and 18 other defendants is still pending and the trustees will hopefully be able to report on the outcome towards the latter part of 2014 or the beginning of 2015. The LHUT runs no risk in the litigation, as the costs are carried by an international funding company.

What should a beneficiary do?

Beneficiaries who have not been verified and/or have not received payment should contact Squirrel on the following contact details:

Tel 1: 074 649 2881 / Tel 2: 084 259 6592

Tel 3: 079 648 5265 / Tel 4: 079 648 5249

Fax: 086 621 6758

E-mail: claims@squirrelba.co.za

The following information must be provided in order for beneficiaries to be verified and paid:

• The trust number, and industry number (if applicable);

• Copy of the deceased’s death certificate;

• Copies of identity documents of beneficiaries (or guardians, in the case of minors);

• The pension fund name and number that contributions were made into;

• The beneficiaries’ personal contact details; and

• The beneficiaries’ personal bank account details by way of recent copies of active and valid bank statements.

Beneficiaries may also contact the FSB call centre, which centre will only be in a position to check the status of beneficiaries pertaining to distributions and/or verification of documents. The centre will NOT be administering payments to beneficiaries.

Beneficiaries who have been verified and paid should inform Squirrel of any change to their banking and contact details so that the database remains updated, for possible future distributions.

No cash payments will be made from the offices of the trustees or service providers. The
administration will be handled by Squirrel for the upkeep and maintenance of the database, and any further payments to verified beneficiaries.

The funds due to unverified beneficiaries and beneficiaries still to be traced will remain invested and will be administered by an unclaimed benefit fund (please explain this one).

Yours Faithfully,

THE TRUSTEES

LIVING HANDS UMBRELLA TRUST

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