On May 6, 2021, Symphony International Holdings Limited sent a letter to shareholders and stated that it may have come to shareholders attention that a minority activist shareholder, Asset Value Investors Limited (AVI), has launched a publicity campaign targeted at replacing the Board of the Company. To support this campaign, AVI has published a letter which sets out multiple allegations against the Company and the Board. The Board considers that many of AVI’s allegations are inaccurate and misleading. The Board has been engaging with AVI over many of the same allegations since 2019. AVI launched its campaign after the Board refused to accede to its various improper demands. The Board only became aware of the launch of AVI’s campaign on 29 April 2021. The Board is still carefully considering the information that AVI has publicized, while it formulates appropriate responsive action.