Circular Letter Announcing Conversion Of a Partnership Into a Joint Stock

Ling Piao & Bros

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4 Jan 90

Esteemed Dealers/Distributors

Gentlemen:

The need to expand our business and to involve the public in contributing to such an expansion has made it necessary to convert our partnership firm into a joint stock company. Additional capital to expand and streamline our ventures can only come from the public. Moreover, this is the kind of enterprise the government favours rather than dependence on public institutions for raising capital. We have, therefore, registered the new company with limited liability, with the name

LEEPIOS LIMITED

The constitution of the company has already been drawn up, but we would like to stress that our business policies and the nature of our business remain unchanged. Also unchanged is our spirit of dedicated service to all our dealers and customers everywhere.

Sincerely

(Signed)
Dee Phong
Secretary.