08 December, 2015

Dear Shareholder

Further to our shareholder survey letter in August 2015, I can confirm that many hundreds of shareholders have been in contact with us and, having passed details of all those shareholders to the Trustee of the EBT, transactions involving approximately 15% of the shares of the Company have now been completed.

The EBT was established in accordance with UK company law and the independent Trustee of the EBT was funded by the Company to enable the share purchases to take place. As a result of the EBT buying the shares at 2p per share all continuing shareholders have retained their proportionate holdings.

Many shareholders have been keen for this process to happen so that they could achieve an exit which has been denied to them for many years. Now that this has happened I will be looking to regularise the Company’s position relating to its investment in China and I shall update shareholders in relation to this during the early part of next year.

Yours sincerely

David Buchler
London Asia Capital plc