On October 8, 2021, Symphony International Holdings Limited announced that its writing to the shareholders following its last letter to shareholders dated August 13, 2021. Since then, the Company understand that Asset Value Investors Limited (AVI) has publicized another letter that makes more inaccurate and misleading comments regarding the Company. As Thadani stated August 13, 2021, letter, thus far, the Investment Manager has been focused on developing the Company's portfolio of investments. The Investment Management team has also been actively exploring other ways to address the share price discount to NAV. Nevertheless, in the past months, members of the Investment Management team have engaged directly with many of you on AVI's activist campaign. This misguided campaign has distracted the Investment Manager's time and proved to be a drain on resources. To prevent continued harmful distortion of the Company's narrative in the public domain and further destruction of shareholder value, the Company would like, once and for all, to set the record straight on each of AVI's deliberately misleading and inaccurate assertions. In addition, the Company stated that AVI's latest letter centers on two main assertions - a misguided criticism of the board's independence, and the false accusation that the Investment Manager's fees and share options have put shareholders at a disadvantage.