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MONTHLY BULLETIN - February 2010 - For Members Only

Message from the Chairman - Dato' Tan Gin Soon

I would like to take this golden opportunity to wish each and every member of the Penang Teachers' Co-operative Society a Most Bountiful ad Productive 2010. May all the members be blessed with good tidings, good luck, good health, longevity, prosperity and good cheer throughout the year.

A very big "Thank You" to all members of the Co-operative for your unwavering support and co-operation towards the Board of Directors and the Co-operative for the duration of this financial year. Without your unfailing support and concern, the co-operative would not have come this far.

We are a big and happy family in this Co-operative with the Board of Directors ever willing to see to all the members' needs and requirements and I sincerely hope that we will be able to continue to serve you well even in these times of financial turmoil.

The External Auditors have commenced the audit on the Co-operative account for the financial year ending 30-09-2009 since 17 November 2009 and is in the process of compiling the profit for the financial year. According to the External Auditors, the estimated profit for the year will be slightly higher than that of the last financial year which amounted to RM1,324 million.

We foresee more profit for the coming financial year ending 30-09-2010 due to the increased loan volume from RM9,309million as at 30-09-2008 to RM13million as at 30-09-2009. This is indeed good news for all our members for the next financial year.

As far as retired members are concerned we have your interests at heart as well as you have not been forgotten. We are constantly looking into ways and means to cater to your needs and interests as well as those members who are still in service. Since the month of 12 October in 2009, our Co-operative had introduced a RM10,000 loan for our retired members. However, it has come to our knowledge that retired members taking this loan would have to incur extra payment for standing order charges imposed by the banks for their deduction services. Our Co-operative has decided to absorb all these charges on your behalf and refund the money to you as full rebates. Members concerned can withdraw the money from their personal accounts any time during office hours. We sincerely hope that this will help to reduce the financial burden of our retired members.

The Suruhanjaya Koperasi Malaysia (SKM) carried out an intensive "Due Diligence Examination" on our Co-operative From 15 June 2009 to 2 July 2009. The findings of the examination confirmed that our Co-operative has a good foundation as it is stable, well managed and has a sound financial structure which earned our Co-operative a 4-STAR ranking out of a maximum of 5-STARS. In addition, our Co-operative also ranked 29 out of the 100 BEST Co-operative is in good hands under the present Board of Directors who works harmoniously as a team and consciously in ensuring that each and every member's interests are taken into account and not forgetting the role played by the staff as well as the co-operation and strong support from all members throughout the years.

Let us join hands in ensuring that our co-operative continues to grow from strength to strength so that the needs and interests of all members will be taken care of positively and productively. The style of life is a unity because it has grown out of the difficulties of early life and out of the striving for a goal - Alfred Adler.

Thank You.