Update on Disposal of Interest in Global Pharm

Adamas Finance Asia Limited

(the "Company")

Update on Disposal of Interest in Global Pharm

Further to the announcement on 15 June 2015, the Company announces that it has received a further payment of US$0.75 million from Global Pharm Holdings Group, Inc. ("Global Pharm").

Under the redemption agreement announced on 18 December 2014, the Company was due to receive an initial payment of US$2.4 million on 31 December 2014, a further US$9 million on 31 March 2015 and a final payment of US$13.6 million on 30 April 2015, an aggregate of US$25 million. The initial payment was received, but the second and third payments were not made in accordance with the agreement.

The Company has now received three payments of US$0.75 million which have been offset against the US$9 million which was due on 31 March 2015. Overdue amounts from the two payments due on 31 March 2015 and 30 April 2015 are subject to penalty interest of 26% per annum, compounded on a daily basis.

The Company's Investment Manager, Adamas Global Alternative Investment Management Inc., remains in discussions with Global Pharm to resolve the matter and agree a revised redemption schedule.

The Company will make further announcements as appropriate.

ENDS

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