Report from the EGM - Thursday 14th May 2009

The Agenda was set thus:

1. Opening of the Extraordinary General Meeting of Shareholders and Announcements

2. The Managing Board's and Supervisory Board's assessment of recent corporate developments and strategic options

3. A.O.B.

Minutes:

Due to his sterling work and dedication, it was agreed that the Social Secretary shall in future carry the title of Social Chairman. It was noted by the meeting that the Social Chairman had been using this title for some time prior to the meeting.

The appointment of, and subsequent removal of the post of Vice Chair to Jerome was discussed at length. It was felt by the meeting that whilst he possesses the necessary qualities and experience for the position, that neither the Shareholders nor Officers had benefited yet from his expertise. Therefore confirmation of his re-appointment can only be made following clear evidence of his commitment to the position.

The meeting was then privy to a number of highly confidential and sensitive presentations from officers and shareholders alike. Commercial and legal sensitivities do not permit publication here. However full briefings are available from the Chairman and Social Chairman on request.

Attendance at the EGM was down on levels seen at the AGM. Closer inspection of our Articles this morning shows that the meeting was in fact inquorate. Therefore it will be necessary to hold an additional EGM later in the year to ratify the decisions of this meeting.

The Disciplinary Committee was authorised to investigate further the absence of several individuals and to report back in due course.

The formal business of the evening completed, the meeting retired to the excellent surroundings of the Lanesborough courtesy of one our founding shareholders.