PINE FOREST

CAPITAL

WELCOME to Pine Forest Capital Pte. Ltd.

Pine Forest Capital Pte. Ltd. ("Pine Forest Capital"), established in 2012, has returned its Registered Fund Management Company licence to the Monetary Authority of Singapore in October 2016.

As of October 2016, we are NO LONGER registered under paragraph 5(1)(i) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations, which is subject to business conduct regulations, and falls within the regulatory purview and supervisory oversight of MAS.