Crocus Investment Fund

On June 28, 2005, Deloitte & Touche Inc. was appointed Receiver and Manager of Crocus Investment Fund (“Crocus”) by the Manitoba Court of Queen’s Bench pursuant to an application made by the Manitoba Securities Commission. The intent of the Receiver and Manager is to realize the assets of Crocus for the benefit of the various stakeholders including the Class A shareholders.

PLEASE TAKE NOTICE that the Receiver is preparing to make an application to the Court of Queen’s Bench in the Province of Manitoba for an order to pass its accounts. Information regarding the accounts is detailed in Receiver’s Report #14 attached below.

PLEASE TAKE FURTHER NOTICE that, before making the application to pass accounts, the Receiver has been authorized by the Court of Queen’s Bench in the Province of Manitoba to ascertain if there are any shareholders wishing to raise an objection to the passing of the Receiver’s accounts. Any shareholder intending to raise an objection to the Receiver’s application to pass its accounts must submit the objection in writing to the Receiver no later than 5:00 p.m. (CDT) on Monday, June 18, 2012. Objections should be filed with the Receiver by registered mail, fax or hand delivery, so that the objection is actually received by 5:00 p.m. (CDT) on or before Monday, June 18, 2012 at the following address:

Deloitte & Touche Inc.,
as Receiver and Manager of Crocus Investment Fund
2300 – 360 Main Street
Winnipeg, MB R3C 3Z3

Phone: (204) 942-0051
Facsimile: (204) 947-2689
Attention: Mr. Steven Peleck

The passing of accounts does not affect your right as a shareholder to future distributions to Class A or I shareholders.

The motion for the passing of accounts will be heard on Tuesday September 4, 2012 at the Law Courts Building, 408 York Avenue, Winnipeg, Manitoba.

SECOND INTERIM DISTRIBUTION

Pursuant to an Order of the Manitoba Court of Queen’s Bench dated December 12, 2011 a second interim distribution was approved to all Class “A” Shareholders of Crocus in the amount of $0.63 per share.

Depending on the type of account, shareholders received different types of correspondence relating to the distribution. All applicable forms were sent by ordinary mail and were customized to include specific shareholder account and interim distribution information. The mailings took place between January 3rd and 10th, 2012.

The following summarizes the various account categories that shareholders held and the documents which were sent:

Nominee Accounts

Distribution funds were sent to the intermediaries of record for your broker/dealer and shareholders received an account statement and letter indicating same.

Client Name Non-Registered Accounts and Client Name De-Registered Accounts

Shareholders received a cheque and an account statement representing their portion of the distribution.

Client Name Registered Account (RIF/RSP)

Shareholders were sent an account statement and a letter outlining two options of which only one was to be selected: Direct Transfer Authorization Form (Option A) or Direction to Deregister Form (Option B).

Client Name Locked-In Accounts (LIF/LIRA/LRIF)

Shareholders were sent a Direct Transfer Authorization Form.

Should your advisor or the advisor from the receiving institution have questions regarding the completion of the forms, please contact Crocus Shareholder Services. Contact information was detailed on the forms.

The Receiver is unable to determine when any future distributions may take place. The Receiver will continue to realize on the balance of the Crocus portfolio.

Media inquiries should be directed to Jeanne d’Arc Umurungi, Manager Media Relations, Deloitte at (416) 874-3518.

Notice to Creditors
Notice to Creditors
Schedule B - Instruction Letter for the Claims Process
Schedule C - Proof of Claim

Proposed Interim Distribution
Notice
Letter to Shareholders - July 27, 2009

Media Statements
Media Statement - March 14, 2006
Media Statement - April 22, 2009

Court documents:
Initial order - June 28, 2005
Order - July 13, 2005
Order - August 10, 2005
Order - September 19, 2005
Order - October 4, 2005
Order - October 19, 2005
Order - October 27, 2005
Order - December 23, 2005
Reasons for Decision - McCawley - April 7, 2006
Order - McCawley J - January 30, 2006
Notice of Appeal - June 30, 2006
COH Decision - August 31, 2006
Judgment - McCawley J - November 30, 2006
Appeal Decision - March 30, 2007
Reasons for Decision - McCawley - November 15, 2007
Judgment McCawley J January 22, 2009
Judgment McCawley J May 22, 2009
Claims Order - July 22, 2009
Distribution Order - September 4, 2009
Judgment, McCawley, J December 12, 2011
Passing of Accounts, McCawley, J September 4, 2012
Judgment, McCawley J October 19, 2012
Order – McCawley J. November 29, 2012

Receiver's Reports
Receiver's First Report - July 11, 2005
Receiver's Second Report - August 2, 2005
Receiver's Third Report - August 5, 2005
Receiver's Fourth Report - August 5, 2005
Receiver's Fifth Report - September 12, 2005
Receiver's Sixth Report - December 18, 2005
Receiver's Seventh Report - September 10, 2005
Receiver's Supplementary Report - October 14, 2005
Receiver's Eighth Report - October 17, 2005
Receiver's Ninth Report - July 14, 2006
Receiver's Report 9.1 - October 10, 2007
Receiver's Report 10 - November 10, 2008
Receiver's Report 11 - May 6, 2009
Receiver's Report 11A - July 2, 2009
Receiver's Report 12 - September 4, 2009
Receiver's Report 13 - May 31, 2011
Supplement to Receiver’s Report No. 13 - October 14,
Receiver’s Report 14 - May 25, 2012
Receiver's Report 15 - July 6, 2012

Letters
Letter to Shareholders - March 13, 2006
Letter to Shareholders - December 13, 2006
Letter to Shareholders - December 15, 2007
Letter to Shareholders - April 29, 2009
Crocus Investment Fund Class Actions - Notice of Certification and Settlement Approval

Class Action Settlements
Order - Justice Hanssen - May 20, 2008
Order - Justice Hanssen - July 2, 2008
Order - Justice Hanssen - April 22, 2009 (Directors and Officers)
Order - Justice Hanssen - April 22, 2009 (PricewaterhouseCoopers)
Order - Justice Hanssen - April 22, 2009 (Wellington West Capital)

For further information about the Class Actions you may contact the Class Action Plaintiff's solicitor, Doug Lennox, at dlennox@kleinlyons.com.

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