CIRCULAR TO SHAREHOLDERS (“CIRCULAR”) in relation to THE PROPOSED CONTINUATION AND FUNDING OF PREMIUM CBOX (Thereafter, “THE PROPOSAL” ) ------------------------------------------------- DEFINITIONS For the purpose of this Circular, the following definitions apply throughout unless the context otherwise requires or unless otherwise stated. “BullyTheBear” : The award winning website that talks about personal finance and finance related information “cbox” : The tiny little community space right at the bottom of and below the blog posts of BullyTheBear, where shareholders can type in messages and discuss the mundane and important issues of the day “Chairman” : Chairman of BullyTheBear website, known popularly as La Papillion, or LP “Exchange rate” : Exchange rate of 1 USD to 1.46 SGD, taken conservatively. “Premium” : The paid, upgraded version of the free cbox, which is the current version. ---------------------------------------------- To: The shareholders of BullyTheBear Dear Sir/Madam THE PROPOSED CONTINUATION AND FUNDING OF PREMIUM ......