<p><strong>From: </strong>James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;</p>

<p><strong>Subject: RE: Shareholder update urgent</strong></p>

<p><strong>Date: </strong>21 October 2019 at 11:12:52 BST</p>

<p><strong>To: </strong>Andy Thompson &lt;<a href="mailto:wiganpunter@gmail.com">wiganpunter@gmail.com</a>&gt;</p>

<p><strong>Cc: </strong>&quot;<a href="mailto:parkhouse87@btinternet.com">parkhouse87@btinternet.com</a>&quot; &lt;<a href="mailto:parkhouse87@btinternet.com">parkhouse87@btinternet.com</a>&gt;</p>

<p>&nbsp;</p>

<p>Andy,<br />
<br />
I am disappointed to hear of your growing concerns about lack of information regarding the Harcourt. It has always been our intention to provide full transparency and communications and following my email in May outlining the company&#39;s new reporting structure we will be providing management accounts and a trading report in November for the period up to 30 September 2019 and then every six months thereafter.<br />
<br />
I have spent the last six months building the infrastructure and recruiting the personnel to help lay the foundations for a successful hospitality business and so I have generally been absorbed in operational matters. Clearly this wont change for the foreseeable future but I am now starting to engage and communicate with shareholders to ensure transparency on both performance and strategy.<br />
<br />
I am working on strategic options for the business and will be laying out a time table as per my email to shareholders last week. These strategic options will form part of an overall corporate strategy for the whole group and will require many hours to build a proposal including financial modelling and input from third party advisers. I would be more than happy to meet you and share my strategy, however, it may be more productive if it is a little more advanced and so perhaps mid to late November would be more appropriate.<br />
<br />
Furthermore, I am in discussions with a highly experienced individual, having built a highly successful multi-billion pound business, to join Harcourt Inns as Chairman to help both operationally and strategically.<br />
<br />
I can assure you that as founder of Harcourt Inns and the pub group, I am working very hard, alongside my leadership team, to optimise shareholder value.<br />
<br />
Regards,<br />
<br />
James McCulloch<br />
Managing Director<br />
Harcourt Inns<br />
<a href="mailto:james@harcourtinns.co.uk">Email: james@harcourtinns.co.uk</a><br />
Post: 139 Ladbroke Grove, Notting Hill, London W10 6HJ<br />
&nbsp;</p>