03 July, 2013

Dear Shareholder

Pursuant to an agreement made between the Company, Professor Francesco Gardin and others on 3 July 2013 to reconcile the differences between them referred to in my letters to shareholders of 11th and 20th June 2013, Professor Gardin has agreed to resign as a director of the Company at or before the forthcoming General Meeting.  The Company and Professor Gardin wish each other well for the future.

At a Board Meeting held earlier today the Directors resolved to convene an Annual General Meeting to be held later this month. Full details will be posted on the website and to shareholders shortly. I am very pleased that we can now move forward with a united Board and look forward to seeing shareholders at the forthcoming Annual General Meeting.

David Buchler
London Asia Capital plc