This announcement is to notify any third parties that TAL disputes the Company's entitlement to terminate the PMA and seek a replacement manager. TAL further notifies formally that the Notice served by the Company is invalid and without effect. It discloses neither any grounds for termination nor does it identify any breaches which TAL is required to remedy. TAL will dispute the entitlement of the Company to seek to replace TAL. TAL further contends that the Notice does not operate so as to terminate the PMA and that any third party seeking to perform these functions will necessarily be interfering with the legitimate rights of TAL under the PMA.