03 July, 2014

Dear Shareholder

The Audited Financial Statements of the Company for the year ended 31 December 2013 are now available on the Company's website. (Click here to view)

Following my assumption of full executive control of the Company in July 2013 it is clear that the last 7 years have been extremely complex with efforts being made to recover cash and assets that should have been under the Company's control. We are currently reviewing and investigating a number of investments that were previously written off to establish whether that process was carried out after adequate enquiry.

During late 2013 and this year we have been successful, in spite of major obstacles, in realising our listed investments. This has been a necessary step ahead of being able to implement the Section 110 proposal. Our major shareholders in the Far East continue to be supportive and I hope that we will be able to progress the Section 110 proposal so that shareholders can finally receive a distribution.

More information will follow particularly at the Annual General Meeting later this year.

David Buchler
London Asia Capital plc