Letter to Shareholders from the Manager

Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

Symphony International Holdings Limited ("Symphony")

30 September 2020

Letter to Shareholders from the Manager

Dear Shareholders,

We, Symphony Asia Holdings Pte Ltd. ("SAHPL"), the Manager of Symphony International Holdings Limited ("SIHL"), are writing to inform you of our intention to take a reduced Management Fee, effective with the fee payable on October 1, 2020.

As you will recall, the Management Agreement with SIHL provides for a fee of 2.25% of the Net Asset Value ("NAV") of SIHL's assets, but with a Maximum and a Minimum of US$15 million and US$8 million per annum, respectively.

Symphony's NAV has been significantly reduced by the following:

·    Dividends paid between 2014 - 2019 amounting to US$266.7 million;

·    A share buyback program amounting to total cost of US$37.3 million; and

·    A drop in the value of our investments as a result of the effects of COVID-19 on the economies and industries in which some portfolio companies operate.

Having considered our fee arrangements in the context of the above, we have decided to voluntarily reduce the Minimum fee by 25% from US$8 million per annum to US$6 million per annum, payable quarterly, as before. The fee payable will continue to be calculated as before but with this reduction in the minimum fee level.

Please visit www.symphonyasia.com/publications for additional information on Symphony.

Yours sincerely

Anil Thadani
Director

For further information:

Symphony Asia Holdings Pte. Ltd.    +65 6536 6177

Anil Thadani  

Rajgopal Rajkumar                                             

Dealing codes

The ISIN number of the Ordinary Shares is VGG548121059, the SEDOL code is B231M63 and the TIDM is SIHL.

The LEI number of the Company is 254900MQE84GV5DS6F03.

About Symphony

Symphony International Holdings Limited (LSE:SIHL) is a London listed strategic investment company that invests in consumer related businesses, primarily in the healthcare, hospitality, lifestyle (including branded real estate developments), logistics and education sectors predominantly in Asia. It offers a way for investors to gain exposure to rising disposable incomes and wealth in fast growing economies. Symphony's objective is to provide superior capital growth by investing in high quality companies and form long-term business partnerships with talented entrepreneurs and management teams. Symphony's investment team has a broad range of expertise - many of its professionals have been working in Asia for more than 35 years. For more information please visit our website at www.symphonyasia.com. 

This announcement is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States or any other jurisdiction into which the publication or distribution would be unlawful. These materials do not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities in the United States or any other jurisdiction in which such offer or solicitation would be unlawful. The securities referred to in this document have not been and will not be registered under the securities laws of such jurisdictions and may not be sold, resold, taken up, transferred, delivered or distributed, directly or indirectly, within such jurisdictions.

No representation or warranty is made by the Company as to the accuracy or completeness of the information contained in this announcement and no liability will be accepted for any loss arising from its use.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Company in any jurisdiction. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.

This announcement is not an offer of securities for sale into the United States. The Company's securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.

Statements contained in this announcement regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The information contained in this document is subject to change without notice and, except as required by applicable law, neither the Company nor the Investment Manager assumes any responsibility or obligation to update publicly or review any of the forward-looking statements contained herein. You should not place undue reliance on forward-looking statements, which speak only as of the date of this announcement.

The Company and the Investment Manager are not associated or affiliated with any other fund managers whose names include "Symphony", including, without limitation, Symphony Financial Partners Co., Ltd.

End of Announcement