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Originating Summons In Respect Of Voting Rights Of Placement Shares - Adjournment Of Hearing

All capitalised terms used herein, unless otherwise defined, shall have the meanings ascribed in the Company's announcement of 1 October 2012.

The Board refers to its announcement on 1 October 2012.

The Board wishes to announce that the hearing of the Application before the Singapore High Courts has been adjourned by parties' agreement to 9 October 2012 at 2.30 p.m.

The Board will keep shareholders posted of any further material developments.

By Order of the Board
GRAND BANKS YACHTS LIMITED

2 October 2012