Ann: Change in substantial holding , page-5

Hi smalio,

My strategy will be to watch carefully the change in substantial shareholder notices that will be announced regularly.

I will be watching like a hawk to see if EMC, Harlequin and Genesis accept the offer as a signal for me to also accept the offer. However, until these three largest non-Dingyi shareholders accept, then there is a possibility of a better deal being offered to us so I will hold off for now as there is no benefit whatsoever for me to accept now.

The directors may not be able to shop around but if I was a very large shareholder then of course I would be actively trying to find a better deal for myself and by extension all shareholders.

So I will follow the largest shareholders that aren't in bed with Dingyi.

There is no rush and alot can happen between now and the 21st November closing date so I will keep my options open and not relinquish voting rights over my shares until it makes sense to do so.