Chairman's Update 10 April 2013

I am writing to you from Seoul, where preparations are underway for what I believe will be the most successful Ballantine's Championship to date.

I was pleased to announce earlier today the formation of Pico TV, a JV which will be managed, staffed and funded by Pico, for which initial signs are very positive.

As stated in my previous statement I look forward to sharing with you the full financial prospects of the company in the forthcoming report and accounts, which are due to be published next month.

David