1}
ace

ANSBACH ER

Ansbacher Trustees
FILE NOTE (Cayman) Limited

PO Box 500 GT
Client Kolber Trust 67 Street

Grand Cayman, Cayman Islands
British West Indies
Case 46300 Telephone +1 345 949 8655
Facsimile +1 345 949 7946
Lara.Harrison@ansbacher.com.ky

Date DATE "d MERGEFORMAT 

Note By Lara Harrison

Don Chazan left a voicemail 6-Oct-06 re $81,750 paid to him in Mar-06 re work done to 31-Dec-05. This
should n_ot be accrued in the 31 Dec 2005 financial statements and should be treated as either a loan
repayment (preferred) or a distribution in the period in which it was paid.

The reason for this is that the tax advisors for the Bronfmans and Kolber family advised that all SNG work
should be treated as personal expenses and not expenses of the trusts. This results in one less formal link
between the trusts and entities outside Cayman (in the case of the Kolber Trust).

However, Don?s investment manager fees should be treated as an expense of the trust as there is a
formal agreement governing this relationship.