Dear Shareholder

I promised to update you some time ago regarding the Section 110 proposals and the possible distribution to all shareholders.

I can confirm that I have had a constructive and positive meeting in Singapore recently with representatives of our largest shareholder and our investment partners, but it does appear that the Section 110 proposals are unlikely to be completed and that this methodology of trying to effect a distribution to all shareholders may not work. The current impasse is not in the interest of any shareholder and I am working hard to overcome it.

The Board is meeting next week to consider further proposals that would enable a distribution to take place. I am also very conscious that at this time even if the board wanted to effect a distribution to shareholders it could not do so as there are no distributable reserves. At the forthcoming AGM in June we will need to bring forward proposals to restructure the balance sheet to ensure that there are sufficient distributable reserves to enable such a distribution to be effected. The company's status as a public limited company makes this process much more difficult and expensive as any restructure is Court driven and the Board will consider appropriate ways of giving effect to a distribution in the speediest and most cost efficient manner possible.

I intend to meet with our largest shareholder in the Far East again during the next couple of weeks in order to obtain their cooperation and support to any new proposal. I shall report to you again thereafter.

Yours sincerely

David Buchler
Chairman
5 May 2015