PACIFIC ALLIAN ORD USD0 01 : Letter from Liquidator

b60c4b73-8c6a-45c3-8f5b-515cf16544f4.pdf

GrantThornton

Our Ref JIBGS/PDB/151201 LTR SHAREHOLDERS PDB

TO THE SHAREHOLDERS

11December 2015 Dear Shareholder

Grant Thornton Specialist Services (Cayman) Limited

Physical address

48 Market Street, 2nd Floor, Suite 4290 Canella Court, Camana Bay

Grand Cayman, Cayman Islands MajUng Address

10 Market Street, No.765

Camana Bay, Grand Cayman KY1 9006 Cayman Islands

T [phone]

F+1345 949 7120

PACIFIC ALLIANCE ASIA OPPORTUNITY FUND LIMITED - IN VOLUNTARY LIQUIDATION (THE COMPANY)

I refer to the extraordinary general meeting of the shareholders of the Company held on 26 August 2015 at which those shareholders present and voting unanimously resolved to approve the proposals put forward by the Company's Board of Directors to cancel the admission of its Ordinary Shares to trading on the AIM Market of the London Stock Exchange pk (AIM) and to voluntarily liquidate the Company.

As a result of those resolutions, the Company de-listed from AIM on 4 September 2015 (the De­ Listing) with Mike Saville of Grant Thornton Specialist Services (Cayman) Limited and David Bennett of Grant Thornton Recovery and Reorganisation Limited in Hong Kong being appointed joint voluntary liquidators GVLs) of the Company on that same day immediately following the De-Listing.

As advised in the Notice of the Extraordinary Meeting of the Company's shareholders dated 3 August 2015 (the Notice) and prior to the JVL's appointment, the Company's Board of Directors took steps to redeem the Company's shares in Pacific Alliance Asia Opportunity Feeder Fund III Limited (Feeder III). The request for the redemption of the Company's shareholding in Feeder III was submitted in June 2015 for the 31 December 2015 redemption date. The Feeder III directors also resolved to allow the Company to reduce the number of Feeder III Shares to be redeemed should that become necessary to allow the JVLs to distribute a specified number of Feeder III shares in the liquidation.

The purpose of this letter is to request that any shareholder who prefers to receive a distribution predominantly in the form of Feeder III shares inform the JVL's of their preference by email to peter.bigwood@uk. gt.com by no later than 24 December 201 5. Shareholders should note the JVLs will be required to maintain a cash reserve from the redemption proceeds to provide for the Company's liabilities, the costs of the liquidation and any potential contingent liabilities. The JVL's therefore anticipate making two distributions to shareholders. The initial distribution will be in cash or Feeder III shares depending on preferences expressed and will comprise the proceeds of the Company's investment in Feeder III less the cash reserve. The second distribution will comprise any balance of the reserve and will be in cash regardless of the original preference expressed.

Chartered Accountants

A subsidia Grant Thornton UK LP.,

Once a preference to receive Feeder III shares has been expressed by a shareholder, that shareholder will be required to complete and submit a share transfer agreement, that will include disclosure confirming the shareholder's investor status, as well as providing Know Your Client (KYC) and Anti-Money Laundering (AML) documentation to Feeder Ill's administrator to determine whether the sheholder is eligible to become a Feeder III shareholder.

Should shareholders have any questions with regard to the above, please contact Peter Bigwood of this office on the above email address or [phone].

Yours sinc ely

for and on:behalf of Pacific Alliance Asia Opportunity Fund Limited

Mike Sa · e )

'-... Joint Voluntary L' ij·dator

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