Annual Trust Report

Telpay® Year End April 30, 2012

We are pleased to be able to provide this report of our Telpay® Incorporated Trust Account as at April 30, 2012. Although we have always made this information available to anyone requesting it, our current policy is to fulfill our obligation to our customers by providing this detailed explanation of how we handle the funds entrusted to us in the process of fulfilling their instructions.

We also take this opportunity to thank all who make our company a success – the individuals, businesses and financial institutions that use our services, the billers to whom we send payments, and especially our employees who make everything we do possible.

Sincerely,

Telpay® INCORPORATED