CIRCULAR TO SHAREHOLDERS IN RELATION TO: PART A  (I) PROPOSED SETTLEMENT; AND (II) PROPOSED RIGHTS ISSUE (COLLECTIVELY REFERRED TO AS THE "PROPOSALS"); PART B - INDEPENDENT ADVICE LETTER TO THE NON-INTERESTED SHAREHOLDERS OF SRB IN RELATION TO THE PROPOSED SETTLEMENT

CIRCULAR TO SHAREHOLDERS IN RELATION TO: PART A  (I) PROPOSED SETTLEMENT; AND (II) PROPOSED RIGHTS ISSUE (COLLECTIVELY REFERRED TO AS THE "PROPOSALS"); PART B - INDEPENDENT ADVICE LETTER TO THE NON-INTERESTED SHAREHOLDERS OF SRB IN RELATION TO THE PROPOSED SETTLEMENT [SAPRES]