Penguin International

[dydx]

Hi ghchua,

Please bear in mind we are investors of our own money in the real world, which is changing and progressing, and the past and statistics are really for those who choose to believe in them, possibly because they can't understand what's happening and do not want to take a critical view on the underlying business into the future, which the Offeror consortium is clearly focussing on, for their own and selfish benefits. That's why they are taking all the trouble and incurring time, money and other resources to launch a general offer to buy up all the Penguin shares from the minority shareholders. Clearly they are not doing us a favour; they are do so for themselves!

As investors, we have to take our own decisions based on our interests and circumstances. The IFA's opinion is nothing more than a reference, or worst still, a lousy one like an academic exercise document. The IFA and IDs don't guarantee our investment success, we just have to do our best to look after our own interests. You can understand this well, I am sure.