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No. of Recommendations: 3

I think anyone who wants a copy of the letter you put together should email you directly by checking "Email this reply to the author" below. That way, you'll have our contact emails and can decide if you want to send us a copy of the letter. I think we're all sophisticated enough to modify and adapt the letter so it isn't an exact copy of yours.

I also think a prevailing "no" vote is a longshot--but I thought that last time, as well. I do think the type of calm, professional letter in the tones you always communicate with is effective. Moreover, I think a number of such letters addressed to 1. whoever is selected to do the "fairness" opinion this time; 2. Morgan Stanley US; 3. Morgan Stanley Asia and 4. the YONG Board might just have some leverage.

These letters create evidence that these parties were on notice before the company went private (if it does) that their numbers were phony and they were self-dealing at the expense of their shareholders.

FWIW, I think the key point of the letter is to contrast $7 with what would be a reasonable share price based on the company's metrics. And then to provide the analysis. And assuming HL--or whoever--puts out another puff job, a second letter might follow.

If you agree, pls so indicate for others on the board. If not--totally understood.

I join in thanking you for your work and always-insightful analysis of the mysterious YONG.

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