Meyado Group Holdings

50 Shirley Street
Nassau
New Providence
Bahamas

Thursday, 13 November 2008

To: Nominee Shareholders in Meretec Limited

Dear Sir/Madam,

RE: Meretec Limited

Recent market turmoil and global events have had an obvious adverse effect on
Meretec’s ability to refinance its institutional bonds. The global fall in share prices and
stress on the financial system combined with the dramatic slide of the Australian Dollar
against the U.S. Dollar has made it impossible for Meretec to refinance at this present
juncture.

We have been informed of the following:

The company completed the sale of the business and assets of Meretec Limited on the
12th August 2008 in return for 37.5 million shares in CMA Corporation. The shares in
CMA are held in Escrow and Lock-Up Agreements until August 2010.

The company had issued Institutional Bonds which were due for repayment on 31st
October 2008. It was not possible for the company to refinance the bonds before this
date due to the fall in the value of the assets.

Consequently the board of Meretec sought advice from Davenport Lyons as Legal
Advisors and Smith Williamson Limited as Insolvency Practitioners on 28th October
2008 and it was determined that the company should no longer trade and should seek to
appoint an Administrator with the intention to preserve and maximise the value of the
company for secured creditors, unsecured creditors and shareholders alike. The board
therefore filed intent to appoint an Administrator on 28th October 2008.
On 6th November the board of Meretec was informed of the appointment of Simon Plant
and Daniel Plant of SFP in London as Joint Administrators by a majority of the
Bondholders.

SFP’s details are as follows:

SFP
9 Ensign House
Admirals Way
Marsh Wall
LondonE14 9XQ
United Kingdom

From the date of this order the board of Meretec no longer hold management powers
unless delegated to by the Administrators. The board of Meretec is currently liaising
directly with the Administrators and is awaiting direction as to the further course of any
action that they may wish to adopt.

We believe that the administrators should choose to adopt a “Return to Value” strategy
lasting for the duration of the Escrow and Lock-Up Period as the most sensible way to
provide the best value to all the creditors and the shareholders as a whole. In any case,
all shareholders will be informed by the Administrators when they decide the most
appropriate course of action.

We are giving the Administrators all the details of the nominee shareholders of Meretec
Limited, including all contact details, so that information can be made available direct.
All nominee shareholding positions will be converted into individual shareholdings, and
all current nominee shareholders will hold ordinary shares in their own name with full
shareholders´ rights and votes. Once the Administrators have settled on the best
course of action over the coming months they will inform shareholders directly.
Please be aware that Meyado Group Holdings is a significant shareholder in Meretec
Limited as well as a major unsecured creditor and Bondholder in its own right. It cannot
represent the interests of other parties in Meretec Limited unless contracted to do so.

Now that Meretec Limited is in administration all communications must be directed to

the Administrators who are legally empowered to control all aspects of the company
including communication.

Meyado Group Holdings, as the largest financial investor in Meretec Limited, would like
to express the hope that over the coming two years the value in CMA shares as well as
the Australian Dollar will rise to a point where all the shareholders can expect a return on
their investment in Meretec to date. It will express this sentiment to the Administrators
and vigorously encourage a sensible Return to Value strategy lasting until August 2010.

Yours Faithfully

MARTIN E YOUNG
Chairman
Meyado Group Holdings Limited