Dear Shareholders,

HALLMARK MEETS ARCHIES, THE WORLD'S LEADER JOINS HANDS WITH INDIA'S LEADER.

It's the time-honoured tradition of bringing people together that has always inspired us to walk new paths and cross new frontiers.

We share the same passion. We love being known for meaningful little moments. We understand what it takes to bond millions of people in love. That's why we see it as a sustainable partnership of great opportunities, and intend to take the time and resources to really commit to it for a long term.

While our diverse backgrounds will bring forward many points of view, the variety should lead to new challenges in everything we do.

Hallmark is looking at India as a great opportunity to grow and with Archies as a partner, will bring the very best and innovative products to India. This will give more ideas and choices to the consumers every day.

To maximize the expected target audience of mature consumers, there will be a separate distribution and retail channel for Hallmark. By next year we have plans to open over 25 Hallmark stores in the major cities of the country.

As the world celebrates the momentous occasion of Hallmark's 100th birthday, we will strive to bring the timeless values of Hallmark to the Indian consumer. Along with that we will continue to add strength to the Archies brand with the opening of 40 odd new stores in the the current financial year and add new and innovative products to our portfolio. In a world that is constantly changing, our aim is to be relevant to our consumers and their lives and help them cherish the memories they create.