Africa Update - November 24, 2008

On November 24, 2008, the Receiver's counsel attended the first creditors' meeting of PAM. At this meeting, the provisional liquidator nominated by the Receiver, together with two other liquidators were appointed as permanent liquidators. The liquidators will schedule subsequent creditor meetings and review all PAM creditor claims. The liquidators are continuing their investigation of PAM's assets and have also scheduled an inquiry into the financial activities of PAM. This inquiry, known as a Section 417 inquiry under South African law, enables the liquidators and the Receiver's counsel to depose individuals that have knowledge of PAM's financial position. The first stage of the 417 inquiry is scheduled for January 2009.