CONNAUGHT ACTION GROUP

We have heard from a former insider that BDO LLP was engaged by George Patellis of Tiuta Plc, the then CEO. We are given to understand that he resigned when BDO reported to Tiuta Plc and that he also made a full report to the FSA when he resigned. BDO worked with the Group and an incoming interim financial director that it recommended over the next few months to gain a better understanding of the Group's balance sheet. Thereafter, BDO was further engaged to assess the Group's business model going forward. The findings were presented to the FSA in the summer of 2011. Thereafter, it was alleged by BDO that stakeholders including CAM and the FSA felt that ongoing monitoring of the Group's finances and performance would be appropriate, and BDO was engaged to report on these matters on a monthly basis. We have been informed by BDO that performance fell short of plan, as a result of which it was engaged by CAM to undertake a further analysis of the situation in the spring of 2012; it..