<p>&nbsp;</p>

<p><strong>From:</strong> James McCulloch &lt;james@harcourtinns.co.uk&gt;<br />
<strong>Sent:</strong> 20 May 2019 15:05<br />
<strong>To:</strong> James McCulloch &lt;james@harcourtinns.co.uk&gt;<br />
<strong>Subject:</strong> Harcourt Pub Limited</p>

<p>&nbsp;</p>

<p>Dear Shareholder,<br />
<br />
In April 2019 the management team of Harcourt Inns completed the management buy out of Harcourt Inns and all the management A shares in the pub portfolio.<br />
<br />
This will now mean that the management team is&nbsp;well positioned to maximise shareholder value as both management and shareholders are fully aligned.&nbsp;<br />
<br />
As managing director of the group one of my key areas of focus is building the infrastructure to ensure the group as whole and each individual pub maximise value through combining quality, value and operational excellence.<br />
<br />
The group wide financial year now runs from 1st April to 31st March and so financial reporting will link in with these dates and&nbsp;include bi-annual management information&nbsp;with an&nbsp;accompanying&nbsp;report. All shareholders will be included in our quarterly newsletter.</p>

<p>Harcourt Pub Ltd is now outside the minimum three year trading period for EIS purposes and so we are in the process of drawing up a scheme to apply for planning permission to develop hotels rooms above the rear garden room and on the second and third floors of the pub itself. We will provide shareholders with an update on this in due course.</p>

<p>Furthermore and given the success of the &lsquo;Harcourt Inns&rsquo; brand, the management team has decided to bring the pub into the group with Henry Harris overseeing the kitchen and food offer. &nbsp;<br />
<br />
I look forward to your continuing support to help make the business a success.</p>

<p>Regards,</p>

<p>James McCulloch</p>

<p>Managing Director</p>

<p>Harcourt Inns</p>

<p>Tel: 07904910301</p>

<p><a href="mailto:james@harcourtinns.co.uk">Email: james@harcourtinns.co.uk</a></p>

<p>Post: 32 Harcourt Street, London W1H 4HX</p>

<p>&nbsp;</p>

<p><img src="data:image/png;base64,[encoded data, 33032 characters]" style="height:152px; width:566px" /></p>