June 29, 2001 Dear Questia Stockholder: As a follow-up to our Series C stock offering, I would like to inform you that the participation in our Series C offering has been slower than anticipated. We had originally intended to raise $15MM to $20MM dollars. To date we have raised approximately $11MM although we are expecting to hear from several Taiwanese investors about a substantial investment that will be incremental to the $11MM that has been raised to date. Additionally, we have recently retained Credit Suisse First Boston to assist us with a $25MM private placement with a strategic partner. We are optimistic that this round will close in mid to late September 2001. You may recall that the Series C documents provided for us to close the Series C round on May 31, 2001. Questia would like to extend that period to permit additional Series C investors to participate in the Series C round on the same terms and conditions as the Series C investors who participated prior to May 31, 2001.

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Extension of Series C Offering and Waiver of Right to Participate