# EDGAR Filing Document

**Accession Number:** 0002024258
**File Stem:** 0001641172-25-018035
**Filing Date:** 2025-7
**Character Count:** 1219442
**Document Hash:** c9a5a726b4e227e669336ca0306a22f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-018035.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001641172-25-018035

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 62

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Phaos Technology (Cayman) Holdings Ltd
- **CENTRAL INDEX KEY:** 0002024258
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** U0
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-284137
- **FILM NUMBER:** 251108915

**BUSINESS ADDRESS:**
- **STREET 1:** 83 SCIENCE PARK DR, #02-01 & #04-01A/B
- **STREET 2:** THE CURIE, SINGAPORE SCIENCE PARK 1
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 118258
- **BUSINESS PHONE:** 65 6250 3877

**MAIL ADDRESS:**
- **STREET 1:** 83 SCIENCE PARK DR, #02-01 & #04-01A/B
- **STREET 2:** THE CURIE, SINGAPORE SCIENCE PARK 1
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 118258

**As filed with the U.S. Securities and Exchange Commission on July 7, 2025.**

**Registration No. 333-284137**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**Amendment No. 5** 

**to**

**FORM F-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**Phaos Technology Holdings (Cayman) Limited**

(Exact name of Registrant as specified in its charter)

**Not Applicable**

(Translation of Registrants name into English)

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **3823** | **Not Applicable** |
| (State or Other Jurisdiction of <br> Incorporation or Organization) | (Primary Standard Industrial <br> Classification Code Number) | (I.R.S. Employer <br> Identification No.) |

---

**83 Science Park Dr, #02-01 & #04-01A/B The Curie, Singapore Science Park 1**

**Singapore 118258**

**+65 6250 3877**

(Address, including zip code, and telephone number, including area code, of Registrant's principal executive office)

**Cogency Global Inc.<br> 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor<br> New York, New York 10168**

**800-221-0102**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

***Copies to:***

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| | |
|:---|:---|
| **William S. Rosenstadt, Esq.**<br> **Mengyi "Jason" Ye, Esq.**<br> **Yarona Yieh, Esq.**<br> Ortoli Rosenstadt LLP<br> 366 Madison Avenue 3<sup>rd</sup> Floor<br> New York, NY 10017<br> Telephone: (212) 588 0022 | **Lawrence Venick, Esq.**<br> Loeb & Loeb LLP<br> 2206-19 Jardine House<br> 1 Connaught Place<br> Central, Hong Kong SAR<br> Telephone: 852-3923-1111<br>|

---

Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

The term new or revised financial accounting standard refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the U.S. Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

The information in this prospectus is not complete and may be changed or supplemented. We may not sell these securities until the registration statement filed with the U.S. Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where such offer or sale is not permitted.

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| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION, DATED JULY 7, 2025** |

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**Phaos Technology Holdings (Cayman) Limited** 

**2,700,000** **Class A Ordinary Shares**

**900,090 Class A Ordinary Shares being offered by the Selling Shareholders**

------

This is an initial public offering of our Class A Ordinary Shares, par value US$0.0001 per share (the "Class A Ordinary Shares"). We are offering 2,700,000 Class A Ordinary Shares, and the Selling Shareholders (as defined and named herein) are offering an aggregate of 900,090 Ordinary Shares to be sold in the offering pursuant to this prospectus. This offering is being conducted on a firm-commitment basis. We anticipate that the initial public offering price of the Class A Ordinary Shares will be between US$4.00 and US$5.00 per Class A Ordinary Share. We will not receive any proceeds from the sale of the Class A Ordinary Shares to be sold by the Selling Shareholders.

Prior to this offering, there has been no public market for our Class A Ordinary Shares. We have applied to list our Class A Ordinary Shares on the New York Stock Exchange American ("NYSE American") under the symbol "POAS". This offering is contingent upon the listing of our Class A Ordinary Shares on the NYSE American and there can be no assurance that we will be successful in listing our Class A Ordinary Shares on the NYSE American. We will not close this offering unless such Class A Ordinary Shares will be listed on the NYSE American at the completion of this offering.

We are authorized to issue 950,000,000 Class A Ordinary Shares and 50,000,000 Class B ordinary shares par value US$0.0001 per share (the "Class B Ordinary Shares"). As of the date of this prospectus, there are 10,601,750 Class A Ordinary Shares and 15,125,251 Class B Ordinary Shares issued and outstanding. Each Class A Ordinary Share is entitled to one (1) vote and each Class B Ordinary Share is entitled to twenty (20) votes. Each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share, while Class A Ordinary Shares are not convertible into Class B Ordinary Shares.

Throughout this prospectus, unless the context indicates otherwise, any references to "Phaos Technology Cayman," "the Company," or "our Company" are to Phaos Technology Holdings (Cayman) Limited, a Cayman Islands holding company.

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

**Investing in our Class A Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. *See "Risk Factors"* beginning on page 12 to read about factors you should consider before buying our Class A Ordinary Shares.**

We are both an "emerging growth company" and a "foreign private issuer" under applicable U.S. federal securities laws and, as such, are eligible for reduced public company reporting requirements. Please see "Implications of Our Being an Emerging Growth Company" and "Implications of Our Being a Foreign Private Issuer" beginning on page 10 of this prospectus for more information.

We are a holding company that is incorporated in the Cayman Islands. As a holding company with no operations, we conduct all of our operations through our wholly owned subsidiaries in Singapore. The Class A Ordinary Shares offered in this offering are shares of the holding company that is incorporated in the Cayman Islands.

Upon completion of this offering, our issued and outstanding shares will consist of 13,301,750 Class A Ordinary Shares. We expect to be a controlled company as defined under the NYSE American Rules because, immediately after the completion of this offering, Beh Hook Seng through his ownership of TongHuai SG Enterprise Pte. Ltd and TongHuai SG2 Enterprise Pte. Ltd. will collectively own no Class A Ordinary Shares and approximately 65.1% Class B Ordinary Shares (collectively, the "Ordinary Shares"), representing approximately 62.4% of the total voting power, assuming no exercise of the underwriter's over-allotment option.

**After this offering, Beh Hook Seng, through his ownership of TongHuai SG Enterprise Pte. Ltd and TongHuai SG2 Enterprise Pte. Ltd, will control shares representing more than 50% of the total voting power of our shares. As a result, this concentrated control may limit or preclude your ability to influence corporate matters for the foreseeable future, including the election of directors, amendments of our organizational documents, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transaction requiring shareholder approval. In addition, this may have anti-takeover effects and may prevent or discourage unsolicited acquisition proposals or offers for our share capital that you may feel are in your best interest as one of our shareholders.**

**Our dual class share structure consists of Class A Ordinary Shares, which are entitled to one (1) vote per share and Class B Ordinary Shares which entitled to twenty (20) votes per share. Each of our Class B ordinary share is convertible into one Class A Ordinary Share at any time by the holder thereof. Our Class A Ordinary Shares are not convertible into our Class B Ordinary Share under any circumstances. Only our Class A ordinary shares are tradable on the market immediately after our listing on Nasdaq. This voting structure may discourage investors from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial.**

**Investing in our Class A Ordinary Shares involves a high degree of risk. See "*Risk Factors*" beginning on page 12.**

**Neither the U.S. Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

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| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
| Initial public offering price<sup>(1)</sup> | US$ | US$ |
| Underwriting discounts and commissions<sup>(2)</sup> | US$ | US$ |
| Underwriting discounts to be paid by the Selling Shareholders | US$ | US$ |
| Proceeds to the Company before expenses<sup>(3)</sup> | US$ | US$ |
| Proceeds to the Selling Shareholders before expenses<sup>(3)</sup> | US$ | US$ |

---

(1) Initial
 public offering price per share is assumed to be US$4.50, being the mid-point of
 the range set forth on the cover page of this prospectus.

(2) We
 have agreed to pay the underwriter a discount equal to 7.5% of the gross proceeds
 of the offering. This table does not include a non-accountable expense allowance equal to
 1% of the gross proceeds of this offering payable to the underwriter. For a description of
 the other compensation to be received by the underwriter, see "Underwriting"
 beginning on page 80.

(3) Excludes
 fees and expenses payable to the underwriter. The total amount of underwriter's
 expenses related to this offering is set forth in the section entitled "Expenses
 Relating to This Offering" on page 91.

The underwriter has an option to purchase up to 405,000 additional Class A Ordinary Shares (excluding shares subject to this option and excluding the 900,090 Class A Ordinary Shares offered by the Selling Shareholders) from us at the initial public offering price, less the underwriting discounts and commissions, within 45 days from the date of closing of this offering, to cover any over-allotments.

If we complete this offering, net proceeds will be delivered to us and the Selling Shareholders on the closing date.

The underwriter expects to deliver the Class A Ordinary Shares to the purchasers against payment on or about [●], 2025.

![](formdrs_002.jpg)

**Network 1 Financial Securities Inc.**

**The date of this prospectus is [●], 2025.**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [ABOUT THIS PROSPECTUS](#ap_001) | 1 |
| [PRESENTATION OF FINANCIAL INFORMATION](#ap_002) | 1 |
| [MARKET AND INDUSTRY DATA](#ap_003) | 2 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#ap_004) | 2 |
| [DEFINITIONS](#ap_005) | 3 |
| [PROSPECTUS SUMMARY](#ap_006) | 4 |
| [RISK FACTORS](#ap_007) | 12 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#ap_008) | 24 |
| [USE OF PROCEEDS](#ap_009) | 26 |
| [CAPITALIZATION](#ap_010) | 27 |
| [DILUTION](#ap_011) | 28 |
| [DIVIDENDS AND DIVIDEND POLICY](#ap_012) | 29 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#ap_013) | 30 |
| [HISTORY AND CORPORATE STRUCTURE](#ap_014) | 41 |
| [BUSINESS](#ap_016) | 42 |
| [REGULATORY ENVIRONMENT](#sj_001) | 53 |
| [MANAGEMENT](#sj_002) | 56 |
| [PRINCIPAL AND SELLING SHAREHOLDERS](#sj_003) | 61 |
| [RELATED PARTY TRANSACTIONS](#sj_004) | 63 |
| [DESCRIPTION OF SHARE CAPITAL](#sj_005) | 64 |
| [CERTAIN CAYMAN ISLANDS COMPANY CONSIDERATIONS](#sj_006) | 68 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#sj_007) | 74 |
| [MATERIAL TAX CONSIDERATIONS](#sj_008) | 75 |
| [UNDERWRITING](#sj_009) | 80 |
| [EXPENSES RELATING TO THIS OFFERING](#sj_010) | 91 |
| [LEGAL MATTERS](#sj_011) | 91 |
| [EXPERTS](#sj_012) | 91 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#sj_013) | 91 |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#f_001) | F-1 |

---

You should not assume that the information contained in the registration statement to which this prospectus is a part is accurate as of any date other than the date hereof, regardless of the time of delivery of this prospectus or of any sale of the Class A Ordinary Shares being registered in the registration statement of which this prospectus forms a part.

No dealer, salesperson or any other person is authorized to give any information or make any representations in connection with this offering other than those contained in this prospectus and, if given or made, the information or representations must not be relied upon as having been authorized by us. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any security other than the securities offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction in which the offer or solicitation is not authorized or is unlawful.

**Until ______, 2025 (the 25<sup>th</sup> day after the date of this prospectus), all dealers that effect transactions in these Class A Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as an underwriter and with respect to their unsold allotments or subscriptions.**

i

**ABOUT THIS PROSPECTUS**

Neither we, the Selling Shareholders, nor the underwriter has authorized anyone to provide you with any information or to make any representations other than as contained in this prospectus or in any related free writing prospectus. Neither we, the Selling Shareholders. nor the underwriter take responsibility for, and provide no assurance about the reliability of, any information that others may give you. Please read this prospectus carefully. It describes our business, our financial condition and our results of operations. We have prepared this prospectus so that you will have the information necessary to make an informed investment decision. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of the securities. Our business, financial condition, results of operations and prospects may have changed since that date.

For investors outside the United States: Neither we, the Selling Shareholders, nor the underwriter have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction, other than the United States, where action for that purpose is required. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the Class A Ordinary Shares and the distribution of this prospectus outside the United States.

**PRESENTATION OF FINANCIAL INFORMATION**

***Basis of Presentation***

Unless otherwise indicated, all financial information contained in this prospectus is prepared and presented in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP" or "GAAP").

Certain amounts, percentages and other figures included in this prospectus have been subject to rounding adjustments. Accordingly, amounts, percentages and other figures shown as totals in certain tables or charts may not be the arithmetic aggregation of those that precede them and amounts and figures expressed as percentages in the text may not total 100% or, when aggregated may not be the arithmetic aggregation of the percentages that precede them.

Our financial year ends on April 30 of each year. References in this prospectus to a financial year, such as "financial year 2024," relate to our financial year ended April 30 of that calendar year.

***Financial Information in U.S. Dollars***

Our reporting currency is the Singapore Dollar. This prospectus also contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise stated, all translations of Singapore dollars into U.S. dollars were made at US$0.7559 = S$1, the exchange rate set forth in the H10 statistical release of the Federal Reserve Board on October 31, 2024. We make no representation that the Singapore dollar or U.S. dollar amounts referred to in this prospectus could have been or could be converted into U.S. dollars or Singapore dollars, at any particular rate or at all.

**MARKET AND INDUSTRY DATA**

Certain market data and forecasts used throughout this prospectus were obtained from market research, reports of governmental and international agencies and industry publications, gathered by the Company. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Our estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed under the heading "Risk Factors" in this prospectus.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that relate to our current expectations and views of future events. These forward-looking statements are contained principally in the sections entitled "Prospectus Summary," "Risk Factors," "Use of Proceeds," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Business." These statements relate to events that involve known and unknown risks, uncertainties, and other factors, including those listed under "Risk Factors," which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, these forward-looking statements can be identified by words or phrases such as "believe," "plan," "expect," "intend," "should," "seek," "estimate," "will," "aim" and "anticipate," or other similar expressions, but these are not the exclusive means of identifying such statements. All statements other than statements of historical facts included in this document, including those regarding future financial position and results, business strategy, plans and objectives of management for future operations (including development plans and dividends) and statements on future industry growth are forward-looking statements. In addition, we and our representatives may from time to time make other oral or written statements which are forward-looking statements, including in our periodic reports that we will file with the SEC, other information sent to our shareholders and other written materials.

These forward-looking statements are subject to risks, uncertainties, and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in "Risk Factors" and the following:

● our business and operating strategies and our various measures to implement such strategies;

● our operations and business prospects, including development and capital expenditure plans for our existing business;

● changes in policies, legislation, regulations or practices in the industry and those countries or territories in which we operate that may affect our business operations;

● our financial condition, results of operations and dividend policy;

● changes in political and economic conditions and competition in the area in which we operate, including a downturn in the general economy;

● the regulatory environment and industry outlook in general;

● future developments in the supply of microscopy equipment market and actions of our competitors;

● catastrophic losses from man-made or natural disasters, such as fires, floods, windstorms, earthquakes, diseases, epidemics, other adverse weather conditions or natural disasters, war, international or domestic terrorism, civil disturbances and other political or social occurrences;

● the loss of key personnel and the inability to replace such personnel on a timely basis or on terms acceptable to us;

● the overall economic environment and general market and economic conditions in the jurisdictions in which we operate;

● our ability to execute our strategies;

● changes in the need for capital and the availability of financing and capital to fund those needs;

● our ability to anticipate and respond to changes in the markets in which we operate, and in client demands, trends and preferences;

● exchange rate fluctuations, including fluctuations in the exchange rates of currencies that are used in our business;

● changes in interest rates or rates of inflation; and

● legal, regulatory and other proceedings arising out of our operations.

The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results or performance may be materially different from what we expect.

This prospectus contains certain data and information that we obtained from various government and private publications. Statistical data in these publications also include projections based on a number of assumptions. The markets for the supply of microscopy equipment may not grow at the rate projected by such market data, or at all. Failure of this industry to grow at the projected rate may have a material and adverse effect on our business and the market price of our Class A Ordinary Shares. Furthermore, if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements.

**CONVENTIONS AND DEFINITIONS**

We have assumed an offering price of US$4.50 per Class A Ordinary Share, which is the midpoint of the price range set forth on the cover page of this prospectus. The amount of shares offered hereby may increase if the actual offering price is lower and may increase if the actual offering price is higher.

Unless otherwise stated, all amounts stated in US$ that we have translated from amounts originally in S$ have been translated at an exchange rate of US$0.7559 to S$1.00, the exchange rate on October 31, 2024 as reported by the H-10 statistical release.

The following capitalized terms have the following definitions throughout this prospectus:

"Amended and Restated Memorandum of Association" means the amended and restated memorandum of association of our Company adopted on October 21, 2024.

" Second Memorandum of Association" means the memorandum of association of our Company adopted on July [--], 2025.

"Memorandum and Articles of Association" means collectively the Second Amended and Restated Memorandum of Association and the Articles of Association of our Company originally adopted on March 7, 2024 at incorporation.

"Business Day" means a day (other than a Saturday, Sunday, or public holiday in the U.S.) on which licensed banks in the U.S. are generally open for normal business to the public.

"Company," "our Company," or "Phaos Technology Cayman" means Phaos Technology Holdings (Cayman) Limited, a exempted company incorporated in the Cayman Islands with limited liability on March 7, 2024.,

"Companies Act" means the Companies Act (As Revised) of the Cayman Islands.

"COVID-19" means the Coronavirus Disease 2019.

"Directors" means the directors of our Company as at the date of this prospectus, unless otherwise stated.

"Exchange Act" means the United States Securities Exchange Act of 1934, as amended.

"Executive Directors" means the executive Directors of our Company as at the date of this prospectus, unless otherwise stated.

"Executive Officers" means the executive officers of our Company as at the date of this prospectus, unless otherwise stated.

"Group," "our Group," "we," "us," or "our" means our Company and its subsidiaries or any of them, or where the context so requires, in respect of the period before our Company becoming the holding company of its present subsidiaries, such subsidiaries as if they were subsidiaries of our Company at the relevant time or the businesses which have since been acquired or carried on by them or as the case may be their predecessors.

"Independent Directors Nominees" means the independent non-executive director nominees of our Company as at the date of this prospectus, unless otherwise stated.

"Independent Third Party" means a person or company who or which is independent of and is not a 5% owner of, does not control and is not controlled by or under common control with any 5% owner and is not the spouse or descendant (by birth or adoption) of any 5% owner of the Company.

"MOM" means the Ministry of Manpower of Singapore.

"PTPL" means Phaos Technology Pte. Ltd., a company incorporated in Singapore on February 22, 2017, and a wholly owned subsidiary of our Company.

"S$" or "SGD" or "Singapore Dollars" means Singapore dollar(s), the lawful currency of Singapore.

"SEC" or "U.S. Securities and Exchange Commission" means the United States Securities and Exchange Commission.

"Securities Act" means the U.S. Securities Act of 1933, as amended.

"Selling Shareholders" means collectively (i) Chua Jun Hao, David as to 454,545 Class A Ordinary Shares, (ii) Chua Kheng Choon as to 175,795 Class A Ordinary Shares, (iii) ICHAM Master Fund VCC as to 43,864 Class A Ordinary Shares, (iv) Liew Ah Choy as to 59,091 Class A Ordinary Shares, and (v) Tan Chiew Hiah as to 175,795 Class A Ordinary Shares, all being existing shareholders of our Company that are selling a portion of their Ordinary Shares pursuant to this prospectus

"Singapore Companies Act" means the Companies Act 1967 of Singapore, as amended, supplemented or modified from time to time.

"WSH" means the Workplace Safety and Health Council of Singapore, a statutory body under the MOM.

"US$," or "USD" or "United States Dollars" means United States dollar(s), the lawful currency of the United States of America.

**PROSPECTUS SUMMARY**

*This summary highlights information contained elsewhere in this prospectus. This summary may not contain all of the information that may be important to you, and we urge you to read this entire prospectus carefully, including the "Risk Factors," "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections and our consolidated financial statements and notes to those statements, included elsewhere in this prospectus, before deciding to invest in our Class A Ordinary Shares. This prospectus includes forward-looking statements that involve risks and uncertainties. See "Special Note Regarding Forward-Looking Statements,"*

**Overview**

Phaos Technology Holdings (Cayman) Limited (the "Company") is an investment holding company incorporated on March 7, 2024, under the laws of the Cayman Islands. The Company through its subsidiary assembles and commercializes such advanced microscopy-related solutions, technologies and products. Using its patented microsphere-assisted technology, the Company can significantly increase the magnification of existing traditional optical microscopes compared to its competitors, hence allowing our clients to see beyond the optical limit in an effective manner. Currently, it is the only commercially available advanced optical microscope that can see below the 200nm optical limit, within a commercially viable working distance.

Our business is primarily involved in the assembling and commercialization of advanced microscopy-related solutions, technologies and products tailored for precision measurement and magnification purposes. Our range of product includes optical microscopy solutions, featuring:

i) Super-resolution imagers capable of achieving imaging down to 137nm;

ii) Specialized microscopes designed to meet the diverse needs of various industries; and

iii) Three-dimensional ("3-D") real-time image magnifiers for enhanced visualization.

Traditional optical microscopes are able to see up to 250nm, while our solution allows users to see up to 137nm. As a result, we believe that this is considered by the optical industry as a super resolution optical microscopy solution.

In addition to our hardware offerings, we currently provide complimentary proprietary software, which is developed in-house. This software includes Artificial Intelligent ("AI") components that allows our customers to perform recognition patterns for research, quality assurance and quality control ("QA/QC"), as well as diagnostics purposes. The in-house software is crafted to complement our product line to help ensure seamless integration and optimized performance for our customers.

For the six months period ended October 31, 2023 and 2024, the provision of microscopy products contributed to 99.8% and 80.9% of our revenue, respectively.

We distribute our microscopy products with software solutions through an extensive network of distributors, primarily in Vietnam and Singapore, and expanding across regions such as Southeast Asia and South Asia. Our microscopy solutions accommodate a diverse range of applications enabling us to serve a wide range of customer needs and capitalize on emerging growth opportunities in the region. Our diverse customer base primarily includes industries with usage in fields such as manufacturing, research & development, biomedical, semiconductors, Printed Circuit Board ("PCB"), electronics, precision engineering, injection molding, research, healthcare, QA/QC and diagnostics. Our business strategic focus involves strengthening our market position in Singapore and Vietnam, and progressively expanding into the Southeast Asian region.

We believe in our strong corporate culture which emphasizes the creation of shareholder value. In the six months period ended October 31, 2024, business in Vietnam and Singapore contributed to 59.8% and 32.1% of our Group's revenue, respectively. For the six months period ended October 31, 2023, our revenue was S$365,415. For the six months period ended October 31, 2024, our revenue was S$63,129. This is a reduction of 82.7% in revenue. Our net loss and accumulated deficit was S$1,535,175 and S$6,205,397, respectively, for October 31, 2023, while our net loss and accumulated deficit was S$2,019,092 (US$1,526,234) and S$9,049,158 (US$6,840,259) for October 31, 2024. This signifies an increase of 31.5% and 45.8% for net loss and accumulated deficit. The increase in net loss is driven by a decrease in revenue arising from a reduction in sales orders from our largest customers, resulting in additional resources are allocated to focus on regional expansion. and an increase in employee benefits expenses and other operating expenses from October 31, 2023 to October 31, 2024. We expect that the diversification of our customer base will allow us to increase and stabilize our product sales through a larger customer base and lower concentration of top customers which we are working actively to broaden. Service revenue increased as a result of maintenance-based contracts for our customers. As we grow our product and software range, we expect that service revenue will continue to contribute a greater percentage of our revenue going forward.

Additional resources are allocated to focus on regional expansion in response to a reduction in sales orders from our largest customers. We expect that the diversification of our customer base will allow us to increase and stabilize our product sales through a larger customer base and lower concentration of top customers which we are working actively to broaden.

Service revenue increased as a result of maintenance-based contracts for our customers. As we grow our product and software range (see Page 30), we expect that service revenue will continue to contribute a greater percentage of our revenue going forward.

**Competitive Strengths**

***We have strong and stable relationships with our suppliers and customers***

Ever since we started our business in 2017, we have emphasized developing strong and stable business relationships with our key suppliers and customers. For the financial years ended April 30, 2023 and 2024, our top 5 customers accounted for 86% and 91% of total revenue, respectively.

***We have an experienced management team***

Our management team, under the leadership of Mr. Andrew Yeo, who serves as our Executive Director and Chief Executive Officer, has played a pivotal role in driving the expansion of our Group. Mr. Yeo, with over two decades of expertise in the technology sector, assumes a key role in shaping and implementing our Group's business strategies and overseeing customer relationships. He is assisted by Mr. Tay Beng Boon, our Chief Operation Officer, charged with enhancing operational effectiveness, leading product research and development, and overseeing services within the Company. Mr. Tay brings with him over 25 years of engineering experience across various industries, including semiconductors, heavy industry, water, energy, waste management, and clean technology. Furthermore, our Group is advantaged by a well-experienced management team with significant expertise in providing solutions in the area of microscopy. Further details can be found in the section titled "Management — Executive Directors and Officers" for additional information.

***We have integrated our software solutions within our product portfolio****.*

Having integrated our proprietary software into our microscopic hardware products, we have combined cutting-edge hardware with advanced software functionalities, creating a synergistic ecosystem that enhances overall product performance. Our software solutions enable precise control, automation, and data analysis, empowering users with a comprehensive toolkit for scientific research and analysis. Not only does this improve the efficiency of our microscopic hardware, but our integration also provides a distinct edge in terms of versatility and adaptability, ensuring that our products remain at the forefront of technological innovation, giving us a competitive advantage in meeting evolving customer needs.

***We provide turn-key solutions.***

We specialize in delivering turn-key solutions by developing products with features that precisely target our customers' key needs, avoiding unnecessary expenses. Additionally, our commitment goes beyond selling off-the-shelf items; we offer turn-key computer vision implementations that are tailored to solve our customers' specific pain points, providing comprehensive and customized solutions for their unique requirements.

***We provide reliable after-sales support.***

Our commitment to excellence extends beyond the point of sale, as we understand the importance of seamless customer experiences. We take pride in offering reliable after-sales support to ensure that our customers receive comprehensive assistance and satisfaction long after their purchase. Our dedicated support team is comprised of experts with in-depth knowledge of our microscopy products, as well as our software development team, which stand ready to address any queries, troubleshoot issues, and provide guidance on optimal product utilization for our customers.

***We have a sales network in the optical application market in Asia***

Together with our distributors and sales partners, we have strong access to customers and user-base in Asia, allowing us to understand the needs of our customers better and providing the relevant solutions to solve their needs. We have sold our solutions to customers from Singapore, Indonesia, the Philippines, Malaysia, Thailand, India, China, and South Korea.

**Growth strategies**

***Expand business and operations through joint ventures and/or strategic alliances***

We plan to strategically expand into new countries to enhance existing customer support and broaden our global presence. By establishing a foothold in diverse international markets, we aim to better understand and cater to the unique needs of our customers in those regions. This expansion not only allows us to provide more localized and personalized support but also facilitates quicker response times and streamlined services.

***Strengthening our global presence via marketing***

Looking ahead, we plan to broaden our marketing approach. This involves a shift to digital marketing in markets in Southeast Asia, China, Taiwan, and Korea, leveraging increased brand awareness gained from our earlier physical marketing efforts in these regions. Additionally, we aim to expand our physical presence beyond Asia-Pacific, targeting the Middle East, the United States, and Europe through relevant exhibitions, focusing on brand recognition.

***Strengthening our distribution network***

The company continues to expand its distribution network in order to capture a higher market penetration rate in existing markets and to continue to develop into new markets. The distribution network is a critical point to serve local markets as local expertise and experience is critical in serving these markets.

***Widening our product range and solutions***

The company continues to expand on future client needs based on four directions:

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| | | |
|:---|:---|:---|
| 1. | Specific product range(s) for specific ground applications. | Specific product range(s) for specific ground applications. |
|  | The Company has six (6) product ranges currently in production, focusing on industrial applications in the initial phases of product development. A product range refers to variation of a single product with similar applications across the range. The variations cover minor modifications to the flagship product to serve slightly different segments within the same industry applications. All of our product ranges generate revenue for the Company via the same method, mainly through device sales and maintenance , with the software provided free of charge. In most cases, our customers pay upfront upon the purchase of our products, and pay a yearly maintenance fee. Our six (6) product ranges are as follows: | The Company has six (6) product ranges currently in production, focusing on industrial applications in the initial phases of product development. A product range refers to variation of a single product with similar applications across the range. The variations cover minor modifications to the flagship product to serve slightly different segments within the same industry applications. All of our product ranges generate revenue for the Company via the same method, mainly through device sales and maintenance , with the software provided free of charge. In most cases, our customers pay upfront upon the purchase of our products, and pay a yearly maintenance fee. Our six (6) product ranges are as follows: |
|  | 1. | The Optonano Series targets the super-resolution market. This is our flagship product range, and it targets use cases for clients within advanced material research and universities. The application for the Optonano Series centers around real time observation of nano opaque samples and was launched in Q2 of 2020. |
|  | 2. | The PT-Industrial Series is a range of industrial microscopes targeting a wide range of industrial applications, with the option to upgrade to super resolution lenses. The PT-Industrial Series was launched in Q3 of 2022. |
|  | 3. | The PT-Metrology Series targets a market requiring tabletop quantitative measurement system, instead of traditional standalone measurement systems for the application of Quality Assurance and Quality Control use cases. This series was launched in Q4 of 2022. |
|  | 4. | The PT-Biology Series is a microscope targeting applications around biology observation. It is designed for transparent sample observation, such as blood cell and bacterial observations. The PTB Biology Series was launched in Q2 of 2023. |
|  | 5. | The PTS Series targets users in the applications around general inspections. This is a range of stereo microscopes that are commonly used in electronics and circuit board production, as well as injection molding inspections. The PTS Series targets applications for observing samples that are much bigger in size. The PTS Series was launch in Q3 of 2023. |
|  | 6. | The PTZ Series targets fast failure analysis coupled with 3D observation methods. It is designed with a flexible zoom objective lens for different levels of magnification, in combination of a rotating lens to observe samples from different angles. The PTZ Series was launched in Q2 of 2024. |

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|:---|:---|
|  | The Company sells the above product ranges as a bundle consisting of hardware and software services. Currently, the software services are bundled free of charge with the hardware. We use the same direct and indirect channels across all product ranges, as all our sales channels are crossed trained on all products. As a result of macro-economic factors, all the product ranges are priced competitively, with a gross margin range of between 20% to 40%. Please refer to "*Business – Our Products*" at page 42 for more information. |
|  | The Company continues to explore requirements pertaining to industrial applications of our products. Concurrently, the Company is also building products for the biomedical sector and education systems. |
| 2. | Total solution for customers' pain points. |
|  | In addition to hardware product sales, we provide application software to provide a fully customized end to end solution that addresses specific industrial pain points. |

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| | |
|:---|:---|
| 3. | Building new technologies into existing products to fulfill the needs of the future market. |
|  | In the medium term, the Company shall continue to invest in microscopy and vision technology, augmenting with Internet of Things ("IOT") and cloud computing solutions. The Company aims to build databases to train its AI software for further pathology and metrology use cases. |

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| | |
|:---|:---|
| 4. | Providing calibration and certification services. |
|  | We aim to provide calibration and certification services to our existing customers and customers that use similar equipment by the second quarter of 2025. Equipment owners undergo certification to provide assurance to their customers of the reliability and quality of their equipment. Periodically, equipment owners will need to calibrate their systems to ensure that the systems are operating properly as well. Providing these services, allows us to continue to service our existing customers annually, and also access to new customers in the similar industry, but provides a continued stream of recurring income from the services provided. |

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**Summary of Risk Factors**

Investing in our Class A Ordinary Shares involves risks. The risks summarized below are qualified by reference to "Risk Factors" beginning on page 12 of this prospectus, which you should carefully consider before deciding to purchase Class A Ordinary Shares. If any of these risks occurs, our business, financial condition or results of operations would likely be materially adversely affected. In such a case, the trading price of our Class A Ordinary Shares would likely decline, and you may lose all or part of your investment.

We face numerous risks that could materially affect our business, results of operations or financial condition. These risks include but are not limited to the following:

***Risks related to Our Business and Industry:***

● We are affected by regional and worldwide political, regulatory, social and economic conditions in the jurisdictions in which we and our customers and suppliers operate and in the jurisdictions which we intend to expand our business in.

● We are susceptible to fluctuations in the prices and quantity of materials and components used in the manufacturing of our microscopy equipment.

● Our reputation and profitability may be adversely affected if there are major failures or malfunction in our microscopy equipment sold by or sold to our customers.

● A significant failure or deterioration in our quality control systems could have a material adverse effect on our business and operating results.

● We may be affected if we are found to be in breach of any lease agreements entered into by us.

● Increased competition in the microscopy equipment sales and rental business in Singapore and the region may affect our ability to maintain our market share and growth.

● We are exposed to the credit risks of our customers.

● Our business is subject to supply chain interruptions.

● We are exposed to risks arising from fluctuations of foreign currency exchange rates.

● We and/or our customers may not be able to obtain the necessary approvals or certifications for the use of our microscopy equipment in various jurisdictions.

● We may be harmed by negative publicity.

● If we are unable to maintain and protect our intellectual property, or if third parties assert that we infringe on their intellectual property rights, our business could suffer.

&nbsp;&nbsp;&nbsp;&nbsp;

● We are subject to risks related to product recalls, and our operation results and financial condition would suffer if we fail to adequately manage such risks.

● We have provided a loan to PT Neura Integrasi Solusi for the development of biomedical scanning software, and their inability to meet their financial obligations, or our inability to fully enforce our rights against them could have a material adverse effect on our results.

***Risks related to our Securities and this offering:***

● An active trading market for our Class A Ordinary Shares may not be established or, if established, may not continue and the trading price for our Class A Ordinary Shares may fluctuate significantly.

● We may not maintain the listing of our Class A Ordinary Shares on NYSE American which could limit investors' ability to make transactions in our Class A Ordinary Shares and subject us to additional trading restrictions.

● Certain recent initial public offerings of companies with public floats comparable to the anticipated public float of our Company have experienced extreme volatility that was seemingly unrelated to the underlying performance of the respective company. We may experience similar volatility. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares.

● If we fail to implement and maintain an effective system of internal controls and/ or financial reporting, we may fail to meet our reporting obligations and/or are unable to accurately report our results of operations or prevent fraud; and this may materially adversely affect investors' confidence and consequently, the market price of our Ordinary Shares.

● Because our public offering price per share is substantially higher than our net tangible book value per share, you will experience immediate and substantial dilution.

● The initial public offering price for our Class A Ordinary Shares may not be indicative of prices that will prevail in the trading market and such market prices may be volatile.

● Our controlling shareholder has substantial influence over the Company. His interests may not be aligned with the interests of our other shareholders, and he could prevent or cause a change of control or other transactions.

● As a "controlled company" under the rules of NYSE American, we may choose to exempt our Company from certain corporate governance requirements that could have an adverse effect on our public shareholders.

● As a company incorporated in the Cayman Islands, we are permitted to follow certain home country practices in relation to corporate governance matters in lieu of certain requirements under NYSE American corporate governance listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with NYSE American corporate governance listing standards.

● Certain judgments obtained against us or our auditor by our shareholders may not be enforceable.

● We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements applicable to other public companies that are not emerging growth companies.

● We are a foreign private issuer within the meaning of the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic public companies.

● We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses to us.

**Corporate Information**

Phaos Technology Cayman was incorporated in the Cayman Islands on March 7, 2024 for the purposes of listing our Class A Ordinary Shares. Our registered office in the Cayman Islands is at 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands. Our principal executive office is at 83 Science Park Dr, I #02-01 & #04-01A/B The Curie, Singapore Science Park 1, Singapore 118258. Our telephone number at this location is +65 6250 3877. Our principal website address is *www.phaostech.com.* The information contained on our website does not form part of this prospectus. Our agent for service of process in the United States is Cogency Global Inc., 122 E. 42nd Street, 18th Floor, New York, New York 10168.

**Corporate Structure<sup>(1)</sup>**

![](chart_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Our Corporate Structure post-reorganization.

Our Company was incorporated in the Cayman Islands on March 7, 2024 under the Companies Act as an exempted company with limited liability for the purposes of listing our Class A Ordinary Shares. Our authorized share capital is US$100,000 divided into 950,000,000 Class A Ordinary Shares and 50,000,000 Class B Ordinary Shares, par value US$0.0001 per share.

Our historical operations are that of PTPL, our operating subsidiary, which was incorporated in Singapore as a private company limited by shares on February 22, 2017. PTPL has been carrying on business since February 22, 2017 and is engaged in the sale and development of microscopy equipment and its related software.

**Share Swap Agreements**

On November 29, 2024, the Company proceeded with an internal reorganization whereby PTPL became our indirect wholly-owned subsidiary through a share swap. Subject to completion of the restructuring, both the ordinary and preferential shares of PTPL were swapped on a 1:125 basis to Phaos Technology Holdings (BVI) Limited. Subsequently, the shares of Phaos Technology Holdings (BVI) Limited were swapped 1:1 to Phaos Technology (Cayman) Limited, where the holders of the ordinary shares of PTPL eventually being swapped to Class A Ordinary Shares, and the holders of preferential shares of PTPL being swapped to Class B Ordinary Shares.

The material terms of the Share Swap Agreements are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Sale
 and Purchase of Sale Shares: Vendors will sell and transfer the Sale Shares to the Purchaser
 (PTPL) free of encumbrances. Purchaser will buy and accept the Sale Shares from the Vendors
 under the same conditions. Purchaser is not obligated to complete the purchase unless all
 Sale Shares are transferred simultaneously.

&nbsp;&nbsp;&nbsp;&nbsp;2. Consideration:
 The Purchase Consideration is determined on a willing buyer–willing seller basis.

&nbsp;&nbsp;&nbsp;&nbsp;3. Vendors'
 Obligations Pending Completion: Vendors are prohibited from dealing, transferring, or encumbering
 the Sale Shares after this Agreement is executed, unless explicitly permitted.

&nbsp;&nbsp;&nbsp;&nbsp;4. Completion:
 Upon completion, Purchaser is to allot and issue Consideration Shares to Vendors and deliver
 signed share transfer forms, board resolutions, and an updated register of members. Vendor
 is to deliver signed share transfer forms, share certificates, and board approvals for the
 transfer, and provide relevant documents and approvals for share transfers to be updated.
 Upon fulfilment of obligations, legal and beneficial ownership of Sale Shares transfers
 to the Purchaser, with the consideration Shares issued ranking equally with existing issued
 shares.

&nbsp;&nbsp;&nbsp;&nbsp;5. Warranties:
 Vendors jointly and severally warrant the truth and accuracy of all information provided
 as of the Agreement date and the Completion Date, with warranties deemed repeated during
 this period.

6. Termination:
 If a Party breaches the Agreement and fails to remedy the breach within 14 days after notice,
 the aggrieved Party may exercise all legal or equitable rights and remedies.

**Implications of Our Being a "Controlled Company"**

Upon the completion of this offering, we will be a "controlled company" as defined under the NYSE American Company Guide as Beh Hook Seng, through his ownership of TongHuai SG Enterprise Pte. Ltd and TongHuai SG2 Enterprise Pte. Ltd, will together hold 34.65% of our total issued and outstanding Ordinary Shares (both Class A and Class B included) and will be able to exercise 62.4% of the total voting power of our authorized and issued shares, assuming no exercise of the underwriter's over-allotment option. For so long as we remain a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements of the NYSE American. If we rely on these exemptions, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

**Implications of Our Being an Emerging Growth Company**

As a company with less than US$1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include:

● being permitted to provide only two financial years of selected financial information (rather than five years) and only two years of audited financial statements (rather than three years), in addition to any required unaudited interim financial statements, with correspondingly reduced "Management's Discussion and Analysis of Financial Condition and Results of Operations" disclosure; and

● an exemption from compliance with the auditor attestation requirement of the Sarbanes-Oxley Act, on the effectiveness of our internal control over financial reporting.

We may take advantage of these reporting exemptions until we are no longer an emerging growth company. We will remain an emerging growth company until the earliest of (1) the last day of the fiscal year in which the fifth anniversary of the completion of this offering occurs, (2) the last day of the fiscal year in which we have total annual gross revenue of at least US$1.235 billion, (3) the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which means the market value of our Class A Ordinary Shares that are held by non-affiliates exceeds US$700.0 million as of the prior April 30, and (4) the date on which we have issued more than US$1.0 billion in non-convertible debt during the prior three-year period. We may choose to take advantage of some, but not all, of the available exemptions. We have included two years of selected financial data in this prospectus in reliance on the first exemption described above. Accordingly, the information contained herein may be different from the information you receive from other public companies in which you hold stock.

**Implications of Our Being a Foreign Private Issuer**

Upon completion of this offering, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. Even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

● the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act;

● the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and

● the rules under the Exchange Act requiring the filing with the Securities and Exchange Commission, or the SEC, of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence of specified significant events.

Both foreign private issuers and emerging growth companies are also exempt from certain more stringent executive compensation disclosure rules. Thus, even if we no longer qualify as an emerging growth company but remain a foreign private issuer, we will continue to be exempt from the more stringent compensation disclosures required of companies that are neither emerging growth companies nor foreign private issuers.

In addition, as a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the corporate governance listing requirements of the NYSE American. These practices may afford less protection to shareholders than they would enjoy if we complied fully with corporate governance listing requirements of the NYSE American. Following this offering, we will rely on home country practice to be exempted from certain of the corporate governance requirements of the NYSE American, namely (i) a majority of the Directors on our Board are not required to be independent Directors; (ii) there will not be a necessity to have regularly scheduled executive sessions with independent Directors; and (iii) there will be no requirement for the Company to obtain shareholder approval prior to an issuance of securities in connection with (a) the acquisition of stock or assets of another company; (b) equity-based compensation of officers, directors, employees or consultants; (c) a change of control; and (d) transactions other than public offerings.

**The Offering**

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| | |
|:---|:---|
| Offering Price | The initial public offering price will be between US$4.00 to US$5.00 per Class A Ordinary Share. For purposes hereof, we have assumed an offering price of US$4.50, which is the midpoint of that range. |
| Class A Ordinary Shares offered by us | 2,700,000 Class A Ordinary Shares. |
| Class A Ordinary Shares offered by the Selling Shareholders | 900,090 Class A Ordinary Shares (of which Chua Jun Hao, David is selling 454,545 Class A Ordinary Shares, (ii) Chua Kheng Choon is selling 175,795 Class A Ordinary Shares, (iii) ICHAM Master Fund VCC is selling 43,864 Class A Ordinary Shares, (iv) Liew Ah Choy is selling 59,091 Class A Ordinary Shares, and (v) Tan Chiew Hiah is selling 175,795 Class A Ordinary Shares) |
| Option to Purchase Additional Class A Ordinary Shares | We have granted to the underwriter an option, exercisable within 45 days from the date of closing of this offering, to purchase up to 405,000 additional Class A Ordinary Shares, or 15% of the shares that we are offering hereby (which excludes Class A Ordinary Shares being offered by the Selling Shareholders). |
| Class A Ordinary Shares issued and outstanding prior to this offering | 10,601,750 Class A Ordinary Shares |
| Class A Ordinary Shares to be issued and outstanding immediately after this offering | 13,301,750 Class A Ordinary Shares (or 13,706,750 Class A Ordinary Shares if the underwriter exercises its option to purchase additional Class A Ordinary Shares in full and excluding 202,500 Class A Ordinary Shares underlying the Representative's Warrants). |
| Use of proceeds | We estimate that we will receive net proceeds from this offering of approximately US$11.24 million (or US$12.92 million if the underwriter exercises its option to purchase additional Class A Ordinary Shares in full), after deducting the underwriting discounts, commissions and estimated offering expenses payable by us and assuming an initial public offering price of US$4.50 per Class A Ordinary Share, being the mid-point of the estimated range of the initial public offering price shown on the front cover of this prospectus. We currently intend to use the net proceeds from this offering to run marketing and promotion campaigns to boost our brand (5%), invest in product development to create new and improved offerings (15%), expand our supply chain (20%), and cover general working capital needs and for corporate purposes (60%). See "Use of Proceeds." We will not receive any proceeds from the sale of Ordinary Shares by the Selling Shareholders. |
| Lock-up | We, each of our directors, executive officers and certain shareholders have agreed with the underwriter, subject to certain exceptions, not to sell, transfer or otherwise dispose of any Ordinary Shares or similar securities or any securities convertible into or exchangeable or exercisable for our Ordinary Shares for a period of 180 days from the date of this prospectus, except for the Selling Shareholders with respect to their 900,090 Ordinary Shares sold in this offering without the prior written consent of the Representative. See "Shares Eligible for Future Sale" and "Underwriting — Lock-Up Agreements" for more information. |
| Risk factors | Investing in our Class A Ordinary Shares involves risks. See "Risk Factors" beginning on page 12 of this prospectus for a discussion of factors you should carefully consider before deciding to invest in our Class A Ordinary Shares. |
| Listing | We plan to apply to list the Class A Ordinary Shares on the NYSE American. This offering is contingent upon the listing of our Class A Ordinary Shares on the NYSE American. There can be no assurance that we will be successful in listing our Class A Ordinary Shares on the NYSE American. |
| Proposed trading symbol | POAS |
| Transfer agent | Vstock Transfer LLC<br>Address: 18 Lafayette Pl, Woodmere, NY 11598<br>Telephone: (212) 828-8436  |

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**RISK FACTORS**

*Investing in our shares is highly speculative and involves a significant degree of risk. You should carefully consider the following risks, as well as other information contained in this prospectus, before making an investment in our Company. The risks discussed below could materially and adversely affect our business, prospects, financial condition, results of operations, cash flows, ability to pay dividends and the trading price of our shares. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, prospects, financial condition, results of operations, cash flows and ability to pay dividends, and you may lose all or part of your investment.*

*This prospectus also contains forward-looking statements having direct and/or indirect implications on our future performance. Our actual results may differ materially from those anticipated by these forward-looking statements due to certain factors, including the risks and uncertainties faced by us, as described below and elsewhere in this prospectus.*

**Risks Related to Our Business and Industry**

***We are an early revenue stage company and have incurred operating losses since inception, and we do not know when we will attain profitability. An investment in our securities is highly risky and could result in a complete loss of your investment if we are unsuccessful in our business plans.***

 ****

We are an early-stage company. Since inception, we have incurred operating losses and negative cash flow, and we expect to continue to incur losses and negative cash flow in the future. Our net losses for the years ended April 30, 2024 and April 30, 2023 were approximately $2,359,844 and $1,667,823, respectively, and our net losses for the six months ended October 31, 2024 were $2,019,092. Ultimately, our ability to generate sufficient operating revenue to earn a profit depends upon our success in developing and marketing or licensing our microscopytechnology. Any failure to do so could result in the possible closure of our business or force us to seek additional capital through loans or additional sales of our equity securities to continue business operations, which could dilute the value of any securities you hold or could result in the loss of your entire investment.

 **

***Terms of subsequent financings may adversely impact your investment.***

 **

We intend to engage in common equity, debt, or preferred stock financing in the future. Your rights and the value of your investment in our securities could be reduced as a result of any such financing. Interest on debt securities could increase costs and negatively impacts operating results. Preferred shares could be issued in series from time to time with such designation, rights, preferences, and limitations as needed to raise capital. The terms of preferred shares could be more advantageous to those investors than to the holders of ordinary shares. In addition, if we need to raise more equity capital from the sale of ordinary shares, institutional or other investors may negotiate terms at least as, and possibly more, favorable than the terms of your investment. Ordinary shares which we sell could be sold into any public market that develops for our ordinary shares, if any ever develops, which could adversely affect the market price of our ordinary shares.

 **

***Our inability to manage growth could harm our business.***

 **

We have added, and expect to continue to add, additional personnel in the areas of sales and marketing, research & development, laboratory operations, finance, quality assurance and compliance. As we build our commercialization efforts and expand research and development activities, our operating expenses and capital requirements have also increased, and we expect that they will continue to increase, significantly. Our ability to manage our growth effectively requires us to forecast expenses accurately, and to properly forecast and expand operational and testing facilities, if necessary, to expend funds to improve our operational, financial and management controls, reporting systems and procedures. As we move forward in commercializing our tests and developing our test portfolio, we will also need to effectively manage our growing manufacturing, laboratory operations and sales and marketing needs. If we are unable to manage our anticipated growth effectively, our business could be harmed.

Risks that we face in undertaking this expansion include:

● training new personnel;

● forecasting production and revenue;

● expanding our marketing efforts;

● controlling expenses and investments in anticipation of expanded operations;

● establishing and maintaining relationships with new customers and partners

● implementing and enhancing administrative infrastructure, systems and processes;

● Unforeseen delays in the development of new products;

● Unforeseen delays in regulatory approvals;; and

● addressing new markets.

We intend to continue to hire additional personnel. Competition for individuals with relevant experience can be intense, and we may not be able to attract, assimilate, train or retain additional highly qualified personnel in the future. The failure to attract, integrate, train, motivate and retain these additional employees could seriously harm our business and prospects.

 ****

***We have substantial doubt about our ability to continue as a going concern.***

We will need to raise additional working capital to continue our normal and planned operations. In addition, as a public company, we will incur accounting, legal and other expenses. These expenditures will make it necessary for us to continue to raise additional working capital. Our efforts to grow our business may be costlier than we expect, and we may not be able to generate sufficient revenue to offset our increased operating expenses. We may incur significant losses in the future for a number of reasons, including unforeseen expenses, difficulties, complications and delays and other unknown events. Accordingly, substantial doubt exists about our ability to continue as a going concern and we cannot assure you that we will achieve sustainable operating profits as we continue to expand our business, and otherwise implement our growth initiatives.

The unaudited financial statements as of, and for the six months ended, October 31, 2024 in this prospectus have been prepared on a going-concern basis. We may not be able to generate profitable operations in the future and/or obtain the necessary financing to meet our obligations and pay liabilities arising from normal business operations when they come due. The outcome of these matters cannot be predicted with any certainty at this time. These factors raise substantial doubt that we will be able to continue as a going concern. We plan to continue to provide for our capital needs through sales of our securities and/or related party advances. Our financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should we be unable to continue as a going concern.

***We are susceptible to fluctuations in the prices and quantity of materials and components used in the manufacturing of our microscopy equipment.***

We are exposed to fluctuations in the prices of materials and components for the manufacture of microscopy equipment. In the event that we are not able to source any specific materials and components at acceptable prices, or if we face any delays or shortages in obtaining sufficient quantity of materials and components, this may have a negative impact on our profitability. Currently, we source our key components from different countries. Our lenses are sourced from Japan, Germany and China while our light sources and electromechanical parts are sourced from the United Kingdom, Malaysia, Thailand and locally from Singapore. As much as possible, we adopt a diversification strategy for the procurement of such key materials to reduce price fluctuations and quantity issues.

**For *the six months period ended October 31, 2023 and 2024, our top 5 customers accounted for 85.7% and 99.9% of our total revenue, with our largest customer accounting for 27% and 60%, respectively.***

Our top 5 customers accounted for 85.7% and 99.9% of our total revenue for the six-month periods ended October 31, 2023 and 2024, with our largest customer accounting for 27% and 60%, respectively. Our ability to sign new contracts or obtain new business from our major customers and to maintain good business relationships with them is subject to the stability of their operations and to their business strategies, both of which are beyond our control and our ability to predict. If our major customers decide to change their business strategies, such as downsizing their business or suspending or ceasing their development or expansion plans due to changes in market conditions, business strategies or performance, their demand for our products may fall. Any failure to sign new contracts with our major customers or the potential loss of a single significant customer or significant decrease in the estimated contract value of the new contracts and/or their significant delay in or failure to make payments could lead to loss of revenue and/or affect our liquidity and thus affect our business adversely Accordingly, if we are unable to enter into business relationships with new customers to diversify our customer portfolio, our business may be adversely affected.

***Our continued success is dependent on our key management personnel and our experienced and skilled personnel, and our business may be severely disrupted if we are unable to retain them or to attract suitable replacements.***

Since the inception of our business, Mr. Andrew Yeo, our Executive Director, and Chief Executive Officer, has played a pivotal role in expanding our operations from our initial development of the ON200 series from ideation to full production, to the present scale of the development of multiple product lines of microscopy equipment. We heavily rely on Mr. Yeo's extensive network and contacts which have developed over the past two decades, particularly regarding the sourcing of materials and components used in the manufacturing of our microscopy equipment, as well as his unique understanding of the industry landscape in which we operate in.

The ongoing success of our company is closely tied to Mr. Yeo's service and performance, as he actively guides the implementation of our business strategies and future plans. The established working and business relationships Mr. Yeo has cultivated with our key suppliers and customers are crucial for the ongoing development of our business. If Mr. Yeo were to cease his employment, there is no guarantee that we could promptly find suitable replacements possessing a comparable network of contacts. The departure of Mr. Yeo, or the inability to identify, recruit, train, and retain qualified technical and operations personnel in the future, could have significant adverse effects on our business, financial health, operational results, and growth prospects.

Furthermore, although we rely on specific key personnel, we lack key man life insurance policies for all individuals. The loss of such individuals could materially and adversely affect our business, financial condition, results of operations, and future growth prospects.

***Unless we diversify our customer base, we are subject to geographic risk.***

Since inception, substantially all of our revenue has been derived from Asia. For example, for the six-month period ended October 31, 2024, we derived 59.8% of our revenue from Vietnam, 32.1% of our revenue from Singapore and 8.2% of our revenue in Malaysia. General economic conditions or political events (including the introduction of tariffs) could affect the markets in Asia or in any of the aforementioned countries, which in turn could decrease demand for our industry in general and out products in particular. Until we further diversify the geographic distribution of our customer base, we will be less able to handle disruption in any country in which we derive a substantial portion of our revenues.

***Our reputation and profitability may be adversely affected if there are major failures or malfunction in our microscopy equipment sold by or sold to our customers.***

Our operations face the risk of equipment failure, stemming from factors such as wear and tear, quality control issues, potential non-compliance with procedures and protocols by our customers, and inherent risks within our customers' operating environments. Such failures may lead to operational pauses for users of our microscopy solutions. This could negatively impact on our operations and financial performance.

Since our inception, we have worked to establish goodwill in our brands and foster customer loyalty. Consequently, any significant lapses in equipment sales or unforeseen circumstances resulting in negative publicity may harm our reputation, leading to a loss of confidence in our equipment by customers. In such a scenario, our business, profitability, and financial performance may be adversely affected.

***A significant failure or deterioration in our quality control systems could have a material adverse effect on our business and operating results.***

The success of our business hinges on the excellence and safety of our products. Therefore, the efficient and successful operation of our quality control systems is crucial. Various factors, including the design of these systems, the effectiveness of quality training programs, and employee adherence to quality control guidelines, can influence the performance of our quality control mechanisms. While we make diligent efforts to ensure that our service providers have robust and compliant quality control systems, any substantial failure or decline in the effectiveness of these systems could significantly and adversely impact our business and operational outcomes.

***We are affected by regional and worldwide political, regulatory, social and economic conditions in the jurisdictions in which we and our customers and suppliers operate and in the jurisdictions which we intend to expand our business in.***

We, along with our customers and suppliers, are subject to the laws, regulations, and government policies in each jurisdiction where we operate or plan to expand. Our business and future expansion relies on the political, regulatory, social, and economic conditions in these jurisdictions, factors over which we have limited control. Economic downturns, policy changes, currency and interest rate fluctuations, capital controls, labor laws, alterations in, duties and taxation changes, and restrictions on imports and exports in these countries have the potential to significantly and negatively impact our business, financial health, operational results, and prospects.

Typically, we finance our acquisitions of materials and components to manufacture microscopy equipment through internal resources and long-term financing obtained from banks and other financial institutions. Any disruptions, uncertainties, or volatility in the global credit markets could constrain our ability to secure the necessary financing for our business on favorable terms and costs. The interest rates on most of our credit facilities are subject to periodic review by the relevant financial institutions.

Moreover, the variability and instability in the global credit markets has the potential to restrict credit lines available to our existing and prospective customers from banks or financial institutions. Consequently, these customers might encounter challenges in securing adequate financing for the acquisition of our materials and components for the manufacturing of microscopy equipment, prompting us to consider reducing our rates to accommodate their financial constraints. Such adjustments could adversely affect our revenue and overall financial performance.

***We may be exposed to disputes and claims arising from the usage of our microscopy equipment.***

We may face claims related to defects or malfunctions in our microscopy equipment, and if we are compelled to pay damages due to disputes, it could negatively impact on our reputation and profitability. Despite our efforts to mitigate such risks through regular inspections and quality control of our microscopy equipment, it is challenging to prevent every potential defect or malfunction. If accidents occur that are not covered by our insurance policies, or if the claims surpass our insurance coverage, or face disputes with insurance companies, we may be obligated to cover the compensation costs. This could significantly and adversely affect our financial performance. Furthermore, the payment of insurance claims might lead to increased premiums for our insurance policies, elevating our operational costs and having an adverse impact on our overall financial performance.

***We may be affected if we are found to be in breach of any lease agreements entered into by us.***

We have leased certain of our real properties from CapitaLand Singapore (BP&C) Pte. Ltd. and are subject to certain terms and conditions in respect of these real properties, such as the requirement to fulfill existing and future lease obligations. As such, we may be exposed to significant remediation cost, including but not limited to potentially costly fines or compensation, if we are found to be in breach of any of the terms and conditions of our leases.

***Increased competition in the microscopy equipment business may affect our ability to maintain our market share and growth.***

Operating in the competitive microscopy equipment sales industry, we face formidable competitors with greater scale and financial resources. These competitors have the capability to develop cutting-edge equipment with superior specifications, boast larger customer bases, and leverage extensive marketing resources to offer a broader range of microscopy equipment. Additionally, the entry of new competitors or market consolidation could further intensify competition.

Our ongoing success hinges on our ability to effectively compete with current and potential rivals and adapt to evolving market conditions and demands. Failing to do so could adversely impact on our business and financial performance. While we maintain strong relationships with suppliers and customers, there is no guarantee that existing agreements will be renewed or sustained.

The risk of losing suppliers and customers to competitors, along with the potential departure of skilled employees to rival companies, poses a threat to our competitive position. If these circumstances materialize, our business, financial condition, results of operations, and prospects may be significantly and adversely affected.

***We are exposed to the credit risks of our customers.***

We extend credit terms to some of our customers. Our average accounts receivable turnover days were approximately 208 days and 208 days for the six months period ended October 31, 2024 and October 31, 2023, respectively. For the financial year ended April 30, 2024 our average accounts receivable turnover days is approximately 80 days. Our customers may be unable to meet their contractual payment obligations to us, either in a timely manner or at all. The reasons for payment delays, cancellations, or default by our customers may include insolvency or bankruptcy, or insufficient financing or working capital due to late payments by their respective customers. While we did not experience any material order cancellations by our customers during the six months period ended October 31, 2023 and the financial year ended April 30, 2024, there is no assurance that our customers will not cancel their orders and/or refuse to make payment in the future in a timely manner or at all. We may not be able to enforce our contractual rights to receive payment through legal proceedings. In the event <sup>1</sup>that we are unable to collect payments from our customers, we are still obliged to pay our suppliers in a timely manner and thus our business, financial condition and results of operations may be adversely affected.

***Our business is subject to supply chain interruptions.***

We collaborate with third-party logistic providers and component manufacturers to facilitate the import, export, and transportation of components essential for the production of our microscopy equipment. Our supply chain logistics heavily depend on the capabilities of these third-party service providers to ensure the timely delivery of components. Various factors pose potential risks to our operations, including, but not limited to:

● disruptions in our delivery capabilities;

● failure of third-party service providers to meet our standards or their commitments to us;

● Rising transportation expenses, constraints in shipping, or other factors that may affect costs, such as the need to locate higher-cost service providers, whether readily available or not.; and

● The impacts of COVID-19 and/ or other future pandemics resulting in disruptions arising from initiatives to manage or alleviate the pandemic, including but not limited to facility closures, governmental orders, outbreaks, and potential limitations in transportation capacity.

Our results of operations and capital resources have not been materially impacted by supply chain interruptions during the six months period ended October 31, 2024 and during the financial year ended April 30, 2024, and there have not been any material impact for the six months period ended October 31, 2024 and for the financial year ended April 30, 2024. However, any increased costs from delays, cancellations, and insurance, or disruption to, or inefficiency in, the supply chain network of our third-party service providers, geopolitical conflicts such as the Russia-Ukrainian Conflict, or the present unrest in the Middle East, COVID-19 outbreaks, or other factors, could affect our revenue and profitability. Please refer to the risk factors "Our business and operations may be materially and adversely affected in the event of a re-occurrence or a prolonged global pandemic outbreak of COVID-19" set out below in this prospectus, for details on how these recent events have caused interruptions to our supply chain and impacted our operations. If we fail to manage these risks effectively, we could experience a material adverse impact on our reputation, revenue, and profitability.

Our business model does not heavily rely on third-party software or services, particularly those that are directly integrated into our products or operations. This diminishes our reliance on external technology, thereby reducing the potential impact of cybersecurity breaches or disruptions originating from third-party entities. Currently, we receive only a limited number of inquiries through our website at www.phaostech.com. Although data breaches and operational disruptions remain possible, the physical presence of our business enables alternative methods for product distribution and customer service, mitigating the overall impact of cybersecurity incidents on our operations. Despite our perception of a lower risk of cybersecurity incidents significantly affecting our operations, we prioritize the implementation of cybersecurity measures to uphold a secure and reliable business environment. For instance, our plans include: (i) integrating cybersecurity clauses into our business contracts; (ii) specifying security requirements and data protection protocols in vendor contracts to ensure consistent cybersecurity standards across our supply chain; (iii) educating employees on cybersecurity threats by providing training to recognize and report phishing attempts, social engineering tactics, and other cyber threats; and (iv) implementing cybersecurity awareness tools and simulations to assess employees' knowledge and response to potential threats. Through these measures, we aim to enhance our ability to respond to and recover from any eventual cybersecurity incidents.

***Our business and operations may be materially and adversely affected in the event of a re-occurrence or a prolonged global pandemic outbreak of COVID-19.***

The global COVID-19 pandemic, declared by the World Health Organization in early 2020, has disrupted not only our operations but also those of our customers and suppliers. If the COVID-19 outbreak intensifies or new variants emerge with increased transmissibility and virulence, it could lead to stricter regulations on businesses. Extended closures or disruptions to the operations of ourselves, customers, suppliers, and subcontractors may result in delays, shortages of supplies and services, or the termination of orders and contracts. Additionally, the potential quarantine of employees suspected of contracting COVID-19 could lead to a labor shortage, requiring workplace disinfection and affecting our production and processing facilities. Such disruptions may significantly impact our business, financial condition, and operational results.

Moreover, during the financial years 2022 and 2023, we encountered challenges in participating in trade conventions and showcasing our products in foreign jurisdictions due to travel restrictions imposed by the Singapore Government in response to the COVID-19 pandemic. As a microscopy company specializing in revealing small-scale observations, ranging from micron to nanometer levels, the absence of face-to-face interactions and the limited use of virtual meetings before the pandemic presented a challenge in demonstrating the capabilities of our systems. Additionally, previous travel and visiting restrictions hindered our client/supplier relationships by resulting in delays in production, increased lead times, and difficulties in maintaining a consistent inventory, thereby impacting our company's ability to meet customer demands.

Lastly, compliance with governmental regulations has resulted in the implementation of control measures to protect our staff and customers from outbreaks of infectious diseases, such as requiring our staff to wear personal protective equipment (such as face masks and gloves) during interaction with customers, increasing costs for compliance with such regulations.

While we have taken proactive measures to mitigate future impacts, including refining our virtual demonstration capabilities and exploring alternative methods for marketing and showcasing our microscopy equipment, we cannot confirm the extent to which our business will be materially affected by a re-occurrence or a prolonged global pandemic outbreak of COVID-19.

***We may be affected by an outbreak of other infectious diseases.***

The occurrence of infectious diseases, including but not limited to severe acute respiratory syndrome and avian influenza, or the emergence of new infectious diseases in the future, has the potential to impact not only our operations but also those of our customers and suppliers. If any employees at our offices, worksites, or those of our customers and suppliers are affected by such diseases, there could be a necessity to temporarily close down our or their offices or worksites as a preventive measure to contain the spread of the diseases. This could negatively affect our revenue and financial performance.

***We are exposed to risks arising from fluctuations in foreign currency exchange rates.***

As our shares are quoted in US$ on the NYSE American, dividends, if any, in respect of our shares will be paid in US$. Fluctuations in the exchange rate between the US$ and other currencies will affect, amongst other things, the foreign currency value of the proceeds which a shareholder would receive upon sale of our shares and the foreign currency value of dividend distributions.

***We are subject to health and safety regulations and penalties and may be adversely affected by new and changing laws and regulations.***

We are bound by laws, regulations, and policies governing workplace health and safety, necessitating the implementation of measures to safeguard the well-being of our employees. Any modifications to existing laws, regulations, or policies, or the introduction of new ones within the microscopy equipment industry, may impose fresh restrictions or prohibitions on our current practices. Compliance with these evolving requirements could entail substantial costs and expenses, demanding additional allocation of resources. Such changes have the potential to materially and adversely affect our business, financial condition, results of operations, and prospects.

***Our insurance policies may be inadequate to cover our assets, operations, and any loss arising from business interruptions.***

We bear the risk of equipment loss or damage in Singapore due to fire, theft, or natural disasters. These incidents have the potential to disrupt or halt our business operations, thereby impacting our financial results negatively. Our current insurance coverage might not adequately address all potential losses.

Given the nature of our operations, there is also a risk of accidents involving our employees or third parties during the manufacturing, installation and maintenance process. If claims arise from such incidents, and either liability is assigned to us or our insurance coverage proves insufficient, we could face losses that adversely affect our profitability and financial standing.

***We may be harmed by negative publicity.***

We operate in a highly competitive industry where other companies offer similar products. The majority of our customer base is built through word of mouth, relying on positive feedback from our customers. Therefore, the satisfaction of our customers with our microscopy equipment is crucial for our business success, as satisfied customers often lead to referrals. Failing to meet customer expectations could result in negative feedback on our products and services, negatively impacting our business and reputation. If we cannot maintain high customer satisfaction or address dissatisfaction adequately, it may adversely affect our business, financial condition, results of operations, and prospects.

Our reputation is also vulnerable to negative publicity in reports, major newspapers, forums, or rumours. There is no guarantee that our Group will be immune to negative publicity in the future, and such occurrences could significantly and adversely affect our reputation and prospects. This, in turn, may hinder our ability to attract new customers, retain existing ones, and have an adverse impact on our business and results of operations.

***If we are unable to maintain and protect our intellectual property, or if third parties assert that we infringe on their intellectual property rights, our business could suffer.***

The success of our business is contingent, in part, upon our ability to safeguard our proprietary information and other intellectual property, including trademarks, patents, client lists, manufacturing processes, and business methods. We primarily rely on contractual agreements and patent laws to secure our intellectual property rights; however, there is a risk that these rights may not be adequately protected, potentially leading to disclosure or use by third parties that could compromise our competitive standing. Failing to detect unauthorized use or to promptly enforce our intellectual property rights may have detrimental effects on our business. Additionally, there is a possibility of third parties alleging that our business operations infringe on their intellectual property rights, posing threats to our reputation, creating financial burdens for defending claims, and limiting our ability to offer certain services. The increasing reliance on mobile devices for storing and transporting intellectual property introduces a heightened risk of inadvertent disclosure in case of loss or theft, particularly if the information is inadequately safeguarded or encrypted. This also elevates the potential for unauthorized individuals, whether with system access or through unauthorized means, to exploit the information to our disadvantage.

***We are exposed to risks with respect of acts of war, terrorist attacks, epidemics, political unrest, adverse weather conditions, and other uncontrollable events.***

Unforeseeable events and various factors, including power outages, labor disputes, adverse weather conditions, catastrophes, epidemics, or outbreaks, have the potential to interrupt our operations and result in loss and damage to our storage facilities, workshop, and office. Additionally, acts of war, terrorist attacks, or other violent acts could significantly and adversely impact global financial markets and consumer confidence. Our business is susceptible to macroeconomic influences in the countries where we operate, such as overall economic conditions, market sentiment, social and political unrest, and regulatory, fiscal, and governmental policies, all of which are beyond our control. The occurrence of any such event has the potential to cause harm or disruption to our business, markets, customers, and suppliers, ultimately having a material and adverse effect on our business, financial health, operating results, and future prospects.

***We may not be able to successfully implement our business strategies and future plans.***

In line with our business strategies and future objectives, we plan to diversify our product portfolio and enhance our storage facilities and capabilities. Additionally, we are exploring potential business opportunities through joint ventures. While we have formulated these expansion plans based on our optimistic outlook for our business, there is no guarantee that these initiatives will prove commercially successful or align precisely with our expectations. The success and feasibility of our expansion hinge on our ability to accurately anticipate the demand for microscopy equipment among our clientele, recruit and retain skilled personnel to execute our strategies, and implement effective business development and marketing plans. Furthermore, the execution of these plans may necessitate significant capital expenditure and additional financial commitments.

There is no assurance that our business strategies and future plans will yield the anticipated results, such as increased revenue that justifies our investment costs, or that they will lead to cost savings, improved operational efficiency, and productivity enhancements. Obtaining favourable financing, if at all, is also uncertain. Failure to meet our expectations in the execution of these plans, achieve adequate revenue levels, or efficiently manage costs could result in an inability to recover our investment costs and negatively impact our business, financial health, operating results, and future prospects.

***We are subject to risks related to product recalls, and our operation results and financial condition would suffer if we fail to adequately manage such risks.***

We have incorporated measures into our sourcing and certification processes aimed at preventing and identifying defects in the components used for the manufacturing of our microscopy equipment. See "Business — Sales Process Flow" and "Business — Certifications" sections for more information. Despite these measures, it is possible that defects in our products may not be entirely prevented, revealed, or detected until after they have been introduced to the market. As a result, there is a risk of product defects that may necessitate a product recall. The costs associated with such recalls and the related remedial actions could significantly impact our operations and potentially have a material adverse effect on our business, financial results, and overall financial condition. Additionally, product recalls may lead to negative publicity and public concerns about the safety of our products, potentially damaging the reputation of both our products and our business, and potentially causing a decline in the market value of our shares.

***We have provided a loan to PT Neura Integrasi Solusi for the development of biomedical scanning software, and their inability to meet their financial obligations, or our inability to fully enforce our rights against them could have a material adverse effect on our results.***

 ****

On January 19, 2024, our subsidiary PTPL entered into a loan agreement with PT Neura Integrasi Solusi, an Indonesian company ("PT Neura"), under which PTPL lent a sum of S$1,582,604 (approximately US$1,196,290) as of October 30, 2024, to PT Neura for the development of biomedical scanning software. As PT Neura is presently in the early stages of development and has a limited operating history and revenue, it faces significant business, financial, and operational risks, including limited access to capital, unproven business models, reliance on a small management team, and uncertainty in achieving profitability. Additionally, PT Neura faces long sales cycles due to regulatory approval processes, government budgeting constraints, and licensing requirements. Furthermore, they operate in a competitive landscape that includes both domestic and international digital pathology providers. These risks are further compounded by the legal, regulatory, and economic environment in Indonesia, which may present challenges related to enforceability of contractual rights, currency controls, and political or economic instability. There is no assurance that PT Neura will generate sufficient cash flows or obtain additional financing necessary to service or repay its obligations under the loan. If PT Neura is unable to meet its obligations under the loan agreement, we may not be able to recover the loan in whole or in part, and any such loss could have a material adverse effect on our financial condition and results of operations.

**Risks Related to Our Securities and This Offering**

***Our dual class share structure with different voting rights may adversely affect the value and liquidity of the Class A Ordinary Shares.***

We cannot predict whether our dual class share structure with different voting rights will result in a lower or more volatile market price of the Class A Ordinary Shares, in adverse publicity, or other adverse consequences. Certain index providers have announced restrictions on including companies with multiple class share structures in certain of their indices. Because of our dual class structure, we will likely be excluded from these indices and other stock indices that take similar actions. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from certain stock indices would likely preclude investment by many of these funds and could make the Class A Ordinary Shares less attractive to investors. In addition, several shareholder advisory firms have announced their opposition to the use of multiple class structure and our dual class structure may cause shareholder advisory firms to publish negative commentary about our corporate governance, in which case the market price and liquidity of the Class A Ordinary Shares could be adversely affected.

***Our dual class share structure with different voting rights will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A ordinary shares may view as beneficial.***

We adopted a dual class share structure such that our ordinary shares consist of Class A Ordinary Shares and Class B Ordinary Shares. In respect of matters requiring the votes of shareholders, each our Class A Ordinary Share is entitled to one (1) vote and each our Class B Ordinary Share is entitled to twenty (20) votes. Each of our Class B ordinary share is convertible into one Class A Ordinary Share at any time by the holder thereof. Our Class A Ordinary Shares are not convertible into our Class B Ordinary Share under any circumstances. Only our Class A ordinary shares are tradable on the market immediately after our listing on Nasdaq. This voting structure may discourage investors from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial.

***An active trading market for our Class A Ordinary Shares may not be established or, if established, may not continue and the trading price for our Class A Ordinary Shares may fluctuate significantly.***

We cannot assure you that a liquid public market for our Class A Ordinary Shares will be established. If an active public market for our Class A Ordinary Shares does not occur following the completion of this offering, the market price and liquidity of our Class A Ordinary Shares may be materially and adversely affected. The public offering price for our Class A Ordinary Shares in this offering was determined by negotiation between us and the underwriter based upon several factors, and we can provide no assurance that the trading price of our shares after this offering will not decline below the public offering price. As a result, investors in our shares may experience a significant decrease in the value of their shares.

***We may not maintain the listing of our Class A Ordinary Shares on NYSE American which could limit investors' ability to make transactions in our Class A Ordinary Shares and subject us to additional trading restrictions.***

We intend to list our Class A Ordinary Shares on the NYSE American concurrently with this offering. In order to continue listing our Class A Ordinary Shares on NYSE American, we must maintain certain financial and share price levels and we may be unable to meet these requirements in the future. We cannot assure you that our Class A Ordinary Shares will continue to be listed on the NYSE American in the future.

If the NYSE American delists our Class A Ordinary Shares and we are unable to list our Class A Ordinary Shares on another national securities exchange, we expect our Class A Ordinary Shares could be quoted on an over-the-counter market in the United States. If this were to occur, we could face significant material adverse consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 limited availability of market quotations for our Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;(b) reduced
 liquidity for our Class A Ordinary Shares;

(c) a
 determination that our Class A Ordinary Shares are "penny stock," which will require brokers trading in our Class
 A Ordinary Shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary
 trading market for our Class A Ordinary Shares;

(d) a
 limited amount of news and analyst coverage; and

(e) a
 decreased ability to issue additional securities or obtain additional financing in the future.

As long as our Class A Ordinary Shares are listed on NYSE American, U.S. federal law prevents or pre-empts individual states from regulating their sale. However, the law does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar their sale. Further, if we were no longer listed on NYSE American, we would be subject to regulations in each state in which we offer our Class A Ordinary Shares.

***The trading price of our Class A Ordinary Shares may be volatile, which could result in substantial losses to investors.***

The trading price of our Class A Ordinary Shares may be volatile and could fluctuate widely due to factors beyond our control. This may happen because of the broad market and industry factors, like the performance and fluctuation of the market prices of other companies with business operations located mainly in Singapore that have listed their securities in the United States. In addition to market and industry factors, the price and trading volume for our shares may be highly volatile for factors specific to our own operations, including the following:

● fluctuations in our revenues, earnings, and cash flow;

● changes in financial estimates by securities analysts;

● additions or departures of key personnel;

● release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and

● potential litigation or regulatory investigations.

Any of these factors may result in significant and sudden changes in the volume and price at which our shares will trade.

In the past, shareholders of public companies have often brought securities class action suits against those companies following periods of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

***Certain recent initial public offerings of companies with public floats comparable to the anticipated public float of our Company have experienced extreme volatility that was seemingly unrelated to the underlying performance of the respective company. We may experience similar volatility. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares.***

Recently, there have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with recent initial public offerings, especially among those with relatively smaller public floats. As a relatively small-capitalization company with relatively small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization companies. In particular, our Class A Ordinary Shares may be subject to rapid and substantial price volatility, low volumes of trades and large spreads in bid and ask prices. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares.

In addition, if the trading volumes of our Class A Ordinary Shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Class A Ordinary Shares. This low volume of trades could also cause the price of our Class A Ordinary Shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Class A Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Class A Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Class A Ordinary Shares. A decline in the market price of our Class A Ordinary Shares also could adversely affect our ability to issue additional shares of Class A Ordinary Shares or other of our securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in our Class A Ordinary Shares will develop or be sustained. If an active market does not develop, holders of our Class A Ordinary Shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all.

***If securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume could decline.***

The trading market for our shares will be influenced by research or reports that industry or securities analysts publish about our business. If one or more analysts downgrade our shares, the market price for our shares would likely decline. If one or more of these analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause the market price or trading volume for our shares to decline.

***If we fail to implement and maintain an effective system of internal controls over financial reporting, we may fail to meet our reporting obligations and/or are unable to accurately report our results of operations or prevent fraud; and this may materially adversely affect investors' confidence and consequently, the market price of our Ordinary Shares.***

Prior to this offering, we have been a private company with limited accounting personnel and other resources with which to address our internal controls and procedures. This has resulted in material weaknesses and control deficiencies identified included (i) a lack of sufficient skilled staff with U.S. GAAP knowledge and the SEC reporting knowledge for the purpose of financial reporting; and (ii) a lack of formal accounting policies and procedures manual to ensure proper financial reporting in accordance with U.S. GAAP and SEC reporting requirements.

Following the identification of the material weaknesses and control deficiencies, we shall take the following remedial measures: (i) engaging an external consulting firm to assist us with assessment of Sarbanes-Oxley compliance requirements and improvement of overall internal control; and (ii) adopting directors' resolutions to appoint independent directors, establish an audit committee, and strengthen corporate governance.

We plan to take additional remedial measures, including (i) hiring more qualified accounting personnel with relevant U.S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function and to set up a financial and system control framework; and (ii) implementing regular and continuous U.S. GAAP accounting and financial reporting training programs for our accounting and financial reporting personnel.

However, the implementation of these measures may not fully address the material weaknesses in our internal control over financial reporting. Our failure to correct the material weaknesses or our failure to discover and address any other material weaknesses or control deficiencies could result in inaccuracies in our financial statements and could also impair our ability to comply with applicable financial reporting requirements and related regulatory filings on a timely basis. As a result, our business, financial condition, results of operations and prospects, as well as the trading price of our Ordinary Shares, may be materially and adversely affected. Moreover, ineffective internal control over financial reporting significantly hinders our ability to prevent fraud.

Upon completion of this offering, we will become a public company in the United States subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002 will require that we include a report of management on our internal control over financial reporting in our annual report on Form 20-F beginning with our annual report for the year ending April 30, 2024. In addition, once we cease to be an "emerging growth company," as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting. Our management may conclude that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue a report that is qualified, if it is not satisfied with our internal controls or the level at which our controls are documented, designed, operated, or reviewed, or if it interprets the relevant requirements differently from us. In addition, after we become a public company, our reporting obligations may place a significant strain on our management, operational, and financial resources and systems for the foreseeable future. We may be unable to complete our evaluation testing and any required remediation in a timely manner.

***Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Class A Ordinary Shares for a return on your investment.***

We currently intend to retain all of our available funds and any future earnings after this offering to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our shares as a source for any future dividend income. Our Board has complete discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands and Singapore law. Even if our Board decides to declare and pay dividends (by way of a simple majority decision of our Directors), the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors as determined by our Board. Accordingly, the return on your investment in our Class A Ordinary Shares will likely depend entirely upon any future price appreciation of our Class A Ordinary Shares. There is no guarantee that our Class A Ordinary Shares will appreciate in value after this offering or even maintain the price at which you purchased our shares. You may not realize a return on your investment in our shares and you may even lose your entire investment.

***Short selling may drive down the market price of our Class A Ordinary Shares.***

Short selling is the practice of selling shares that the seller does not own but rather has borrowed from a third party with the intention of buying identical shares back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the shares between the sale of the borrowed shares and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale. As it is in the short seller's interest for the price of the shares to decline, many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its business prospects in order to create negative market momentum and generate profits for themselves after selling the shares short. These short attacks have, in the past, led to selling of shares in the market. If we were to become the subject of any unfavourable publicity, whether such allegations are proven to be true or untrue, we could have to expend a significant number of resources to investigate such allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of commercial confidentiality.

***Because our public offering price per share is substantially higher than our net tangible book value per share, you will experience immediate and substantial dilution.***

If you purchase Class A Ordinary Shares in this offering, you will pay substantially more than our net tangible book value per share. As a result, you will experience immediate and substantial dilution of US$4.03 per Class A Ordinary Share, representing the difference between our as adjusted net tangible book value per Class A Ordinary Share of US$0.47 as of April 30, 2024, after giving effect to the net proceeds to us from this offering, assuming no change to the number of shares offered by us as set forth on the cover page of this prospectus and an assumed public offering price of US$4.50 per Class A Ordinary Share (being the mid-point of the initial public offering price range). See "Dilution" for a more complete description of how the value of your investment in our shares will be diluted upon the completion of this offering.

***The initial public offering price for our Class A Ordinary Shares may not be indicative of prices that will prevail in the trading market and such market prices may be volatile.***

The initial public offering price for our Class A Ordinary Shares will be determined by negotiations between us and the underwriter, and does not bear any relationship to our earnings, book value or any other indicia of value. We cannot assure you that the market price of our Class A Ordinary Shares will not decline significantly below the initial public offering price. The financial markets in the United States and other countries have experienced significant price and volume fluctuations in the last few years. Volatility in the price of our Class A Ordinary Shares may be caused by factors outside of our control and may be unrelated or disproportionate to changes in our results of operations.

***You must rely on the judgment of our management as to the uses of the net proceeds from this offering, and such uses may not produce income or increase our share price.***

We intend to use the net proceeds of this offering as set out in "Use of Proceeds." However, our management will have considerable discretion in the application of the net proceeds received by us in this offering. You will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. The net proceeds may be used for corporate purposes that do not improve our efforts to achieve or maintain profitability or increase our share price. The net proceeds from this offering may be placed in investments that do not produce income or that lose value.

***If we are classified as a passive foreign investment company, United States taxpayers who own our securities may have adverse United States federal income tax consequences.***

We are a non-U.S. corporation and, as such, we will be classified as a passive foreign investment company, which is known as a PFIC, for any taxable year if, for such year, either:

● At least 75% of our gross income for the year is passive income; or

● The average percentage of our assets (determined at the end of each quarter) during the taxable year that produce passive income or that are held for the production of passive income is at least 50%.

Passive income generally includes dividends, interest, rents, royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets.

If we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. taxpayer who holds our securities, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.

While we do not expect to become a PFIC, because the value of our assets for purposes of the asset test may be determined by reference to the market price of our Class A Ordinary Shares, fluctuations in the market price of our Class A Ordinary Shares may cause us to become a PFIC for the current or subsequent taxable years. The determination of whether we will be or become a PFIC will also depend, in part, on the composition of our income and assets. If we determine not to deploy significant amounts of cash for active purposes, our risk of being a PFIC may substantially increase. Because there are uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for the current taxable year or any future taxable year.

For a more detailed discussion of the application of the PFIC rules to us and the consequences to U.S. taxpayers if we were determined to be a PFIC, see "Material Tax Considerations — Passive Foreign Investment Company Considerations."

***Our controlling shareholder has substantial influence over the Company. His interests may not be aligned with the interests of our other shareholders, and he could prevent or cause a change of control or other transactions.***

Post restructuring and immediately prior to the completion of this offering, Beh Hook Seng through his ownership of TongHuai SG Enterprise Pte. Ltd. and TongHuai SG2 Enterprise Pte. Ltd, in addition to his own shares will own an aggregate of approximately 0% of our issued and outstanding Class A Ordinary Shares and 65.1% of our issued and outstanding Class B Ordinary Shares. Upon completion of this offering, Beh Hook Seng through his ownership of TongHuai SG Enterprise Pte. Ltd. and TongHuai SG2 Enterprise Pte. Ltd, in addition to his own shares will own an aggregate of approximately 0% of our issued and outstanding Class A Ordinary Shares and 65.1% of our issued and outstanding Class B Ordinary Shares representing 62.4% of the total voting rights, assuming no exercise of the underwriter's over-allotment option.

Accordingly, our controlling shareholder could have considerable influence or control over the outcome of any corporate transactions or other matters submitted to the shareholders for approval, including (i) mergers, consolidations, (ii) the election or removal of Directors, (iii) the sale of all or substantially all of our assets, (iv) making amendments to our Memorandum and Articles of Association, (v) whether to issue additional shares, including to him, (vi) employment, including compensation arrangements, and (vii) the power to prevent or cause a change in control. The interests of our largest shareholder may differ from the interests of our other shareholders. Without the consent of our controlling shareholder, we may be prevented from entering into transactions that could be beneficial to us or our other shareholders. The concentration in the ownership of our shares may cause a material decline in the value of our shares. For more information regarding our principal shareholders and their affiliated entities, see "Principal and Selling Shareholders."

***As a "controlled company" under the rules of the NYSE American, we may choose to exempt our Company from certain corporate governance requirements that could have an adverse effect on our public shareholders.***

Our directors and officers beneficially own a majority of the voting power of our issued and outstanding Class A Ordinary Shares. Under Section 110 and 801 of the NYSE American Company Guide, a company of which more than 50% of the voting power is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including:

● an exemption from the rule that a majority of our Board must be independent directors;

● an exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent directors; and

● An exemption from the rule that our director nominees must be selected or recommended solely by independent directors.

The exemption we intend to rely on is that a majority of our Board need not be independent directors. As a result, you may not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

As our controlling shareholder owns only slightly more than 50% of the total voting power of our share capital after this offering (approximately 62.4%), assuming no exercise of the underwriter's over-allotment option, we may lose our status as a controlled company in the event that we issue additional Ordinary Shares. For example, assuming no changes to our current capital structure or beneficial ownership, our controlling shareholder's total voting power would decrease to under 50% if we were to issue an additional 80,998,230 Class A Ordinary Shares (or 4,049,912 Class B Ordinary Shares) to other persons. In such an instance, our controlling shareholder might still be able to practically control any shareholder vote (including for the directors of our company), but we would cease to be a controlling company and would no longer be eligible to qualify for corporate governance exemptions for controlled companies. We could experience significant cost in time and money gaining compliance with these requirements (or if we fail to do so in the required time).

***As a company incorporated in the Cayman Islands, we are permitted to follow certain home country practices in relation to corporate governance matters in lieu of certain requirements under the NYSE American corporate governance listing rules. These practices may afford less protection to shareholders than they would enjoy if we complied fully with NYSE American corporate governance listing standards.***

As a foreign private issuer that has applied to list our Class A Ordinary Shares on the NYSE American, we rely on a provision in NYSE American corporate governance listing standards that allows us to follow Cayman Islands law with regard to certain aspects of corporate governance. This allows us to follow certain corporate governance practices that differ in significant respects from the corporate governance requirements applicable to U.S. companies listed on the NYSE American.

These practices may afford less protection to shareholders than they would enjoy if we complied fully with corporate governance listing requirements of NYSE American. Following this offering, we will rely on home country practice to be exempted from certain of the corporate governance requirements of NYSE American, namely (i) a majority of the Directors on our Board are not required to be independent Directors; (ii) there will not be a necessity to have regularly scheduled executive sessions with independent Directors; and (iii) there will be no requirement for the Company to obtain Shareholder approval prior to an issuance of securities in connection with (a) the acquisition of stock or assets of another company; (b) equity-based compensation of officers, directors, employees or consultants; (c) a change of control; and (d) transactions other than public offerings.

***You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.***

We are an exempted company with limit liability incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our Memorandum and Articles of Association, the Companies Act and the common law of the Cayman Islands.

The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law are governed by the Companies Act and the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some states in the United States. In particular, the Cayman Islands has a less developed body of securities laws than the United States. Some U.S. states have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have the standing to initiate a shareholder derivative action in a federal court of the United States.

Holders of our Ordinary Shares will have no general right under Cayman Islands law to inspect corporate records (other than the memorandum and articles of association and any special resolutions passed by our company, and our registers of mortgages and charges) or obtain copies of our list of shareholders or our corporate records. Our directors have discretion under our Memorandum and Articles of Association to determine whether or not, and under what conditions, our corporate records may be inspected by holders of shares of our company. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

As a result of all the above, shareholders may have more difficulty in protecting their interests in the face of actions taken by our management, members of the Board or controlling shareholders than they would as shareholders of a company incorporated in a U.S. state. For a discussion of significant differences between the provisions of the Companies Act and the laws applicable to companies incorporated in a U.S. state and their shareholders, see "Certain Cayman Islands Company Considerations — Differences in Corporate Law."

***Certain judgments obtained against us by our shareholders may not be enforceable.***

We are an exempted Cayman Islands company. Our operating subsidiaries were incorporated and are located in Singapore. Substantially all of our assets are located outside of the United States. In addition, all of our current Directors and officers are nationals and residents of countries other than the United States and substantially all of the assets of these persons are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon these persons or to enforce against us, our directors and officers, judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands and Singapore may render you unable to enforce a judgment against our assets or the assets of our Directors and officers. For more information regarding the relevant laws of the Cayman Islands and Singapore, see "Enforceability of Civil Liabilities." As a result of the above, our shareholders may have more difficulties in protecting their interests through actions against us, our officers, Directors, or major shareholders, than would shareholders of a corporation incorporated in a jurisdiction in the United States.

***We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.***

We are an "emerging growth company," as defined in the JOBS Act, and we may take advantage of certain exemptions from various requirements applicable to other public companies that are not emerging growth companies including, most significantly, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act for so long as we are an emerging growth company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information they may deem important.

The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such a date that a private company is otherwise required to comply with such new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the extended transition period, although we have adopted certain new and revised accounting standards based on transition guidance permitted under such standards earlier. As a result of this election, our future financial statements may not be comparable to other public companies that comply with the public company effective dates for these new or revised accounting standards.

***We are a foreign private issuer within the meaning of the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic public companies.***

Because we are a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including:

● the rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;

● the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act;

● the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and

● the selective disclosure rules by issuers of material non-public information under Regulation FD.

We will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish our financial results on a semi-annual basis through press releases distributed pursuant to the rules and regulations of the NYSE American. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you if you were investing in a U.S. domestic issuer.

***We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses to us.***

As discussed above, we are a foreign private issuer under the Exchange Act, and therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last Business Day of an issuer's most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect to us on October 30, 2023. In the future, we would lose our foreign private issuer status if (1) more than 50% of our outstanding voting securities are owned by U.S. residents and (2) a majority of our directors or executive officers are U.S. citizens or residents, or we fail to meet additional requirements necessary to avoid the loss of foreign private issuer status. If we lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to comply with U.S. federal proxy requirements, and our officers, Directors and 10% shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the listing rules of NYSE American. As a U.S. listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting, and other expenses that we will not incur as a foreign private issuer.

***Our compensation of directors and officers may not be publicly available.***

Under Cayman Islands law, the Company is not required to disclose compensation paid to our senior management on an individual basis and the Company has not otherwise publicly disclosed this information elsewhere. The executive officers, directors and management of the Company receive fixed and variable compensation. They also receive benefits in line with market practice. The fixed component of their compensation is set on market terms and adjusted annually. The variable component consists of cash bonuses and awards of shares (or the cash equivalent). Cash bonuses are paid to executive officers and members of management based on previously agreed targets for the business. Shares (or the cash equivalent) are awarded under share options.

As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the United States.

***We will incur significantly increased costs and devote substantial management time as a result of the listing of our Class A Ordinary Shares on NYSE American.***

We will incur additional legal, accounting, and other expenses as a public reporting company, particularly after we cease to qualify as an emerging growth company. For example, we will be required to comply with the additional requirements of the rules and regulations of the SEC and the NYSE American rules, including applicable corporate governance practices. We expect that compliance with these requirements will increase our legal and financial compliance costs and will make some activities more time-consuming and costly. In addition, we expect that our management and other personnel will need to divert attention from operational and other business matters to devote substantial time to these public company requirements. We cannot predict or estimate the amount of additional costs we may incur as a result of becoming a public company or the timing of such costs.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance costs, and making some activities more time-consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidelines are provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to their application and practice, regulatory authorities may also initiate legal proceedings against us, and our business may be adversely affected.

***Our Company intends to grant employee share options and other share-based awards in the future. Our Company will recognize any share-based compensation expenses in our statements of comprehensive loss. Any additional grant of employee share options and other share-based awards in the future may have a material adverse effect on our results of operation.***

Our Company intends to adopt an employee share incentive plan in 2025, or the 2025 *ESIP*, for the purpose of granting share-based compensation awards, in an aggregate amount of up to 6% of our issued and outstanding Class A Ordinary Shares following this offering, to our employees, directors and consultants to incentivize their performance and align their interests with ours. Under the 2025 *ESIP*, we expect to be permitted to issue options to purchase or share awards of up to 822,405 Class A Ordinary Shares. As of the date of this prospectus, we have not awarded any shares and no options to purchase Class A Ordinary Shares have been exercised and no Class A Ordinary Shares have been issued upon exercised vested options, in each case under the 2025 *ESIP*. As a result of these grants and potential future grants, we expect to continue to incur significant share-based compensation expenses in the future. The amount of these expenses is based on the fair value of the share-based awards. We account for compensation costs for all share options using a fair-value based method and recognize expenses in our statements of profit or loss and other comprehensive income. The expenses associated with share-based compensation will decrease our profitability, perhaps materially, and the additional securities issued under share-based compensation plans will dilute the ownership interests of our shareholders. However, if we limit the scope of our share-based compensation plan, we may not be able to attract or retain key personnel who expect to be compensated by options.

**ENFORCEABILITY OF CIVIL LIABILITIES**

Our Company is an exempted company incorporated with limited liability under the laws of the Cayman Islands. We are incorporated in the Cayman Islands because of certain benefits associated with being a Cayman Islands company, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions and the availability of professional and support services. However, the Cayman Islands has a less developed body of securities laws as compared to the United States and provides less protection for investors. In addition, Cayman Islands companies may not have standing to sue before the U.S. federal courts.

All of our current operations are conducted outside of the United States, and all of our current assets are located outside of the United States, with the majority of our operations and current assets being located in Singapore. All of the Directors and Executive Officers of our Company reside outside the United States and are currently located in Singapore. Substantially all of their assets are located outside the United States.

As a result, it may not be possible for you to:

● effect service of process within the United States upon our non-U.S. resident directors or on us;

● enforce in U.S. courts judgments obtained against our non-U.S. resident directors or us in the U.S. courts in any action, including actions under the civil liability provisions of U.S. securities laws; and

● enforce in U.S. courts judgments obtained against our non-U.S. resident directors or us in courts of jurisdictions outside the United States in any action, including actions under the civil liability provisions of U.S. securities laws.

We have appointed Cogency Global as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.

**Cayman Islands**

Ogier, our counsel as to Cayman Islands law, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of the U.S. courts obtained against us or our Directors or Executive Officers that are predicated upon the civil liability provisions of the U.S. securities laws or any U.S. state; or (ii) entertain original actions brought in the Cayman Islands against us or our Directors or Executive Officers that are predicated upon the U.S. securities laws or the securities laws of any U.S. state.

We have been advised by Ogier that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands is not a party to any treaties for the reciprocal enforcement or recognition of such judgments with the United States), the courts of the Cayman Islands would in certain circumstances recognize and enforce a judgment obtained in the federal or state courts of the United States against the Company without re-examination or re-litigation of matters adjudicated upon, provided such judgement, (a) is given by a foreign court of competent jurisdiction; (b) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;(c) is final; (d) is not in respect of taxes, a fine or a penalty, (e) was not obtained by fraud; and (f) is not of kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands. However, the Cayman Islands courts are unlikely to enforce a judgment obtained from United States courts under civil liability provisions of the U.S. federal securities law if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Because such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable in the Cayman Islands. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

Subject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

**Singapore**

There is no treaty between the United States and Singapore providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters and a final judgment for the payment of money rendered by any federal or state court in the United States based on civil liability, whether or not predicated solely upon the federal securities laws, would, therefore, not be automatically enforceable in Singapore.

In making a determination as to enforceability of a foreign judgment, the Singapore courts generally need to be satisfied that the foreign judgment was final and conclusive and on the merits of the case, given by a court of law of competent jurisdiction, and was expressed to be for a fixed sum of money. However, the Singapore courts are generally unlikely to enforce a foreign judgment if (i) the foreign judgment was obtained by fraud; (ii) the proceedings in which the foreign judgment was obtained was not conducted in accordance with principles of natural justice; (iii) the enforcement of the foreign judgment would be contrary to the public policy of Singapore; (iv) the foreign judgment would conflict with earlier judgments from Singapore or earlier foreign judgments recognized in Singapore; or (v) the foreign judgment would amount to the direct or indirect enforcement of foreign penal, revenue or other public laws. Civil liability provisions of the federal and state securities law of the United States permit the award of punitive damages against us, our Directors and officers. The Singapore courts generally do not allow the enforcement of foreign judgments if it appears that such foreign judgments award damages (including exemplary or punitive damages) that are in excess of compensation for the actual loss or harm suffered by the relevant party, and generally would only allow enforcement on the part that reflects the relevant compensation for the actual loss or harm suffered by the relevant party. Accordingly, it is uncertain as to whether a judgment of the courts of the United States awarding such punitive damages would be regarded by the Singapore courts as being pursuant to foreign, penal, revenue or other public laws. Such determination has yet to be conclusively made by a Singapore court in a reported decision.

**USE OF PROCEEDS**

We expect to receive approximately US$**9,960,703** of net proceeds from this offering after deducting underwriting discounts and commissions and estimated offering expenses of approximately US$**2,189,297** payable by us. We will not receive any proceeds from the sale of the Ordinary Shares by the Selling Shareholders.

We currently intend to use proceeds from this offering in the following ways:

***Product Research and Development*** — We intend to use 15% of the proceeds from the offering for product research and development, which underscores our commitment to innovation and long-term sustainability. We intend to foster the creation of new products, technologies, and processes, thereby staying at the forefront of industry trends and maintaining a competitive edge

***Expansion of Supply Chain –*** We intend to use 20% of the proceeds from the offering to build and automate our supply chain through building facilities that can allow us to build certain key components of our products in-house.

***Marketing and promotion campaigns*** — We intend to use 5% of the proceeds from the offering for marketing and promotion campaigns. This allocation reflects our commitment to expanding brand awareness, reaching new customers, and driving revenue growth through targeted marketing initiatives.

***Working Capital*** — The balance amount, approximately 60% of the proceeds from the offering, will be used for general working capital and corporate purposes. The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this offering. Our management, however, will have significant flexibility and discretion to apply the net proceeds of this offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this offering differently than as described in this prospectus.

**CAPITALIZATION AND INDEBTEDNESS** 

The following table sets forth our capitalization as of October 31, 2024:

● on an actual basis; and

● on a pro forma as adjusted basis to reflect (i) the above; and (ii) the issuance and sale of 2,700,000 Class A Ordinary Shares in this offering at an initial public offering price of US$4.50 per Class A Ordinary Share (being the mid-point of the initial public offering price range), after deducting underwriting discounts and estimated offering expenses payable by us.

The pro forma as adjusted information below is illustrative only, and our capitalization following the completion of this offering is subject to adjustment based on the actual net proceeds to us from the offering. You should read this table in conjunction with "Use of Proceeds," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes included elsewhere in this prospectus.

---

| | | |
|:---|:---|:---|
| **Shareholders' Equity** | **Actual** | **As <br> adjusted<sup>(1)(2)</sup>** |
| Ordinary Shares, par value US$0.0001 per share, 950,000,000 Class A Ordinary and 50,000,000 Class B Ordinary Shares authorized, 10,601,750 Class A Ordinary Shares outstanding on an actual basis, 15,125,251 Class B Ordinary Shares outstanding on an as adjusted basis | $2638 | $2908 |
| Additional paid-in capital | 7546928 | 19861402 |
| Subscription receivable | (28158) |  |
| Subscribed shares; not issued | 192902 | - |
| Accumulated deficit | (6840259) | (6840259) |
| **Total Shareholders' Equity** | 874051 | 13024051 |
| **Indebtedness** |  |  |
| Bank borrowings | 121565 | 121565 |
| **Total Indebtedness** |  |  |

---

------

(1) Reflects
 the sale of Class A Ordinary Shares in this offering (excluding any Class A Ordinary Share
 that may be sold as a result of the underwriter exercising its over-allotment option) at
 an assumed initial public offering price of $4.50 per share, and after deducting the
 estimated underwriting discounts and estimated offering expenses payable by us. The pro forma
 as adjusted information is illustrative only, and we will adjust this information based on
 the actual initial public offering price and other terms of this offering determined at pricing.
 Additional paid-in capital reflects the net proceeds we expect to receive, after deducting
 the underwriting discounts, estimated offering expenses payable by us and advisory fees.
 We estimate that such net proceeds will be approximately $9,785,742.

(2) Assuming
 the underwriter does not exercise their over-allotment option.

**DILUTION**

Investors purchasing our Class A Ordinary Shares in this offering will experience immediate and substantial dilution in the pro forma as adjusted net tangible book value of their Class A Ordinary Shares. Dilution in pro forma as adjusted net tangible book value represents the difference between the initial public offering price of our Class A Ordinary Shares and the pro forma as adjusted net tangible book value per share of our Class A Ordinary Shares immediately after the offering.

Historical net tangible book value per share represents our total tangible assets (total assets excluding goodwill and other intangible assets) less total liabilities, divided by the number of outstanding Class A and Class B Ordinary Shares. After giving effect to the sale of Class A Ordinary Shares in this offering by the Company at an initial public offering price of US$4.50 per share, after deducting US$1,032,750 in underwriting discounts and commissions and estimated offering expenses payable by the Company of approximately US$1,331,508, the pro forma as adjusted net tangible book value as of October 31, 2024 would have been approximately US$10,659,793 or US$0.38 per share. This represents an immediate increase in pro forma as adjusted net tangible book value of US$0.38 per share to our existing stockholders and an immediate dilution of US$4.08 per share to new investors purchasing Class A Ordinary Shares in this offering.

The following table illustrates this dilution on a per share basis to new investors.

---

| | |
|:---|:---|
|  | **US$** |
| Assumed initial public offering price per share | 4.50 |
| Historical net tangible book value per share as of April 30, 2024 | 0.03 |
| Increase in as adjusted net tangible book value per share attributable to the investors in this offering | 0.38 |
| Pro forma net tangible book value per share after giving effect to this offering | 0.38 |
| Dilution per share to new investors participating in this offering | 4.08 |

---

A US$1.0 increase (decrease) in the assumed initial public offering price of US$4.50 per Class A Ordinary Share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) the as adjusted net tangible book value per share by US$2,470,500, and increase (decrease) dilution to new investors by US$0.90 per share, in each case assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting underwriting discounts and estimated offering expenses payable by us. If the underwriter exercises in full their option to purchase additional Class A Ordinary Shares in this offering, the as adjusted net tangible book value after the offering would be US$0.42 per share, the increase in net tangible book value to existing shareholders would be US$0.44 per share, and the dilution to new investors would be US$4.03 per share, in each case assuming an initial public offering price of US$4.50 per share, which is the midpoint of the price range set forth on the cover page of this prospectus.

The following table summarizes, on a pro forma and a post restructuring, as adjusted basis as of October 31, 2024, the differences between existing shareholders and the new investors with respect to the number of Class A Ordinary Shares purchased from us, the total consideration paid and the average price per Class A ordinary share before deducting the estimated commissions to the underwriter and the estimated offering expenses payable by us.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares<br> (Class A and Class B) purchased** | **Ordinary Shares<br> (Class A and Class B) purchased** | **Total consideration** | **Total consideration** | |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Average price per Ordinary**<br>**Share** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| Existing shareholders | 25598876 | 90.46% | $7714310 | 38.8% | $0.30 |
| New investors | 2700000 | 9.54% | $12150000 | 61.2% | $4.50 |
| Total | 28298876 | 100.00% | $19864310 | 100% | $0.70 |

---

The pro forma as adjusted information as discussed above is illustrative only. Our net tangible book value following the completion of this offering is subject to adjustment based on the actual initial public offering price of our Class A Ordinary Shares and other terms of this offering determined at the pricing.

**DIVIDENDS AND DIVIDEND POLICY**

While we currently have no plans to distribute dividends, in the event we consider distributing a dividend in the future, our Board shall take into account, among other things, the following factors when deciding whether to propose a dividend and in determining the dividend amount: (a) operating and financial results; (b) cash flow situation; (c) business conditions and strategies; (d) future operations and earnings ; (e) taxation considerations; (f) interim dividend paid, if any; (g) capital requirement and expenditure plans; (h) interests of shareholders; (i) statutory and regulatory restrictions; (j) any restrictions on payment of dividends; and (k) any other factors that our Board may consider relevant. The payment of dividends, in certain circumstances is also subject to the approval of our Shareholders, the Companies Act and our Memorandum and Articles of Association as well as any other applicable laws. Currently, we do not have any predetermined dividend distribution ratio. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of Directors. Under the Companies Act, a Cayman Islands company may pay a dividend out of either profit or share premium account, provided that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts as they fall due in the ordinary course of business.

Even if our Board decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the Board may deem relevant. In addition, we are a holding company and depend on the receipt of dividends and other distributions from our subsidiaries to pay dividends on our Class A Ordinary Shares.

There are no foreign exchange controls or foreign exchange regulations under current applicable laws of the various places of incorporation of our significant subsidiaries that would affect the payment or remittance of dividends.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

T*he following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the section of this prospectus titled "Summary Financial Information" and the Company's consolidated financial statements and related notes appearing elsewhere in this prospectus. In addition to historical information, this discussion and analysis here and throughout this prospectus contains forward-looking statements that involve risks, uncertainties, and assumptions. The Company's actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited to, those set forth under "Risk Factors" and elsewhere in this prospectus.*

**Overview**

Phaos Technology Holdings (Cayman) Limited (the "Company") is an investment holding company incorporated on March 7, 2024 under the laws of the Cayman Islands. The Company through its subsidiary assembles and commercializes such advanced microscopy-related solutions, technologies and products. Using its patented microsphere-assisted technology, the Company can significantly increase the magnification of existing traditional optical microscope by up to 4 times compared to its competitors, hence allowing clients to see beyond the optical limit in an effective manner. Currently, it is the only commercially available advanced optical microscope that can see below the 200nm optical limit, within a commercially viable working distance.

Our business is primarily involved on the assembling and commercialization of advanced microscopy-related solutions, technologies and products tailored for precision measurement and magnification purposes. Our product range includes microscopy solutions, featuring:

i) Super-resolution imagers capable of achieving imaging down to 137 nm; <br> ii) Specialized microscopes designed to meet the diverse needs of various industries; and <br> iii) Three-dimensional (3-D) real-time image magnifiers for enhanced visualization.

Traditional optical microscopes are able to see up to 220 nm, while our solution allows users to see up to 137 nm. As a result, we believe that this is considered by the optical industry as a super resolution optical microscopy solution.

In addition to our hardware offerings, we currently provide complimentary proprietary software, which is developed in-house. This software includes Artificial Intelligent ("AI") components that allows our customers to perform recognition patterns for research, quality assurance and control ("QA/QC"), as well as diagnostics purposes. The in-house software is meticulously crafted to complement our product line ensuring seamless integration and optimized its performance for our customers.

For the six months period ended October 31, 2023 and October 31, 2024, the provision of microscopy products contributed to 99.8% and 80.9% of our revenue, respectively.

We distribute our microscopy products with software solutions through an extensive network of distributors, primarily in Vietnam and Singapore, and are expanding across Southeast Asia and South Asia. Our microscopy solutions accommodate a diverse range of applications enabling us to serve a wide range of customer needs and capitalize on emerging growth opportunities in the region. Our diverse customer base primarily includes industries with usage in fields such as manufacturing, research & development, biomedical, semiconductors, Printed Circuit Board ("PCB"), electronics, precision engineering, injection molding, research, healthcare, quality assurance and control ("QA/QC"), and diagnostics. Our business strategic focus involves strengthening our market position in Singapore and Vietnam and progressively expanding into the Southeast Asian region.

We believe in our strong corporate culture which emphasizes the creation of shareholder value. In the six months period ended October 31, 2024, business in Vietnam and Singapore contributed to 59.8% and 32.1% of our Group's revenue, respectively. For the six months period ended October 31, 2023, our revenue was S$365,415. For the six -month period ended October 31, 2024, our revenue was S$63,129. This is a decrease of 82.7% in revenue. Our net loss and accumulated deficit was S$1,535,175 and S$6,205,397, respectively, for October 31, 2023, while our net loss and accumulated deficit was S$2,019,092 (US$1,526,234) and S$9,049,158 (US$6,840,259) for October 31, 2024. This signifies an increase of 31.5% and 45.8% for net loss and accumulated deficit.

***Key Factors Affecting the Results of Our Group's Operations***

Our operating results are primarily affected by those factors set out in the section headed "Risk Factors" in this prospectus and those set out below:

***Supply chain interruptions***

Supply chain interruptions pose significant challenges to businesses, impacting operations, production, and ultimately, the ability to meet customer demand. We conduct a comprehensive analysis of the supply chain to identify potential vulnerabilities and points of failure. This includes assessing dependencies on critical suppliers, geographical risks, transportation logistics, and regulatory compliance issues. The Group will strengthen relationships with key suppliers through open communication, collaboration, and regular performance evaluations. We develop robust contingency plans to address potential supply chain disruptions, including natural disasters, geopolitical events, trade disputes, and pandemics. These plans include clear protocols and procedures for activating contingency measures swiftly and effectively when disruptions occur. By proactively addressing supply chain interruptions and implementing risk management strategies, businesses can enhance our resilience and mitigate the impact of disruptions on operations and customer satisfaction.

***Fluctuations in material prices and quantities***

Fluctuations in material prices and quantities can significantly affect the cost of assembling microscopy products. To mitigate these impacts, we implement effective inventory management practices, optimizing levels based on demand forecasts and lead times. Maintaining adequate buffer stocks helps offset sudden price increases or supply shortages. Additionally, we continuously assess cost reduction strategies such as process optimization and exploring alternative materials or components with similar performance at lower costs. These measures not only reduce overall production costs but also enhance our resilience to price fluctuations. By implementing these strategies, we can better manage our susceptibility to market volatility, strengthening our competitiveness and ensuring sustained performance in the market.

***Pricing and profitability***

Setting the right pricing strategy for our microscopy products is crucial for generating revenue and achieving profitability. We provide the software as a complimentary product to our microscopy products. Other factors such as market demand, tight competition, product differentiation, and perceived value all influence our pricing decisions. Balancing affordability with profitability is essential to attract customers while maximizing our returns. Similarly, choosing the right distribution channels for selling microscopy equipment can impact sales volume, reach, and profitability. While we previously marketed through direct channels such as our in-house sales team and organic growth through inbound calls, mail and social media., we now market through indirect channels, such as distributors, and while it provides broader market coverage, we are currently uncertain as to whether it may or may not result in lower margins due to many other external macro-factors in play such as competitors, innovation within the optical industry as well as the general economic environment.

***Compliance with health, and safety regulations***

Compliance with health and safety regulations is paramount to our business operations, as non-compliance can lead to penalties and reputational damage. We closely monitor existing regulations and proactively adapt our practices to ensure compliance. Additionally, we stay vigilant regarding new and evolving laws and regulations that may impact our operations. To mitigate the risks associated with regulatory changes, we maintain robust internal controls and processes focused on compliance with health and safety regulations. This includes conducting regular audits, implementing training programs for employees, and engaging with regulatory authorities to stay informed about emerging requirements. By prioritizing compliance with health and safety regulations and staying abreast of regulatory developments, we aim to safeguard our business against potential penalties and reputational harm while fostering a safe and sustainable operating environment.

***Inflation***

Inflation can drive the prices of raw materials and components used in our microscopy products upwards. This increase in material costs can be attributed to various factors, including supply chain disruptions, and fluctuations in commodities prices. Energy prices, particularly crude oil prices, can impact transportation and production costs as well. Overall, we may face higher procurement costs for essential components and materials as well as elevated expenses for transportation, energy and labor. To mitigate the effects of inflation on material costs and profit margins, we will continuously assess cost reduction strategies, including exploring alternative sources of materials.

***Critical Accounting Policies***

The significant accounting policies which we believe are the most critical to aid in fully understanding and evaluating our reported financial results are described below. Refer to "Note 2 — Summary of significant accounting policies" to the consolidated financial statements included elsewhere in this prospectus for more detailed information regarding our critical accounting policies.

*Revenue recognition* 

The Company follows the revenue requirements of Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("Accounting Standards Codification ("ASC") 606"). The core principle underlying the revenue recognition of this ASC allows the Company to recognize revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expect to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer.

To achieve that core principle, the Company applies the five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

Revenues are generally recognized upon the transfer of control of promised products or services provided to our customers, reflecting the amount of consideration we expect to receive for those products or services.

We currently generate our revenues from the following main sources:

*Sales of microscopes and parts*

The Company sells microscopes and parts. Revenue is recognized when the goods are delivered to the customer and all criteria for acceptance have been satisfied. The goods are often sold with a right of return.

The amount of revenue recognized is based on the transaction price, which comprises the contractual price. Based on the Company's experience with similar types of contracts, variable consideration is typically constrained and is included in the transaction only to the extent that it is a highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

At the end of each reporting date, the Company updates its assessment of the estimated transaction price, including its assessment of whether an estimate of variable consideration is constrained. The corresponding amounts are adjusted against revenue in the period in which the transaction price changes. The Company also updates its measurement of the asset for the right to recover returned goods for changes in its expectations about returned goods.

The Company has elected to apply the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred where the amortization period of the asset that would otherwise be recognized is one year or less.

*Income taxes* 

The Company accounts for income taxes under FASB ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are also provided for net operating loss carryforwards that can be utilized to offset future taxable income.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. A valuation allowance is established, when necessary, to reduce net deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

The provisions of FASB ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.

The Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes for the years ended April 30, 2023 and 2024, and six months ended October 31, 2024. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

**Critical accounting estimates**

The discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. These principles require us to make certain estimates and judgments that affect the amounts reported in our consolidated financial statements.

*The useful life and impairment of long-lived assets*

The judgment that the long-lived assets, which include property and equipment, are being amortized over their useful lives and are not impaired are significant accounting estimates. We have estimated the useful life and residual value and concluded that no impairment loss was recognized as of April 30, 2023 and 2024 and October 31, 2024.

*Collectability of account receivables*

We maintain an allowance for estimated credit losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the Company's customers' financial condition, the receivable amount in dispute, and the current receivables aging and current payment patterns, over the contractual life of the receivable. The Company writes off the receivable when it is determined to be uncollectible.

*Collectability of note receivables*

We keep a close observation on the collection of note receivables to maintain an allowance for estimated credit losses inherent in the note receivables portfolio. To establish the required allowance, management considers historical losses, taking into account current market conditions and the borrower's financial conditions to calculate the loss given default and probability of default for estimates on credit losses. The company writes off the receivable when it is deemed to be uncollectable.

**Recent Accounting Pronouncements**

A discussion of recent accounting pronouncements is included in "Note 2—Summary of Significant Accounting Policies to our audited consolidated financial statements" included elsewhere in this prospectus.

**Results of Operations**

***Comparison of Six Months Periods Ended October 31, 2024 and 2023***

The following table summarizes the consolidated results of our operations for the six months periods ended October 31, 2024 and 2023, respectively:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** |<br>**% Change** |
| **Revenue** | 63129 | 47720 | 365415 | 276217 | (302286) | (228497) | -82.7% |
| **Costs of products sold** | (128052) | (96795) | (403677) | (305139) | 275625 | 208344 | -68.3% |
|  |  |  |  |  |  |  | 0.0% |
| Employee benefits expense | (1154747) | (872874) | (833810) | (630277) | (320937) | (242597) | 38.5% |
| Research and Development expenses | (149493) | (113002) | (86940) | (65718) | (62553) | (47284) | 71.9% |
| Depreciation expenses | (95602) | (72266) | (106009) | (80132) | 10407 | 7866 | -9.8% |
| Operating lease expenses | (70281) | (53126) | (66878) | (50553) | (3403) | (2573) | 5.1% |
| Other operating expenses | (536561) | (405587) | (496087) | (374992) | (40474) | (30595) | 8.2% |
| **Loss from operations** | (2071607) | (1565930) | (1627986) | (1230594) | (443621) | (335336) | 27.2% |
| **Non-operating income:** |  |  |  |  |  |  |  |
| Other income | 57431 | 43413 | 115702 | 87459 | (58271) | (44046) | -50.4% |
| Interest expense | (4916) | (3717) | (22891) | (17303) | 17975 | 13586 | -78.5% |
| **Total non-operating income, net** | 52515 | 39696 | 92811 | 70156 | (40296) | (30460) | -43.4% |
| Loss before income tax expense | (2019092) | (1526234) | (1535175) | (1160438) | (483917) | (365796) | 31.5% |
| Income tax expense |  |  |  |  |  |  | 0.0% |
| **Net loss** | (2019092) | (1526234) | (1535175) | (1160438) | (483917) | (365796) | 31.5% |
| **Other comprehensive income:** |  |  |  |  |  |  |  |
| Foreign currency translation adjustment, net of income tax |  |  |  |  |  |  | 0.0% |
| **Total comprehensive loss** | **(2019092)** | **(1526234)** | **(1535175)** | **(1160438)** | **(483917)** | **(365796)** | **31.5%** |
| **Basic and diluted loss per share to ordinary shareholders** | **(0.08)** | **(0.06)** | **(0.07)** | **(0.05)** | **(0.01)** | **(0.01)** | 14.3% |

---

***Comparison of Years Ended April 30, 2024 and 2023***

The following table summarizes the consolidated results of our operations for the year ended April 30, 2024 and 2023, respectively:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** |<br>**% Change** |
| **Revenue** | 1882803 | 1380848 | 650797 | 488163 | 1232006 | 892685 | 189.3% |
| **Costs of products sold** | (985099) | (722472) | (536169) | (402180) | (448930) | (320292) | 83.7% |
| Employee benefits expense | (1851971) | (1358236) | (1323686) | (992897) | (528285) | (365339) | 39.9% |
| Research and Development expenses | (90566) | (66421) | (26956) | (20220) | (63610) | (46201) | 236.0% |
| Depreciation expenses | (176713) | (129602) | (195641) | (146750) | 18928 | 17148 | -9.7% |
| Operating lease expenses | (136781) | (100316) | (102136) | (76612) | (34645) | (23704) | 33.9% |
| Other operating expenses | (1144802) | (839598) | (508427) | (381371) | (636375) | (458227) | 125.2% |
| **Loss from operations** | (2503129) | (1835797) | (2042218) | (1531867) | (460911) | (303930) | 22.6% |
| **Non-operating income:** |  |  |  |  |  |  |  |
| Other income | 186828 | 137020 | 399461 | 299636 | (212633) | (162616) | -53.2% |
| Interest expense | (43543) | (31935) | (25066) | (18802) | (18477) | (13133) | 73.7% |
| **Total non-operating income, net** | 143285 | 105085 | 374395 | 280834 | (231110) | (175749) | -61.7% |
| Loss before income tax expense | (2359844) | (1730712) | (1667823) | (1251033) | (692021) | (479679) | 41.5% |
| Income tax expense |  |  |  |  |  |  |  |
| **Net loss** | (2359844) | (1730712) | (1667823) | (1251033) | (692021) | (479679) | 41.5% |
| **Other comprehensive income:** |  |  |  |  |  |  |  |
| Foreign currency translation adjustment, net of income tax |  |  |  |  |  |  |  |
| **Total comprehensive loss** | **(2359844)** | **(1730712)** | **(1667823)** | **(1251033)** | **(692021)** | **(479679)** | **41.5%** |
| **Basic and diluted loss per share to ordinary shareholders** | **(0.10)** | **(0.07)** | **(0.08)** | **(0.06)** | **(0.02)** | **(0.01)** | 25.0% |

---

***Revenue***

We provide services through sales of microscopes and parts. The following table provides financial information for each of these operating groups:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** |<br>**% Change** |
| **Revenue:** |  |  |  |  |  |  |  |
| Sales of microscopes and parts | 51054 | 38592 | 364785 | 275741 | (313731) | (237149) | -86.0% |
| Services | 12075 | 9127 | 630 | 476 | 11445 | 8651 | 1816.7% |
| **Total** | **63129** | **47719** | **365415** | **276217** | **(302286)** | **(228498)** | **-82.7%** |
| **Revenue as a percentage of total:** |  |  |  |  |  |  |  |
| Sales of microscopes and parts | 80.9% | 80.9% | 99.8% | 99.8% |  |  |  |
| Services | 19.1% | 19.1% | 0.2% | 0.2% |  |  |  |
| **Total** | **100.0%** | **100.0%** | **100.0%** | **100.0%** |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** |<br>**% Change** |
| **Revenue:** |  |  |  |  |  |  |  |
| Sales of microscopes and parts | 1881663 | 1380012 | 650797 | 488163 | 1230866 | 891849 | 189.1% |
| Services | 1140 | 836 |  |  | 1140 | 836 | N/A |
| **Total** | **1882803** | **1380848** | **650797** | **488163** | **1232006** | **892685** | **189.3%** |
| **Revenue as a percentage of total:** |  |  |  |  |  |  |  |
| Sales of microscopes and parts | 99.9% | 99.9% | 100.0% | 100.0% |  |  |  |
| Services | 0.1% | 0.1% | 0.0% | 0.0% |  |  |  |
| **Total** | **100.0%** | **100.0%** | **100.0%** | **100.0%** |  |  |  |

---

The principal activities of the Company for the six months period ended October 31, 2024 and 2023 was sales of microscopy solutions, products and accessories. Our revenue for the six months period ended October 31, 2024 and 2023 was S$63,129 (approximately US$47,719) and S$365,415 (approximately US$276,217), respectively, representing a decrease of 82.7%. This reduction in revenue was primarily attributed to a reduction in sales orders from our largest customers and diversification of customer base in the region, with the price of the products remaining largely unchanged. In addition, we have zero returns for our products for the six months periods ended October 31, 2024 and 2023.

The principal activities of the Company for the years ended April 30, 2024 and 2023 was the same as the six months periods ended 31 October, 2024 and 2023. Our revenue for the years ended April 30, 2024 and 2023 was S$1,882,803 (approximately US$1,380,848) and S$650,797 (approximately US$488,163), respectively, representing an increase of 189.3%. This surge in revenue was primarily attributed to a rise in demand for our products with the increase in reach to the region, with the price of the products remaining largely unchanged. The increase in revenue is due to our largest customer that comprise of 43% and 73% of revenue for the years ended April 30, 2023 and April 30, 2024, respectively; the largest customer for the year ended April 30, 2023 and April 30, 2024 is different. For the year ending April 30, 2023 and April 30, 2024, the largest customer is neither related to the Company nor to the shareholders of the Company. In addition, we have zero returns for our products for the years ended April 30, 2024 and 2023.

***Other Income***

The following table provides financial information for the different types of Other Income:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** |<br>**% Change** |
| Interest income | 5832 | 4408 | 1 | 1 | 5831 | 4407 | 583100.0% |
| Government Grants | 30889 | 23350 | 66098 | 49963 | (35209) | (26613) | -53.3% |
| Gain on disposal of property and equipment |  |  |  |  |  |  | 0.0% |
| Other | 20710 | 15655 | 49603 | 37495 | (28893) | (21840) | -58.2% |
| **Total** | **57431** | **43413** | **115702** | **87459** | **(58271)** | **(44046)** | **-50.4%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | **Variance** |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** | **% Change** |
| Interest income | 2 | 1 | 2 | 1.5 |  | (0.5) | 0.0% |
| Government Grants | 116542 | 85473 | 361842 | 271418 | (245300) | (185945) | -67.8% |
| Gain on disposal of property and equipment |  |  | 14776 | 11083 | (14776) | (11083) | -100.0% |
| Other | 70284 | 51546 | 22841 | 17133 | 47443 | 34413 | 207.7% |
| **Total** | **186828** | **137020** | **399461** | **299636** | **(212633)** | **(162616)** | **-53.2%** |

---

Our Other Income showed a decrease of S$58,271 (approximately US$44,046) or 50.4% from S$115,702 (approximately US$87,459) for the six months period ended October 31, 2023 to S$57,431 (approximately US$43,413) for the six months period ended October 31, 2024, This was primarily attributable to a decrease in government grants of S$35,209 (approximately US$26,613) or 53.3% from S$66,098 (approximately US$49,963) for the six months period ended October 31, 2023 to S$30,889 (approximately US$23,350) for the six months period ended October 31, 2024. We expect the decrease in government grants to continue as The Company matures and the Covid-19 pandemic impact, the impetus behind many of the grants, lessens.

For the year ended April 30, 2023 to April 30, 2024, there was a decrease of S$212,633 (approximately US$162,616) or 53.2% from S$399,461 (approximately US$299,636) to S$186,828 (approximately US$137,020), This was primarily attributable to a decrease in government grants of S$245,300 (approximately US$185,945) or 67.8% from S$361,842 (approximately US$271,418) for the year ended April 30, 2023 to S$116,542 (approximately US$85,473) for the year ended April 30, 2024.

***Cost of sales***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** |<br>**% Change** |
| Tools and hardware and Production Labor | 123803 | 93583 | 399253 | 301795 | (275450) | (208212) | -69.0% |
| Inward freight | 4249 | 3212 | 4424 | 3344 | (175) | (132) | -4.0% |
| **Total** | **128052** | **96795** | **403677** | **305139** | **(275625)** | **(208344)** | **-68.3%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** |<br>**% Change** |
| Tools and hardware and Production Labor | 975748 | 715614 | 534044 | 400586 | 441704 | 315028 | 82.7% |
| Inward freight | 9351 | 6858 | 2125 | 1594 | 7226 | 5264 | 340.0% |
| **Total** | **985099** | **722472** | **536169** | **402180** | **448930** | **320292** | **83.7%** |

---

Our cost of services comprises mainly tools and hardware, production labor and inward freight. Our total cost of sales decreased by S$275,625 (approximately US$208,344) or by 68.3% from S$403,677 (approximately US$305,139) for the six months period ended October 31, 2023, to S$128,052 (approximately US$96,795) for the six months period ended October 31, 2024. This was primarily attributable to a decrease of 69.0% in our purchase from S$399,253 (approximately US$301,795) in October 31, 2023 to S$123,803 (approximately US$93,583) in October 31, 2024. Such a decrease was in line with our decreased revenue due to diversification of customer base.

For the year ended April 30, 2023 to April 30, 2024, the total cost of sales increased by S$448,930 (approximately US$320,292) or by 83.7% from S$536,169 (approximately US$402,180) to S$985,099 (approximately US$722,472). This was primarily attributable to an increase of 82.7% in our purchase from S$534,044 (approximately US$400,586) in April 30, 2023 to S$975,748 (approximately US715,614) in April 30, 2024. The increase of 83.7% in cost of sales was due to our increased revenue of 189%. The increase in revenue is substantially higher than the increase in our cost of sales, as a result of the turn-key solutions that we have provided for our customers. This allowed the Company to price such turn-key solutions at a higher margin.

***Payroll***

As of April 30, 2023, and 2024 we have 20 and 24 employees, respectively, but as of October 31, 2024, the workforce consists of 25 full time employees. We enter into employment contracts with our full-time employees, which are not covered by collective bargaining agreements. The remuneration to our employees includes fixed salaries, performance-based bonuses, allowances and sales commissions for employees. We determine employees' remuneration based on a number of factors including years of experience, qualifications and market rates.

***Operating lease expenses***

As of six months periods ended October 31, 2023 and October 31, 2024, the Company has three office premise lease agreements with lease terms ranging from two to three years, and has paid a sum of S$66,878 and S$70,281 for the expenses, respectively. The company has a non-cancellable lease for an office premise located at The Curie Singapore Science Park Unit #04-01B, Singapore 118258 with a lease term extending over 3 years, which signify a longer commitment to this office space. As of April 30, 2024, the company entered to a lease agreement for office premises at The Curie Singapore Science Park Unit #02-01 and #04-01B, Singapore 118258 with a lease term extending over 3 years.

As of April 30, 2023 and April 30, 2024, the Company has three office premise lease agreements with lease terms ranging from two to three years, and has paid a sum of S$102,136 and S$136,781 for the expenses, respectively. The company has a non-cancellable lease for an office premise located at The Curie Singapore Science Park Unit #04-01B, Singapore 118258 with a lease term extending over 3 years, which signify a longer commitment to this office space. As of April 30, 2024, the company entered to a lease agreement for office premises at The Curie Singapore Science Park Unit #02-01 and #04-01B, Singapore 118258 with a lease term extending over 3 years

***General and administrative expenses***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** |<br>**% Change** |
| Advertising fee and marketing cost | 2569 | 1942 | 629 | 475 | 1940 | 1467 | 308.4% |
| Commission |  |  |  |  |  |  |  |
| Consultancy fee | 28000 | 21165 | 18000 | 13606 | 10000 | 7559 | 55.6% |
| Professional and legal fees | 24751 | 18709 | 22200 | 16781 | 2551 | 1928 | 11.5% |
| Travelling expenses | 71063 | 53717 | 64406 | 48684 | 6657 | 5033 | 10.3% |
| Staff training | 531 | 401 | 1544 | 1167 | (1013) | (766) | -65.6% |
| Other expenses | 409647 | 309653 | 389308 | 294279 | 20339 | 15374 | 5.2% |
| **Total** | **536561** | **405587** | **496087** | **374992** | **40474** | **30595** | **8.2%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** |<br>**% Change** |
| Advertising fee and marketing cost | 12728 | 9335 | 34353 | 25768 | (21625) | (16433) | -62.9% |
| Commission |  |  | 15400 | 11552 | (15400) | (11552) | -100.0% |
| Consultancy fee | 36000 | 26403 | 39939 | 29958 | (3939) | (3555) | -9.9% |
| Professional and legal fees | 44868 | 32906 | 74129 | 55604 | (29261) | (22698) | -39.5% |
| Travelling expenses | 136651 | 100220 | 60444 | 45339 | 76207 | 54881 | 126.1% |
| Staff training | 10394 | 7623 | 16911 | 12686 | (6517) | (5063) | -38.5% |
| Other expenses | 904161 | 663111 | 267251 | 200464 | 636910 | 462647 | 238.3% |
| **Total** | **1144802** | **839598** | **508427** | **381371** | **636375** | **458227** | **125.2%** |

---

For the six months periods ended October 31, 2023 and 2024, other operating expenses consist primarily of advertising fee and marketing cost, consultancy fee, professional and legal fees, travelling expenses, staff training and other expenses. Other expenses include accounting fee, bank service charges, entertainment and refreshment, exchange gain or loss, repairs and maintenance, management fee and others. Operating expenses increased by S$40,474 (approximately US$30,595), or 8.2% from S$496,087 (approximately US$374,992) for the six months period ended October 31, 2023 to S$536,561 (approximately US$405,587) for the six months period ended October 31, 2024. The increase was primarily due to travelling and other expenses. This indicates the company sought to promote its products and services more aggressively in the market regionally, reflecting heightened administrative and operational activities as well as increased business travel or expansion initiatives undertaken by the company.

For the year ended April 30, 2023 and 2024, other operating expenses consist primarily of advertising fee and marketing cost, commission, consultancy fee, professional and legal fees, travelling expenses, staff training and other expenses. Other expenses include accounting fee, bank service charges, entertainment and refreshment, exchange gain or loss, repairs and maintenance, management fee and others. Operating expenses increased by S$636,375 (approximately US$458,227), or 125.2% from S$508,427 (approximately US$381,371) for the year ended April 30, 2023 to S$1,144,802 (approximately US$839,598) for the year ended April 30, 2024. The increase was primarily due to travelling and other expenses. This indicates the company sought to promote its products and services more aggressively in the market regionally, reflecting heightened administrative and operational activities as well as increased business travel or expansion initiatives undertaken by the company.

***Finance expenses***

Our finance expenses decreased by S$17,975 (approximately US$13,587) from S$22,891 (approximately US$17,303) for the six months period ended October 31, 2023 to S$4,916 (approximately US$3,716) for the six months period ended October 31, 2024. Such decrease was primarily due to interest expenses from loans.

Our finance expenses increased by S$18,477 (approximately US$13,133) from S$25,066 (approximately US$18,802) for the year ended April 30, 2023 to S$43,543 (approximately US$31,935) for the year ended April 30, 2024. Such increase was primarily due to interest expenses from the loans full year impact in 2024 compared to the prior year.

***Research and development expenses***

The following table sets forth a breakdown of our research and development expenses for the periods indicated:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** |<br>**% Change** |
| Research and Development Expenses | 149493 | 113002 | 86940 | 65718 | 62553 | 47284 | 71.9% |
| Total Research and Development expenses | 149493 | 113002 | 86940 | 65718 | 62553 | 47284 | 71.9% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | **Variance** |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** | **% Change** |
| Research and Development Expenses | 90566 | 66421 | 26956 | 20220 | 63610 | 46201 | 236.0% |
| Total Research and Development expenses | 90566 | 66421 | 26956 | 20220 | 63610 | 46201 | 236.0% |

---

Research and development expenses primarily consisted of testing and retrieval of relevant test reports. Research and development expenses increased by approximately 71.9%, from S$86,940 (US$65,718) for the six months period ended October 31, 2023 to S$149,493 (US$113,002) for the six months period ended October 31, 2024 due to an increase in testing expenses due to the purchase of additional equipment(s) and resource(s) for research and development as we continue to ramp up our research and development capabilities so as to enter new markets.

Nature of research and development expenses for the year ended April 30, 2023 and 2024 is similar to the six months periods ended October 31, 2023 and 2024 with an increase of approximately 236%, from S$26,956 (US$20,220) for the year ended April 30, 2023 to S$90,566 (US$66,421) for the year ended April 30, 2024 due to an increase in testing expenses due to the purchase of additional equipment(s) and resource(s) for research and development as we continue to ramp up our research and development capabilities so as to enter new markets.

***Liquidity and Capital Resources***

Our primary source of liquidity has been cash generated from our business operations, proceeds from equity and debt financing, which have historically been sufficient to meet our working capital and capital expenditure requirements.

As of the six months period ending October 31, 2024, the Group had a net loss of S$2,019,092 (approximately US$1,526,234) and incurred a negative cashflow from operations of S$1,928,899 (approximately US$1,458,055), against a cash balance of S$231,655 (approximately US$175,108). This raises substantial doubt about our ability as a going concern.

To sustain our ability to support our ongoing activities, we considered supplementing our sources of funding through the following:

---

| |
|:---|
| Debt financing through private placement, including a shareholder loan amounting to a total of S$2 million (US$1.51 million); |
| Equity financing through private placement or initial public offering; and |
| Cash flow from operations through the sale of our products. |

---

Management has commenced a strategy to raise debt and equity. If management is unable to successfully execute this plan, there will likely be a material adverse effect on our business.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** | **For six months periods ended October 31,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** |<br>**% Change** |
| **Liquidity and capital resources:** |  |  |  |  |  |  |  |
| Cash and cash equivalents at the beginning of the year | 2312107 | 1747722 | 54097 | 40892 | 2258010 | 1706830 | 4174.0% |
| Net cash used in operating activities | (1928899) | (1458055) | (1484779) | (1122344) | (444120) | (335711) | 29.9% |
| Net cash used in investing activities | (285804) | (216039) | (77942) | (58916) | (207862) | (157123) | 266.7% |
| Net cash generated from financing activities | 134251 | 101480 | 2267022 | 1713642 | (2132771) | (1612162) | -94.1% |
|  |  | 0 |  | 0 |  |  |  |
| Net increase/(decrease) in cash and cash equivalents | (2080452) | (1572614) | 704301 | 532382 | (2784753) | (2104996) | -395.4% |
| Cash and cash equivalents as at the end of the year | 231655 | 175108 | 758398 | 573274 | (526743) | (398166) | -69.5% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** | **For Years Ended April 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** |<br>**% Change** |
| **Liquidity and capital resources:** |  |  |  |  |  |  |  |
| Cash and cash equivalents at the beginning of the year | 54097 | 39675 | 120596 | 90459 | (66499) | (50784) | -55.1% |
| Net cash used in operating activities | (1609467) | (1180385) | (1788528) | (1341575) | 179061 | 161190 | -10.0% |
| Net cash used in investing activities | (1652300) | (1211797) | (187888) | (140935) | (1464412) | (1070862) | 779.4% |
| Net cash generated from financing activities | 5519777 | 4048206 | 1909917 | 1432629 | 3609860 | 2615577 | 189.0% |
| Net increase/(decrease) in cash and cash equivalents | 2258010 | 1656024 | (66499) | (49881) | 2324509 | 1705905 | -3495.6% |
| Cash and cash equivalents as at the end of the year | 2312107 | 1695699 | 54097 | 40578 | 2258010 | 1655121 | 4174.0% |

---

On August 11, 2022, the Company has acquired a 5-year S$270,000 temporary bridging loan which expires in July 2027. The bank loan which carries interest of 4.75% per annum is secured by joint and several guarantee by Andrew Yeo Eng Sian (Chief Executive Officer) and Beh Hook Seng (Executive Chairman). As of October 31, 2024, the carrying amount of the bank loan was S$160,822 (US$121,565).

On November 1, 2022, the Company has acquired another 5-year S$500,000 secured fixed rate bank loan which expires in November 2027. The bank loan which carries interest of 7.75% per annum is secured by joint and several guarantee by Beh Hook Seng, Andrew Yeo Eng Sian, Wong Teck Far and Chua Jun Hao, David. As of October 31, 2024, the bank loan has been fully paid.

**Cash Flows used in Operating Activities**

For the six months period ended October 31, 2024, net cash flow used in operating activities was S$1,928,899 (approximately US$1,458,055) compared to cash flow used in operations of S$1,484,779 (approximately US$1,122,344) during the six months period ended October 31, 2023. The increase in cash flow used in operations was primarily the result of payment to payables.

For the six months period ended October 31, 2024, net loss of S$2,019,092 (approximately US$1,526,234) adjusted for non-cash items which included depreciation S$95,602 (approximately US$72,266). This was offset against net cash outflow arising from the net change in operating assets and liabilities of S$75,690 (approximately US$57,215).

For the six months period ended October 31, 2023, net loss of S$1,535,175 (approximately US$1,160,438) adjusted for non-cash item which included depreciation and fixed assets written off totaling S$106,700 (approximately US$80,654). This was offset against net cash outflow arising from the net change in operating assets and liabilities of S$123,181 (approximately US$93.114).

For the year ended April 30, 2024, net cash flow used in operating activities was S$1,609,467 (approximately US$1,180,385) compared to cash flow used in operations of S$1,788,528 (approximately US$1,341,575) during the year ended April 30, 2023. The decrease in cash flow used in operations was primarily the result of a decrease in Accounts Receivables, due to improvements in collections.

For the year ended April 30, 2024, net loss of S$2,359,844 (approximately US$1,730,712) adjusted for non-cash items which included depreciation and fixed assets written off totalling S$330,423 (approximately US$242,333). This was offset against net cash outflow arising from the net change in operating assets and liabilities of S$419,954 (approximately US$307,994).

For the year ended April 30, 2023, net loss of S$1,667,823 (approximately US$1,251,034) adjusted for non-cash item which included depreciation, gain on disposal of property, plant and equipment and fixed assets written off totalling S$182,341 (approximately US$136,774). This was offset against net cash outflow arising from the net change in operating assets and liabilities of S$303,046 (approximately US$227,315).

**Cash Flows used in Investing Activities**

Net cash used in investing activities was S$285,804 (approximately US$216,041) for the six months period ended October 31, 2024, as compared to S$77,942 (approximately US$58,916) for the six months period ended October 31, 2023.

Net cash used in investing activities for the six months period ended October 31, 2024 consisted of a loan to third-party, purchase of production equipment, computer and software, furniture and fittings, office equipment and renovation in the amount of S$285,804 (approximately US$216,041). On January 19, 2024, PTPL entered into a loan agreement with PT Neura for the purposes of furthering business activities in Indonesia and working capital. A summary of the terms of the Loan Agreement is listed below:

---

| | |
|:---|:---|
| a. | Principal outstanding and Interest:<br>As of October 31, 2024, the outstanding principal is S$1,582,604 (approximately US$1,196,290) with an interest rate of 1% per annum to be payable on the due date.<br>|
| b. | Undertakings:<br>PT Neura shall promptly obtain, comply with and do all that is necessary to maintain in full force and effect any authorization required under any law or regulation of a relevant jurisdiction to (a) enable PT Neura to perform its obligations under this Agreement; (b) ensure the legality, validity, enforceability or admissibility in evidence of this Agreement; and (c) enable PT Neura to own its assets and carry on its business where failure to do so would or would be reasonably likely to have a material adverse effect.<br>|
| c. | Continuing Fundraising:<br>PT Neura shall: (a) for debt fundraising in any amount must obtain approval from PTPL; (b) for equity fundraising must obtain majority approval from the Board of Directors of PT Neura, before entering into an arrangement and execute agreements and/or documents in relation to such fundraising from other parties as its creditor(s) or investors which in nature is similar to this Agreement.<br>|
| d.<br>| Events of Default:<br>1. PT Neura cannot or admits it cannot pay its debts, or seeks to reschedule them due to financial difficulties.<br> 2. PT Neura is insolvent or negotiating with creditors due to actual or expected financial issues.<br> 3. Insolvency-related legal or corporate actions are taken against PT Neura or its assets.<br> 4. PT Neura suspends, ceases, or threatens to cease a significant part of its business.<br> 5. Legal or regulatory action involving PT Neura is initiated or threatened and may have a material adverse effect. |
| e. | Consequences and Security: |
|  | The Loan and accrued interest become immediately due and payable in cash at PTPL's discretion, along with collateral enforcement and termination of the Agreement. In the event that repayment is not completed, PTPL shall acquire 51% of the fully diluted shares of PT Neura. |
| <br> f. | <br> Termination:<br>Either Party may terminate the Agreement by providing objective reasons, except as limited by the below:<br>(a) The Agreement may terminate automatically upon full performance, or unilaterally for criminal acts, non-compete breaches, or other breaches via dispute resolution.<br> (b) Unilateral termination requires at least 30 days' prior written notice.<br>Termination under (a) and (b) above does not affect either Party's right to claim compensation, interest, or penalties.<br>|
| g. | Governing Law:<br>The Loan agreement is governed by and constructed in accordance with the laws of the Republic of Indonesia  |

---

Net cash used in investing activities for the six months period ended October 31, 2023 consisted of purchase of production equipment, computer and software, furniture and fittings, office equipment and renovation in the amount of S$17,382 (approximately US$13,139).

Net cash used in investing activities was S$1,652,300 (approximately US$1,211,797) for the year ended April 30, 2024, as compared to S$187,888 (approximately US$140,935) for the year ended April 30, 2023.

Net cash used in investing activities for the year ended April 30, 2024 consisted of a loan to third-party, purchase of production equipment, computer and software, furniture and fittings, office equipment and renovation in the amount of S$1,652,300 (approximately US$1,211,797). On January 19, 2024, PTPL entered into a loan agreement with PT Neura for the purposes of further business activities in Indonesia and working capital. A summary of the terms of the Loan Agreement is listed below:

&nbsp;&nbsp;&nbsp;&nbsp;a. Principal outstanding and
 Interest: The outstanding principal is S$1,530,982 (approximately US$1,122,822) with an interest rate of 1% per annum to be
 payable on the due date.

Net cash used in investing activities for the year ended April 30, 2023 consisted of proceeds from disposal of furniture and fittings in the amount of S$29,748 (approximately US$22,314), and offset by purchase of production equipment, computer and software, furniture and fittings, office equipment and renovation in the amount of S$217,636 (approximately US$163,249).

**Cash Flows from Financing Activities**

Net cash generated from financing activities was S$134,251 (approximately US$101,479) for the six months period ended October 31, 2024, as compared to S$2,267,022 (approximately US$1,713,642) for the six months period ended October 31, 2023.

Net cash generated from financing activities for the six months period ended October 31, 2024 consisted of proceeds from subscription monies in the amount of S$255,195 (approximately US$192,902), net advance from related party, Tonghuai Holdings Pte. Ltd., of S$412,670 (approximately US$311,937), and offset by repayments of borrowings of S$413,612 (approximately US$312,650) and deferred offering costs of S$120,002 (approximately US$90,710).

Net cash generated from financing activities for the six months period ended October 31, 2023 consisted of proceeds from subscription monies in the amount of S$2,109,255 (approximately US$1,594,386), net advance from related party, Tonghuai Holdings Pte. Ltd., of S$300,000 (approximately US$226,770), and offset by repayments of borrowings of S$73,034 (approximately US$55,206).

Net cash generated from financing activities was S$5,519,777 (approximately US$4,048,206) for the year ended April 30, 2024, as compared to S$1,909,917 (approximately US$1,432,629) for the year ended April 30, 2023.

Net cash generated from financing activities for the year ended April 30, 2024 consisted of proceeds from subscription monies in the amount of S$8,117,201 (approximately US$5,953,155), net advance from related party, Tonghuai Holdings Pte. Ltd., of S$2,229,247 (approximately US$1,634,929), and offset by repayments of borrowings of S$143,483 (approximately US$105,230) and deferred offering costs of S$224,694 (approximately US$164,790).

Net cash generated from financing activities for the year ended April 30, 2023 consisted of proceeds from borrowings of S$770,000 (approximately US$577,577), proceeds from subscription monies in the amount of S$180,000 (approximately US$135,018), net advance from related party, Tonghuai Holdings Pte. Ltd., of S$1,012,000 (approximately US$759,101), and offset by repayments of borrowings of S$52,083 (approximately US$39,067).

**Working Capital**

As of the six months period ending October 31, 2024, the Group's incurred a negative cashflow from operations of S$1,928,899 (approximately US$1,458,055), against a cash balance of S$231,655 (approximately US$175,108).

As of the year ending April 30, 2024, the Group's incurred a negative cashflow from operations of S$1,609,467 (approximately US$1,180,385), against a cash balance of S$2,312,107 (approximately US$1,695,699).

**Discussion of Certain Balance Sheet Items**

The following table set forth selected information from our consolidated balance sheets as of October 31, 2024 and April 30, 2024. This information should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus.

***Account payables***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of,** | **As of,** | **As of,** | **As of,** | **As of,** | **As of,** | **As of,** |
|  | **October 31, 2024** | **October 31, 2024** | **April 30, 2024** | **April 30, 2024** | **Variance** | **Variance** | |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** |<br>**% Change** |
| Account payables | 5898 | 4458 | 293908 | 222165 | (288010) | (217707) | -98.0% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** | **As of April 30,** | **As of April 30,** | **As of April 30,** | **As of April 30,** | **As of April 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** |<br>**% Change** |
| &nbsp;&nbsp;Account payables | 293908 | 215552 | 91094 | 68329 | 202814 | 147223 | 222.6% |

---

Account payables decreased by S$288,010 (approximately US$217,707) from S$293,908 (approximately US$222,165) to S$5,898 (approximately US$4,458) as of April 30, 2024, to October 31, 2024, respectively. The turnover days is 17 days as of October 31, 2024 and 109 days as of April 30, 2024. This decrease reflects our ongoing efforts to manage our payables efficiently as we grow and expand our operations. We remain focused on managing our accounts payable efficiently to support our financial stability and growth objectives in the future.

Account payables increased by S$202,814 (approximately US$147,223) from S$91,094 (approximately US$68,329) to S$293,908 (approximately US$215,552) as of April 30, 2023, to April 30, 2024, respectively. The turnover days is 109 days as of April 30, 2024 and 80 days as of April 30, 2023. This decrease reflects our ongoing efforts to manage our payables efficiently as we grow and expand our operations. We remain focused on managing our accounts payable efficiently to support our financial stability and growth objectives in the future.

***Account receivables***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of,** | **As of,** | **As of,** | **As of,** | **As of,** | **As of,** | **As of,** |
|  | **October 31, 2024** | **October 31, 2024** | **April 30, 2024** | **April 30, 2024** | **Variance** | **Variance** | |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** |<br>**% Change** |
| Account receivables, before allowance for doubtful accounts | 56796 | 42932 | 436196 | 329721 | (379400) | (286789) | -87.0% |
| Accounts Receivables |  |  |  |  |  |  |  |
| (1 - 90 days) | 13421 | 10145 | 210397 | 159039 | (196976) | (148894) | -93.6% |
| Accounts Receivables |  |  |  |  |  |  |  |
| (91 - 180 days) |  |  | (57888) | (43758) | 57888 | 43758 | -100.0% |
| Accounts Receivables |  |  |  |  |  |  |  |
| Over 180 days | 43375 | 32787 | 283687 | 214439 | (240312) | (181652) | -84.7% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** | **As of April 30,** | **As of April 30,** | **As of April 30,** | **As of April 30,** | **As of April 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** |<br>**% Change** |
| Account receivables, before allowance for doubtful accounts | 436196 | 319906 | 569235 | 426984 | (133039) | (107078) | -23.4% |
| Accounts Receivables | 210397 | 154305 | 548203 | 411208 | (337806) | (256903) | -61.6% |
| (1 - 90 days) |  |  |  |  |  |  |  |
| Accounts Receivables | (57888) | (42455) |  |  | (57888) | (42455) | N/A |
| (91 - 180 days) |  |  |  |  |  |  |  |
| Accounts Receivables |  |  |  |  |  |  |  |
| Over 180 days | 283687 | 208056 | 21032 | 15776 | 262655 | 192280 | 1248.8% |

---

Typically, we provide up to 30 days credit terms for our customers.

Account receivables, net of allowance for doubtful accounts decreased by S$376,615 (approximately US$284,683) from S$412,589 (approximately US$311,876) to S$35,974 (approximately US$27,193) as of April 30, 2024, to October 31, 2024, respectively. The turnover days is 208 days and 80 days as of October 31, 2024 and April 30, 2024, respectively. An increase in accounts receivable and turnover days is as a result customer base where government bodies tend to take longer to pay. As of January 31, 2025, US$44,641 of the US$33,744 remains to be collected.

Account receivables, net of allowance for doubtful accounts decreased by S$135,614 (approximately US$108,615) from S$548,203 (approximately US$411,208) to S$412,589 (approximately US$302,593) as of April 30, 2023, to April 30, 2024, respectively. The turnover days is 80 days and 307 days as of April 30, 2024 and 2023, respectively. A decrease in accounts receivable and turnover days is as a result prompt payments made by customers. As of September 30, 2024, US$17,084 of the US$319,906 remains to be collected.

***Lease Liabilities***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of,** | **As of,** | **As of,** | **As of,** | **As of,** | **As of,** | **As of,** |
|  | **October 31, 2024** | **October 31, 2024** | **April 30, 2024** | **April 30, 2024** | **Variance** | **Variance** | |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** |<br>**% Change** |
| **Current Liabilities** |  |  |  |  |  |  |  |
| Lease liabilities – current | 136090 | 102870 | 132786 | 100373 | 3304 | 2497 | 2.5% |
| **Non-current liabilities** |  |  |  |  |  |  |  |
| Lease liabilities – non-current | 16478 | 12456 | 85360 | 64524 | (68882) | (52068) | -80.7% |
| **Total lease liabilities** | **152568** | **115326** | **218146** | **164897** | **(65578)** | **(49571)** | **-30.1%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** | **As of April 30,** | **As of April 30,** | **As of April 30,** | **As of April 30,** | **As of April 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** | |
|  | **SGD** | **USD** | **SGD** | **USD** | **SGD** | **USD** |<br>**% Change** |
| **Current Liabilities** |  |  |  |  |  |  |  |
| Lease liabilities – current | 132786 | 97385 | 90315 | 67746 | 42471 | 29639 | 47.0% |
| **Non-current liabilities** |  |  |  |  |  |  |  |
| Lease liabilities – non-current | 85360 | 62603 | 77121 | 57848 | 8239 | 4755 | 10.7% |
| **Total lease liabilities** | **218146** | **159988** | **167436** | **125594** | **50710** | **34394** | **30.3%** |

---

Total lease liabilities comprise current lease liabilities and non-current lease liabilities.

The total borrowings of the Group decreased by S$65,578 (approximately US$49,571) from S$218,146 (approximately US$164,897) to S$152,568 (approximately US$115,326) as of April 30, 2024, to October 31, 2024, respectively.

The total borrowings of the Group increased by S$50,710 (approximately US$34,394) from S$167,346 (approximately US$125,594) to S$218,146 (approximately US$159,988) as of April 30, 2023, to April 30, 2024, respectively.

Leases represented three property lease agreements with lease terms ranging from 2 years to 3 years. The existing lease payable represents the remaining lease period which will end in the year 2026.

***<u>Off-Balance Sheet Arrangements</u>***

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditure or capital resources that is material to investors.

**HISTORY AND CORPORATE STRUCTURE**

As at the date of this prospectus, our Group is comprised of the Company and its wholly-owned subsidiary PTPL.

***Corporate Structure***

Our Company was incorporated in the Cayman Islands on March 7, 2024, under the Companies Act as an exempted company with limited liability. Our authorized share capital is currently US$100,000 divided into 950,000,000 Class A Ordinary Shares and 50,000,000 Class B Ordinary Shares with par value US$0.0001 per share.

On November 29, 2024, the Company proceeded with an internal reorganization whereby PTPL became our indirect wholly-owned subsidiary through a share swap. Both the ordinary and preferential shares of PTPL were swapped on a 1:125 basis to Phaos Technology Holdings (BVI) Limited. Subsequently, the shares of Phaos Technology Holdings (BVI) Limited were swapped 1:1 to Phaos Technology (Cayman) Limited, where the holders of the ordinary shares of PTPL eventually being swapped to Class A Ordinary Shares, and the holders of preferential shares of PTPL being swapped to Class B Ordinary Shares.

The Reorganization involved the transfer of 100% of the equity interests in Phaos Technology Pte. Ltd. from its original shareholders Phaos Technology Holdings (Cayman) Limited. Consequently, Phaos Technology Holdings (Cayman) Limited became the ultimate holding company of all the entities mentioned above.

The Reorganization has been accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the Reorganization. The consolidation of the Company and its subsidiary has been accounted for at historical cost and prepared on the basis as if the transactions had been effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entity combined from the beginning of the period to the end of the period eliminating the effects of intra-entity transactions.

***Organization Chart***

The chart below sets out our corporate structure post re-organization.

![](chart_002.jpg)

**Entities**

A description of our principal operating subsidiaries is set out below.

**PTPL**

On February 22, 2017, PTPL was incorporated in Singapore as a private company limited by shares. It commenced business on February 22, 2017 and is engaged in the sale and development of microscopy equipment, and its related software.

As part of a group reorganization on November 29, 2024, PTPL became a wholly owned subsidiary of our Company.

**BUSINESS**

**Overview**

Phaos Technology Holdings (Cayman) Limited (the "Company") is an investment holding company incorporated on March 7, 2024 under the laws of the Cayman Islands. The Company through its subsidiary assembles and commercializes such advanced microscopy-related solutions, technologies and products. Using its patented microsphere-assisted technology, the Company can significantly increase the magnification of existing traditional optical microscope by up to 4 times compared to its competitors, hence allowing clients to see beyond the optical limit in an effective manner. Currently, it is the only commercially available advanced optical microscope that can see below the 200nm optical limit, within a commercially viable working distance.

Our business is primarily involved in the assembling and commercialization of advanced microscopy-related solutions, technologies and products tailored for precision measurement and magnification purposes. Our product range includes microscopy solutions, featuring:

i) Super-resolution imagers capable of achieving imaging down to 137 nm. <br> ii) Specialized microscopes designed to meet the diverse needs of various industries; and <br> iii) Three-dimensional (3-D) real-time image magnifiers for enhanced visualization.

Traditional optical microscopes are able to see up to 250nm, while our solution allows users to see up to 137nm. As a result, we believe that this is considered by the optical industry as a super resolution optical microscopy solution.

In addition to our hardware offerings, we currently provide complimentary proprietary software, which is developed in-house. This software includes Artificial Intelligent ("AI") components that allows our customers to perform recognition patterns for research, quality assurance and control ("QA/QC"), as well as diagnostics purposes. The in-house software is meticulously crafted to complement our product line ensuring seamless integration and optimized its performance for our customers.

For the six months period ended October 31, 2023 and October 31, 2024, the provision of microscopy products contributed to 99.8% and 80.9% of our revenue, respectively.

We distribute our microscopy products with software solutions through an extensive network of distributors, primarily in Vietnam and Singapore, and expanding across regions such as Southeast Asia and South Asia. Our microscopy solutions accommodate a diverse range of applications enabling us to serve a wide range of customer needs and capitalize on emerging growth opportunities in the region. Our diverse customer base primarily includes industries with usage in fields such as manufacturing, research & development, biomedical, semiconductors, Printed Circuit Board ("PCB"), electronics, precision engineering, injection molding, research, healthcare, quality assurance and control ("QA/QC"), and diagnostics. Our business strategic focus involves strengthening our market position in Singapore and Vietnam, and progressively expanding into the Southeast Asian region.

We believe in our strong corporate culture which emphasizes the creation of shareholder value. In the six months period ended October 31, 2024, business in Vietnam and Singapore contributed to 59.8% and 32.1% of our Group's revenue, respectively. For the six-month period ended October 31, 2024, our revenue was S$63,129. For the six-month period ended October 31, 2023, our revenue was S$365,415. This is a reduction of 82.7% in revenue.

**Our Products**

Below are our products which are presently on sale:

Our Optonano series offers super-resolution imaging down to 137nm and high-speed data acquisition. It enables users to view live and still images with ease, and is capable of high-magnification with its 100x lens and super-resolution ("Optonano Lens") applications to construct high-quality image of larger sample areas. Additionally, its in-built auto focus is deployed on the camera setting to allow users to achieve optimized imaging automatically on target observation.

---

| | |
|:---|:---|
| ![](formdrs_005.jpg) | <br>![](formdrs_006.jpg) |

---

Our PT-Industrial ("PT-I") series is used for material study, failure analysis, simple measuring, quality control, inspection and manufacturing. It possesses several observation methods, including images produced by uniformly illuminating the sample so as to allow the specimen to appear as a dark image against a brightly lit background ("Brightfield"), images that are produced by using scattered light outside of the lens to observe the surface of an image against a dark background ("Darkfield"), the utilization of polarized lights between filters to enhance the color demonstration of images for better identification of the image's material ("Polarization"), the conversion of phase shifts through varying brightness for observing transparent samples through delaying the different light wavelengths when it passes through the transparent sample ("Phase contrast") and the usage of polarized light to convert phase delays into changes in intensity for viewing opaque samples (("Differential Interference Contrast) ("DIC")), providing high-resolution imaging and advanced observation techniques for different samples. Further, the hardware can also be customized to address the needs of the customers. This allows us to develop solutions for niche markets, where existing solutions either do not address, and/or too expensive because they are built for a broader generic market. Our solutions are also able to be integrated into existing systems to allow for more seamless operational efficiency for our customers.

---

| | |
|:---|:---|
| ![](formdrs_007.jpg) | ![](formdrs_008.jpg) |

---

Our PT-Metrology ("PT-M") series offers quick dimensional measurements with a single key operation. The Double Telecentric Optical Lens ensures accurate measurement across the entire depth of field without focusing multiple times. Additionally, its motorized Z-Axis and XY Stage provides a Z-Axis Travel Range up to 200mm and image sensor up to 20MP CMOS, with a field of view up to 500mm x 400mm, and a loading capacity up to 20kg. Lastly, the one key measurement function via an intuitive interface allows any operator to take accurate measurements with ease.

---

| | |
|:---|:---|
| <br>![](formdrs_009.jpg) | ![](formdrs_010.jpg) |

---

Our PT-Biology ("PT-B") series is developed to address specialized images needed in the biomedical sector, especially in pathology. It is equipped with infinity plan achromatic objectives and wide field eyepieces, with Brightfield, Phase Contrast and Polarization observation methods. Its built-in field diaphragm, adjustable brightness, high image contrast, and 40-1600x Magnification Range is specifically designed for use in the biomedical industry which required transmission light to observe the sample.

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| | |
|:---|:---|
| ![](formdrs_011.jpg) | <br>![](formdrs_012.jpg) |

---

Our PT-Stereo ("PT-S") series is our specialized system internally developed for quality assurance and control application. The series is a stereo microscope designed to provide clear magnified stereoscopic images that amplify solid or thick samples. With a long working distance of 110mm and wide zoom range from 0.7x - 6.3x, this series offers real-time image observation, while its adjustable and customizable bottom and top light-emitting diode ("LED")light sources provides better imaging. This is a 3D microscopy that is commonly used for QA/QC inspections.

---

| | |
|:---|:---|
| ![](formdrs_013.jpg) | <br>![](formdrs_014.jpg) |

---

Our PT-Zoom ("PT-Z") series provides three-dimensional magnified view of samples to enhance visualization for our users. The series offers motorized 360° 3D real-time image observation, allowing the sample to be observed in all directions, while the long working distance ensures a large field of view, providing high-definition imaging quality using adjustable front and side LED light sources. Additionally, its adjustable rotation speed and continuous zoom allows for observation at multiple angles.

*Functionality Testing, Inspection of Equipment and Quality Control*

Our company has established a quality control and assurance system for the manufacture of our microscopy equipment. This quality inspection has resulted in the company achieving ISO 9001/14001/45001 certification in July 20, 2023. The exhaustive list for our quality control and assurance system includes but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Selection
 of components from third party suppliers. All of our key components are from reputable company with at least 10 years of track
 record in the market.

(b) Quality
 checks on incoming components from third party suppliers. For example, we build in-house inspection tools to verify critical incoming
 components' quality.

(c) Post-manufacturing
 testing and inspection. For example, all outgoing equipment (depending on the respective model) will need to undergo a series of
 quality inspections through life sample imaging, accuracy check on the tolerance using master gauges, repeatability test, as well
 as functional test. Upon successfully passing the test, a certification number will be attached to the equipment. Prior to shipping,
 an equipment check list will be processed to ensure all parts and components are in place.

**Our Customers**

Our main customers can be categorized into three main groups:

---

| |
|:---|
| Manufacturing companies – Our customers in this category are often using our solutions to provide better quality assurance and control for the products they are manufacturing. This would include usage in fields such as Printed Circuit Boards, electronics, precision engineering, injection molding and QA/QC. |
| Biomedical service providers – Our end-customers purchase our systems to provide services to their end customers such as hospitals, clinics etc. This will include usage in healthcare and diagnostics. |
| Research and development ("R&D") institutions – For R&D institutions, such as research facilities and universities, we provide our systems to enable their research and innovation activities and assist their researchers and engineers to see small objects in higher resolution. |

---

**Sales and Marketing**

Our sales and marketing team consists of 7 full-time employees based in Singapore. Our Executive Director, Tay Beng Boon, oversees our sales and marketing department. We believe that we have a dedicated sales and marketing team providing top-notch services to customers in Southeast Asia, Europe, and America. Our sales team consists of staff who specialize in handling queries from potential customers, and who possess unique industry knowledge, able to identify customer's needs and requirements.

We actively promote our platform and elevate brand visibility through a combination of online and offline branding initiatives and business development activities. Participation in prominent exhibitions both in Singapore and internationally, including events such as Laser World of Photonics, Lux Photonics Consortium, and SEMICON SEA 2022, serves as a key strategy for showcasing our diverse range of microscopy equipment. Additionally, word-of-mouth referrals from our satisfied customers and established business contacts constitute another significant avenue for marketing. We attribute the success of this channel to the exemplary services provided by our high-caliber sales staff, resulting in positive customer reviews and referrals, ultimately enhancing brand awareness. The trust garnered from our clientele often leads to further recommendations within their social networks and repeat business for additional microscopy equipment or related needs. Our commitment to investing resources in these marketing efforts remains unwavering as we strive to maintain and expand our brand presence.

**Sales Process Flow**

The process flow pertaining to our sales business activities can be described as follows:

*Just in time ("JIT") mode for standard model:*

For standard products, the company emphasizes JIT delivery to minimize the inventory from supplier to distributors to end customers. We utilize our original equipment manufacturer ("OEM") supplier or in-house assembly line upon receiving an order. The typical lead time from order to delivery ranges between 4to 6 weeks. We work closely with local distributors to store a minimum of specific fast flowing model in specific countries, basing on market research and customers' needs.

*Reaching out to the customers:*

The company works with reputed Japanese distributors to penetrate the Japanese market. Similar strategies are applied for the Korea market. Although we have not had significant sales in either of those countries, we believe that our arrangements with these distributors could help us the market.

The Southeast Asia region is unique with most of the countries speaking their own languages and having their own unique business culture. We reach out to these respective countries through local consultants of the Company, in countries such as Indonesia and the Philippines, as well as local distributors that understand the local culture. Concurrently, we are building local teams within each country to support the local distributors in for growth and after sales services.

*Application Team*

The company works with local customers to understand their challenges in the workflow processes or the capabilities of existing solutions in market. After understanding the challenges from these customers, we offer full end-to-end customized solutions to address the problem faced by our clients. We augment our standard product ranges with our applications team to meet unique customers demand for creative solutions to their problems.

**Competition**

The microscopy equipment industry is growing and increasingly competitive. We compete with competitors who have well-recognized brands for the same pool of potential customers. We also believe that some of our competitors may be better funded or better connected than us. These includes Keyence Corp. (TYO:6861) whereby their IM Series and VHX Series is similar to our products, Nikon Corp. (TYO:7731) whereby their LV Series and ECLIPSE Series is similar to our products, Olympus Corp. (TYO: 7733) whereby their MX Series, DSX Series and CX Series is similar to our products and Hirox Co. Ltd, whereby their HRX Series is similar to our products. Nonetheless, we believe that we are well positioned to compete in the industry because of (i) our strong and stable relationships with our suppliers and customers, (ii) our experienced management team, (iii) our integrated software solutions within our product portfolio; (iv) our innovative and turn-key solutions; (v) our adaptive business model; and (vi) our reliable after-sales support.

**Competitive Strengths**

***We have strong and stable relationships with our suppliers and customers***

Ever since we started our business in 2017, we have emphasized developing strong and stable business relationships with our key suppliers and customers. For the financial years ended April 30, 2023 and 2024, our top 5 customers accounted for 86% and 91% of total revenue, respectively, and for the six months periods ended October 31, 2023 and 2024, our top 5 customers accounted for 85.7% and 99.9% of total revenue, respectively.

***We have an experienced management team***

Our management team, under the leadership of Mr. Andrew Yeo, who serves as our Executive Director and Chief Executive Officer, has played a pivotal role in driving the expansion of our Group. Mr. Yeo, with over two decades of expertise in the technology sector, assumes a key role in shaping and implementing our Group's business strategies and overseeing customer relationships. He is assisted by Mr. Tay Beng Boon, our Chief Operation Officer, charged with enhancing operational effectiveness, leading product research and development, and overseeing services within the Company. Mr. Tay brings with him over 25 years of engineering experience across various industries, including semiconductors, heavy industry, water, energy, waste management, and clean technology. Furthermore, our Group is advantaged by a well-experienced management team with significant expertise in providing solutions in the area of microscopy.

***We have integrated our software solutions within our product portfolio****.*

Having integrated our proprietary software into our microscopic hardware products, we have combined cutting-edge hardware with advanced software functionalities, creating a synergistic ecosystem that enhances overall product performance. Our software solutions enable precise control, automation, and data analysis, empowering users with a comprehensive toolkit for scientific research and analysis. Not only does this improve the efficiency of our microscopic hardware, but our integration also provides a distinct edge in terms of versatility and adaptability, ensuring that our products remain at the forefront of technological innovation, giving us a competitive advantage in meeting evolving customer needs.

***We provide turn-key solutions.***

We specialize in delivering turn-key solutions by developing products with features that precisely target our customers' key needs, avoiding unnecessary expenses. Additionally, our commitment goes beyond selling off-the-shelf items; we offer turnkey computer vision implementations that are tailored to solve our customers' specific challenges, providing comprehensive and customized solutions for their unique requirements.

***We provide reliable after-sales support.***

Our commitment to excellence extends beyond the point of sale, as we understand the importance of seamless customer experiences. We take pride in offering reliable after-sales support to ensure that our customers receive comprehensive assistance and satisfaction long after their purchase. Our dedicated support team is comprised of experts with in-depth knowledge of our microscopy products, as well as our software development team, which stand ready to address any queries, troubleshoot issues, and provide guidance on optimal product utilization for our customers.

**Business Strategies**

We intend to strengthen our market position in the microscopy equipment industry by implementing the following business strategies and plans.

***Expand business and operations through joint ventures and/or strategic alliances in the Southeast Asia Market***

We plan to strategically expand into Southeast Asia countries, in particular Indonesia, Thailand, Philippines and Vietnam to enhance existing customer support and broaden our global presence. Currently, we have already deployed manpower into Indonesia and the Philippines, with the intention to setup a sales office in these countries. Additionally, we are developing strong distribution networks through partnership with distributors in Malaysia, Thailand, Vietnam, Indonesia, India, China, South Korea and the Philippines. By establishing a foothold in diverse international markets, we aim to better understand and cater to the unique needs of our customers in those regions. This expansion not only allows us to provide more localized and personalized support but also facilitates quicker response times and streamlined services.

On January 19, 2024, we provided a loan to PT Neura for the purpose of building strategic alliances in Indonesia. PT Neura is focused on providing biomedical scanning and bespoke cloud storage solutions with a particular focus on pathology samples. Its main offerings include scanning biomedical samples using microscopes and storing the images in the cloud, generating revenue through one-time service fees and recurring subscriptions. This model aligns with our interests as we see the synergies between PT Neura's software for biomedical scanning, and our PT-B microscopes, which are specifically designed for use in the biomedical industry. Because PT Neura is a start-up with limited operations, as of the date of this prospectus, PT Neura requires the loan proceeds from us to continue developing their biomedical scanning software, as well as to build up their marketing and business development profile locally in Indonesia. PT Neura currently provides digital pathology services to laboratories in Indonesia, converting physical cell samples into digital formats for storage and access via their proprietary cloud platform. They charge between IDR 16,000 and IDR 50,000 per scan, depending on the volume and complexity of the solutions.

Additionally, PT Neura received international recognition by participating in the Geneva-based Health Innovation Exchange ("HIEX"), representing Indonesia in a global initiative to solve healthcare challenges in emerging markets. This participation has resulted in a strategic investment and collaboration with HIEX, where PT Neura received an investment from HIEX which valued them at US$5 million, along with what we believe to be a sales pipeline with up to 300 integrated machine solutions. Phaos's products are integrated with PT Neura's biomedical scanning and bespoke cloud storage solutions which are targeted at government and hospital groups in Indonesia. We believe that through the use of the loan proceeds, further development and commercialization of PT Neura's biomedical scanning solutions will lead to greater integration of PT Neura's solutions with our products.

Our relationship with PT Neura aims to allow us to gain local market access and turnkey integration with our microscopy solutions, while their solutions adds advanced imaging capabilities to the integrated platform. We believe PT Neura offers a compliant, end-to-end solution tailored to Indonesia's growing demand for digital healthcare technologies, and an avenue to generate additional revenue.

As of the date of this prospectus, PT Neura is pursuing ISO 13485 certification to qualify for selling medical equipment to hospitals and biomedical institutions, and has a team of 10 staff. We believe PT Neura has established a strong competitive advantage in Indonesia's digital healthcare landscape through both national and international recognition. For instance, in 2023, PT Neura (operating under the brand Neurabot) was the only company to win both the "Health Innovation Sprint Accelerator" and the "Fight for Access Accelerator," competitions initiated by Indonesia's Ministry of Health. These events showcased leading healthcare technologies while providing winners with exposure to investors, government support, and opportunities within the national digital health transformation agenda. As PT Neura continues their developing their biomedical scanning solutions whilst scaling up their operations, we are confident that increased market penetration will result in exponential revenue generation, which will further assist PT Neura's ability to pay back the loan.

We believe these accomplishments have enhanced PT Neura's visibility and credibility, helping to build a competitive edge in biomedical scanning and bespoke cloud storage solutions. However, PT Neura also faces key disadvantages, such as long sales cycles due to regulatory approval processes, government budgeting constraints and licensing requirements, as well as a competitive landscape that includes both domestic and international digital pathology providers.

As of December 31, 2024, PT Neura has total assets of IDR 15,682,149,571 (USD 971,345) and total liabilities of IDR 20,730,155,138 (USD 1,284,016); for the year ended December 31, 2024, PT Neura has total revenues of IDR 202,551,848 (USD 12,546), and a net loss of IDR 2,846,601,862 (USD 176,317).

As of the date of this prospectus, the Company does not intend to exercise their right of repayment under the loan agreement with PT Neura, and there is a risk that we may not be able to recover the full amount of the loan. Please refer to "*Risk Factors — Risks related to our Business and Industry — We have provided a loan to PT Neura Integrasi Solusi for the development of biomedical scanning software, and their inability to meet their financial obligations, or our inability to fully enforce our rights against them could have a material adverse effect on our results*" for more information.

***Strengthening our global presence via marketing***

Looking ahead, we plan to broaden our marketing approach. This involves a shift to digital marketing in markets in Southeast Asia, China, Taiwan, and Korea, leveraging increased brand awareness gained from our earlier physical marketing efforts in these regions. Additionally, we aim to expand our physical presence beyond Asia-Pacific, targeting the Middle East, the United States, and Europe through relevant exhibitions, focusing on brand recognition.

***Widening our product range***

The Company intends to continue its development and evolution in the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;1. Continuous
 improvements to our current products to meet our existing or potential customers' requirements. The Company have six
 (6) series of products to cover the current market. Currently, all products belong to both desktop and standalone series, with the
 majority of these products intended for industries application. End customers have provided valuable feedback on new applications
 which have allowed us to add in new analytics software for the new application required on the ground. For example, our software
 is currently capable of artificial intelligence ("AI") analysis on material composite, 3D analysis and measurement of
 materials, detail surface profile analysis.

2. New
 product series development.

---

| |
|:---|
| The Company released their 2nd series of products for bio-medical applications in September 2024, targeting the customers and application in the field of digital pathology. We will be providing both hardware and software solutions to cover the needs in digital pathology for cancer cell analysis. Solutions include AI component to speed up the analysis. It is a total solution to speed up the cancer diagnosis and treatment which will help to save lives. |
| The Company is working with a Korean leading microscopy company in developing a series of products using Optical Coherence Tomography technology. This new product allows both surface analysis of material and penetration analysis of the material below its surface. This gives a detailed 3D understanding of the test material. As part of the agreement, the Company will provide our lens and artificial intelligence software capabilities, while the Korean company will provide their technology in optical interference photoacoustic technology into the collaboration. This development is co-sponsored by both Singapore and Korea governments. The development is expected to be completed by December 31, 2026. A summary of the terms of the agreement with the Korean Company is provided below: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Duration:
 This Agreement shall be in effect from January 1, 2024 until December 31, 2026 unless
 otherwise extended, renewed or amended by mutual consent.

b. Publications:
 Each Party must remove the other Party's Confidential Information or Intellectual Property
 from publications, provide drafts 30 days in advance, and obtain written permission before
 publishing. A Party may object to a publication if it contains Confidential Information or
 Intellectual Property, requiring removal or delay until appropriate patent filings are made.

c. Representations
 and Warranties: Each party confirms their authority to enter the agreement without infringing
 on third-party rights and commits to performing the project professionally. While Korean
 Party shall use all reasonable endeavors to ensure the accuracy of the work, it offers no
 explicit or implied warranty and shall not be held responsible for any consequences unless
 inaccuracies result from its negligence.

d. Termination:
 In the event of a breach or default, the non-breaching party may issue a written notice, granting a sixty-day cure period, after
 which termination may occur. Immediate termination is permissible upon the substantial cessation, termination, or transfer of the
 other party's relevant business activities. Upon termination, the Receiving Party must immediately cease using the Providing Party's
 Confidential Information. Furthermore, upon written request, the Receiving Party shall promptly destroy or return all such Confidential
 Information and provide written certification of compliance.

**Real Property**

A description of the Company's leased real properties are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Usage** | **Lease Period** | **Rent (per month)** | **Rent (per month)** | **Approximate area (sq m)** |
| The Curie Singapore Science Park Unit #02-01, Singapore 118258 | Office | January 1, 2024 to December 14, 2025 | S$ | 3132.70 | 92.41 |
| The Curie Singapore Science Park Unit #04-01B, Singapore 118258 | Design and Assembly | January 1, 2024 to December 14, 2025 | S$ | 4436.15 | 130.86 |
| The Curie Singapore Science Park Unit #04-01A, Singapore 118258 | Design and Assembly | January 1, 2023 to December 14, 2025 | S$ | 4144.61 | 122.26 |

---

**Impact of COVID-19 on our business and operations**

***Impact on our Group***

During the pandemic, the introduction of COVID-19 Act and its restrictions posed significant challenges to our company as our business operations involved physical demonstrations of our products to potential customers. The most significant hurdle encountered during the pandemic was the inability to personally showcase our microscopy products to customers. As a microscopy company specializing in revealing small-scale observations, ranging from micron to nanometer levels, the absence of face-to-face interactions and the limited use of virtual meetings before the pandemic presented a challenge in demonstrating the capabilities of our systems.

Throughout the pandemic period, there were also travel and visiting restrictions which hindered our client/suppliers relationships. To overcome this obstacle, we transitioned to remote collaboration with our customers. They sent us their samples for microscopy inspections, enabling us to conduct analyses and share digital captures with them for verification. This approach not only facilitated continued engagement with local customers but also expanded our reach to regional customers.

Additionally, the restrictions on international travel and lockdown measures have impeded the timely delivery of essential components and materials required for manufacturing microscopy equipment. Disruptions in global supply chains have led to delays in production, increased lead times, and difficulties in maintaining a consistent inventory, thereby impacting the company's ability to meet customer demands. To combat this, we further enhanced our distributor network to establish a stronger local presence and gain a deeper understanding of the market. These distributors play a crucial role in providing language support, particularly in key growing markets such as Vietnam, Indonesia, Thailand, and the Philippines. This strategic expansion allowed us to better serve customers in these regions and effectively navigate the challenges posed by the pandemic.

The Group has also adopted control measures to protect our staff and customers from outbreaks of infectious diseases, such as requiring our staff to wear personal protective equipment (such as face masks and gloves) during interaction with customers.

We will continue to work closely with our customers to ensure that the impact of the COVID-19 is minimized to its fullest extent.

Our Group has implemented precautionary measures to safeguard our employees, workers, and customers from infectious disease outbreaks. These measures align with guidelines issued by the Ministry of Manpower ("MOM") outlining best practices for workplaces in Singapore. This includes the mandatory use of personal protective equipment (such as face masks and gloves) by our staff who interact with customers, along with regular monitoring of our stock of protective equipment for both staff and workers.

In the event that any of our staff is suspected or confirmed to have contracted COVID-19, we may need to temporarily halt operations, quarantine the affected personnel, disinfect the impacted facilities, and appropriately redistribute manpower. We remain committed to closely collaborating with our customers to minimize the impact of such incidents arising from unforeseen circumstances. Additionally, we will implement our business contingency plans in mutual agreement with our customers to mitigate any potential disruptions effectively.

**Awards and Certifications**

*Certifications*

We have obtained the bizSAFE Level 3 certification from the Workplace Safety and Health Council, which recognizes that we have conducted risk assessments for every work activity and process in our workplace. We have also obtained ISO 9001/14001/45001 certifications, with the accreditations provided by the Joint Accreditation System of Australia and New Zealand and the audit completed by EQA IMS Certification Pte. Ltd.. This demonstrates our commitment to quality management, environment management and occupational health and safety.

*Awards*

We have been honored with a prestigious array of awards that underscore our commitment to excellence and innovation in our industry. These accolades serve as a testament to the hard work, dedication, and forward-thinking approach of our team. Notable among these recognitions are the Titan Business Award for the Most Innovative Company of the Year 2023 by International Awards Associate Inc, a private entity; the Stevie Award for Innovation in Technology Development in 2023 presented by Stevie Awards Inc, a private entity; Singapore SME500 Awards in 2023, presented by the Singapore Association of Trade and Commerce, a trade association; Singapore Business Review Technology Excellence Award 2023, presented by the Charlton Media Group, a private entity; and Top 10 Start-Ups of 2022 by CIO Outlook, presented by APAC CIO Outlook, a private entity. Our Chief Executive Officer, Andrew Yeo, has also received the Microscopy Technology CEO of the Year in 2023 by APAC Insider, presented by AI Global Media. These awards are awarded based on a qualitative assessment of our company (except for the Singapore SME Awards which are awarded for enterprising small companies with a turnover of less than S$50 million), validating our ongoing pursuit of quality and customer satisfaction. As we continue to evolve and strive for excellence, these accolades inspire us to maintain the highest standards in all aspects of our business operations.

The awards are based on the relevant qualifications stated in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Award** | **Year** | **Awarding Organization** | **Qualification** |
| Titan Business Award for the Most Innovative Company of the Year 2023 | 2023 | International Awards Associate Inc | Recognizes companies who demonstrate innovations in Designs, Campaigns, Technology, Services & Solutions, and Organizational Excellence<br> - |
| Stevie Award for Innovation in Technology Development | 2023 | Stevie Awards Inc | Recognizes company in their innovation in technology development, management, planning, and implementation. |
| Singapore SME500 Awards | 2023 | Singapore Association of Trade and Commerce | Recognizes Small and Medium Enterprises (SMEs) that have been developed and managed effectively, performed well in its fiscal years, instilled and maintained business excellence in its operations. Apart from business excellence, the award honors leading businesses that have proven its success within relating industries, boasting abilities and capabilities to expand and internationalize. |
| Singapore Business Review Technology Excellence Award 2023 | 2023 | Charlton Media Group | Recognizes companies in Singapore that are riding the digital disruption wave and leading the technological revolution and digital journeys of their respective industries |
| Top 10 Start-Ups of 2022 by CIO Outlook | 2022 | APAC CIO Outlook | Selected to highlight some of the key developments in the startup space in Singapore and how Singapore's startup scene has experienced significant growth in recent years, despite the pandemic-driven market limitations. |
| Microscopy Technology CEO of the Year in 2023 | 2023 | APAC Insider | Recognizes and congratulates hardworking CEOs dedicated to innovation and success in the Asia-Pacific region. |

---

**Inventory**

For our microscopy equipment sales, we maintain an inventory of individual components of the products, as well as the final assembled products which are in demand with our customers and hence easier to sell.

As of October 31, 2024, and April 30, 2024, we had inventories of S$156,525 (approximately US$118,317) and S$187,584 (approximately US$141,795), respectively.

**Intellectual Property**

Our Group's intellectual property rights are important to its business. As of the date of this prospectus, the Group is presently in the process of registering one trademark in respect of its logo.

Phaos' patented "microsphere-assisted technology" is based on one patent and one patent pending that has been filed for the protection of our core technology.

As stated above, the patent "Membrane for Retaining a Microsphere" (Patent No 11201801542U) has been granted patent in Singapore to the National University of Singapore, which is exclusively licensed to Phaos Technology Pte Ltd. The patent will expire on August 27, 2036.

Additionally, Phaos has applied for patent "A Microsphere Holder". We have currently applied for and are waiting to be granted patent protection in Singapore, USA and China. The status of the patent application are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Country | Application No. | Current Status | Most recent action |
| Singapore<br>| 11202111259R<br>| Granted patent (Patent No 11202111259R), patent publication date December 19, 2024<br>| N/A.<br>|
| China<br>| 202080029874.3<br>| Granted patent (Patent No: ZL202080029874.3), patent publication date September 24, 2024<br>| N/A |
| U.S. | 17/602,038 | Current status - Granted patent (Patent No 12,228,717), patent publication date February 18, 2025. | N/A |

---

These patents cover the way that our microscope systems holds the microsphere within our microscopes to achieve the enhanced resolution The patents are currently used in the ON200, ON200+ and the PTI product lines.

As of the date of this prospectus, the Group has registered the following domain name:

---

| | | | |
|:---|:---|:---|:---|
| **Domain Name** | **Registered Owner** | **Registration Date** | **Expiry Date** |
| www.phaostech.com | Phaos Technology Pte Ltd | August 12, 2023 | August 12, 2026 |

---

We were not involved in any proceedings with regard to, and we have not received notice of any claims of infringement of, any intellectual property rights that may be threatened or pending, in which we may be involved either as a claimant or respondent.

**Research and Development**

Below are some of the research and development activities our Company is presently working on.

&nbsp;&nbsp;&nbsp;&nbsp;1. Improving
 Working Distance of Microsphere-assisted Microscope

The Company is currently working on a new series of microsphere lens with improved working distance. This high resolution lenses with long working distance will provide a new dimension and breakthrough in the market for high resolution observation and analysis.

&nbsp;&nbsp;&nbsp;&nbsp;2. 3D
 Analysis Solution Microscopy Development.

The Company is working on a new product range that allows both surface analysis of material and allows for penetration analysis of the material below its surface.

&nbsp;&nbsp;&nbsp;&nbsp;3. Fully
 Automated Zoom Microscopy.

We are enhancing our product range to improve on the microscopy zoom functionality, by developing automated zoom capability, so as to improve accuracy.

&nbsp;&nbsp;&nbsp;&nbsp;4. Solution
 for digital pathology for cancer cell analysis.

We are embarking on the development of an end-to-end hardware and software system that helps to shorten the cancer diagnosis process and will allow us to build a bridge between traditional microscopy to future leading technologies.

&nbsp;&nbsp;&nbsp;&nbsp;5. AI
 analysis and Cloud computing

We are currently developing new AI and cloud computing capabilities in image processing, recognition, anomaly detection and other various AI capabilities. We aim to develop these capabilities to help reduce the manpower workload and reduce reliance on human judgement. We also look to improve our hardware capabilities to support a more seamless and quicker AI performance for critical decision-making optical systems.

**Employees**

We employed 30 people as of January 31, 2025, who were located in Singapore, Indonesia and the Philippines.

The following table sets forth the breakdown of our full-time employees.

---

| | |
|:---|:---|
| **Function** | **Number of** <br> **employees** |
| Management | 4 |
| Finance | 2 |
| Human Resource | 2 |
| IT | 3 |
| Sales & Marketing | 12 |
| Operations | 7 |
| **Total** | 30 |

---

Our employees are not covered by collective bargaining agreements. We consider our labor practices and employee relations to be good.

**Insurance**

We maintain commercial all risks property insurance policies covering our business premises in accordance with customary industry practice; as well as insurance policies covering heads of liability such as workmen's compensation, public liability, and contractors' all risk as required from time-to-time by our clients. We carry work injury and medical insurance for our employees, in compliance with applicable regulations. We will continue to review and assess our risk portfolio and make necessary and appropriate adjustments to our insurance practices to align with our needs and with industry practice in Singapore and in the markets in which we operate.

**Litigation and Other Legal Proceedings**

We and our subsidiaries have been and may from time to time be involved in various legal proceedings and claims in the ordinary course of business, including contractual disputes and other commercial disputes. As of the date of this prospectus, we are not a party to any significant proceedings in Singapore. We are not aware of any legal proceedings of which we are a party outside of Singapore.

**REGULATORY ENVIRONMENT**

This section sets forth a summary of the material laws and regulations that affect our Group's business and operations in Singapore. Information contained in this section should not be construed as a comprehensive summary nor detailed analysis of laws and regulations applicable to the business and operations of our Group. This overview is provided as general information only and not intended to be a substitute for professional advice. You should consult your own advisers regarding the implication of the laws and regulations of Singapore on our business and operations.

**Laws and Regulations Relating to Our Business in Singapore**

**Employees**

**Employment Act**

The Employment Act 1968 of Singapore, or the Singapore EA, sets out the basic terms and conditions of employment and the rights and responsibilities of employers as well as employees. The EA extends to all employees, with the exception of certain groups of employees.

The Singapore EA prescribes certain minimum conditions of service that employers are required to provide to their employees, including (i) minimum days of statutory annual and sick leave; (ii) paid public holidays; (iii) statutory protection against wrongful dismissal; (iv) provision of key employment terms in writing; and (v) statutory maternity leave and childcare leave benefits. In addition, certain statutory protections relating to overtime and hours of work are prescribed under the Singapore EA, but only apply to limited categories of employees, such as an employee (other than a workman or a person employed in a managerial or an executive position) who receives a salary of up to S$2,600 a month ("relevant employee"). Section 38(8) of the Singapore EA provides, amongst others, that a relevant employee is not allowed to work for more than 12 hours in any one day except in specified circumstances, such as where the work is essential to the life of the community, defense or security. In addition, section 38(5) of the Singapore EA limits the extent of overtime work that a relevant employee can perform, to 72 hours a month.

Other employment-related benefits which are prescribed by law include (i) contributions to be made by an employer to the Central Provident Fund ("CPF"), under the Central Provident Fund Act 1953 of Singapore in respect of each employee who is a citizen or permanent resident of Singapore; (ii) the provision of statutory maternity, paternity, childcare, adoption, unpaid infant care and shared parental leave benefits (in each case subject to the fulfilment of certain eligibility criteria) under the Child Development Co-savings Act 2001 of Singapore; (iii) statutory protections against dismissal on the grounds of age, and statutory requirements to offer re-employment to an employee who attains the prescribed minimum retirement age, under the Retirement and Re-employment Act 1993 of Singapore; and (iv) statutory requirements relating to work injury compensation and workplace safety and health, under the Work Injury Compensation Act 2019 of Singapore ("WICA") and the Workplace Safety and Health Act 2006 of Singapore ("WSHA"), respectively.

**Employment of Foreign Workers in Singapore**

The employment of foreign workers in Singapore is governed by the Employment of Foreign Manpower Act 1990 of Singapore ("EFMA") and regulated by the MOM.

In Singapore, under Section 5(1) of the EFMA, no person shall employ a foreign employee unless the foreign employee has a valid work pass from the Controller of Work Passes appointed by the MOM to issue such work passes, which allows the foreign employee to work for him in Singapore. Section 5(6) of the EFMA provides that any person who contravenes Section 5(1) of the EFMA shall be guilty of an offence and shall: (a) be liable on conviction to a fine of at least S$5,000 and not more than S$30,000 or to imprisonment for a term not exceeding 12 months or to both; and (b) on a second or subsequent conviction be punished with a fine of at least S$10,000 and not more than S$30,000 and with imprisonment for a term of not less than one month and not more than 12 months in the case of an individual; or be punished with a fine of at least S$20,000 and not more than S$60,000, in any other case.

The availability of the foreign workers to various sectors is also regulated by the MOM through, amongst others, the following policy instruments:

&nbsp;&nbsp;&nbsp;&nbsp;(i) approved
 source countries;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 imposition of security bonds and levies;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) dependency
 ceilings based on the ratio of local to foreign workers; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) quotas
 based on the man year entitlements ("MYE") in respect of workers from Non-Traditional
 Sources ("NTS") and the PRC.

Various categories of work passes may be issued by the Controller of Work Passes under the Employment of Foreign Manpower (Work Passes) Regulations 2012 ("EFMR"), including amongst others the work permit, the S Pass and the employment pass. The work permit is issued to, amongst others, semi-skilled migrant workers in the construction, manufacturing, marine shipyard, process, or services sector. The S Pass is issued to skilled foreign workers who, amongst others, must earn a salary of at least S$3,150 a month in all sectors except the financial services sector, while skilled foreign workers in the financial services sector must earn a salary of at least S$3,650 a month to qualify. From 1 September 2025, the minimum monthly salary requirement for S Pass applicants will be raised to S$3,300, with a higher minimum qualifying salary requirement of S$3,800 for S Pass applicants in the financial services sector. The employment pass is issued to foreign professionals, managers and executives who meet the eligibility criteria, and applicants must earn a salary of at least S$5,000 a month in order to qualify, with applicants in the financial services sector needing to earn a salary of at least S$5,500 a month to qualify. The minimum qualifying salary requirements applicable to an applicant may increase with age.

The EFMR requires employers of work permit holders, *inter alia*, to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) bear
 the costs for the medical treatment of the foreign employee, including any service, investigation,
 medicine, and medical consumable, among others, which are necessary for the medical
 treatment;

&nbsp;&nbsp;&nbsp;&nbsp;(b) provide
 safe working conditions and take such measures as are necessary to ensure the safety and
 health of the foreign employee at work;

&nbsp;&nbsp;&nbsp;&nbsp;(c) provide
 acceptable accommodation for the foreign employee, which must be consistent with the
 written laws, directives, guidelines, and circulars of the authorities;

&nbsp;&nbsp;&nbsp;&nbsp;(d) purchase
 and maintain medical insurance of at least S$60,000, with at least the first S$15,000 in
 aggregate of claims to be paid in full by the insurer.

The EFMR requires employers of S Pass holders, *inter alia*, to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) bear
 the costs for the medical treatment of the foreign employee, including any service, investigation,
 medicine and medical consumable, among others, which are necessary for the medical treatment;

&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase
 and maintain medical insurance of at least S$60,000, with at least the first S$15,000 in
 aggregate of claims to be paid in full by the insurer.

The employment of work permit and S Pass holders are subject to foreign worker levies and quotas. The foreign worker levy generally depends on two factors: (a) the worker's qualification and (2) the number of work permit or S Pass holders hired. The foreign worker quota imposes a maximum ratio of foreign employees to the total workforce that a company in a given sector can employ.

Before applying for work permits for its foreign workers, a company must first declare its business activity to the MOM using the MOM's online service. After the company declares its business activity, the MOM will assign the company to the most relevant sector. Each sector has sector-specific rules in relation to the employment of foreign workers and the company's sector will determine the number of work permit holders that it can employ. To declare its business activity, the company must have a CPF account, contribute CPF Funds for its local workers for at least one (1) month before declaring its business activity, and submit copies of the relevant licenses to the MOM. After a company submits the online application to declare its business activity, the MOM may request for additional information and documents to declare manufacturing as their business activity.

**Workplace Safety and Health Act**

The WSHA is administered by the MOM. Under the WSHA, every employer has the duty to take, so far as is reasonably practicable, such measures as are necessary to ensure the safety and health of his employees at work. These measures include providing and maintaining for the persons at work a work environment which is safe, without risk to health, and adequate as regards facilities and arrangements for their welfare at work, ensuring that adequate safety measures are taken in respect of any machinery, equipment, plant, article or process used by those persons, ensuring that those persons are not exposed to hazards arising out of the arrangement, disposal, manipulation, organization, processing, storage, transport, working or use of things in their workplace or near their workplace and under the control of the employer, developing and implementing procedures for dealing with emergencies that may arise while those persons are at work and ensuring that those persons at work have adequate instruction, information, training and supervision as is necessary for them to perform their work.

More specific duties imposed on employers are laid out in the Workplace Safety and Health (General Provisions) Regulations ("WSHR"). Some of these duties include taking effective measures to protect persons at work from the harmful effects of any exposure to any infectious agents or bio-hazardous material which may constitute a risk to their health.

Under the WSHA, inspectors appointed by the Commissioner for Workplace Safety and Health ("CWSH") may, among others, enter, inspect and examine any workplace, to inspect and examine any machinery, equipment, plant, installation or article at any workplace, to make such examination and inquiry as may be necessary to ascertain whether the provisions of the WSHA are complied with, to take samples of any material or substance found in a workplace or being discharged from any workplace for the purpose of analysis or test, to assess the levels of noise, illumination, heat or harmful or hazardous substances in any workplace and the exposure levels of persons at work therein and to take into custody any article in the workplace which is relevant to an investigation or inquiry under the WSHA.

**Workmen's Compensation**

The WICA, which is regulated by the MOM, applies to all employees in all industries who are engaged under a contract of service, except for independent contractors and the self-employed, domestic workers, and members of the Singapore Armed Forces, Singapore Police Force, Singapore Civil Defence Force, Central Narcotics Bureau and Singapore Prison Service. The WICA is in regard to injury suffered by them in the course of their employment and sets out, amongst others, the amount of compensation they are entitled to and the method(s) of calculating such compensation.

The WICA provides, amongst others, that the employer shall be liable to pay compensation under the WICA if personal injury is caused to an employee during the course of the employee's employment with the employer. The WICA, read together with the Work Injury Compensation (Insurance) Regulations 2020, provides, amongst others, that employers are required to maintain work injury compensation insurance for all employees doing manual work regardless of salary level and non-manual employees earning S$2,600 or less a month (excluding any overtime payment, bonus payment, annual wage supplement, productivity incentive payment and any allowance however described), who are engaged under contracts of service (unless exempted).

The WICA does not cover self-employed persons or independent contractors. However, the WICA provides that, where any person (referred to as the principal) in the course of or for the purpose of his trade or business contracts with any other person (referred to as the subcontractor employer), the principal may be directed by the Commissioner for Labour to fulfil the subcontractor employer's obligations under the WICA in relation to any employee of the subcontractor employer employed in the execution of the work, such as to compensate those employees of the subcontractor employer who were injured while employed in the execution of work for the principal.

Under the WICA, if an employee dies or sustains injuries in a work-related accident or contracted occupational diseases in the course of the employment, the employer is generally liable to pay compensation in accordance with the provisions of the WICA. An injured employee is generally entitled to claim medical leave wages, medical expenses and lump sum compensation for permanent incapacity or death, subject to certain limits stipulated in the WICA.

Under the WICA, every employer is required to insure and maintain insurance under approved policies with an insurer against all liabilities which he may incur under the provisions of the WICA in respect of all employees employed by him, unless specifically exempted.

**MANAGEMENT**

The following table sets forth the names, ages and titles of our Directors and Executive Officers:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Title** |
| Beh Hook Seng | 53 | Chairman and Executive Director |
| Andrew Yeo | 45 | Chief Executive Officer and Executive Director |
| Tay Beng Boon | 51 | Chief Operating Officer and Executive Director |
| Gan Hong Loon | 40 | Chief Financial Officer and Executive Director |
| Lionel Choong Khuat Leok | 61 | Independent Director Nominee |
| Wesley Yiu | 30 | Independent Director Nominee |
| Liu Yi, Louis | 43 | Independent Director Nominee |
| Erik Cheong Wei Kiat | 35 | Independent Director Nominee |
| Koh Boon Chiao | 45 | Independent Director Nominee |

---

No arrangement or understanding exists between any such director or officer and any other persons pursuant to which any director or executive officer was elected as a director or executive officer. Our directors are elected annually at the board meeting and serve until their successors take office or until their death, resignation or removal. The Executive Officers serve at the pleasure of the Board.

**Executive Directors and Officers:**

**Mr. Beh Hook Seng** has been our Executive Director and Chairman since our Company's inception. Mr. Beh is responsible for the overall business management of our Group. With comprehensive experience spanning three decades in revitalizing and restructuring companies, Mr. Beh's financial expertise provides our Company with strategic oversight, ensuring the sustained growth and prosperity of our Group. Mr. Beh commenced his career at Standard Chartered Bank in 1990 as a senior business financial manager, focusing on identifying and sourcing deals in the financial markets while managing financial risk. In 2005, he ventured into Private Equity Fund Management, establishing CK Capital Management as a director. During his tenure, Mr. Beh orchestrated a series of highly profitable business acquisitions, resulting in their subsequent listing on various stock exchanges. Mr. Beh currently also serves as the director of Tonghuai Holdings Pte Ltd, a private equity investment firm headquartered in Singapore with a specialized focus on the Asian market since 2018.

Mr. Beh obtained a Diploma from Singapore Polytechnic in 1998.

**Mr. Andrew Yeo** is the Chief Executive Officer and an Executive Director of our Company. Mr. Yeo has over 20 years of management experience across various industries, including mobile technology and security. Known for his sharp, resourceful, and passionate entrepreneurial spirit, Mr. Yeo's strategic direction has propelled Phaos beyond Singapore's borders, establishing a presence in key markets such as the US, Europe, China, and Japan, with plans for expansion into additional markets. From 2014 to 2019, Mr. Yeo served as the Assistant Director of NUS Enterprise, where he led the NUS Graduate Research Innovation Programme (GRIP), nurturing numerous successful deep-tech start-ups. Mr. Yeo's tenure at our Company has led to numerous prestigious accolades, including the Singapore Business Review's Technological Excellence Award, Stevie Award, and the APAC Insider's CEO of the Year Award.

Mr. Yeo obtained a Master's degree in Industrial and Systems Engineering from the National University of Singapore in 2008, and a Bachelors' degree in Electrical and Electronics Engineering from the National University of Singapore in 2003.

**Mr. Tay Beng Boon** is the Chief Operating Officer and an Executive Director of our Company. Mr. Tay oversees operational efficiency, product research and development, and services for our Company, and has over 25 years of engineering experience in diverse sectors including semiconductor, heavy industry, water, energy, waste, and clean technology. Mr. Tay is recognized for his ability to establish high-performing teams and drive strategic and technological transformations. Prior to joining our Company, Mr. Tay founded a startup in the heavy industry, wastewater treatment and clean technology sector, leading the company to achieve an annual turnover of over S$35 million, from 2008 to 2018.

Mr. Tay obtained a Bachelor of Engineering in B-tech Mechanical Engineering from the National University of Singapore, from 2007 to 2010.

**Mr. Gan Hong Loon** is the Chief Financial Officer and an Executive Director of our Company. Mr. Gan oversees financial functions such as corporate finance, accounting, and investor relations, and has over 15 years of corporate experience spanning the financial and technology sectors. Prior to joining our Company, Mr. Gan worked as a banker at Deutsche Bank and MUFG from July 2008 to March 2014 and March 2014 to February 2016, respectively, specializing in intricate transactions across the Asia Pacific region. Following this, he transitioned to a role in Aten, an India-focused family office and boutique advisory firm from February 2016 to February 2019, where he served clients including private equity funds, venture capitalists, and ultra-high net worth individuals.

Mr. Gan obtained a Bachelor of Accountancy from the Nanyang Technological University in 2008. He has passed 3 levels of the Chartered Financial Analyst (CFA) exams and a Registered Management Consultant (RMC) in Singapore.

**Independent Director Nominees:**

**Mr. Lionel Choong Khuat Leok** is an Independent Director Nominee, with his appointment set to begin upon the Company's listing on the NYSE American. Mr. Choong is presently an independent non-executive director and the audit committee chairman of MOXIAN INC (NASDAQ: MOXC), a role which he has held since May 2018. Mr. Choong is also the Acting CFO and Chief Accounting Officer since July 2015 at LOGIQ INC (formerly Weyland Tech Inc.) (Nasdaq: LGIQ) a company listed on the NASDAQ OTC-QX and Canadian NEO exchange (NEO: LGIQ). In his respective roles, Mr. Choong specializes in helping companies reorganize internally, combining people, systems and finance to position companies for funding opportunities. Mr. Choong also adds value to companies through providing guidance on transparency, accounting and other records, internal controls systems and corporate governance, helping companies achieve a greater valuation.

Mr. Choong graduated from the London Guildhall University in 1984 with a Bachelor of Arts in Accountancy, obtained a Master's degree in Business Administration from Northwestern University in 2002, and obtained an Advanced Diploma in Corporate Finance from the Institute of Chartered Accountants in England and Wales in 2002. Mr. Choong has been a member of the Hong Kong Institute of Certified Public Accountants since 1992, a fellow and is a member of the Hong Kong Securities Institute Limited.

**Mr. Wesley Yiu** is an Independent Director Nominee. The independent director nominee's appointment shall begin upon Company's listing on the NYSE American. Mr. Yiu is presently the Co-Founder and CEO of Noctua Games, a role which he has had since May 2024, where he specializes in helping game developers take their games to market. In his role, he has struck partnerships with leading game companies like Tencent, and raised over US$4 million via seed financing. From July 2017 to July 2021, Mr. Yiu served as the Co-Founder Group COO, and later Group CEO from July 2021 to April 2024 of ATTN Group, the largest gaming media group in South East Asia, where he facilitated the Groups' overall revenues by 30% YoY doubled group's gross margins from 15% to 30%, reduced operational losses in the company by 90% and raised a total of 20 million USD throughout Seed to Series B. From September 2016 to January 2018, Mr. Yiu served as the managing director of Fortius Distributions Indonesia, a distributor and marketing solutions provider in Indonesia.

Mr. Yiu graduated from the University of Warwick with a Bachelor of Science (Chemistry with Management) in 2016.

**Mr. Liu Yi, Louis** is an Independent Director Nominee. The independent director nominee's appointment shall begin upon Company's listing on the NYSE American. Mr. Liu is presently the Founder and Director of DMC Consulting Pte. Ltd and MRI Moore's Rowland LLP, a company based in Singapore that specialized in corporate secretarial, accounting and consulting services for North Asia clients. He is currently a qualified Member of the Association of Chartered Certified Accountants ("ACCA") and Chartered Public Accountant ("CPA") Singapore. Previously, Mr, Liu has held positions of listed companies on the Singapore Exchange, namely JES International Limited and 8Telcom International Holdings Pte. Ltd, where he is the Chairman of the Auditing Committee and a member of the Remuneration and Nominating Committees for both companies.

Mr. Liu graduated with a Degree in applied accounting in December 2006 with Oxford Brooks University.

**Mr. Erik Cheong Wei Kiat** is an Independent Director Nominee. The independent director nominee's appointment shall begin upon Company's listing on the NYSE American. He is presently a Partner at Widus Partners. He previously served as CEO and Investor at GCL Global Holdings (Nasdaq: GCL), from June 2021 to July 2023, and as CIO and Investor at Titan Digital Media during the same period. Mr. Cheong also held roles as CEO (APAC) at OMNi SuperApp from July 2019 to June 2021, Co-Founder of Park N Parcel from April 2016 to December 2022, and Institutional Equities Dealer at Maybank Kim Eng Securities from June 2012 to June 2013, among other positions.

Mr. Cheong earned a Bachelor of Science in Finance from University College Dublin in 2012 and a Diploma in Information Technology from Nanyang Polytechnic in 2009. He was recognized on Forbes 30 Under 30 Asia in Consumer Technology and has received awards such as the National Youth Entrepreneurship Award. His work has been covered by media outlets including CNBC, Nikkei Asian Review, and The Straits Times.

**Mr. Koh Boon Chiao** is an Independent Director Nominee. The independent director nominee's appointment shall begin upon Company's listing on the NYSE American. He is currently serving as Counsel at RCP Law LLC (August 2024 to present) and was previously Special Counsel at Mishcon de Reya LLP (January 2024 to July 2024). His prior roles include General Counsel at Yangzijiang Financial Holding Ltd. (May 2022 to December 2023), Head of Legal at EVYD Research Pte Ltd (October 2021 to April 2022) and Digitrade Fintech Pte Ltd (March 2021 to October 2021), Assistant General Counsel at MindChamps PreSchool Singapore Pte Ltd (August 2020 to March 2021), Head of Legal at ICHX Tech Pte Ltd (March 2019 to August 2020), Head of Legal at TenX Pte Ltd (March 2018 to February 2019), Assistant Vice President, Legal at Parkway Pantai Limited (July 2016 to February 2018), Senior Associate/Partner at Dentons Rodyk & Davidson LLP (October 2010 to July 2016), and Associate at Shook Lin & Bok LLP (May 2006 to October 2010).

Mr. Koh was called to the Singapore Bar in 2006 and earned his Bachelor of Laws with Second Class Honours from the National University of Singapore between 2001 and 2005. He also holds the position of Independent Non-Executive Director at Fuxing China Group Limited on the Mainboard of SGX-ST since May 2024.

**Relationship Within Board of Directors**

There is no family relationship between any of the directors of the company.

**Committees of the Board**

Our Board has established an audit committee, a compensation committee and a nomination committee, each of which will operate pursuant to a charter adopted by our Board that will be effective upon the effectiveness of the registration statement of which this prospectus is a part. The Board may also establish other committees from time to time to assist our company and the Board. Upon the effectiveness of the registration statement of which this prospectus is a part, the composition and functioning of all of our committees will comply with all applicable requirements of the Sarbanes-Oxley Act of 2002, the NYSE American and SEC rules and regulations, if applicable. Upon our listing on the NYSE American, each committee's charter will be available on our website at *www.phaostech.com*. The reference to our website address does not constitute incorporation by reference of the information contained at or available through our website, and you should not consider it to be part of this prospectus.

***Audit committee***

**Mr. Liu Yi, Louis**, **Mr. Lionel Choong Khuat Leok** and **Mr. Koh Boon Chiao** will serve on the audit committee, which will be chaired by **Mr. Lionel Choong Khuat Leok**. Our Board has determined that each are "independent" for audit committee purposes as that term is defined by the rules of the SEC and NYSE American, and that each has sufficient knowledge in financial and auditing matters to serve on the audit committee. Our Board has designated **Mr. Lionel Choong Khuat Leok** as an "audit committee financial expert," as defined under the applicable rules of the SEC. The audit committee's responsibilities include:

● appointing, approving the compensation of, and assessing the independence of our independent registered public accounting firm;

● pre-approving auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm;

● reviewing the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing our financial statements;

● reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly financial statements and related disclosures as well as critical accounting policies and practices used by us;

● coordinating the oversight and reviewing the adequacy of our internal control over financial reporting;

● establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns; recommending, based upon the audit committee's review and discussions with management and our independent registered public accounting firm, whether our audited financial statements shall be included in our Annual Report on Form 20-F;

● monitoring the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters;

● preparing the audit committee report required by SEC rules to be included in our annual proxy statement;

● reviewing all related person transactions for potential conflict of interest situations and approving all such transactions; and

● reviewing earnings releases.

***Compensation committee***

**Mr. Wesley Yiu**, **Mr. Liu Yi, Louis** and **Mr. Erik Cheong Wei Kiat** will serve on the compensation committee, which will be chaired by **Mr. Liu Yi, Louis**. Our Board has determined that each such member satisfies the "independence" requirements of Rule 803 of the Listing Rules of the NYSE American Company Guide. The compensation committee's responsibilities include:

● evaluating the performance of our chief executive officer in light of our company's corporate goals and objectives and, based on such evaluation: (i) recommending to the Board the cash compensation of our chief executive officer, and (ii) reviewing and approving grants and awards to our chief executive officer under equity-based plans;

● reviewing and recommending to the Board the cash compensation of our other executive officers;

● reviewing and establishing our overall management compensation, philosophy and policy;

● overseeing and administering our compensation and similar plans;

● reviewing and approving the retention or termination of any consulting firm or outside advisor to assist in the evaluation of compensation matters and evaluating and assessing potential and current compensation advisors in accordance with the independence standards identified in the applicable NYSE American rules;

● retaining and approving the compensation of any compensation advisors;

● reviewing and approving our policies and procedures for the grant of equity-based awards;

● reviewing and recommending to the Board the compensation of our Directors; and

● preparing the compensation committee report required by SEC rules, if and when required.

***Nomination committee***

**Mr. Wesley Yiu**, **Mr. Koh Boon Chiao** and **Mr. Erik Cheong Wei Kiat** will serve on the nomination committee, which will be chaired by **Mr. Wesley Yiu**. Our Board has determined that each member of the nomination committee is "independent" as defined in the applicable NYSE American rules. The nomination committee's responsibilities include:

● developing and recommending to the Board criteria for board and committee membership;

● establishing procedures for identifying and evaluating Director candidates, including nominees recommended by stockholders; and

● reviewing the composition of the Board to ensure that it is composed of members containing the appropriate skills and expertise to advise us.

While we do not have a formal policy regarding board diversity, our nomination committee and Board will consider a broad range of factors relating to the qualifications and background of nominees, which may include diversity (not limited to race, gender or national origin). Our nomination committee's and Board' priority in selecting board members is identification of persons who will further the interests of our shareholders through their established record of professional accomplishment, the ability to contribute positively to the collaborative culture among board members, knowledge of our business, understanding of the competitive landscape and professional and personal experience and expertise relevant to our growth strategy.

**Foreign Private Issuer Status**

We are a "foreign private issuer," as defined by the SEC. As a result, in accordance with the rules and regulations of NYSE American, we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with NYSE American corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:

● Exemption from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual or special meetings of shareholders, from providing current reports on Form 8-K disclosing significant events within four days of their occurrence, and from the disclosure requirements of Regulation FD.

Exemption from Section 16 rules regarding sales of ordinary shares by insiders, which will provide less data in this regard than shareholders of U.S. companies that are subject to the Exchange Act.

● Exemption from NYSE American rules applicable to domestic issuers requiring disclosure within four business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such waiver, we may choose not to disclose the waiver in the manner set forth in NYSE American rules, as permitted by the foreign private issuer exemption.

● Exemption from the requirement that our Board have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

● Exemption from the requirements that director nominees are selected, or recommended for selection by our Board, either by (1) independent directors constituting a majority of our Board' independent directors in a vote in which only independent directors participate, or (2) a committee comprised solely of independent directors, and that a formal written charter or board resolution, as applicable, addressing the nominations process is adopted.

If we rely on our home country corporate governance practices in lieu of certain of the rules of NYSE American, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of NYSE American. If we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

Although we are permitted to follow certain corporate governance rules that conform to Cayman Islands requirements in lieu of many of NYSE American corporate governance rules, we intend to comply with NYSE American corporate governance rules applicable to foreign private issuers.

**Controlled Company**

We expect to continue to be a controlled company within the meaning of the NYSE American Company Guide, and as a result, we expect to qualify for and intend to continue to rely on exemptions from certain corporate governance requirements.

Public Companies that qualify as a "Controlled Company" with securities listed on the NYSE American must comply with the exchange's continued listing standards to maintain their listings. NYSE American has adopted qualitative listing standards. Companies that do not comply with these corporate governance requirements may lose their listing status. Under NYSE American rules, a "controlled company" is a company with more than 50% of its voting power held by a single person, entity or group. Under NYSE American rules, a controlled company is exempt from certain corporate governance requirements, including:

● an exemption from the rule that a majority of our Board must be independent directors;

● an exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent directors; and

● An exemption from the rule that our director nominees must be selected or recommended solely by independent directors.

Controlled companies must still comply with the exchange's other corporate governance standards. These include having an audit committee and the special meetings of independent or non-management directors.

Upon the completion of this offering, our controlling shareholder will beneficially own 34.65% of our total issued and outstanding Ordinary Shares, representing 62.4% of the total voting power, assuming no exercise of the underwriter's over-allotment option. As a result, we will be a "controlled company" as defined under Rule 801 of the NYSE American Company Guide, because our controlling shareholders will hold more than 50% of the voting power for the election of directors. As a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. The exemption we intend to rely on is that a majority of our Board need not be independent directors As a result, you may not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

As our controlling shareholder owns only slightly more than 50% of the total voting power of our share capital after this offering (approximately 62.4%), assuming no exercise of the underwriter's over-allotment option, we may lose our status as a controlled company in the event that we issue additional Ordinary Shares. For example, assuming no changes to our current capital structure or beneficial ownership, our controlling shareholder's total voting power would decrease to under 50% if we were to issue an additional 447,253 Class A Ordinary Shares (or 149,085 Class B Ordinary Shares) to other persons. In such an instance, our controlling shareholder might still be able to practically control any shareholder vote (including for the directors of our company), but we would cease to be a controlling company and would no longer be eligible to qualify for corporate governance exemptions for controlled companies. We could experience significant cost in time and money gaining compliance with these requirements (or if we fail to do so in the required time).

**Code of Conduct, Code of Ethics, Insider Trading Policy and Executive Compensation Recovery Policy**

Prior to the effectiveness of the registration statement of which this prospectus is a part, we intend to adopt (i) a written code of business conduct and ethics and (ii) Insider Trading Policy that applies to our Directors, officers, and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions, and we also intend to adopt an (iii) Executive Compensation Recovery Policy that applies to our officers, and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions, (collectively the "**Policies**"). Following the effectiveness of the registration statement of which this prospectus is a part, a current copy of the Policies will be posted on the Corporate Governance section of our website, which is located at *www.phaostech.com**.*** The information on our website is deemed not to be incorporated in this prospectus or to be a part of this prospectus. We intend to disclose any amendments to the Policies, and any waivers of the Policies for our Directors, executive officers and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of NYSE American.

**Compensation of Executive Directors and Executive Officers**

For the six months period ended October 31, 2024, we paid an aggregate of approximately US$199,566 (approximately S$264,011) in cash to our Executive Directors and Executive Officers. For the six months period ended October 31, 2023, we paid an aggregate of approximately US$152,092 (approximately S$201,206) in cash to our Executive Directors and Executive Officers.

For the years ended April 30, 2025, April 30, 2024 and April 30, 2023, we paid an aggregate of approximately US$405,402, US$333,922 and US$227,407 respectively (approximately S$529,245, S$455,307 and S$303,209) in cash to our Executive Directors and Executive Officers.

**Employment Agreements**

***Employment Agreement between Beh Hook Seng and the Phaos Technology Cayman***

Effective as of December 31, 2024, Phaos Technology Cayman entered into an Employment Agreement with Beh Hook Seng. The agreement provides for an annual base salary, together with such additional discretionary bonus. Beh Hook Seng's employment will continue indefinitely, subject to, amongst others, termination by either party to the agreement upon 60 days prior written notice or the equivalent salary in lieu of such notice. The agreement also provides that Beh Hook Seng shall not, during the term of the agreement and for 12 months after cessation of employment, carry on business in competition with the Group.

***Employment Agreement between Gan Hong Loon and the Phaos Technology Cayman***

Effective as of December 31, 2024, Phaos Technology Cayman entered into an Employment Agreement with Gan Hong Loon. The agreement provides for an annual base salary, together with such additional discretionary bonus. Gan Hong Loon's employment will continue indefinitely, subject to, amongst others, termination by either party to the agreement upon 60 days prior written notice or the equivalent salary in lieu of such notice. The agreement also provides that Gan Hong Loon shall not, during the term of the agreement and for 12 months after cessation of employment, carry on business in competition with the Group.

***Employment Agreement between Andrew Yeo*** ***and the Phaos Technology Cayman***

Effective as of December 31, 2024, Phaos Technology Cayman entered into an Employment Agreement with Andrew Yeo. The agreement provides for an annual base salary, together with such additional discretionary bonus. Andrew Yeo's employment will continue indefinitely, subject to, amongst others, termination by either party to the agreement upon 60 days prior written notice or the equivalent salary in lieu of such notice. The agreement also provides that Andrew Yeo shall not, during the term of the agreement and for 12 months after cessation of employment, carry on business in competition with the Group.

***Employment Agreement between Tay Beng Boon and the Phaos Technology Cayman***

Effective as of December 31, 2024, Phaos Technology Cayman entered into an Employment Agreement with Tay Beng Boon. The agreement provides for an annual base salary, together with such additional discretionary bonus. Tay Beng Boon's employment will continue indefinitely, subject to termination by either party to the agreement upon 60 days prior written notice or the equivalent salary in lieu of such notice. The agreement also provides that Tay Beng Boon shall not, during the term of the agreement and for 12 months after cessation of employment, carry on business in competition with the Group.

**Directors' Agreements**

Each of our Directors has entered into a Director's Agreement with the Company effective upon the Company's listing on NYSE American. The terms and conditions of such Directors' Agreements are similar in all material aspects save for the term. Each Executive Director's Agreement is for an initial term of three (3) years and will continue until the Director's successor is duly elected and qualified. Each independent directors nominee's agreement is for an initial term of one (1) year and will continue until the Director's successor is duly elected and qualified. Each Director will be up for re-election each year at the annual board meeting and, upon re-election, the terms, and provisions of his or her Director's Agreement will remain in full force and effect. Under the Directors' Agreements, the Company agrees, to the maximum extent provided under applicable law, to indemnify the Directors against liabilities and expenses incurred in connection with any proceeding arising out of, or related to, the Directors' performance of their duties, other than any such losses incurred as a result of the Directors' gross negligence or willful misconduct.

Under the independent directors Nominee's Agreements, the initial aggregate annual salary that is payable to our independent director nominees is US$30,000 in cash.

Other than as disclosed above, none of our Directors have entered into a service agreement with our Company or any of our subsidiaries that provides for benefits upon termination of employment.

**PRINCIPAL AND SELLING SHAREHOLDERS**

The following table sets forth information regarding the beneficial ownership of our share capital by:

● each person, or group of affiliated persons, known by us to beneficially own more than 5% of our shares;

● each of our named Executive Officers;

● each of our Directors and Director nominees; and

● all of our current Executive Officers, Directors and Director nominees as a group.

Applicable percentage ownership is based on 10,601,750 Class A Ordinary Shares and 15,125,250 Class B Ordinary Shares of our Company issued and outstanding as of the date of this prospectus and the issuance of 2,700,000 Class A Ordinary Shares in connection with the offering (assuming no exercise of the underwriters' over-allotment option).

The information presented below regarding beneficial ownership of our voting securities has been presented in accordance with the rules of the SEC and is not necessarily indicative of ownership for any other purpose. Under these rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares the power to vote or direct the voting of the security or the power to dispose or direct the disposition of the security. A person is deemed to own beneficially any security as to which such person has the right to acquire sole or shared voting or investment power within sixty (60) days through the conversion or exercise of any convertible security, warrant, option or other right. More than one (1) person may be deemed to be a beneficial owner of the same securities. The percentage of beneficial ownership by any person as of a particular date is calculated by dividing the number of shares beneficially owned by such person, which includes the number of shares as to which such person has the right to acquire voting or investment power within sixty (60) days, by the sum of the number of shares outstanding as of such date, plus the number of shares as to which such person has the right to acquire voting or investment power within sixty (60) days. Consequently, the denominator used for calculating such percentage may be different for each beneficial owner. Except as otherwise indicated below and under applicable community property laws, we believe that the beneficial owners of our shares listed below have sole voting and investment power with respect to the shares shown.

Unless otherwise noted below, the address of each person listed on the table is 83 Science Park Dr, I #02-01 & #04-01A/B The Curie, Singapore Science Park 1, Singapore 118258.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Amount of<br> Beneficial<br> Ownership of<br> Class A<br> Shares<sup>(1)</sup>** | **Pre-<br> Offering<br> Percentage<br> Ownership of<br> Class A<br> Shares<sup>(2)</sup>** | **Post-Offering<br> Percentage<br> Ownership of<br> Class A<br> Shares<sup>(2)(3)</sup>** | **Amount of<br> Beneficial<br> Ownership of<br> Class B<br> Shares Pre-<br> and Post-<br> Offering** | **Percentage<br> Ownership<br> of Class B<br> Shares** | **Pre-<br> Offering<br> Combined<br> Voting<br> Power of<br> Class A<br> and Class B<br> Shares<sup>(2)</sup>** | **Post-<br> Offering<br> Combined<br> Voting<br> Power of<br> Class A and<br> Class B<br> Shares<sup>(2)(3)</sup>** |
| **Directors and Executive Officers:** |  |  |  |  |  |  |  |
| Beh Hook Seng<sup>(4)</sup> |  | —% | —% | 9852625 | 65.14% | 62.93% | 62.40% |
| Andrew Yeo<sup>(10)</sup> |  | —% | —% | 807125 | 5.34% | 5.16% | 5.11% |
| Tay Beng Boon<sup>(5)</sup> |  | —% | —% | 307625 | 2.03% | 1.96% | 1.95% |
| Gan Hong Loon<sup>(6)</sup> |  | —% | —% | 307625 | 2.03% | 1.96% | 1.95% |
| Lionel Choong<sup>(7)</sup> |  | —% | —% |  | —% | —% |  |
| Wesley Yiu<sup>(7)</sup> |  | —% | —% |  | —% | —% |  |
| Erik Cheong Wei Kiat<sup>(7)</sup> |  | —% | —% |  | —% | —% |  |
| Liu Yi, Louis<sup>(7)</sup> |  | —% | —% |  | —% | —% |  |
| Koh Boon Chiao<sup>(7)</sup> |  | —% | —% |  | —% | —% |  |
| **5% or Greater Shareholders** |  |  |  |  |  |  |  |
| Tonghuai SG Enterprise Pte Ltd<sup>(8)</sup> |  | —% | —% | 4759750 | 31.47% | 30.40% | 30.14% |
| Tonghuai SG2 Enterprise Pte Ltd<sup>(9)</sup> |  | —% | —% | 1888875 | 12.49% | 12.07% | 11.96% |
| SG AB Venture Pte Ltd<sup>(10)</sup> |  | —% | —% | 807125 | 5.34% | 5.16% | 5.11% |
| Singlight Technology Pte Ltd<sup>(11)</sup> |  | —% | —% | 3850250 | 25.45% | 24.59% | 24.38% |
| Liew Ah Choy<sup>(12)</sup> | 1088250 | 10.26% |  |  | —% | 0.35% | 0.33% |
| Chua Jun Hao, David<sup>(13)</sup> | 1000000 | 9.43% |  |  | —% | 0.32% | 0.17% |
| Leslie Tam<sup>(14)</sup> | 543500 | 5.13% |  |  | —% | 0.17% | 0.17% |
| Chen Hong<sup>(15)</sup> | 595750 | 5.62% |  |  | —% | 0.19% | 0.19% |
| Tan Chew Hiah<sup>(16)</sup> | 587625 | 5.54% |  |  | —% | 0.19% | 0.13% |
| Lee Pei Fang<sup>(17)</sup> | 587625 | 5.54% |  |  | —% | 0.19% | 0.19% |
| Chua Kheng Choon<sup>(18)</sup> | 587625 | 5.54% |  |  | —% | 0.19% | 0.13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Beneficial
 ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the Class
 A Ordinary Shares and Class B Ordinary Shares. All shares represent only Class A Ordinary Shares and Class B Ordinary Shares held
 by shareholders as no options are issued or outstanding.

(2) Calculation
 based on 10,601,750 Class A Ordinary Shares and 15,125,251 Class B Ordinary Shares issued and outstanding as of the date of
 this prospectus. Holders of Class A Ordinary Shares are entitled to one vote per share held. Holders of Class B are entitled
 to twenty votes per share held.

(3) Assuming
 2,700,000 Class A Ordinary Shares are issued in this offering, not including 202,500 Class A Ordinary Shares underlying the
 warrants to be issued to the underwriter in connection with this offering.

(4) Beh
 Hook Seng holds 4,759,750 Class B ordinary shares through Tonghuai SG Enterprise Pte Ltd, 1,888,875 Class B Ordinary Shares through
 Tonghuai SG2 Enterprise Pte Ltd, and 3,204,000 Class B Ordinary Shares in his own name. Beh Hook Seng holds 100% of, Tonghuai SG
 Enterprise Pte Ltd and Tonghuai SG2 Enterprise Pte Ltd, has the power to direct the voting and disposition of the ordinary shares
 held by Tonghuai SG Enterprise Pte Ltd and Tonghuai SG2 Enterprise Pte Ltd, and may be deemed the beneficial owner of all ordinary
 shares held by Tonghuai SG Enterprise Pte Ltd and Tonghuai SG2 Enterprise Pte Ltd.

(5) Represents
 307,625 Class B Ordinary Shares which is beneficially owned controlled and held by Tay Beng Boon.

(6) Represents
 307,625 Class B Ordinary Shares which is beneficially owned controlled and held by Gan Hong Loon.

(7) The
 individual is an independent director nominee and consents to be an independent director upon our company's listing on Nasdaq.

(8) Represents
 4,759,750 Class B Ordinary Shares held by Tonghuai SG Enterprise Pte Ltd, which is beneficially owned and controlled by Beh Hook
 Seng, and its current registered address is located at 57 Mohamed Sultan Road #02-06 Singapore 238997 .

(9) Represents
 1,888,875 Class B Ordinary Shares held by Tonghuai SG2 Enterprise Pte Ltd, which is beneficially owned and controlled by Beh Hook
 Seng, and its current registered address is located at 57 Mohamed Sultan Road #02-06 Singapore 238997 .

(10) Represents
 807,125 Class B Ordinary Shares held by SG AB Venture Pte Ltd, which is beneficially owned and controlled by Andrew Yeo , and its
 current registered address is located at 57 Mohamed Sultan Road #02-06 Singapore 238997.

(11) Represents
 3,850,250 Class B Ordinary Shares held by Singlight Technology Pte Ltd, which is beneficially owned and controlled by Hong Ming Hui,
 and its current registered address is located at 10 Ubi Crescent #04-19, Ubi Techpark, Singapore 408564.

(12) Represents
 1,088,250 Class A Ordinary Shares which is beneficially owned controlled and held by Liew Ah Choy.

(13) Represents
 1,000,000 Class A Ordinary Shares which is beneficially owned controlled and held by Chua Jun Hao, David.

(14) Represents
 543,500 Class A Ordinary Shares which is beneficially owned controlled and held by Leslie Tam.

(15) Represents
 595,750 Class A Ordinary Shares which is beneficially owned controlled and held by Chen Hong.

(16) Represents
 587,625 Class A Ordinary Shares which is beneficially owned controlled and held by Tan Chew Hiah.

(17) Represents
 587,625 Class A Ordinary Shares which is beneficially owned controlled and held by Lee Pei Fang.

(18) Represents
 587,625 Class A Ordinary Shares which is beneficially owned controlled and held by Chua Kheng Choon.

**Selling Shareholders**

This prospectus covers the offering of in aggregate 900,090 Ordinary Shares by the Selling Shareholders. This prospectus and any prospectus supplement will only permit the Selling Shareholders to sell the number of Ordinary Shares identified in the column "Number of Ordinary Shares to be Sold." The Ordinary Shares owned by the Selling Shareholders are "restricted" securities under applicable United States federal and state securities laws and are being registered pursuant to this prospectus to enable the Selling Shareholders the opportunity to sell those Ordinary Shares.

The following table sets forth the name of the Selling Shareholders, the number and percentage of Ordinary Shares beneficially owned by the Selling Shareholders, the number of Ordinary Shares sold in this offering and the number and percentage of Ordinary Shares the Selling Shareholders will own after the offering. The information appearing in the table below is based on information provided by or on behalf of the named Selling Shareholders. We will not receive any proceeds from the sale of the Ordinary Shares by the Selling Shareholders.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Selling Shareholder\*** | **Class A Ordinary**<br> **Shares**<br> **Beneficially**<br> **Owned**<br> **Prior to**<br> **Offering<sup>(1)</sup>** | **Pre-**<br> **Offering**<br> **Percentage**<br> **Ownership of**<br> **Class A**<br> **Shares<sup>(2)</sup>** | **Number of Class A**<br> **Ordinary**<br> **Shares Sold** | **Number of Class A**<br> **Ordinary**<br> **Shares Owned**<br> **After Offering** | **Post-**<br> **Offering**<br> **Percentage**<br> **Ownership of**<br> **Class A**<br> **Shares<sup>(2)(3)</sup>** | **Post-**<br> **Offering**<br> **Combined**<br> **Voting**<br> **Power of**<br> **Class A and**<br> **Class B**<br> **Shares<sup>(2)(3)</sup>** |
| Chua Jun Hao, David <sup>(4)</sup> | 1000000 | 7.52% | 454545 | 545455 | 4.10% | 0.17% |
| Chua Kheng Choon <sup>(5)</sup> | 587625 | 4.42% | 175795 | 411830 | 3.10% | 0.13% |
| ICHAM Master Fund VCC<sup>(6)</sup> | 426750 | 3.21% | 43864 | 382886 | 2.88% | 0.12% |
| Liew Ah Choy<sup>(7)</sup> | 1088250 | 8.19% | 59091 | 1029159 | 7.74% | 0.33% |
| Tan Chiew Hiah<sup>(8)</sup> | 587625 | 4.42% | 175795 | 411830 | 3.10% | 0.13% |

---

*Notes:*

 

*(1)* *Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the Class A Ordinary Shares and Class B Ordinary Shares. All shares represent only Class A Ordinary Shares and Class B Ordinary Shares held by shareholders as no options are issued or outstanding.*

*(2)* *Calculation based on 10,601,750 Class A Ordinary Shares and 15,125,250 Class B Ordinary Shares issued and outstanding as of the date of this prospectus. Holders of Class A Ordinary Shares are entitled to one vote per share held. Holders of Class B are entitled to twenty votes per share held.*

*(3)* *Assuming 2,700,000 Class A Ordinary Shares are issued in this offering, not including 202,500 Class A Ordinary Shares underlying the warrants to be issued to the underwriter in connection with this offering (in each case assuming no exercise of the underwriters' over-allotment option).*

*(4)* *Chua Jun Hao, David is a resident of Singapore, with his address at 11 Toh Yi Drive, #07-361, Toh Yi Gardens. Chua Jun Hao David, as a prior shareholder of TongHuai SG Enterprise Pte. Ltd, has provided a personal guarantee with respect to loans taken by Phaos Technology Pte. Ltd.*

*(5)* *Chua Kheng Choon is a resident of Singapore, with his address at 52 Begonia Drive, Hock Swee Hill, Singapore 809910.*

*(6)* *ICHAM Master Fund VCC, a fund incorporated in Singapore, with its address at 9 Temasek Boulevard #38-02, Suntec City Tower 2, Singapore 038989, is a shareholder owning 2.82% of Class A Ordinary Shares. Archan Chamapun and Ng Koon Yu (being the Fund Directors and holder of management shares) are the natural persons with voting and dispositive control held by ICHAM Master Fund VCC.*

*(7)* *Liew Ah Choy is a resident of Singapore, with his address at 96 Holland Grove View, Singapore 276253.*

*(8)* *Tan Chiew Hiah is a resident of Singapore, with his address at 52 Begonia Drive, Hock Swee Hill, Singapore 809910.*

*\** *Other than as indicated, none of the other Selling Shareholders and/or persons who have control over the Selling Shareholders has had, within the past three years, any relationship with the Company or any of the predecessors or affiliates.*

**RELATED PARTY TRANSACTIONS**

We have adopted an audit committee charter, which requires the committee to review all related-party transactions on an ongoing basis and all such transactions be approved by the committee.

In addition to the executive officer and director compensation arrangements discussed in "Executive Compensation," below we describe transactions since 2021 and up to the date of this prospectus, to which we have been a participant, in which the amount involved in the transaction is material to our company and in which any of the following is a party: (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, our Company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the voting power of our Company that gives them significant influence over our Company, and close members of any such individual's family; (d) key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling the activities of our Company, including directors and senior management of companies and close members of such individuals' families; and (e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (c) or (d) or over which such a person is able to exercise significant influence.

*Nature of relationships with related parties*

---

| | |
|:---|:---|
| **Related Party Name** | **Relationship to the Company** |
| TongHuai SG Enterprise Pte. Ltd. | Shareholder |

---

a. <u>Related party balances</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of April 30,** | **As of April 30,** | **As of April 30,** | **As of April 30,** | **As of October 31,** | **As of October 31,** | |
| <br>**Nature** **Name** | **2021** | **2022** | **2023** | **2024** | **2024** | **2024** | **Latest Practicable**<br>**Date** |
|  | **SGD** | **SGD** | **SGD** | **SGD** | **SGD** | **USD** | **SGD** |
| Amount due to shareholders TongHuai SG Enterprise Pte. Ltd.<sup>(2)</sup> | (750000) | (1950000) | (2962000) | (732753) | (1145423) | (865825) | (2995423) |
| **Total** | (750000) | (1950000) | (2962000) | (732753) | (1145423) | (865825) | (2995423) |

---

(1) The figure for year 2021
 is based as of the month of June 30, 2021 given that the previous financial year end of TongHuai SG Enterprise Pte. Ltd. was June 30
 in the year 2021.

(2) The Company has entered into several shareholder loan agreements with TongHuai
 SG Enterprise Pte. Ltd a shareholder of the Company. The loans are interest-free and have no determined
 repayment date, being repayable on demand. As of the date of this prospectus, there are no outstanding
 loans from the Company to any shareholder.

b. <u>Related party transactions</u>

The Company had no related party transactions as of the years ended April 30, 2024, April 30, 2023 and April 30, 2022, as well as the six months ended October 31, 2024, and October 31, 2023.

**DESCRIPTION OF SHARE CAPITAL**

We are an exempted company with limited liability incorporated in the Cayman Islands company and our affairs are governed by our Memorandum and Articles of Association, as amended from time to time, the Companies Act and the common law of Cayman Islands.

As of the date of this prospectus, our authorized share capital is US$100,000 divided into 950,000,000 Class A Ordinary Shares and 50,000,000 Class B Ordinary Shares, par value US$0.0001 per share. As of the date of this prospectus, 950,000,000 Class A Ordinary Shares and 50,000,000 Class B Ordinary Shares are issued and outstanding.

Immediately upon the completion of this offering, we will have [●] Class A Ordinary Shares issued and outstanding. All of our shares issued and outstanding prior to the completion of the offering are and will be fully paid, and all of our shares to be issued in the offering will be issued as fully paid.

**Our Memorandum and Articles of Association**

We adopted the Memorandum and Articles of Association on March 7, 2024 at incorporation, which has subsequently been amended on October 21, 2024 and July [--], 2025. The following are summaries of certain material provisions of the Memorandum and Articles of Association and of the Companies Act, insofar as they relate to the material terms of our Ordinary Shares.

**Objects of Our Company.** Under our Memorandum and Articles of Association, the objects of our company are unrestricted, and we can exercise all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by section 27(2) of the Companies Act.

**Ordinary Shares.** Our Ordinary Shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote for their shares.

**Dividends.** The holders of our Class A Ordinary Shares are entitled to such dividends as may be declared by our Board. The holders of our Class B Ordinary Shares have no rights to share in any dividends as may be declared by our Board. Our Memorandum and Articles of Association provide that dividends may be declared and paid out of the funds of our company lawfully available therefor. Under the laws of the Cayman Islands, our company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.

**Voting Rights.** Voting at any meeting of shareholders is by way of a poll duly demanded. Subject to the Companies Act, a poll may be demanded by:

● by the chairman of the meeting; or;

● by at least one shareholder present in person or by proxy or (in the case of a shareholder being a corporation) by its duly authorized representative having the right to vote on the resolutions.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the issued and outstanding ordinary shares at a meeting.

Subject to the Company's Memorandum and Articles of Association, each Class A Ordinary Share confers on the holder the right to one (1) vote at a meeting of the shareholders or on any resolution of shareholders.

Subject to the Company's Memorandum and Articles of Association, each Class B Ordinary Share confers on the holder the right to twenty (20) votes per share at a meeting of the shareholders or on any resolution of shareholders.

A special resolution will be required for important matters such as a change of name, making changes to our Memorandum and Articles of Association, a reduction of our share capital and the winding up of our company. Our shareholders may, among other things, divide or combine their shares by ordinary resolution.

**General Meetings of Shareholders.** As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our Memorandum and Articles of Association provide that we shall not hold a general meeting in each year as our annual general meeting, unless required by the NYSE American rules, and the annual general meeting shall be held at such time and place as may be determined by our directors.

Shareholders' general meetings may be convened by the chairperson of our Board or by a majority of our Board. Advance notice of not less than ten clear days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of, at the time when the meeting proceeds to business, one or more shareholders holding shares which carry in aggregate (or representing by proxy) not less than one-third of all votes attaching to issued and outstanding shares in our company entitled to vote at such general meeting.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our Memorandum and Articles of Association provide that upon the requisition of any one or more of our shareholders holding shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our company entitled to vote at general meetings, specifying the purpose of the meeting and signed by each of the shareholders making the requisition, our board will convene an extraordinary general meeting within 2 months after deposit of the requisition and put the resolutions so requisitioned to a vote at such meeting. If the directors do not convene such meeting within 21 days' from the date of receipt of the written requisition, those shareholders who requested the meeting or any of them may convene the general meeting themselves in which case reasonable expenses incurred by them as a result of the directors failing to convene a meeting shall be reimbursed by us. However, our Memorandum and Articles of Association do not provide our shareholders with any right to put any proposals before annual general meetings or extraordinary general meetings not called by such shareholders.

**Transfer of Class A Ordinary Shares.** Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her Class A Ordinary Shares by an instrument of transfer in the usual or common form or in a form prescribed by NYSE American or any other form approved by our Board. Notwithstanding the foregoing, Class A Ordinary Shares may also be transferred in accordance with the applicable rules and regulations of NYSE American.

Where the Class A Ordinary Shares are not listed on or subject to the rules of NYSE American, our Board may, in its absolute discretion, decline to register any transfer of any Class A Ordinary Share which is not fully paid up or on which we have a lien. Our Board may also decline to register any transfer of any Class A Ordinary Share unless:

● the instrument of transfer is lodged with us, accompanied by the certificate for the Class A Ordinary Shares to which it relates and such other evidence as our Board may reasonably require to show the right of the transferor to make the transfer;

● the instrument of transfer is in respect of only one class of Class A Ordinary Shares;

● the instrument of transfer is properly stamped, if required;

● in the case of a transfer to joint holders, the number of joint holders to whom the Class A Ordinary Share is to be transferred does not exceed four; and

● a fee of such maximum sum as NYSE American may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.

If our directors refuse to register a transfer they shall, within one month after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, on 14 days' notice being given by advertisement in such one or more newspapers or by electronic means and after compliance with any notice required in accordance with the rules of NYSE American, be suspended and the register closed at such times and for such periods as our Board may from time to time determine; provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 days in any year as our board may determine.

**Liquidation.** If our company is wound up, the liquidator may with the sanction of a special resolution and any other sanction required by the Companies Act, divide in specie among the shareholders of the Class A Ordinary Shares the whole or any part of the assets of the Company and may, for that purpose, to value any assets and to determine how the division shall be carried out as among the shareholders of the ordinary shares.

The liquidator may also vest the whole or any part of these assets in trustees for the benefit of the shareholders of Class A Ordinary Shares and those liable to contribute to the winding up.

No distribution (whether in cash or otherwise) of our company's assets on a winding up may be made to a holder of a Class B Ordinary Share.

**Calls on Shares and Forfeiture of Shares.** Our Board may from time to time make calls upon shareholders for any amounts unpaid on their shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

**Redemption, Repurchase and Surrender of Shares.** We may issue shares on terms that such shares are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such manner as may be determined by our Board. Our company may also repurchase any of our shares on such terms and in such manner as have been approved by our Board. Under the Companies Act, the redemption or repurchase of any share may be paid out of our company's profits, share premium account or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital if our company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, our company may accept the surrender of any fully paid share for no consideration.

**Variations of Rights of Shares.** Whenever the capital of our company is divided into different classes the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be varied with the written consent of shareholders holding not less than fifty percent of the issued shares of that class or with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation, allotment or issue of further shares ranking pari passu with such existing class of shares.

**Issuance of Additional Shares.** Our Memorandum and Articles of Association authorizes our Board to issue additional Ordinary Shares from time to time as our Board shall determine, to the extent of available authorized but unissued shares.

Our Memorandum and Articles of Association also authorizes our Board to issue from time to time one or more series of preference shares and to determine, with respect to any series of preference shares, the terms and rights of that series, to the extent of available authorized but unissued shares, including, among other things:

● the designation of the series;

● the number of shares of the series;

● the dividend rights, dividend rates, conversion rights and voting rights; and

● the rights and terms of redemption and liquidation preferences.

Our Board may issue preference shares without action by our shareholders to the extent of available authorized but unissued shares. Issuance of these shares may dilute the voting power of holders of Class A Ordinary Shares.

**Inspection of Books and Records.** Holders of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records (except for the memorandum and articles of association of our company, any special resolutions passed by our company and the register of mortgages and charges of our company). However, our Memorandum and Articles of Association have provisions that provide our shareholders the right to receive our annual audited financial statements. See "Where You Can Find Additional Information."

**Anti-Takeover Provisions.** Some provisions of our Memorandum and Articles of Association may discourage, delay or prevent a change of control of our company or management that shareholders may consider favorable, including provisions that:

● authorize our Board to issue authorized but unissued preference shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without any further vote or action by our shareholders; and

● limit the ability of shareholders to requisition and convene general meetings of shareholders.

However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our Memorandum and Articles of Association for a proper purpose and for what they believe in good faith to be in the best interests of our company.

**Exempted Company.** We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

● does not have to file an annual return of its shareholders with the Registrar of Companies;

● is not required to open its register of members for inspection;

● does not have to hold an annual general meeting;

● may issue shares with no par value;

● may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

● may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● may register as an exempted limited duration company; and

● may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder's shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

**History of Securities Issuances**

Other than the issuance of securities in connection with the reorganization, we have not issued any securities in the past three years.

**CERTAIN CAYMAN ISLANDS COMPANY CONSIDERATIONS**

Upon the closing of this offering, we will be subject to reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers.

NYSE American listing rules include certain accommodations in the corporate governance requirements that allow foreign private issuers, such as us, to follow "home country" corporate governance practices in lieu of the otherwise applicable corporate governance standards of NYSE American. The application of such exceptions requires that we disclose each NYSE American corporate governance standard that we do not follow and describe the Cayman Islands corporate governance practices we do follow in lieu of the relevant NYSE American corporate governance standard.

**Differences in Corporate Law**

The Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent English statutory enactments and accordingly there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of certain significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware in the United States and their shareholders.

*Mergers and Similar Arrangements.* The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies, provided that the laws of the foreign jurisdiction permit such merger or consolidation. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a new consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose, a company is a "parent" of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by seventy-five per cent in value of the members or class of members, as the case may be, with whom the arrangement is to be made and a majority in number of each class of creditors with whom the arrangement is to be made, and who must in addition represent seventy-five per cent in value of each such class of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

● the statutory provisions as to the required majority vote have been met;

● the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

● the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of a dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, save that objectors to a takeover offer may apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman Islands has a broad discretion to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

The Companies Act also contains statutory provisions which provide that a company may present a petition to the Grand Court of the Cayman Islands for the appointment of a restructuring officer on the grounds that the company (a) is or is likely to become unable to pay its debts within the meaning of section 93 of the Companies Act; and (b) intends to present a compromise or arrangement to its creditors (or classes thereof) either, pursuant to the Companies Act, the law of a foreign country or by way of a consensual restructuring. The petition may be presented by a company acting by its directors, without a resolution of its members or an express power in its articles of association. On hearing such a petition, the Cayman Islands court may, among other things, make an order appointing a restructuring officer or make any other order as the court thinks fit.

*Shareholders' Suits.* In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in *Foss v. Harbottle* and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

● a company acts or proposes to act illegally or ultra vires;

● the act complained of, although not ultra vires, could only be effected duly if authorized by more than the number of votes which have actually been obtained; and

● those who control the company are perpetrating a "fraud on the minority."

A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to be infringed.

*Indemnification of Directors and Executive Officers and Limitation of Liability.* Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our Memorandum and Articles of Association provide to the extent permitted by law, that we shall indemnify each existing or former secretary, director (including alternate director), and any of our other officers (including an investment adviser or an administrator or liquidator) and their personal representatives against: (a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director (including alternate director), secretary or officer in or about the conduct of our business or affairs or in the execution or discharge of the existing or former director (including alternate director), secretary's or officer's duties, powers, authorities or discretions; and (b) without limitation to paragraph (a) above, all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal whether in the Cayman Islands or elsewhere. No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own actual fraud, willful default or willful neglect. To the extent permitted by law, we may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or any of our officers in respect of any matter identified in above on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that we are ultimately found not liable to indemnify the director (including alternate director), the secretary or that officer for those legal costs. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our Memorandum and Articles of Association.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

*Directors' Fiduciary Duties.* Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act in good faith in the best interests of the company, a duty not to make a personal profit based on his position as director (unless the company permits him to do so), a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill, care and diligence. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill, care and diligence than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill, care and diligence in keeping with a standard of care commensurate with any particular skill they have which enables them to meet a higher standard than a director without those skills and these authorities are likely to be followed in the Cayman Islands.

*Shareholder Action by Written Consent.* Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law permits us to eliminate the right of shareholders to act by written consent and our Articles of Association provide that any action required or permitted to be taken at any general meetings may be taken upon the vote of shareholders at a general meeting duly noticed and convened in accordance with our Articles of Association and shareholders may also approve corporate matters by way of a unanimous written resolution without a meeting being held.

*Shareholder Proposals.* Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the Board or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our Articles of Association allow our shareholders holding shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our company entitled to vote at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a shareholders' meeting, our Articles of Association do not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings. However, our Memorandum and Articles of Association require us to call such meetings every year if required by the NYSE American rules.

*Cumulative Voting.* Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a Board since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our of Association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

*Removal of Directors.* Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Articles of Association, subject to certain restrictions as contained therein, directors may be removed with or without cause, by an ordinary resolution of our shareholders. An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between the company and the director, if any; but no such term shall be implied in the absence of express provision. Under our Articles of Association, a director's office shall be vacated if the director (i) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his office by notice in writing to the company; (iv) without special leave of absence from our Board, is absent from meetings of the board for a continuous period of six months; (v) is prohibited by law from being a director or; (vi) is removed from office pursuant to the laws of the Cayman Islands or any other provisions of our Memorandum and Articles of Association.

*Transactions with Interested Shareholders.* The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting shares within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the Board approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's Board.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.

*Dissolution; Winding up.* Under the Delaware General Corporation Law, unless the Board approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the Board may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

*Variation of Rights of Shares.* Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our Articles of Association, if our share capital is divided into more than one class of shares, the rights attached to any such class may be varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class or by consent in writing from the shareholders holding not less than fifty percent of the issued shares of that class.

*Amendment of Governing Documents.* Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under Cayman Islands law, our Memorandum and Articles of Association may only be amended with a special resolution of our shareholders.

*Rights of Non-resident or Foreign Shareholders.* There are no limitations imposed by our Memorandum and Articles of Association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our Memorandum and Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.

**1. <u>Cayman Islands Data Protection</u>**

We have certain duties under the Data Protection Act (as revised) of the Cayman Islands, or the DPA, based on internationally accepted principles of data privacy.

***Privacy Notice***

This privacy notice puts our shareholders on notice that through your investment into us you will provide us with certain personal information which constitutes personal data within the meaning of the DPA, or personal data.

***Investor Data***

We will collect, use, disclose, retain and secure personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal course of business. We will only process, disclose, transfer or retain personal data to the extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory obligations to which we are subject. We will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal data.

In our use of this personal data, we will be characterized as a "data controller" for the purposes of the DPA, while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as our "data processors" for the purposes of the DPA or may process personal information for their own lawful purposes in connection with services provided to us.

We may also obtain personal data from other public sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number, bank account details, source of funds details and details relating to the shareholder's investment activity.

***Who this Affects***

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation your investment in us, this will be relevant for those individuals and you should transit the content of this Privacy Notice to such individuals or otherwise advise them of its content.

***How We May Use a Shareholder's Personal Data***

We may, as the data controller, collect, store and use personal data for lawful purposes, including, in particular: (i) where this is necessary for the performance of our rights and obligations under any agreements; (ii) where this is necessary for compliance with a legal and regulatory obligation to which we are or may be subject (such as compliance with anti-money laundering and FATCA/CRS requirements); and/or (iii) where this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests, fundamental rights or freedoms.

Should we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we will contact you.

***Why We May Transfer Your Personal Data***

In certain circumstances we may be legally obliged to share personal data and other information with respect to your shareholding with the relevant regulatory authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including tax authorities.

We anticipate disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain entities located outside the US, the Cayman Islands or the European Economic Area), who will process your personal data on our behalf.

***The Data Protection Measures We Take***

Any transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance with the requirements of the DPA.

We and our duly authorized affiliates and/or delegates shall apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of personal data, and against accidental loss or destruction of, or damage to, personal data.

We shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to whom the relevant personal data relates.

***Contacting the Company***

For further information on the collection, use, disclosure, transfer or processing of your personal data or the exercise of any of the rights listed above, please contact us through our website at *<u>www.phaostech.com</u>* or through phone number +65 (6250 3877).

**2. <u>AML</u>**

***Anti-Money Laundering Matters***

In order to comply with legislation or regulations aimed at the prevention of money laundering, the Company may be required to adopt and maintain anti-money laundering procedures, and may require subscribers to provide evidence to verify their identity. Where permitted, and subject to certain conditions, the Company may also delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.

The Company reserves the right to request such information as is necessary to verify the identity of a subscriber. In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited.

**SHARES ELIGIBLE FOR FUTURE SALE**

Upon completion of this offering, we will have [**●**] Class A Ordinary Shares issued and outstanding.

All of the Class A Ordinary Shares sold in this offering by the Company and by the Selling Shareholders will be freely transferable in the United States, without restriction or further registration under the Securities Act, by persons other than our "affiliates." Rule 144 of the Securities Act defines an "affiliate" of a company as a person that, directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with, our Company. All of our Class A Ordinary Shares outstanding immediately prior to the completion of this offering are "restricted securities" as that term is defined in Rule 144 because they were issued in a transaction or series of transactions not involving a public offering. Restricted securities may be sold only if they are the subject of an effective registration statement under the Securities Act or if they are sold pursuant to an exemption from the registration requirement of the Securities Act such as those provided for in Rules 144 promulgated under the Securities Act, which rule is summarized below. Restricted shares may also be sold outside of the United States to non-U.S. persons in accordance with Rule 904 of Regulation S under the Securities Act. This prospectus may not be used in connection with any resale of our Class A Ordinary Shares acquired in this offering by our affiliates.

Sales of substantial amounts of our Class A Ordinary Shares in the public market could adversely affect prevailing market prices of our Class A Ordinary Shares. Prior to this offering, there has been no public market for our Class A Ordinary Shares, and while we plan to apply to list our Class A Ordinary Shares on NYSE American, we cannot assure you that a regular trading market will develop in the Class A Ordinary Shares.

**Lock-Up Agreements**

The Company, on behalf of itself and any successor entity, agrees that, without the prior written consent of the representative, it will not, for a period of 180 days after the date of this prospectus, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any notion or contract to sell, grant any option, right or warrant to purchase, lead, or otherwise transfer or dispose of directly or indirectly, any share of capital share of the Company or any securities convertible into or exercisable or exchangeable for shares of capital share of the Company; (ii) file or caused to be filed any registration statement with the SEC relating to the offering of any shares of capital share of the Company of any securities convertible into or exercisable or exchangeable for shares of capital shares of the company; (iii) complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital share of the Company, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of shares of capital share of the Company or such other securities, in such or otherwise.

Our directors, executive officers and shareholders have agreed, subject to limited exceptions set forth below, not to offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of share capital of the Company or any securities convertible into or exercisable or exchangeable for shares of share capital of the Company (the "Lock-Up Securities"), that transfers, in whole or in part, any of the economic consequences of ownership of our Class A Ordinary Shares or such other securities for a period of 180 days after the date of this prospectus, except for the Selling Shareholders with respect to their 900,090 Ordinary Shares sold in this offering, without the prior written consent of the representative.

Notwithstanding the foregoing to the contrary and subject to the conditions below, a holder may transfer Lock-Up Securities without the prior written consent of the representative in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Public Offering; <u>provided</u> that no filing under Section 16(a) of the Exchange Act, shall be required or shall be voluntarily made in connection with subsequent sales of Lock-Up Securities acquired in such open market transactions; (b) transfers of Lock-Up Securities (i) as a *bona fide* gift, by will or intestacy, (ii) by operation of law, such as pursuant to a qualified domestic order or as required by a divorce settlement, or (iii) to a family member or trust for the benefit of a family member (for purposes hereof, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution; or (d) if the holder, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any shareholder, partner or member of, or owner of similar equity interests in, the undersigned, as the case may be; <u>provided</u> that in the case of any transfer pursuant to the foregoing clauses (b), (c) or (d), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the representative a lock-up agreement substantially in the form of this lock-up agreement and (ii) no filing under Section 16(a) of the Exchange Act shall be required or shall be voluntarily made.

**Rule 144**

In general, under Rule 144 as currently in effect, once we have been subject to the public company reporting requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, persons who are not our affiliates and have beneficially owned our Class A Ordinary Shares for more than six months but not more than one year may sell such Class A Ordinary Shares without registration under the Securities Act subject to the availability of current public information about us. Persons who are not our affiliates and have beneficially owned our Class A Ordinary Shares for more than one year may freely sell our Class A Ordinary Shares without registration under the Securities Act. Persons who are our affiliates (including persons beneficially owning 10% or more of our outstanding shares), and have beneficially owned our Class A Ordinary Shares for at least six months, may sell within any three-month period a number of restricted securities that does not exceed the greater of the following:

● 1.0% of the then outstanding Class A Ordinary Shares; or

● The average weekly trading volume of our Class A Ordinary Shares during the four calendar weeks preceding the date on which notice of the sale on Form 144 is filed with the SEC by such person.

Such sales are also subject to manner-of-sale provisions, notice requirements and the availability of current public information about us. In addition, in each case, these shares would remain subject to any applicable lock-up arrangements and would only become eligible for sale when the lock-up period expires.

**MATERIAL TAX CONSIDERATIONS**

The following summary of certain Cayman Islands and U.S. federal income tax consequences of an investment in our Class A Ordinary Shares is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This summary does not deal with all possible tax consequences relating to an investment in the Class A Ordinary Shares, such as the tax consequences under U.S. state and local tax laws or under the tax laws of jurisdictions other than the Cayman Islands and the United States. You are encouraged to consult your own tax advisors concerning the overall tax consequences arising in your own particular situation under U.S. federal, state, local or foreign law of the ownership of our Class A Ordinary Shares. To the extent that this discussion relates to matters of Cayman Islands tax law, it is the opinion of Ogier, our counsel as to Cayman Islands law.

**Cayman Islands Tax Considerations**

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. The Cayman Islands is a party to a double tax treaty entered into with the United Kingdom in 2010 but otherwise is not party to any double tax treaties applicable to any payments made to or by the Company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of our Class A Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our Class A Ordinary Shares, nor will gains derived from the disposal of our Class A Ordinary Shares be subject to Cayman Islands income or corporation tax.

Under the laws of the Cayman Islands, no stamp duty is payable in the Cayman Islands on the issue of shares by, or any transfers of shares of, Cayman Islands companies (except those which hold interests in land in the Cayman Islands), provided such instrument of transfer is not executed in, or after execution, brought within the jurisdiction of the Cayman Islands.

**United States Federal Income Tax Considerations**

The following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of our Class A Ordinary Shares by U.S. Holders (as defined below) that acquire our Class A Ordinary Shares in this offering and hold our Class A Ordinary Shares as "capital assets" (generally, property held for investment) under the United States Internal Revenue Code of 1986, as amended (the "Code"). This discussion is based upon existing United States federal income tax law which is subject to differing interpretations or change, possibly with retroactive effect. There can be no assurance that the Internal Revenue Service, or the IRS, or a court will not take a contrary position. This discussion does not address all aspects of United States federal income taxation that may be relevant to particular investors in light of their specific circumstances, including investors subject to special tax rules (for example, certain financial institutions (including banks), cooperatives, pension plans, insurance companies, broker-dealers, traders in securities that have elected the mark-to-market method of accounting for their securities, partnerships and their partners, regulated investment companies, real estate investment trusts, and tax-exempt organizations (including private foundations)), investors who are not U.S. Holders, investors who own (directly, indirectly, or constructively) 10% or more of our stock (by vote or value), investors that will hold their Class A Ordinary Shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for United States federal income tax purposes, or U.S. Holders that have a functional currency other than the U.S. dollar, all of whom may be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not discuss any non-United States tax, state or local tax, or non-income tax (such as the U.S. federal gift or estate tax) considerations, or any consequences under the alternative minimum tax or Medicare tax on net investment income. Each U.S. Holder is urged to consult its tax advisor regarding the United States federal, state, local, and non-United States income and other tax considerations of an investment in our Class A Ordinary Shares.

**Singapore Tax Considerations**

The following discussion is a summary of material Singapore income tax, stamp duty and estate duty considerations relevant to the purchase, ownership and disposition of our Class A Ordinary Shares by an investor who is not tax resident or domiciled in Singapore and who does not carry on business or otherwise have a presence in Singapore. The statements made herein regarding taxation are based on certain aspects of the tax laws of Singapore and administrative guidelines issued by the relevant authorities in force as of the date hereof and are subject to any changes in such laws or administrative guidelines, or in the interpretation of those laws or guidelines, occurring after such date, which changes could be made on a retroactive basis. The statements made herein do not describe all of the tax considerations that may be relevant to all our shareholders, some of which (such as dealers in securities) may be subject to different rules. The statements are not intended to be and do not constitute legal or tax advice and no assurance can be given that courts or fiscal authorities responsible for the administration of such laws will agree with the interpretation adopted therein. Each prospective investor should consult an independent tax advisor regarding all Singapore income and other tax consequences applicable to them from owning or disposing of our Class A Ordinary Shares in light of the investor's particular circumstances.

***Income Taxation Under Singapore Law***

*Dividend Distributions with Respect to Class A Ordinary Shares*

On the basis that a company is not tax resident in Singapore for Singapore tax purposes, dividends paid by the company should generally be considered as sourced outside Singapore (unless our Class A Ordinary Shares are held as part of a trade or business carried on in Singapore in which event the holders of such shares may be taxed on the dividends as they are derived).

Foreign-sourced dividends received or deemed received in Singapore by an individual not resident in Singapore would be exempt from Singapore income tax. This exemption will also apply in the case of a Singapore tax resident individual who receives such foreign-sourced income in Singapore (except where such income is received through a partnership in Singapore).

Foreign-sourced dividends received or deemed received by corporate investors in Singapore will be liable for Singapore tax. However, if the conditions for the exemption of specified foreign-sourced income are met, foreign-sourced dividends received by corporate investors resident in Singapore would be exempt from Singapore tax.

Foreign-sourced dividends received or deemed received in Singapore on or after June 1, 2003 by a Singapore resident corporate taxpayer is exempt from tax, provided certain prescribed conditions are met, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such
 income is subject to tax of a similar character to income tax under the law of the jurisdiction
 from which such income is received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at
 the time the income is received in Singapore, the highest rate of tax of a similar character
 to income tax (by whatever name called) levied under the law of the territory from which
 the income is received on any gains or profits from any trade or business carried on by any
 company in that territory at that time is not less than 15%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Comptroller of Income Tax is satisfied that the tax exemption would be beneficial to the
 person resident in Singapore.

In the case of dividends paid by a company resident in a territory from which the dividends are received, the "subject to tax condition" in (a) above is considered met where tax is paid in that territory by such company in respect of its income out of which such dividends are paid or tax is paid on such dividends in that territory from which such dividends are received. Certain concessions and clarifications have also been announced by the Inland Revenue Authority of Singapore ("IRAS") with respect to the above conditions.

*Capital Gains upon Disposition of Class A Ordinary Shares*

Under current Singapore tax law, there is no tax on capital gains. As such, any profits from the disposal of our Class A Ordinary Shares would not ordinarily be taxable in Singapore. However, there are no specific laws or regulations which deal with the characterization of whether a gain is income or capital in nature. If the gains from the disposal of Class A Ordinary Shares are construed to be of an income nature (which could be the case if, for instance, the gains arise from activities which the IRAS regards as carrying on a trade or business in Singapore), the disposal profits would be taxable as income rather than capital gains. As the precise status of each prospective investor will vary from one another, each prospective investor should consult an independent tax advisor on the Singapore income tax and other tax consequences that will apply to their individual circumstances.

Subject to certain conditions being satisfied, gains derived by a company from the disposal of our Class A Ordinary Shares between the period of June 1, 2012 and December 31, 2027 (inclusive of both dates) will not be subject to Singapore income tax, if the divesting company holds a minimum shareholding of 20% of our Class A Ordinary Shares and these shares have been held for a continuous minimum period of 24 months. For disposals during the period from June 1, 2012 and May 31, 2022 (inclusive of both dates), this exemption would not apply to the disposal of unlisted shares in a company that is in the business of trading or holding immovable properties in Singapore (excluding property development). For disposals during the period from June 1, 2022 and December 31, 2027 (inclusive of both dates), this exemption would not apply to the disposal of unlisted shares in a company that is in the business of trading, holding or developing immovable properties in Singapore or abroad.

***Stamp Duty***

There is no Singapore stamp duty payable in respect of the issuance or holding of our Class A Ordinary Shares. Singapore stamp duty will be payable if there is an instrument of transfer of our Class A Ordinary Shares executed in Singapore or if there is an instrument of transfer executed outside of Singapore which is received in Singapore. Under Singapore law, stamp duty is not applicable to electronic transfers of our shares effected on a book entry basis outside Singapore. We therefore expect that no Singapore stamp duty will be payable in respect of Class A Ordinary Shares purchased by U.S. holders in this offering assuming that they are acquired solely in book entry form through the facility outside Singapore established by our transfer agent and registrar outside Singapore.

Where shares evidenced in certificated form are transferred and an instrument of transfer is executed (whether physically or in the form of an electronic instrument) in Singapore or outside Singapore and which is received in Singapore, Singapore stamp duty is payable on the instrument of transfer for the sale of our Class A Ordinary Shares at the rate of 0.2% of the consideration for, or market value of, the transferred shares, whichever is higher. The Singapore stamp duty is borne by the purchaser unless there is an agreement to the contrary. Where the instrument of transfer is executed outside of Singapore and is received in Singapore, Singapore stamp duty must be paid within 30 days of receipt of the instrument of transfer in Singapore. Electronic instruments that are executed outside Singapore are treated as received in Singapore in any of the following scenarios: (a) it is retrieved or accessed by a person in Singapore; (b) an electronic copy of it is stored on a device (including a computer) and brought into Singapore; or (c) an electronic copy of it is stored on a computer in Singapore. Where the instrument of transfer is executed in Singapore, Singapore stamp duty must be paid within 14 days of the execution of the instrument of transfer.

**General**

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Class A Ordinary Shares that is, for United States federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any state thereof or the District of Columbia, (iii) an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its source, or (iv) a trust (A) the administration of which is subject to the primary supervision of a United States court and which has one or more United States persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated as a United States person under the Code.

If a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) is a beneficial owner of our Class A Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner as a U.S. Holder, as described above, and the activities of the partnership. Partnerships holding our Class A Ordinary Shares and partners in such partnerships are urged to consult their tax advisors as to the particular United States federal income tax consequences of an investment in our Class A Ordinary Shares.

**Dividends**

The entire amount of any cash distribution paid with respect to our Class A Ordinary Shares (including the amount of any non-U.S. taxes withheld therefrom, if any) generally will constitute dividends to the extent such distributions are paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles, and generally will be taxed as ordinary income in the year received by such U.S. Holder. To the extent amounts paid as distributions on the Class A Ordinary Shares exceed our current or accumulated earnings and profits, such distributions will not be dividends, but instead will be treated first as a tax-free return of capital to the extent of the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in the Class A Ordinary Shares with respect to which the distribution is made, and thereafter as capital gain. However, we do not intend to compute (or to provide U.S. Holders with the information necessary to compute) our earnings and profits under United States federal income tax principles. Accordingly, a U.S. Holder will be unable to establish that a distribution is not out of earnings and profits and should expect to treat the full amount of each distribution as a "dividend" for United States federal income tax purposes.

Any dividends that we pay will generally be treated as income from foreign sources for United States foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's particular facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed (at a rate not exceeding any applicable treaty rate) on dividends received on our Class A Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for United States federal income tax purposes, in respect of such withholdings, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. U.S. Holders are advised to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

Dividends paid in non-U.S. currency will be included in the gross income of a U.S. Holder in a U.S. dollar amount calculated by reference to a spot market exchange rate in effect on the date that the dividends are received by the U.S. Holder, regardless of whether such foreign currency is in fact converted into U.S. dollars on such date. Such U.S. Holder will have a tax basis for United States federal income tax purposes in the foreign currency received equal to that U.S. dollar value. If such dividends are converted into U.S. dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect thereof. If the foreign currency so received is not converted into U.S. dollars on the date of receipt, such U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of the foreign currency generally will be treated as ordinary income or loss to such U.S. Holder and generally will be income or loss from sources within the United States for foreign tax credit limitation purposes. U.S. Holders should consult their own tax advisors regarding the treatment of foreign currency gain or loss, if any, on any foreign currency received by a U.S. Holder that are converted into U.S. dollars on a date subsequent to receipt.

**Sale or Other Disposition of Class A Ordinary Shares**

A U.S. Holder will generally recognize capital gain or loss upon a sale or other disposition of Class A Ordinary Shares, in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in such Class A Ordinary Shares, each amount determined in U.S. dollars. Any capital gain or loss will be long-term capital gain or loss if the Class A Ordinary Shares have been held for more than one year and will generally be United States source gain or loss for United States foreign tax credit purposes. The deductibility of a capital loss may be subject to limitations, particularly with regard to shareholders who are individuals. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition of our Class A Ordinary Shares, including the availability of the foreign tax credit under its particular circumstances.

A U.S. Holder that receives Singapore dollars or another currency other than U.S. dollars on the disposition of our Class A Ordinary Shares will realize an amount equal to the U.S. dollar value of the non-U.S. currency received at the spot rate on the date of sale (or, if the Class A Ordinary Shares are traded on a recognized exchange and in the case of cash basis and electing accrual basis U.S. Holders, the settlement date). An accrual basis U.S. Holder that does not elect to determine the amount realized using the spot rate on the settlement date will recognize foreign currency gain or loss equal to the difference between the U.S. dollar value of the amount received based on the spot market exchange rates in effect on the date of sale or other disposition and the settlement date. A U.S. Holder will have a tax basis in the currency received equal to the U.S. dollar value of the currency received on the settlement date. Any gain or loss on a subsequent disposition or conversion of the currency will be United States source ordinary income or loss.

**Passive Foreign Investment Company Considerations**

For United States federal income tax purposes, a non-United States corporation, such as our Company, will be treated as a "passive foreign investment company," or "PFIC" if, in the case of any particular taxable year, either (a) 75% or more of our gross income for such year consists of certain types of "passive" income or (b) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Based upon our current and expected income and assets (including goodwill and taking into account the expected proceeds from this offering) and the expected market price of our Class A Ordinary Shares following this offering, we do not expect to be a PFIC for the current taxable year or the foreseeable future.

However, while we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we are or will become a PFIC for any taxable year is a fact-intensive inquiry made annually that depends, in part, upon the composition and classification of our income and assets. Fluctuations in the market price of our Class A Ordinary Shares may cause us to be or become a PFIC for the current or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and other unbooked intangibles, may be determined by reference to the market price of our Class A Ordinary Shares (which may be volatile). The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. It is also possible that the Internal Revenue Service may challenge our classification of certain income or assets for purposes of the analysis set forth in subparagraphs (a) and (b), above or the valuation of our goodwill and other unbooked intangibles, which may result in our company being or becoming a PFIC for the current or future taxable years.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Class A Ordinary Shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, of Class A Ordinary Shares. Under the PFIC rules:

● such excess distribution and/or gain will be allocated ratably over the U.S. Holder's holding period for the Class A Ordinary Shares;

● such amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are a PFIC, each a pre-PFIC year, will be taxable as ordinary income;

● such amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to the U.S. Holder for that year; and

● an interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year, other than a pre-PFIC year.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares and we own any equity in a non-United States entity that is also a PFIC, or a lower-tier PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors regarding the application of the PFIC rules to any of the entities in which we may own equity.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that certain requirements are met. The mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with the SEC, or on a foreign exchange or market that the IRS determines is a qualified exchange that has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. Although we plan to list our Class A Ordinary Shares on the NYSE American, we cannot guarantee that our listing will be approved. Furthermore, we cannot guarantee that, once listed, our Class A Ordinary Shares will continue to be listed and regularly traded on such exchange. U.S. Holders are advised to consult their tax advisors as to whether the Class A Ordinary Shares are considered marketable for these purposes.

If an effective mark-to-market election is made with respect to our Class A Ordinary Shares, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Class A Ordinary Shares held at the end of the taxable year over its adjusted tax basis of such Class A Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of its adjusted tax basis of the Class A Ordinary Shares held at the end of the taxable year over the fair market value of such Class A Ordinary Shares held at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Class A Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, in each year that we are a PFIC any gain recognized upon the sale or other disposition of the Class A Ordinary Shares will be treated as ordinary income and loss will be treated as ordinary loss, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.

If a U.S. Holder makes a mark-to-market election in respect of a PFIC and such corporation ceases to be a PFIC, the U.S. Holder will not be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not a PFIC.

Because a mark-to-market election generally cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market election with respect to our Class A Ordinary Shares may continue to be subject to the general PFIC rules with respect to such U.S. Holder's indirect interest in any of our non-United States subsidiaries if any of them is a PFIC.

If a U.S. Holder owns our Class A Ordinary Shares during any taxable year that we are a PFIC, such holder would generally be required to file an annual IRS Form 8621. Each U.S. Holder is advised to consult its tax advisor regarding the potential tax consequences to such holder if we are or become a PFIC, including the possibility of making a mark-to-market election.

THE DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL TAX MATTERS THAT MAY BE OF IMPORTANCE TO A PARTICULAR INVESTOR. EACH PROSPECTIVE INVESTOR IN OUR CLASS A ORDINARY SHARES IS URGED TO CONSULT ITS OWN TAX ADVISER ABOUT THE TAX CONSEQUENCES TO IT OF OWNING AND DISPOSING OF OUR CLASS A ORDINARY SHARES IN LIGHT OF SUCH PROSPECTIVE INVESTOR'S OWN CIRCUMSTANCES.

**Underwriting**

In connection with this offering, we and the Selling Shareholders will enter into an underwriting agreement with Network 1 Financial Securities, Inc., as representative of the underwriter, or the representative, in this offering. The representative may retain other brokers or dealers to act as sub-agents or selected dealers on their behalf in connection with this offering. The underwriter has agreed to purchase 2,700,000 Class A Ordinary Shares from us and 900,090 Class A Ordinary Shares from the Selling Shareholders, at the offering price less the underwriting discounts set forth on the cover page of this prospectus.:

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| | |
|:---|:---|
| **Name of Underwriter** | **Number of**<br>**Class A Ordinary** **<br> Shares** |
| Network 1 Financial Securities, Inc. |  |
| **Total** | 3600090 |

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The underwriter is committed on a firm-commitment basis to purchase all the Class A Ordinary Shares offered by this prospectus if they purchase any Class A Ordinary Shares. The underwriter is not obligated to purchase the Class A Ordinary Shares covered by the underwriter's over-allotment option to purchase Class A Ordinary Shares as described below. The underwriter is offering the Class A Ordinary Shares, subject to prior sale, when, as, and if issued to and accepted by them, subject to approval of legal matters by their counsel and other conditions contained in the underwriting agreement, such as the receipt by the underwriter of officer's certificates and legal opinions. The underwriter reserves the right to withdraw, cancel, or modify offers to the public and to reject orders in whole or in part.

**Pricing of this Offering**

Prior to this offering, there has been no public market for our Class A Ordinary Shares. The offering price for our Class A Ordinary Shares will be determined through negotiations between us, the Selling Shareholders and the representative. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the representative believe to be comparable to us, estimate of our business potential and earning prospects, the present state of our development, and other factors deemed relevant. The offering price of our Class A Ordinary Shares in this offering does not necessarily bear any direct relationship to the assets, operations, book value, or other established criteria of value of our company.

**Over-Allotment Option**

We have granted to the underwriter a 45-day option to purchase up to an aggregate of additional Class A Ordinary Shares (equal to 15% of the number of Class A Ordinary Shares sold in the offering excluding shares subject to this option and excluding the 900,090 Class A Ordinary Shares offered by the Selling Shareholders) at the offering price per Class A Ordinary Share less underwriting discounts and commissions. The underwriter may exercise this option for 45 days from the date of closing of this offering solely to cover sales of Class A Ordinary Shares by the underwriter in excess of the total number of Class A Ordinary Shares set forth in the table above. If any of the additional Class A Ordinary Shares are purchased, the underwriter will offer the additional Class A Ordinary Shares at $4.50 per Class A Ordinary Share, which is the midpoint of the price range set forth on the cover page of this prospectus, the offering price of each Class A Ordinary Share.

**Discounts and Expenses**

The underwriting discounts for the shares and the over-allotment shares are equal to 7.5% of the offering price.

The following table shows the price per share and total offering price, underwriting discounts, and proceeds before expenses to us and the Selling Shareholders. The total amounts are shown assuming both no exercise and full exercise of the over-allotment option.

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| | | | |
|:---|:---|:---|:---|
|  | | **Total** | **Total** |
|  |<br>**Per Share** | **No Exercise of** <br> **Over-allotment** <br> **Option** | **Full Exercise of** <br> **Over-allotment** <br> **Option** |
| IPO price | $4.50 | $12150000 | $13972500 |
| Underwriting discounts to be paid by us<sup>(1)</sup> | $0.3375 | $911250 | $1047937.5 |
| Underwriting discounts to be paid by the Selling Shareholders | $0.3375 | $303780.38 | $- |
| Proceeds to us, before expenses | $4.1625 | $11238750 | $12924562.5 |
| Proceeds, before expenses, to the Selling Shareholders | $4.1625 | $3746624.62 | $- |

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<sup>(1)</sup> This only includes the proceeds of the sale of Class A Ordinary Shares underwritten by the underwriter.

We have agreed to pay to the underwriter, by deduction from the gross proceeds of the offering contemplated herein, a non-accountable expense allowance equal to one percent (1%) of the gross proceeds received by us from the sale of the Class A Ordinary Shares in this offering.

We have agreed to pay expenses relating to the offering, including: (i) our legal and accounting fees and disbursements; (ii) the costs of preparing, printing, mailing, and delivering the registration statement, the preliminary and final prospectus contained therein and amendments thereto, post-effective amendments and supplements thereto, and the underwriting agreement and related documents (all in such quantities as the representative may reasonably require); (iii) the costs of preparing and printing stock certificates and/or warrant certificates; (iv) the costs of any "due diligence" meetings; (v) all reasonable and documented fees and expenses for conducting a net road show presentation; (vi) all filing fees and communication expenses relating to the registration of the shares to be sold in the offering with the SEC and the filing of the offering materials with FINRA; (vii) the reasonable and documented fees and disbursements of the representative's counsel up to $100,000; (viii) background checks of the Company's officers and directors up to $15,000; (ix) preparation of bound volumes and mementos in such quantities as the representative may reasonably request up to $2,500; (x) transfer taxes, if any, payable upon the transfer of securities from us to the representative; and (xi) the fees and expenses of the transfer agent, clearing firm, and registrar for the shares; provided that the actual accountable expenses of the representative shall not exceed $175,000. We are required to supply the representative and its counsel, at our cost, with a reasonable number of bound volumes of the offering materials within a reasonable time after the closing of this offering as well as commemorative tombstones.

We paid an expense deposit of $50,000 to the representative, upon the execution of a letter of intent between us and the representative. Upon the confidential filing of the registration statement, we will pay an additional $25,000 to the representative. Upon the public filing of the registration statement, we will pay an additional $50,000 to the representative. Upon the closing of this offering, we will pay an additional $50,000 to the representative. The representative will be entitled to a breakup fee of $150,000 if we terminate our engagement with the representative after the first filing of the registration statement but prior to being listed on a national exchange. Any expense deposits will be returned to us to the extent the representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

We estimate that the total expenses of the offering payable by us, excluding the underwriting discounts and non-accountable expense allowance, will be approximately $1.15 million.

**Underwriter Warrants**

We have agreed to issue warrants to the representative or its designees (the "Underwriter Warrants") to purchase a number of Class A Ordinary Shares equal to seven and one-half percent (7.5%) of the total number of Class A Ordinary Shares sold in this offering, including Class A Ordinary Shares issued upon exercise of underwriter's over-allotment option (excluding shares subject to this option and excluding the 900,090 Class A Ordinary Shares offered by the Selling Shareholders). Such Underwriter Warrants shall have an exercise price equal to 125% of the public offering price of the Class A Ordinary Shares sold in this offering. The Underwriter Warrants are exercisable at any time following the date of commencement of sales of the offering and for a period of five years following the date of commencement of sales of the offering, in whole or in part. The Class A Ordinary Shares underlying the Underwriter Warrants have resale registration rights including one demand at our expense and one demand at the holders' expense and unlimited "piggy-back" rights for periods of five and five years, respectively, from the commencement of sales of this offering. In compliance with FINRA Rule 5110(g)(8), such registration rights are limited to demand and "piggy back" rights for periods of five and five years, respectively, from the date of commencement of sales of the offering of which this prospectus forms a part, and such demand rights may be exercised on only one occasion.

The Underwriter Warrants and the underlying Class A Ordinary Shares are deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the commencement of sales of this offering. Pursuant to FINRA 5110(e)(1), these securities may not be sold, transferred, assigned, pledged or hypothecated, nor may they be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the commencement of sales of this offering except to any underwriter and selected dealer participating in the offering and their officers or partners, registered persons of affiliates or as otherwise permitted under FINRA Rule 5110(e)(2).

**Right of First Refusal**

We have granted the representative a right of first refusal, for a period of twelve (12) months from the closing of the offering, to co-manage any public future public and private equity and debt offering, including all equity linked financings (excluding (i) shares issued under any compensation or stock option plan approved by the Company's shareholders, (ii) shares issued as consideration of an acquisition or as part of a strategic partnership or transaction and (iii) conventional banking arrangements and commercial debt financing), during such twelve (12) month period, of the Company, or any successor to or any current or future subsidiary of the Company, with the representative receiving the right to underwrite or place a number of the securities to be sold therein having an aggregate purchase price therein equal to a minimum of the aggregate purchase price of the shares sold in this offering (excluding shares issued upon exercise of underwriter's over-allotment option). If the representative fails to accept in writing any such proposal within ten (10) days after receipt of a written notice from us containing such proposal, the representative will have no claim or right with respect to any such sale contained in any such notice. If, thereafter, such proposal is modified in any material respect, the Company will adopt the same procedure as with respect to the original proposed public of private sale, and the representative shall have the right of first refusal with respect to such revised proposal as set forth above. In accordance with FINRA Rule 5110(g)(6)(A), such right of first refusal shall not have a duration of more than three years from the commencement of sales of this offering.

**Lock-up Agreements**

The Company, on behalf of itself and any successor entity, agrees that, without the prior written consent of the representative, it will not, for a period of 180 days after the date of this prospectus, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any notion or contract to sell, grant any option, right or warrant to purchase, lead, or otherwise transfer or dispose of directly or indirectly, any share of capital share of the Company or any securities convertible into or exercisable or exchangeable for shares of capital share of the Company; (ii) file or caused to be filed any registration statement with the SEC relating to the offering of any shares of capital share of the Company of any securities convertible into or exercisable or exchangeable for shares of capital shares of the company; (iii) complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital share of the Company, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of shares of capital share of the Company or such other securities, in such or otherwise.

Our directors, executive officers and shareholders have agreed, subject to limited exceptions set forth below, not to offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of share capital of the Company or any securities convertible into or exercisable or exchangeable for shares of share capital of the Company (the "Lock-Up Securities"), that transfers, in whole or in part, any of the economic consequences of ownership of our Class A Ordinary Shares or such other securities for a period of 180 days after the date of this prospectus, except for the Selling Shareholders to the extent of their participation in this offering, without the prior written consent of the representative.

Notwithstanding the foregoing to the contrary and subject to the conditions below, a holder may transfer Lock-Up Securities without the prior written consent of the representative in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Public Offering; <u>provided</u> that no filing under Section 16(a) of the Exchange Act, shall be required or shall be voluntarily made in connection with subsequent sales of Lock-Up Securities acquired in such open market transactions; (b) transfers of Lock-Up Securities (i) as a *bona fide* gift, by will or intestacy, (ii) by operation of law, such as pursuant to a qualified domestic order or as required by a divorce settlement, or (iii) to a family member or trust for the benefit of a family member (for purposes hereof, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution; or (d) if the holder, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any shareholder, partner or member of, or owner of similar equity interests in, the undersigned, as the case may be; <u>provided</u> that in the case of any transfer pursuant to the foregoing clauses (b), (c) or (d), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the representative a lock-up agreement substantially in the form of this lock-up agreement and (ii) no filing under Section 16(a) of the Exchange Act shall be required or shall be voluntarily made.

**No Sales of Similar Securities**

We have agreed not to offer; pledge; announce the intention to sell; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our Class A Ordinary Shares, whether any such transaction is to be settled by delivery of Class A Ordinary Shares or such other securities, in cash or otherwise, without the prior written consent of the representative, for a period of 180 days from the date of this prospectus.

**Foreign Regulatory Restrictions on Purchase of our Class A Ordinary Shares**

We have not taken any action to permit a public offering of our Class A Ordinary Shares outside the United States or to permit the possession or distribution of this prospectus outside the United States. People outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to this offering of our Class A Ordinary Shares and the distribution of this prospectus outside the United States.

**Indemnification**

We have agreed to indemnify the underwriter and its affiliates against liabilities relating to the offering arising under the Securities Act and the Exchange Act and to contribute to payments that the underwriter may be required to make for these liabilities.

**Application for NYSE American Listing**

We have applied to list our Class A Ordinary Shares on the NYSE American under the symbol "POAS." We will not consummate this offering without a listing approval letter from the NYSE American.

**Electronic Offer, Sale, and Distribution**

A prospectus in electronic format may be made available on websites or through other online services maintained by the underwriter or selling group members, if any, or by their affiliates, and the underwriter may distribute prospectus electronically. The underwriter may agree to allocate a number of Class A Ordinary Shares to selling group members for sale to their online brokerage account holders. The Class A Ordinary Shares to be sold pursuant to Internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on, or that can be accessed through, these websites and any information contained in any other website maintained by these entities is not part of, and is not incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the underwriter, and it should not be relied upon by investors.

In connection with this offering, certain of the underwriter or securities dealers may distribute prospectuses by electronic means, such as e-mail.

**Passive Market Making**

Any underwriter who is a qualified market maker on NYSE American may engage in passive market making transactions on NYSE American, in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. Passive market makers must comply with applicable volume and price limitations and must be identified as a passive market maker. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security. If all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

**Potential Conflicts of Interest**

The underwriter and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriter and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers, and such investment and securities activities may involve securities and/or instruments of our Company. The underwriter and their affiliates may also make investment recommendations and/or publish or express independent research views in respect to such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

**Price Stabilization, Short Positions, and Penalty Bids**

Until the distribution of the Class A Ordinary Shares offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriter to bid for and to purchase our Class A Ordinary Shares. As an exception to these rules, the underwriter may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain, or otherwise affect the price of our Class A Ordinary Shares. The underwriter may engage in over-allotment sales, syndicate-covering transactions, stabilizing transactions, and penalty bids in accordance with Regulation M.

● Stabilizing transactions consist of bids or purchases made by the managing underwriter for the purpose of preventing or slowing a decline in the market price of our securities while this offering is in progress.

● Short sales and over-allotments occur when the managing underwriter, on behalf of the underwriting syndicate, sells more of our shares than they purchase from us in this offering. In order to cover the resulting short position, the managing underwriter may exercise the over-allotment option described above and/or may engage in syndicate-covering transactions. There is no contractual limit on the size of any syndicate-covering transaction. The underwriter will deliver a prospectus in connection with any such short sales. Purchasers of shares sold short by the underwriter is entitled to the same remedies under the federal securities laws as any other purchaser of units covered by the registration statement.

● Syndicate-covering transactions are bids for or purchases of our securities on the open market by the managing underwriter on behalf of the underwriter in order to reduce a short position incurred by the managing underwriter on behalf of the underwriter. Short sales may be "covered short sales," which are short positions in an amount not greater than the underwriter's option to purchase additional shares referred to above, or may be "naked short sales," which are short positions in excess of that amount. The underwriter may close out any covered short position by either exercising their option, in whole or in part, or by purchasing shares in the open market. In making this determination, the underwriter will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through the over-allotment option. Naked short sales are short sales made in excess of the over-allotment option. The underwriter must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriter is concerned that there may be downward pressure on the price of our Class A Ordinary Shares in the open market that could adversely affect investors who purchased in this offering.

● A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the Class A Ordinary Shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore were not effectively sold to the public by such underwriter.

Stabilization, syndicate-covering transactions, and penalty bids may have the effect of raising or maintaining the market price of our Class A Ordinary Shares or preventing or delaying a decline in the market price of our Class A Ordinary Shares. As a result, the price of our Class A Ordinary Shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the underwriter make any representation or prediction as to the effect that the transactions described above may have on the prices of our Class A Ordinary Shares. These transactions may occur on NYSE American or on any trading market. If any of these transactions are commenced, they may be discontinued without notice at any time.

***Offers Outside of the United States***

Other than in the United States, no action has been taken by us or the underwriter that would permit a public offering of the Class A Ordinary Shares offered by this prospectus in any jurisdiction where action for that purpose is required. The Class A Ordinary Shares offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such shares be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Class A Ordinary Shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

***Australia***

This prospectus is not a disclosure document under Chapter 6D of the Australian Corporations Act, has not been lodged with the Australian Securities and Investments Commission and does not purport to include the information required of a disclosure document under Chapter 6D of the Australian Corporations Act. Accordingly, (i) the offer of the securities under this prospectus is only made to persons to whom it is lawful to offer the securities without disclosure under Chapter 6D of the Australian Corporations Act under one or more exemptions set out in section 708 of the Australian Corporations Act; (ii) this prospectus is made available in Australia only to those persons as set forth in clause (i) above; and (iii) the offeree must be sent a notice stating in substance that, by accepting this offer, the offeree represents that the offeree is such a person as set forth in clause (i) above, and, unless permitted under the Australian Corporations Act, agrees not to sell or offer for sale within Australia any of the securities sold to the offeree within 12 months after its transfer to the offeree under this prospectus.

***Canada***

The securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriter is not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

***China***

The information in this document does not constitute a public offer of the securities, whether by way of sale or subscription, in the People's Republic of China ("PRC") (excluding, for purposes of this paragraph, Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan). The securities may not be offered or sold directly or indirectly in the PRC to legal or natural persons other than directly to "qualified domestic institutional investors."

***European Economic Area — Belgium, Germany, Luxembourg and Netherlands***

In relation to each Member State of the European Economic Area that has implemented the Prospectus Regulation (each, a "Relevant Member State"), an offer to the public of our securities may not be made in that Relevant Member State, except that an offer to the public in that Relevant Member State of our securities may be made at any time under the following exemptions under the Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 any legal entity which is a qualified investor as defined in the Prospectus Regulation;

(b) to
 fewer than 150 natural or legal persons (other than qualified investors as defined in the
 Prospectus Regulation), subject to obtaining the prior consent of the representative for
 any such offer; or

(c) in
 any other circumstances falling within Article 1(4) of the Prospectus Regulation, provided
 that no such offer of our securities shall result in a requirement for the publication by
 us or any underwriter of a prospectus pursuant to Article 3 of the Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to our securities in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and our securities to be offered so as to enable an investor to decide to purchase our securities, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129 (as amended).

This European Economic Area selling restriction is in addition to any other applicable selling restrictions set out below.

***France***

This document is not being distributed in the context of a public offering of financial securities (offre au public de titres financiers) in France within the meaning of Article L.411-1 of the French Monetary and Financial Code (Code Monétaire et Financier) and Articles 211-1 et seq. of the General Regulation of the French Autorité des Marchés Financiers ("AMF"). The securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France.

This document and any other offering material relating to the securities have not been, and will not be, submitted to the AMF for approval in France and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in France.

Such offers, sales and distributions have been and shall only be made in France to (i) qualified investors (investisseurs qualifiés) acting for their own account, as defined in and in accordance with Articles L.411-2-II-2° and D.411-1 to D.411-3, D. 744-1, D.754-1 and D.764-1 of the French Monetary and Financial Code and any implementing regulation; and/or (ii) a restricted number of non-qualified investors (cercle restreint d'investisseurs) acting for their own account, as defined in and in accordance with Articles L.411-2-II-2 and D.411-4, D.744-1, D.754-1 and D.764-1 of the French Monetary and Financial Code and any implementing regulation.

Pursuant to Article 211-3 of the General Regulation of the AMF, investors in France are informed that the securities cannot be distributed (directly or indirectly) to the public by the investors otherwise than in accordance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 to L.621-8-3 of the French Monetary and Financial Code.

***Ireland***

The information in this document does not constitute a prospectus under any Irish laws or regulations, and this document has not been filed with or approved by any Irish regulatory authority, as the information has not been prepared in the context of a public offering of securities in Ireland within the meaning of the Irish Prospectus (Directive 2003/71/EC) Regulations 2005 (the "Prospectus Regulations"). The securities have not been offered or sold, and will not be offered, sold or delivered directly or indirectly in Ireland by way of a public offering, except to (i) qualified investors as defined in Regulation 2(l) of the Prospectus Regulations; and (ii) fewer than 100 natural or legal persons who are not qualified investors.

***Hong Kong***

The securities may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) ("Companies (Winding Up and Miscellaneous Provisions) Ordinance") or which do not constitute an invitation to the public within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) ("Securities and Futures Ordinance"); (ii) to "professional investors" as defined in the Securities and Futures Ordinance and any rules made thereunder; or (iii) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance, and no advertisement, invitation or document relating to our securities may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to our securities that are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" in Hong Kong as defined in the Securities and Futures Ordinance and any rules made thereunder.

***Israel***

The securities offered by this prospectus have not been approved or disapproved by the Israeli Securities Authority (the ISA), nor have such securities been registered for sale in Israel. The shares may not be offered or sold, directly or indirectly, to the public in Israel, absent the publication of a prospectus. The ISA has not issued permits, approvals or licenses in connection with the offering or publishing of the prospectus; nor has it authenticated the details included herein, confirmed their reliability or completeness, or rendered an opinion as to the quality of the securities being offered. Any resale in Israel, directly or indirectly, to the public of the securities offered by this prospectus is subject to restrictions on transferability and must be effected only in compliance with the Israeli securities laws and regulations.

***Italy***

The offering of the securities in the Republic of Italy has not been authorized by the Italian Securities and Exchange Commission (Commissione Nazionale per le Societ - $$- Aga e la Borsa, "CONSOB") pursuant to Italian securities legislation, and, accordingly, no offering material relating to the securities may be distributed in Italy, and such securities may not be offered or sold in Italy in a public offer within the meaning of Article 1.1(t) of Legislative Decree No. 58 of 24 February 1998 ("Decree No. 58"), other than:

● to Italian qualified investors, as defined in Article 100 of Decree no. 58 by reference to Article 34-ter of CONSOB Regulation no. 11971 of May 14, 1999 ("Regulation no. 1197l") as amended ("Qualified Investors"); and

● in other circumstances that are exempt from the rules on public offer pursuant to Article 100 of Decree No. 58 and Article 34-ter of Regulation No. 11971 as amended.

Any offer, sale or delivery of the securities or distribution of any offer document relating to the securities in Italy (excluding placements where a Qualified Investor solicits an offer from the issuer) under the paragraphs above must be:

● made by investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with Legislative Decree No. 385 of September 1, 1993 (as amended), Decree No. 58, CONSOB Regulation No. 16190 of 29 October 2007 and any other applicable laws; and

● in compliance with all relevant Italian securities, tax and exchange controls and any other applicable laws.

Any subsequent distribution of the securities in Italy must be made in compliance with the public offer and prospectus requirement rules provided under Decree No. 58 and Regulation No. 11971, as amended, unless an exception from those rules applies. Failure to comply with such rules may result in the sale of such securities being declared null and void and in the liability of the entity transferring the securities for any damages suffered by the investors.

***Japan***

The securities have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended), or the FIEA. The securities may not be offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan (including any person resident in Japan or any corporation or other entity organized under the laws of Japan) or to others for reoffering or resale, directly or indirectly, in Japan or to or for the benefit of any resident of Japan, except pursuant to an exemption from the registration requirements of the FIEA and otherwise in compliance with any relevant laws and regulations of Japan.

***Portugal***

This document is not being distributed in the context of a public offer of financial securities (oferta pública de valores mobiliários) in Portugal, within the meaning of Article 109 of the Portuguese Securities Code (Código dos Valores Mobiliários). The securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in Portugal. This document and any other offering material relating to the securities have not been, and will not be, submitted to the Portuguese Securities Market Commission (Comissão do Mercado de Valores Mobiliários) for approval in Portugal and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in Portugal, other than under circumstances that are deemed not to qualify as a public offer under the Portuguese Securities Code. Such offers, sales and distributions of securities in Portugal are limited to persons who are "qualified investors" (as defined in the Portuguese Securities Code). Only such investors may receive this document, and they may not distribute it or the information contained in it to any other person.

***Singapore***

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of our securities may not be circulated or distributed, nor may our securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, 2001 of Singapore ("**SFA**")) under Section 274 of the SFA; (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA and (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018; or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where our securities are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities or securities-based derivatives contracts of that corporation shall not be transferable within six months after that corporation has acquired the securities or securities-based derivatives contracts under Section 275 of the SFA except: (1) to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(c)(ii) of the SFA, (2) where no consideration is or will be given for the transfer, (3) where the transfer is by operation of law, (4) as specified in Section 276(7) of the SFA, or (5) as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018.

Where our securities are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable within six months after that trust has acquired the shares under Section 275 of the SFA except: (1) to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(c)(ii) of the SFA, (2) where no consideration is or will be given for the transfer, (3) where the transfer is by operation of law, (4) as specified in Section 276(7) of the SFA, or (5) as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018.

***Malaysia***

The securities have not been and may not be approved by the Securities Commission Malaysia, or SC, and this document has not been and will not be registered as a prospectus with the SC under the Malaysian capital markets and services act of 2007, or CMSA. Accordingly, no securities or offer for subscription or purchase of securities or invitation to subscribe for or purchase securities are being made to any person in or from within Malaysia under this document except to persons falling within any of paragraphs 2(g)(i) to (xi) of schedule 5 of the CMSA and distributed only by a holder of a capital markets services license who carries on the business of dealing in securities and subject to the issuer having lodged this prospectus with the SC within seven days from the date of the distribution of this prospectus in Malaysia. The distribution in Malaysia of this document is subject to Malaysian laws. Save as aforementioned, no action has been taken in Malaysia under its securities laws in respect of this document. This document does not constitute and may not be used for the purpose of a public offering or an issue, offer for subscription or purchase, invitation to subscribe for or purchase any securities requiring the approval of the SC or the registration of a prospectus with the SC under the CMSA.

***Sweden***

This document has not been, and will not be, registered with or approved by Finansinspektionen (the Swedish Financial Supervisory Authority). Accordingly, this document may not be made available, nor may the securities be offered for sale in Sweden, other than under circumstances that are deemed not to require a prospectus under the Swedish Financial Instruments Trading Act (1991:980) (Sw. lag (1991:980) om handel med finansiella instrument). Any offering of securities in Sweden is limited to persons who are "qualified investors" (as defined in the Financial Instruments Trading Act). Only such investors may receive this document, and they may not distribute it or the information contained in it to any other person.

***Switzerland***

The securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange ("SIX") or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering material relating to the securities may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this document nor any other offering material relating to the securities has been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of securities will not be supervised by, the Swiss Financial Market Supervisory Authority (FINMA). This document is personal to the recipient only and not for general circulation in Switzerland.

***United Arab Emirates***

Neither this document nor the securities have been approved, disapproved or passed on in any way by the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates, nor has the Company received authorization or licensing from the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates to market or sell the securities within the United Arab Emirates. This document does not constitute and may not be used for the purpose of an offer or invitation. No services relating to the securities, including the receipt of applications and/or the allotment or redemption of such shares, may be rendered within the United Arab Emirates by the Company.

No offer or invitation to subscribe for securities is valid or permitted in the Dubai International Financial Centre.

***United Kingdom***

Neither the information in this document nor any other document relating to the offer has been delivered for approval to the Financial Services Authority in the United Kingdom, and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended ("FSMA")) has been published or is intended to be published in respect of the securities. This document is issued on a confidential basis to "qualified investors" (within the meaning of section 86(7) of FSMA) in the United Kingdom, and the securities may not be offered or sold in the United Kingdom by means of this document, any accompanying letter or any other document, except in circumstances which do not require the publication of a prospectus pursuant to section 86(1) FSMA. This document should not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in the United Kingdom.

The address of Network 1 Financial Securities, Inc. is 2 Bridge Avenue, Suite 241 Red Bank, NJ 07701.

**EXPENSES RELATING TO THIS OFFERING**

Set forth below is an itemization of the total expenses, excluding underwriting discounts, expected to be incurred in connection with this offering by us and the Selling Shareholders. With the exception of the SEC registration fee, the FINRA filing fee, and the stock exchange market entry and listing fee, all amounts are estimates.

---

| | | |
|:---|:---|:---|
| U.S. Securities and Exchange Commission Registration Fee | US$ | 2961 |
| NYSE American Listing Fee | US$ | 2500 |
| FINRA Filing Fee | US$ | 1047 |
| Legal Fees and Expenses | US$ | 350000 |
| Accounting Fees and Expenses | US$ | 500000 |
| Printing and Engraving Expenses | US$ | 20000 |
| Miscellaneous Expenses | US$ | 100000 |
| Underwriter Expenses | US$ | 175000 |
| **Total Expenses** | US$ | 1151508 |

---

**LEGAL MATTERS**

Ortoli Rosenstadt LLP is acting as counsel to our company regarding U.S. securities law matters. The validity of the Class A Ordinary Shares offered hereby will be opined upon for us by Ogier. Ortoli Rosenstadt LLP is acting as counsel to our company regarding U.S. securities law matters. Ortoli Rosenstadt LLP may rely upon Ogier with respect to matters governed by the law of the Cayman Islands. We can rely on Bayfront Law LLC regarding certain legal matters as to Singapore law. Loeb & Loeb LLP is acting as U.S. counsel for the underwriter.

**EXPERTS**

The consolidated financial statements for each of two fiscal years ended April 30, 2024 and 2023 included in this prospectus have been audited by Kreit and Chiu CPA LLP., an independent registered public accounting firm, as stated in their report appearing herein. Such financial statements have been so included in reliance upon the report of such firm given upon the authority of such firm as experts in accounting and auditing. The office of Kreit and Chiu CPA LLP. is located at 733 Third Avenue, Floor 16 #1014, New York, NY 10017.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form F-1, including relevant exhibits and schedules under the Securities Act, covering the Class A Ordinary Shares offered by this prospectus. You should refer to our registration statements and their exhibits and schedules if you would like to find out more about us and about the Class A Ordinary Shares. This prospectus summarizes material provisions of contracts and other documents that we refer you to. Since this prospectus may not contain all the information that you may find important, you should review the full text of these documents.

Immediately upon the completion of this offering, we will be subject to periodic reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. As a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of proxy statements to shareholders under the federal proxy rules contained in Sections 14(a), (b) and (c) of the Exchange Act, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act.

The registration statements, reports and other information so filed can be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of these documents upon payment of a duplicating fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms. The SEC also maintains a website that contains reports, proxy statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is *http://www.sec.gov*. The information on that website is not a part of this prospectus.

No dealers, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus. You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date.

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
|  | Page |
| Consolidated Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Balance Sheets as of April 30, 2024 and October 31, 2024](#aff_001) | F-2 |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the Six Months Periods Ended October 31, 2023 and 2024](#aff_002) | F-3 |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity/(Deficit) for the Six Months Periods Ended October 31, 2023 and 2024](#aff_003) | F-4 |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Period Ended October 31, 2023 and 2024](#aff_004) | F-5 |
| &nbsp;&nbsp;&nbsp;[Notes to Unaudited Condensed Consolidated Financial Statements](#aff_005) | F-6 – F-19 |
| [Report of Independent Registered Public Accounting Firm](#Z_001) | F-20 |
| &nbsp;&nbsp;&nbsp;[Consolidated Balance Sheets as of April 30, 2023 and 2024](#Z_002) | F-21 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Operations and Comprehensive Loss for the Years Ended April 30, 2023 and 2024](#Z_003) | F-22 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Changes in Shareholders' Deficit for the Years Ended April 30, 2023 and 2024](#Z_004) | F-23 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Cash Flows for the Years Ended April 30, 2023 and 2024](#Z_005) | F-24 |
| &nbsp;&nbsp;&nbsp;[Notes to Consolidated Financial Statements](#SS_001) | F-25 – F-38 |

---

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **April 30, 2024** | **October 31, 2024** | **October 31, 2024** |
|  | **S$** | **S$** | **US$** |
|  | **Audited** | **Unaudited** | **Unaudited** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 2312107 | 231655 | 175108 |
| Accounts receivable, net | 412589 | 35974 | 27193 |
| Other current assets | 65156 | 160430 | 121269 |
| Loan to third parties | 1530982 | 1582604 | 1196290 |
| Deferred offering costs | 224694 | 344695 | 260553 |
| Inventories | 187584 | 156525 | 118317 |
| **Total current assets** | **4733112** | **2511883** | **1898730** |
| **Non-current assets** |  |  |  |
| Property and equipment, net | 233309 | 371888 | 281110 |
| Right-of-use assets | 218146 | 152568 | 115326 |
| **Total non-current assets** | **451455** | **524456** | **396436** |
| **TOTAL ASSETS** | **5184567** | **3036339** | **2295166** |
| **LIABILITIES** |  |  |  |
| **Current liabilities** |  |  |  |
| Accounts payable | 293908 | 5898 | 4458 |
| Accruals and other payables | 445122 | 415321 | 313941 |
| Amount due to major shareholders | 732753 | 1145423 | 865825 |
| Bank loans, current | 440455 | 54314 | 41056 |
| Operating lease liabilities, current | 132786 | 136090 | 102870 |
| **Total current liabilities** | **2045024** | **1757046** | **1328150** |
| **Non-current liabilities** |  |  |  |
| Bank loans, non-current | 133979 | 106508 | 80509 |
| Operating lease liabilities, non-current | 85360 | 16478 | 12456 |
| **Total non-current liabilities** | **219339** | **122986** | **92965** |
| **TOTAL LIABILITIES** | **2264363** | **1880032** | **1421115** |
| COMMITMENTS AND CONTINGENCIES |  |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Ordinary shares, Class A, USD 0.0001 par value and 10,473,625 shares outstanding at October 31, 2024 | 1428 | 1428 | 1079 |
| Ordinary shares, Class B, USD 0.0001 par value and 15,125,251 shares outstanding at October 31, 2024\* | 2063 | 2063 | 1559 |
| Additional paid-in capital | 9984030 | 9984030 | 7546928 |
| Subscription receivable | (37251) | (37251) | (28158) |
| Subscribed shares; not issued |  | 255195 | 192902 |
| Accumulated deficit | (7030066) | (9049158) | (6840259) |
| **Total shareholders' equity** | **2920204** | **1156307** | **874051** |
| **TOTAL LIABILITIES AND EQUITY** | **5184567** | **3036339** | **2295166** |

---

\* Give retroactive effect to reflect the reorganization in November 2024. See Note 1.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

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| | | | |
|:---|:---|:---|:---|
|  | **For the six months periods ended October 31,** | **For the six months periods ended October 31,** | **For the six months periods ended October 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  | **Unaudited** | **Unaudited** | **Unaudited** |
| Revenue | 365415 | 63129 | 47720 |
| Cost of Goods sold (excluding depreciation shown separately below) | (403677) | (128052) | (96795) |
| Employee benefits expenses | (833810) | (1154747) | (872874) |
| Depreciation expenses | (106009) | (95602) | (72266) |
| Operating lease expense | (66878) | (70281) | (53126) |
| Research and Development Expenses | (86940) | (149493) | (113002) |
| Other operating expenses | (496087) | (536561) | (405587) |
| &nbsp;&nbsp;&nbsp;Loss from operations | (1627986) | (2071607) | (1565930) |
| Non-operating income : |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income | 115702 | 57431 | 43413 |
| &nbsp;&nbsp;&nbsp;Interest expense | (22891) | (4916) | (3717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-operating income, net | 92811 | 52515 | 39696 |
| Loss before income taxes | (1535175) | (2019092) | (1526234) |
| &nbsp;&nbsp;&nbsp;Income tax expense | - | - | - |
| **Net loss** | **(1535175)** | **(2019092)** | **(1526234)** |
| **Weighted average number of outstanding ordinary shares\*** |  |  |  |
| Basic and diluted | 21930333 | 25598876 | 25598876 |
| **Net loss per share attributable to ordinary shareholders** |  |  |  |
| Basic and diluted | (0.07) | (0.08) | (0.06) |

---

\* Give retroactive effect to reflect the reorganization on November 2024. See Note 1.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY / (DEFICIT)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares Class A and Class B** | **Ordinary Shares Class A and Class B** | **Ordinary Shares Class A and Class B** | **Ordinary Shares Class A and Class B** | **Ordinary Shares Class A and Class B** | **Ordinary Shares Class A and Class B** | **Ordinary Shares Class A and Class B** |
|  | **Ordinary shares** | **Ordinary shares** | | | | | |
|  | **Shares Outstanding** | **Par value** | **Additional**<br>**paid-in<br> capital** | **Issued shares,**<br>**Amount outstanding** | **Subscribed**<br>**Shares; not issued** |<br>**Accumulated deficit** | **Total**<br>**shareholders'<br> deficit** |
|  | | **S$** | **S$** | **S$** | **S$** | **S$** | **S$** |
| **Balance as of May 1, 2023** | 19912375 | 2654 | 1650415 |  |  | (4670222) | (3017153) |
| Net loss |  |  |  |  |  | (1535175) | (1535175) |
| Share issued during the period | 4346375 | 595 | 2288660 |  |  |  | 2289255 |
| **Balance as of October 31, 2023 (unaudited)** | 24258750 | 3249 | 3939075 |  |  | (6205397) | (2263073) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **US$** | **US$** | **US$** | **US$** |
| **Balance as of October 31, 2023 (unaudited)** | 24258750 | 2456 | 2977547 | (4690660) | (1710657) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares (Class A and Class B)** | **Ordinary shares (Class A and Class B)** | **Ordinary shares (Class A and Class B)** | **Ordinary shares (Class A and Class B)** | **Ordinary shares (Class A and Class B)** | **Ordinary shares (Class A and Class B)** | **Ordinary shares (Class A and Class B)** |
|  | **Shares**<br> **Outstanding\*** | **Par value\*\*** | **Additional<br> paid-in capital** | **Issued shares, Amount outstanding** | **Subscribed Shares; not issued** | **Accumulated deficit** | **Total**<br> **shareholders'**<br> **equity** |
|  | | **S$** | **S$** | **S$** | **S$** | **S$** | **S$** |
| **Balance as of May 1, 2024** | 25598876 | 3491 | 9984030 | (37251) |  | (7030066) | 2920204 |
| Net loss |  |  |  |  |  | (2019092) | (2019092) |
| Receipt of subscription proceeds |  |  |  |  | 255195 |  | 255195 |
| **Balance as of October 31, 2024 (unaudited)**  | 25598876 | 3491 | 9984030 | (37251) | 255195 | (9049158) | 1156307 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **US$** | **US$** | **US$** | **US$** | **US$** | **US$** |
| **Balance as of October 31, 2024 (unaudited)** | 25598876 | 2638 | 7546928 | (28158) | 192902 | (6840259) | 874051 |

---

The accompanying notes are an integral part of these unaudited condensed financial statements.

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

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| | | | |
|:---|:---|:---|:---|
|  | **For the six months periods ended October 31,** | **For the six months periods ended October 31,** | **For the six months periods ended October 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  | Unaudited | Unaudited | **Unaudited** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
| Net loss | (1535175) | (2019092) | (1526234) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Gain on disposal of property and equipment |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed assets written off | 691 |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 106009 | 95602 | 72266 |
| &nbsp;&nbsp;&nbsp;Operating lease expenses | 66878 | 70281 | 53126 |
| Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Account receivables | (30537) | 376615 | 284685 |
| &nbsp;&nbsp;&nbsp;Contract assets | 18827 |  |  |
| &nbsp;&nbsp;&nbsp;Other current assets | 92616 | (95274) | (72018) |
| &nbsp;&nbsp;&nbsp;Inventories | (6101) | 31059 | 23478 |
| &nbsp;&nbsp;&nbsp;Account payables | 59861 | (288010) | (217707) |
| &nbsp;&nbsp;&nbsp;Accruals and other payables | (157018) | (29801) | (22527) |
| &nbsp;&nbsp;&nbsp;Contract liabilities | (33951) |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease obligations | (66878) | (70281) | (53126) |
| &nbsp;&nbsp;&nbsp;Net cash used in operating activities | (1484778) | (1928901) | (1458057) |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of equipment | (17382) | (234181) | (177019) |
| &nbsp;&nbsp;&nbsp;Loan to third party | (60560) | (51622) | (39022) |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | (77942) | (285803) | (216041) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of bank loans | (73034) | (413612) | (312650) |
| &nbsp;&nbsp;&nbsp;Proceeds from subscription | 2109255 | 255195 | 192902 |
| &nbsp;&nbsp;&nbsp;Proceeds from major shareholder | 300000 | 750000 | 566928 |
| &nbsp;&nbsp;&nbsp;Repayment to major shareholder |  | (337330) | (254986) |
| &nbsp;&nbsp;&nbsp;Deferred offering cost | (69200) | (120001) | (90710) |
| &nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 2267021 | 134252 | 101484 |
| &nbsp;&nbsp;&nbsp;Net change in cash and cash equivalents | 704301 | (2080452) | (1572614) |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents - beginning of year | 54097 | 2312107 | 1747722 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents - end of period | 758398 | 231655 | 175108 |
| &nbsp;&nbsp;&nbsp;**SUPPLEMENTAL CASH FLOW INFORMATION:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | 22891 | 4916 | 3717 |
| &nbsp;&nbsp;&nbsp;New shares issued with consideration receivable | - | 37251 | 28158 |

---

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| **1** | **Organization and business overview** |

---

Phaos Technology Holdings (Cayman) Limited or the Company is an investment holding company incorporated on March 7, 2024 under the laws of the Cayman Islands. The Company, through its subsidiaries provides research and development, as well as the manufacturing and commercialization of advanced optical related technologies and products. Using its patented microsphere technology, the Company can significantly increase the magnification of existing traditional optical microscope by up to 4 times compared to its competitors, thereby allowing the Company's client to see beyond the optical limit of 200nm.

In addition to selling optical and microscopy equipment, the Company develops software solution that is complimentary to the hardware equipment in order to provide partners and clients with a fully integrated hardware and software microscopy solution. The software is augmented by algorithms around Artificial Intelligence to allow for use cases in pathology and metrology, whereby partners and clients can use the software to further analyze what they see through the hardware equipment.

The Company and its subsidiaries are collectively referred to as the "Company". The Company is headquartered in Singapore.

On November 29, 2024, the Company proceeded with an internal reorganization whereby PTPL became our indirect wholly-owned subsidiary through a share swap. Subject to completion of the restructuring, both the ordinary and preferential shares of PTPL were swapped on a 1:125 basis to Phaos Technology Holdings (BVI) Limited. Subsequently, the shares of Phaos Technology Holdings (BVI) Limited were swapped 1:1 to Phaos Technology (Cayman) Limited, where the holders of the ordinary shares of PTPL eventually being swapped to Class A Ordinary Shares, and the holders of preferential shares of PTPL being swapped to Class B Ordinary Shares.

The Reorganization has been accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period eliminating the effects of intra-entity transactions.

The consolidated financial statements of the Company include the following entities:

![](fin_001.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Date of incorporation** | **Percentage of direct or indirect interests** | **Place of incorporation** | **Principal activities** |
| Phaos Technology Holdings (Cayman) Limited | March 7, 2024 | Parent Company | Cayman Island | Investment holding |
| Phaos Technology Holdings (BVI) Limited | March 7, 2024 | Parent Company | British Virgin Islands | Investment holding |
| Phaos Technology Pte. Ltd. | August 28, 2017 | 100% | Singapore | Research and development and commercialization of advanced microscopy-related solutions, technologies and products. |

---

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| **2** | **Summary of significant accounting policies** |

---

*Basis of presentation*

This summary of significant accounting policies is presented to assist in understanding the Company's consolidated financial statements and have been consistently applied in the preparation of the financial statements. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC").

*Consolidation*

The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries. Significant inter-company balances, investment and capital, if any, have been eliminated upon consolidation.

*Use of estimates*

The preparation of consolidated financial statements in conformity with US GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company's consolidated financial statements include, but are not limited to the useful lives and impairment of long-lived assets, and collectability of accounts receivable and other current assets. Actual results may differ from these estimates.

*Cash and cash equivalents*

Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use.

*Accounts receivable, net*

Accounts receivable mainly represent amounts due from customers that meet the revenue recognition criteria. These accounts receivables are recorded net of any allowance for credit losses and specific customer credit allowances. The Company maintains an allowance for estimated credit losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the Company's customers' financial condition, the receivable amount in dispute, and the current receivables aging and current payment patterns, over the contractual life of the receivable. The Company writes off the receivable when it is determined to be uncollectible.

*Other current assets*

Other current assets primarily consists of deposits, prepayments made to vendors or services providers for future services that have not been provided, and other receivables from third parties. These advances are reviewed periodically to determine whether their carrying value has become impaired. As of April 30, 2024 and October 31, 2024, management believes that the Company's other current assets are not impaired.

*Inventories*

Inventories are measured at the lower of cost or net realizable value. The cost of inventories is based on the first-in, first-out principle. Due to the minimal amount of inventory, the Company does not operate a batch program that aggregates the number of units of similar inventory.

The cost of inventories include expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. General and administrative costs are not charged to inventory as they are not considered direct costs towards production.

The company does not mortgage, pledge or subject any inventory to lien. Inventories by the Company is not collateralized in any form.

*Deferred offering costs*

Pursuant to ASC 340-10-S99-1, offering costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. These costs include legal fees related to the registration drafting and counsel, consulting fees related to the registration preparation, the SEC filing and print related costs. As of October 31, 2024, the Company had not concluded its IPO hence professional fees are recorded as deferred offering costs. As of October 31, 2024, the accumulated deferred offering cost was S$344,695 (US$260,553).

*Property and equipment, net*

Property and equipment are stated at cost less accumulated depreciation and impairment if applicable. The Company computes depreciation using the straight-line method over the estimated useful lives of the assets as follows:

---

| | |
|:---|:---|
| **Property and equipment** | **lesser of lease term or expected useful life** |
| Computers | 3 years |
| Furniture and fittings | 5 years |
| Office and production equipment | 3 to 5 years |
| Renovation | 3 years |

---

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (cont'd)** |

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The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statement of income. Expenditures for maintenance and repairs are charged to expense as incurred, while additions renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

*Impairment of long-lived assets*

The Company evaluates the recoverability of its long-lived assets (asset groups), including property and equipment and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not be fully recoverable. When these events occur, the Company measures impairment by comparing the carrying amount of the assets to the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset (asset group), the Company recognizes an impairment loss based on the excess of the carrying amount of the asset (asset group) over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily available. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset's remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For the year ended April 30, 2024 and six months ended October 31, 2024, no impairment of long-lived assets was observed and recognized.

*Fair value measurements*

ASC 820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in pricing the asset or liability. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

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| |
|:---|
| Level 1 – observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. |
| Level 2 – other inputs that are directly or indirectly observable in the marketplace. |
| Level 3 – unobservable inputs which are supported by little or no market activity. |

---

The carrying amounts of cash and cash equivalents, accounts receivable, other current assets, inventories and liabilities, accounts payable, and accruals and other payables approximate their fair values because of their generally short maturities.

*Revenue recognition*

The Company follows the revenue requirements of Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("Accounting Standards Codification ("ASC") 606"). The core principle underlying the revenue recognition of this ASC allows the Company to recognize revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expect to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer.

To achieve that core principle, the Company applies five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

Revenues are generally recognized upon the transfer of control via acceptance of promised products provided to our customers, reflecting the amount of consideration we expect to receive for those products or services.

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (cont'd)** |

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**The Company generates revenue from the following streams:**

Sales of microscopes and parts

The Company sells microscopes and parts. Revenue is recognized when the goods are delivered to the customer and all criteria for acceptance have been satisfied. The goods are often sold with a right of return.

The amount of revenue recognized is based on the transaction price, which comprises the contractual price. Based on the Company's experience with similar types of contracts, variable consideration is typically constrained and is included in the transaction only to the extent that it is a highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

The Company has elected to apply the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred where the amortization period of the asset that would otherwise be recognized is one year or less.

*Contract Assets and contract liabilities*

The contract assets primarily relate to the Company's rights to bill for work completed but not billed at the reporting date. The contract assets are transferred to receivables until the subsequent billing phase. The contract liabilities primarily relate to advance billing to customers based on the contract, for which project task has been yet completed.

*Segments*

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major clients in financial statements for detailing the Company's business segments. Based on the criteria established by ASC 280, the Company's chief operating decision maker ("CODM") has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. As a whole and hence, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting.

*Concentrations and credit risk*

The Company maintains cash with banks in Singapore ("SGN"). Should any bank holding cash become insolvent, or if the Company is otherwise unable to withdraw funds, the Company would lose the cash with that bank; however, the Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. In Singapore, a depositor has up to S$100,000 insured by Singapore Deposit Insurance Corporation ("SDIC").

Financial instruments that potentially expose the Company to the concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company has designed their credit policies with an objective to minimize their exposure to credit risk. The Company's accounts receivable are short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does not require collateral or other security. The Company periodically evaluates the creditworthiness of the existing clients in determining the allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

As of six months periods ended October 31, 2023 and October 31, 2024, the Company's assets were located in Singapore and the Company's revenue was derived from the operation in Singapore.

For the six months periods ended October 31, 2023 and 2024, top 5 customers accounted for 85.7% and 99.9% of total revenue, respectively. The top 5 suppliers accounted for 96% and 100% of our total cost of goods sold, respectively.

For the six months period ended October 31, 2023, customer A, customer B, customer C and customer D accounted for 27%, 18%, 16% and 13% of the Company's total revenue and 1% customer A and 1% customer C of the total accounts receivable as of October 31, 2023; whereas customer B and customer D have no outstanding as of October 31, 2023. For the six months period ended October 31, 2024, customer A, customer B, customer C and customer D accounted for 60%, 13%, 10% and 10% of the Company's total revenue and 9% customer A, 7% customer C and 12% customer D of the total accounts receivable as of October 31, 2024; whereas customer B has no outstanding as of October 31, 2024.

For the six months period ended October 31, 2023, vendor A, vendor B and vendor C accounted for 85%, 8%, 2% and 1% of the Company's total purchases and 90% vendor B and 8% vendor D of the total accounts payable as of October 31, 2023; whereas vendors A and C have no outstanding as of October 31, 2023. For the six months period ended October 31, 2024, vendor A, vendor B and vendor C accounted for 76%, 15% and 9% of the Company's total purchases and 30% vendor B and 41% vendor C of the total accounts payable as of October 31, 2024; whereas vendors A has no outstanding as of October 31, 2024.

*Government grants*

Government grants are recognized when there is reasonable assurance that the grant will be received, and all attaching conditions will be complied with. Government grant is recognized as 'Other income' in profit or loss.

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (cont'd)** |

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*Commitments and contingencies*

In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.

*Employee benefits*

Employee benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset.

&nbsp;&nbsp;&nbsp;&nbsp;*i)* Defined
 contribution plans

Defined contribution plans are post-employment benefit plans under which the Company pays fixed contributions into separate entities such as the Central Provident Fund on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed.

*ii)* Short-term compensated absences

Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date.

*Related parties*

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence of the same party, such as a family member or relative, shareholder, or a related corporation.

The Company follows ASC 850 Related Party Disclosures for the identification of related parties and disclosure of related party transactions.

*Foreign currency and foreign currency translation*

The accompanying consolidated financial statements are presented in Singapore Dollars ("S$"), which is the reporting currency of the Company. The functional currency of the Company and its subsidiary in the British Virgin Island is United States Dollar ("US$").

*Convenience translation*

Translations of the consolidated balance sheet, consolidated statement of income and consolidated statement of cash flows from S$ into US$ as of and for the six months period ended October 31, 2024 are solely for the convenience of the reader and were calculated at the rate of US$0.7559 = S$1 as set forth in the statistical release of the Federal Reserve System on October 31, 2024. No representation is made that the SGD amounts could have been, or could be, converted, realized or settled into US$ at that rate on October 31, 2024, or at any other rate.

*Income taxes*

The Company accounts for income taxes under FASB ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are also provided for net operating loss carry forward that can be utilized to offset future taxable income.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. A valuation allowance is established, when necessary, to reduce net deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

The provisions of FASB ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.

The Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes for the six months ended October 31, 2023 and 2024. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **2** | **Summary of significant accounting policies (cont'd)** |

---

*Leases*

The Company adopted ASC 842 on January 1, 2019. The Company is a lessee of non-cancellable operating leases for its corporate office premises. The Company determines if an arrangement is a lease at inception. Lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company's incremental borrowing rate based on the information available at the lease commencement date. The Company generally uses the base, non-cancellable lease term in calculating the right-of-use assets and liabilities.

The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term.

The Company evaluates the impairment of its right-of-use assets consistent with the approach applied for its other long-lived assets. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of finance and operating lease liabilities in any tested asset group and include the associated lease payments in the undiscounted future pre-tax cash flows. For the year ended April 30, 2024 and six months period ended October 31, 2024, the Company did not have any impairment loss against its operating lease right-of-use assets.

The Company's operating lease liabilities and right-of-use assets are disclosed in Note 8.

*Net loss per share*

Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if outstanding stock options, warrants and convertible debt were exercised or converted into ordinary shares. When the Company incurs a loss, diluted shares are not included, as their inclusion would have an anti-dilutive effect. The Company did not have any dilutive securities or debt for the six months periods ended October 31, 2023 and 2024.

*Going Concern*

 

The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. As of the six months ending October 31, 2024, the Group had a net loss of S$2,019,092 (approximately US$1,526,234) and incurred a negative cashflow from operations of S$1,928,901 (approximately US$1,458,055), against a cash balance of S$231,655 (approximately US$175,108). This raises substantial doubt about our ability as a going concern.

To sustain our ability to support our ongoing activities, we considered supplementing our sources of funding through the following:

- Debt financing through private placement,; <br> - Equity financing through private placement or initial public offering; and <br> - Cash flow from operations through the sale of our products.

Management has commenced a strategy to raise debt and equity. If management is unable to successfully execute this plan, there will likely be a material adverse effect on our business. These raises substantial doubt about our ability to continue as a going concern.

The unaudited condensed consolidated financial statements do not include any adjustments that might be necessary if the Group is unable to continue as a going concern.

*Recent Accounting Pronouncements*

The Company is an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company made the election to delay the adoption of new or revised accounting standards.

In July 2023, the FASB issued ASU Update No. 2023-03, Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (505), and Compensation—Stock Compensation (Topic 718). This guidance amends, and addresses several topics pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. The effect of the amendments was not material to the Company's consolidated financial statements.

In October 2023, the FASB issued ASU Update No. 2023-06 to incorporate into the Codification 14 of the 27 disclosures referred by the SEC in its Release No. 33-10532. This guidance amends 12 Codification Subtopics, to which the Company has identified several to further analyze the effect of the amendments to the Company's consolidated financial statements. These amendments are to 1) 250-10 Accounting Changes and Error Corrections and 2) 270-10 Interim Reporting – Overall. The effect of the amendments was not material to the Company's consolidated financial statements.

Except as mentioned above, the Group does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's consolidated balance sheets, statements of operations and cash flows.

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **3** | **Account receivable, net** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **April 30, 2024** | **October 31, 2024** | **October 31, 2024** |
|  | **S$** | **S$** | **US$** |
|  | Audited | Unaudited | Unaudited |
| Accounts receivable | 436196 | 56796 | 42932 |
| Less: allowance for credit losses | (23607) | (20822) | (15739) |
| Total accounts receivable | 412589 | 35974 | 27193 |

---

Movement of allowance for credit losses are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **April 30, 2024** | **October 31, 2024** | **October 31, 2024** |
|  | **S$** | **S$** | **US$** |
|  | Audited | Unaudited | Unaudited |
| Allowance for credit losses, beginning balance | 21032 | 23607 | 17845 |
| Addition | 2575 |  |  |
| Write off |  | (2785) | (2106) |
| Allowance for credit losses, ending balance | 23607 | 20822 | 15739 |

---

---

| | |
|:---|:---|
| **4** | **Other current assets** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **April 30, 2024** | **October 31, 2024** | **October 31, 2024** |
|  | **S$** | **S$** | **US$** |
|  | Audited | Unaudited | Unaudited |
| Deposit | 43250 | 43250 | 32693 |
| Prepayment | 20898 | 41148 | 31104 |
| Other current assets | 1008 | 76032 | 57472 |
|  | 65156 | 160430 | 121269 |

---

---

| | |
|:---|:---|
| **5** | **Loan to third parties** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **April 30, 2024** | **October 31, 2024** | **October 31, 2024** |
|  | **S$** | **S$** | **US$** |
|  | Audited | Unaudited | Unaudited |
| Loan to third parties | 1530982 | 1582604 | 1196290 |

---

On January 19, 2024, the Company provided a loan to PT Neura Integrasi Solusi, a technology company providing pathology related software solutions. The loan bears an interest at a rate of 1% per annum, with a maturity date of 36 months and is due on demand. The purpose of the loan was to provide working capital for our Indonesian partner in the expansion of our business. The carrying amount of the loan as of October 31, 2024 is S$1,582,604 (US$1,196,290). The borrower of the loan, PT Neura Integrasi Solusi is neither affiliated with the Company nor the shareholders of the Company. The ability of PT Neura Integrasi Solusi to repay the loan is dependent on revenue generated from the sales of its services, the ability to raise capital as a technology company, and from the value of the technologies and solutions that it has developed.

Currently, there is no known factors surrounding the uncertainty of the loan to be repaid.

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **6** | **Property and equipment, net** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **April 30, 2024** | **October 31, 2024** | **October 31, 2024** |
|  | **S$** | **S$** | **US$** |
|  | Audited | Unaudited | Unaudited |
| Production equipment | 571691 | 762692 | 576519 |
| Computer and software | 68674 | 100687 | 76109 |
| Furniture and Fittings | 4046 | 8156 | 6165 |
| Office Equipment | 6688 | 6689 | 5056 |
| Renovation | 111633 | 117803 | 89047 |
| Construction in Progress | - | 886 | 670 |
| Total | 762732 | 996913 | 753566 |
| Less: accumulated depreciation | (529423) | (625025) | (472456) |
| Net book value | 233309 | 371888 | 281110 |

---

Depreciation expense for the six months periods ended October 31, 2024 and 2024 was S$106,009 and S$95,602 (US$72,266), respectively.

---

| | |
|:---|:---|
| **7** | **Inventories** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **April 30, 2024** | **October 31, 2024** | **October 31, 2024** |
|  | **S$** | **S$** | **US$** |
|  | Audited | Unaudited | Unaudited |
| Parts | 23978 | 8225 | 6217 |
| Partial finished goods | 82527 | 82527 | 62382 |
| Finished goods | 81079 | 65773 | 49718 |
|  | 187584 | 156525 | 118317 |

---

---

| | |
|:---|:---|
| **8** | **Leases** |

---

The Company determines if a contract contains a lease at inception. US GAAP requires that the Company's leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty.

The Company has three office premises operating lease agreements with lease terms ranging from two to three years, respectively. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU 2016-02, no right-of-use ("ROU") assets nor lease liability was recorded for the lease with a lease term of one year.

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **8** | **Leases (cont'd)** |

---

As of October 31, 2024, the Company had the following non-cancellable operating lease contracts:

---

| | |
|:---|:---|
| **Description of lease** | **Lease term** |
| Office premises | 2 to 3 years |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 recognized in the consolidated balance sheets:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **April 30, 2024** | **October 31, 2024** | **October 31, 2024** |
|  | **S$** | **S$** | **US$** |
|  | Audited | Unaudited | Unaudited |
| Right-of-use assets | 218146 | 152568 | 115327 |
| Operating lease liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | 132786 | 136090 | 102870 |
| &nbsp;&nbsp;&nbsp;Non-current | 85360 | 16478 | 12457 |
|  | 218146 | 152568 | 115327 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 summary of lease cost recognized in the Group's consolidated statements of operations is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For Six months Periods Ended October 31,** | **For Six months Periods Ended October 31,** | **For Six months Periods Ended October 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  | Unaudited | Unaudited | Unaudited |
| Operating lease expense | 66878 | 70281 | 53125 |

---

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **8** | **Leases (cont'd)** |

---

<u>Lease Commitment</u>

Future minimum lease payments under non-cancellable operating lease agreements as of April 30, 2024 and October 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Minimum lease payment** | **Minimum lease payment** |
|  | **S$** | **US$** |
|  | **Audited** | **Audited** |
| **Twelve months ending April 30,** |  |  |
| 2025 | 140561 | 103088 |
| 2026 | 86848 | 63694 |
| Total future minimum lease payments | 227409 | 166782 |
| Less imputed interest | (9263) | (6794 |
| Present value of operating lease liabilities | 218146 | 159988 |
| Less: current portion | (132786) | (97385 |
| Long-term portion | 85360 | 62603 |

---

---

| | | |
|:---|:---|:---|
|  | **Minimum lease payment** | **Minimum lease payment** |
|  | **S$** | **US$** |
|  | **Unaudited** | **Unaudited** |
| **Twelve months ending October 31,** | | |
| 2025 | 140560 | 106249 |
| 2026 | 16567 | 12523 |
| Total future minimum lease payments | 157127 | 118772 |
| Less imputed interest | (4559) | (3446) |
| Present value of operating lease liabilities | 152568 | 115326 |
| Less: current portion | (136090) | (102870) |
| Long-term portion | 16478 | 12456 |

---

The following summarizes other supplemental information about the Company's lease as of April 30, 2024 and October 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **As of,** | **As of,** |
|  | **April 30, 2024** | **October 31, 2024** |
|  | Audited | Unaudited |
| Weighted average discount rate | 5% | 5% |
| Weighted average remaining lease term | 20 months | 14 months |

---

---

| | |
|:---|:---|
| **9** | **Bank loans** |

---

On August 11, 2022, the Company has acquired a 5-year S$270,000 temporary bridging loan which expires in July 2027. The bank loan which carries interest of 4.75% per annum is secured by joint and several guarantee by Andrew Yeo Eng Sian (Chief Executive Officer) and Beh Hook Seng (Executive Chairman). As of April 30, 2024 and October 31, 2024, the carrying amount of the bank loan was S$187,017 and S$160,822 (US$121,565), respectively.

On November 1, 2022, the Company has acquired another 5-year S$500,000 secured fixed rate bank loan which expires in November 2027. The bank loan which carries interest of 7.75% per annum is secured by joint and several guarantee by Beh Hook Seng, Andrew Teo Eng Sian, Wong Teck Far and Chua Jun Hao, David. As of April 30, 2024, the carrying amount of the bank loan was S$387,417. This loan has been fully paid in May 2024.

Interest expenses for the six months periods ended October 31, 2023 and 2024 are S$22,891 and S$4,916 (US$3,716), respectively.

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **9** | **Bank loans (cont'd)** |

---

The maturities schedule is as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Amount** |
|  | **S$** | **US$** |
|  | **Unaudited** | **Unaudited** |
| **Year ending October 31,** | | |
| 2025 | 54314 | 41056 |
| 2026 | 56951 | 43049 |
| 2027 | 49557 | 37460 |
| 2028 |  |  |
| Total | 160822 | 121565 |
| Less: current portion | (54314) | (41056) |
| Long-term portion | 106508 | 80509 |

---

---

| | |
|:---|:---|
| **10** | **Accruals and other current liabilities** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of,** | **As of,** | **As of,** |
|  | **April 30, 2024** | **October 31, 2024** | **October 31, 2024** |
|  | **S$** | **S$** | **US$** |
|  | Audited | Unaudited | Unaudited |
| Accruals | 71023 | 60000 | 45354 |
| Goods and Services Tax payables | 26161 |  |  |
| Provision for reinstatement | 32000 | 32000 | 24189 |
| Other payables | 61444 | 44910 | 33947 |
| Non-trade creditors | 254494 | 278411 | 210451 |
| Total | 445122 | 415321 | 313941 |

---

---

| | |
|:---|:---|
| **11** | **Equity** |

---

*Ordinary and Preference shares*

The Company was incorporated under the laws of the Cayman Islands on March 7, 2024. The original authorized share capital of the Company was US$100,000 divided into 950,000,000 Class A Ordinary Shares and 50,000,000 Class B Ordinary Shares, par value US$0.0001 per share. Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting rights. Each holder of our Class A Ordinary Share is entitled to one (1) vote per share. Each holder of our Class B Ordinary Share is entitled to twenty (20) votes per share.

The Company issued 25,598,876 Class A and Class B Ordinary Shares as of April 30, 2024 and 25,598,876 Class A and Class B Ordinary Shares as of October 31, 2024.

Post restructuring, for April 30, 2024, the Company had received a total of S$8,297,201 (US$6,085,167) in share application monies, and S$37,251 (US$27,320) in monies to be received from investors, in relation to the planned issuance of 5,686,501 shares at an average issue price of S$1.46 per share. We discovered an error whereby we previously reported S$180,000 as "Amount due to Investors". In accordance with Staff Accounting Bulletin ("SAB") 99, *Materiality* we evaluated the materiality of the error from quantitative and qualitative perspectives, and concluded that the error was immaterial to the Balance Sheet as of April 30, 2023. We have corrected this error through an adjustment from "Amount due to Investor" to "Subscribed, to be issued" for the period ending April 30, 2024. This reduces Balance Sheet amount for Liabilities through a decrease in "Amount due to Investors" and an increase in the Equity section of the Balance Sheet through an increase in "Subscribed, to be issued".

The Company has completed the restructuring process on November 29, 2024.

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **12** | **Related party transactions and balances** |

---

The table below sets forth the major related parties and their relationships with the Company as of April 30, 2024 and October 31, 2024:

---

| | |
|:---|:---|
| **Name of related parties** | **Relationship with the Company** |
| Tonghuai SG Enterprise Pte. Ltd. | Major shareholder |
| Singlight Technology Holdings Pte. Ltd. | Shareholder of the Company |

---

<u>Amount due to major shareholder</u>

The Company received advances from major shareholder, Tonghuai SG Enterprise Pte. Ltd. for business working purposes. The payable balance due to Tonghuai SG Enterprise Pte. Ltd. was S$732,753 and S$1,145,423 (US$865,825) as of April 30, 2024 and October 31, 2024. Such balance is interest free, unsecured, and due on demand without an agreement. Due to the due in demand nature of the advance, we reclassified the "Amount due to major shareholder" from non-current liabilities to current liabilities. In accordance with Staff Accounting Bulletin ("SAB") 99, *Materiality,* we evaluated the materiality of the error from qualitative and quantitative perspectives, and concluded that the error was immaterial to the Balance Sheet as of April 30, 2023 and 2024. We have corrected this error by making an adjustment for both periods ending April 30, 2023 and 2024, reducing Balance Sheet amounts for "Non-current liabilities" and increasing the Balance Sheet amounts for "Current liabilities".

---

| | |
|:---|:---|
| **13** | **Income taxes** |

---

*<u>Caymans and BVIs</u>*

The Company and its subsidiaries are domiciled in the Cayman Island and British Virgin Islands. The locality currently enjoys permanent income tax holidays; accordingly, the Company does not accrue for income taxes.

*<u>Singapore</u>*

Phaos Technology Pte. Ltd. is incorporated in Singapore and are subject to Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.

A reconciliation between of the statutory tax rate to the effective tax rate are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For Six Months Periods Ended October 31,** | **For Six Months Periods Ended October 31,** | **For Six Months Periods Ended October 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  | Unaudited | Unaudited | Unaudited |
| Loss before tax | (1535175) | (2019092) | (1526234) |
| Singapore income tax rate | (17.0)% | (17.0)% | (17.0)% |
| Reconciling items: |  |  |  |
| Non-deductible expenses | 1.3% | 0.9% | 0.9% |
| Income not subject to tax |  |  |  |
| Singapore Statutory stepped income exemption (Deductions under Section 14) |  |  |  |
| Deferred tax assets on temporary differences not recognized | 15.7% | 16.1% | 16.1% |
| Effective tax rate | - | - | - |

---

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **13** | **Income taxes (cont'd)** |

---

<u>Deferred tax</u>

Significant components of deferred tax were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of,** | **As of,** | **As of,** |
|  | **April 30, 2024** | **October 31, 2024** | **October 31, 2024** |
|  | **S$** | **S$** | **US$** |
|  | Audited | Unaudited | Unaudited |
| Net operating loss carried forward | 6537161 | 6748859 | 5101463 |
| Deferred tax assets, gross | 1111317 | 1147306 | 867249 |
| Valuation allowance | (1111317) | (1147306) | (867249) |
| Deferred tax assets, net of valuation allowance | - | - | - |

---

Deferred tax assets are recognized in the consolidated financial statements only to the extent that it is probable that future taxable profits will be available against which the Company can utilize the benefits. The use of these tax losses is subject to the agreement of the tax authorities and compliance with certain provisions of the tax legislations of the respective countries in which the group companies operate.

The deferred tax assets not recognized as of April 30, 2024 and October 31, 2024 was S$1,111,317 and S$1,147,306 (US$867,249), respectively. The deferred tax assets not recognized was primarily related to the Company's net loss (tax losses) carry forwards, in the judgment of management, are not more likely than not to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that all or some portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Tax losses on Net Operating Losses can be carried forward indefinitely unless there's a major change in shareholding.

---

| | |
|:---|:---|
| **14** | **Other operating expenses** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For Six Months Periods Ended October 31,** | **For Six Months Periods Ended October 31,** | **For Six Months Periods Ended October 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  | Unaudited | Unaudited | Unaudited |
| Consumable expenses | 85522 |  |  |
| Marketing expenses | 45405 | 30841 | 23313 |
| Professional fees | 285221 | 317947 | 240335 |
| Travelling expenses | 64406 | 71063 | 53717 |
| Other expenses | 15533 | 116710 | 88221 |
| Total | 496087 | 536561 | 405586 |

---

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **15** | **Other income** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For Six Months Periods Ended October 31,** | **For Six Months Periods Ended October 31,** | **For Six Months Periods Ended October 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  | Unaudited | Unaudited | Unaudited |
| Interest income | 1 | 5832 | 4408 |
| Government grants | 66098 | 30889 | 23350 |
| Other | 49603 | 20710 | 15655 |
| Total | 115702 | 57431 | 43413 |

---

---

| | |
|:---|:---|
| **16** | **Loss per share** |

---

Basic loss per share is the amount of losses available to each share of common stock outstanding during the reporting period. Diluted loss per share is the amount of losses available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares.

---

| | | | |
|:---|:---|:---|:---|
|  | **For Six Months Periods Ended October 31,** | **For Six Months Periods Ended October 31,** | **For Six Months Periods Ended October 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
|  | Unaudited | Unaudited | Unaudited |
| Numerator: |  |  |  |
| Net loss available to common stockholders | (1535175) | (2019092) | (1526234) |
| Denominator: |  |  |  |
| Weighted average Class A and Class B ordinary shares outstanding – basic and diluted | 21930333 | 25598876 | 25598876 |
| Loss per common share: |  |  |  |
| Basic and diluted | (0.07) | (0.08) | (0.06) |

---

---

| | |
|:---|:---|
| **17** | **Commitment and Contingencies** |

---

For the details on future minimum lease payment under the non-cancellable operating leases as of October 31, 2024, please refer to Note 8 set forth in the Notes to the Consolidated Financial Statements.

As of April 30, 2024 and October 31, 2024, the Company did not have any capital commitments and contingencies.

---

| | |
|:---|:---|
| **18** | **Subsequent events** |

---

The Company has assessed all subsequent events through the date that the consolidated financial statements were issued and other than the following, there are no further material subsequent events that require disclosure in these consolidated financial statements.

On November 29, 2024, the Company completed an internal reorganization whereby PTPL became our indirect wholly-owned subsidiary through a share swap. Both the ordinary and preferential shares of PTPL were swapped on a 1:125 basis to Phaos Technology Holdings (BVI) Limited. Subsequently, the shares of Phaos Technology Holdings (BVI) Limited were swapped 1:1 to Phaos Technology (Cayman) Limited, where the holders of the ordinary shares of PTPL eventually being swapped to Class A Ordinary Shares, and the holders of preferential shares of PTPL being swapped to Class B Ordinary Shares. On the same date, an additional share of 128,215 Class A Ordinary Shares are issued to a new investor.

On February 15, 2025, the Company obtained a shareholder loan from TongHuai SG Enterprise Pte. Ltd. of S$1 million with an additional option of S$1 million

**Report of Independent Registered Public Accounting Firm**

Board of Directors and Shareholders

Phaos Technology Holdings (Cayman) Limited

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Phaos Technology Holdings (Cayman) Limited as of April 30, 2024 and 2023, and the related consolidated statements of operations and comprehensive loss, change in shareholders' deficit, and cash flows for each of the two years in the period ended April 30, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Phaos Technology Holdings (Cayman) Limited as of April 30, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended April 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the entity's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to Phaos Technology Holdings (Cayman) Limited in accordance with the U.S. federal securities laws and the applicable rules and regulations of the U.S. Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Phaos Technology Holdings (Cayman) Limited is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Kreit & Chiu CPA LLP

We have served as Phaos Technology Holdings (Cayman) Limited's auditor since 2023.

*Los Angeles, California*

*November 13, 2024, except for Notes 1, 11 and 16 for which the date is November 29, 2024 and Note 2 for which the date is December 11, 2024.*

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED**

**CONSOLIDATED BALANCE SHEETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** | **As of April 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 54097 | 2312107 | 1695699 |
| Accounts receivable, net | 548203 | 412589 | 302593 |
| Contract assets | 18827 |  |  |
| Other current assets | 136647 | 65156 | 47786 |
| Loan to third parties |  | 1530982 | 1122822 |
| Deferred offering costs |  | 224694 | 164791 |
| Inventories | 151523 | 187584 | 137574 |
| **Total current assets** | **909297** | **4733112** | **3471265** |
| **Non-current assets** |  |  |  |
| Property and equipment, net | 305633 | 233309 | 171109 |
| Right-of-use assets | 167436 | 218146 | 159988 |
| **Total non-current assets** | **473069** | **451455** | **331097** |
| **TOTAL ASSETS** | **1382366** | **5184567** | **3802362** |
| **LIABILITIES** |  |  |  |
| **Current liabilities** |  |  |  |
| Accounts payable | 91094 | 293908 | 215552 |
| Accruals and other payables | 281072 | 445122 | 326452 |
| Amount due to major shareholders | 2962000 | 732753 | 537401 |
| Amount due to investors | 180000 |  |  |
| Bank loans, current | 143354 | 440455 | 323030 |
| Operating lease liabilities, current | 90315 | 132786 | 97385 |
| **Total current liabilities** | **3747835** | **2045024** | **1499820** |
| **Non-current liabilities** |  |  |  |
| Bank loans, non-current | 574563 | 133979 | 98260 |
| Operating lease liabilities, non-current | 77121 | 85360 | 62603 |
| **Total non-current liabilities** | **651684** | **219339** | **160863** |
| **TOTAL LIABILITIES** | **4399519** | **2264363** | **1660683** |
| COMMITMENTS AND CONTINGENCIES |  |  |  |
| **SHAREHOLDERS' (DEFICIT) / EQUITY** |  |  |  |
| Ordinary shares, Class A, USD 0.0001 par value and 10,473,625 outstanding at April 30 2024 | 145 | 1428 | 1047 |
| Ordinary shares, Class B, USD 0.0001 par value and 15,125,250 shares outstanding at April 30, 2024\* | 2509 | 2063 | 1513 |
| Additional paid-in capital | 1650415 | 9984030 | 7322288 |
| Subscription receivable |  | (37251) | (27320) |
| Accumulated deficit | (4670222) | (7030066) | (5155849) |
| **Total shareholders' (deficit) / equity** | **(3017153)** | **2920204** | **2141679** |
| **TOTAL LIABILITIES AND EQUITY** | **1382366** | **5184567** | **3802362** |

---

\* Give retroactive effect to reflect the reorganization in November 2024. See Note 1.

\*\* Amount less than S$1.

The accompanying notes are an integral part of these consolidated financial statements.

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

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| | | | |
|:---|:---|:---|:---|
|  | **For the years ended April 30** | **For the years ended April 30** | **For the years ended April 30** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Revenue | 650797 | 1882803 | 1380848 |
| Cost of Goods sold (excluding depreciation shown separately below) | (536169) | (985099) | (722472) |
| Employee benefits expenses | (1323686) | (1851971) | (1358236) |
| Depreciation expenses | (195641) | (176713) | (129602) |
| Operating lease expense | (102136) | (136781) | (100316) |
| Research and Development Expenses | (26956) | (90566) | (66421) |
| Other operating expenses | (508427) | (1144802) | (839598) |
| &nbsp;&nbsp;&nbsp;Loss from operations | (2042218) | (2503129) | (1835797) |
| Non-operating income : |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income | 399461 | 186828 | 137020 |
| &nbsp;&nbsp;&nbsp;Interest expense | (25066) | (43543) | (31935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-operating income, net | 374395 | 143285 | 105085 |
| Loss before income taxes | (1667823) | (2359844) | (1730712) |
| &nbsp;&nbsp;&nbsp;Income tax expense | - | - | - |
| **Net loss** | **(1667823)** | **(2359844)** | **(1730712)** |
| **Weighted average number of outstanding ordinary shares\*** |  |  |  |
| Basic and diluted | 19912375 | 23540241 | 23540241 |
| **Net loss per share attributable to ordinary shareholders** |  |  |  |
| Basic and diluted | (0.08) | (0.10) | (0.07) |

---

\* Give retroactive effect to reflect the reorganization on November 2024. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares (Class A and Class B)** | **Ordinary shares (Class A and Class B)** | **Ordinary shares (Class A and Class B)** | **Ordinary shares (Class A and Class B)** | **Ordinary shares (Class A and Class B)** | **Ordinary shares (Class A and Class B)** |
|  | **Shares<br> Outstanding** | **Par<br> value** | **Additional<br> paid-in<br> capital** | **Subscription<br> Receivables** | **Accumulated<br> deficit** | **Total<br> shareholders' (deficit) /<br> equity** |
| **Balance as of April 30, 2023** | 19912375 | 2654 | 1650415 | 0 | (4670222) | (3017153) |
| Net loss |  |  |  |  | (2359844) | (2359844) |
| Proceeds from Investors | 5686501 | 837 | 8333615 | (37251) |  | 8297201 |
| **Balance as of April 30, 2024** | 25598876 | 3491 | 9984030 | (37251) | (7030066) | 2920204 |
|  |  | **US$** | **US$** | **US$** | **US$** | **US$** |
| **Balance as of April 30, 2024** | 25598876 | 2560 | 7322288 | (27320) | (5155849) | 2141679 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> CONSOLIDATED STATEMENTS OF CASH FLOWS**

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| | | | |
|:---|:---|:---|:---|
|  | **For the years ended April 30,** | **For the years ended April 30,** | **For the years ended April 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
| Net loss | (1667823) | (2359844) | (1730712) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Gain on disposal of property and equipment | (14776) |  |  |
| &nbsp;&nbsp;&nbsp;Fixed assets written off | 1476 | 16929 | 12416 |
| &nbsp;&nbsp;&nbsp;Depreciation | 195641 | 176713 | 129601 |
| &nbsp;&nbsp;&nbsp;Operating lease expenses | 94576 | 136781 | 100316 |
| Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Account receivables | (458952) | 135614 | 99459 |
| &nbsp;&nbsp;&nbsp;Contract assets | (18827) | 18827 | 13808 |
| &nbsp;&nbsp;&nbsp;Other current assets | (73373) | 71491 | 52432 |
| &nbsp;&nbsp;&nbsp;Inventories | 116530 | (36061) | (26447) |
| &nbsp;&nbsp;&nbsp;Account payables | (33491) | 202814 | 148744 |
| &nbsp;&nbsp;&nbsp;Accruals and other payables | 157338 | 198001 | 145214 |
| &nbsp;&nbsp;&nbsp;Contract liabilities | 7729 | (33951) | (24900) |
| &nbsp;&nbsp;&nbsp;Operating lease obligations | (94576) | (136781) | (100316) |
| &nbsp;&nbsp;&nbsp;Net cash used in operating activities | (1788528) | (1609467) | (1180385) |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of equipment | (217636) | (121318) | (88975) |
| &nbsp;&nbsp;&nbsp;Loan to third party | - | (1530982) | (1122822) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of equipment | 29748 | - | - |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | (187888) | (1652300) | (1211797) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from bank loans | 770000 |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of bank loans | (52083) | (143483) | (105230) |
| &nbsp;&nbsp;&nbsp;Proceeds from subscription | 180000 | 8117201 | 5953155 |
| &nbsp;&nbsp;&nbsp;Proceeds from major shareholder | 1012000 | 636127 | 466536 |
| &nbsp;&nbsp;&nbsp;Repayment to major shareholder |  | (2865374) | (2101465) |
| &nbsp;&nbsp;&nbsp;Deferred offering cost | - | (224694) | (164790) |
| &nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 1909917 | 5519777 | 4048206 |
| &nbsp;&nbsp;&nbsp;Net change in cash and cash equivalents | (66499) | 2258010 | 1656024 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents - beginning of year | 120596 | 54097 | 39675 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents - end of year | 54097 | 2312107 | 1695699 |
| &nbsp;&nbsp;&nbsp;SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | 25066 | 43543 | 31935 |
| &nbsp;&nbsp;&nbsp;New shares issued with consideration receivable | - | 37251 | 27320 |

---

The accompanying notes form an integral part of these consolidated financial statements.

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| **1** | **Organization and business overview** |

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Phaos Technology Holdings (Cayman) Limited or the Company is an investment holding company incorporated on March 7, 2024 under the laws of the Cayman Islands. The Company, through its subsidiaries provides research and development, as well as the manufacturing and commercialization of advanced optical related technologies and products. Using its patented microsphere technology, the Company can significantly increase the magnification of existing traditional optical microscope by up to 4 times compared to its competitors, thereby allowing the Company's client to see beyond the optical limit of 200nm in a cost effective manner. Currently, it is the only commercially available advanced optical microscope that can see below the 200nm optical limit with a commercially viable working distance.

In addition to selling optical and microscopy equipment, the Company develops software solution that is complimentary to the hardware equipment in order to provide partners and clients with a fully integrated hardware and software microscopy solution. The software is augmented by algorithms around Artificial Intelligence to allow for use cases in pathology and metrology, whereby partners and clients can use the software to further analyze what they see through the hardware equipment.

The Company and its subsidiaries are collectively referred to as the "Company". The Company is headquartered in Singapore.

On November 29, 2024, the Company proceeded with an internal reorganization whereby PTPL became our indirect wholly-owned subsidiary through a share swap. Subject to completion of the restructuring, both the ordinary and preferential shares of PTPL were swapped on a 1:125 basis to Phaos Technology Holdings (BVI) Limited. Subsequently, the shares of Phaos Technology Holdings (BVI) Limited were swapped 1:1 to Phaos Technology (Cayman) Limited, where the holders of the ordinary shares of PTPL eventually being swapped to Class A Ordinary Shares, and the holders of preferential shares of PTPL being swapped to Class B Ordinary Shares.

The Reorganization has been accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period eliminating the effects of intra-entity transactions.

The consolidated financial statements of the Company include the following entities:

![](fin_001.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Date of incorporation** | **Percentage of direct or indirect interests** | **Place of incorporation** | **Principal activities** |
| Phaos Technology Holdings (Cayman) Limited | March 7, 2024 | Parent Company | Cayman Island | Investment holding |
| Phaos Technology Holdings (BVI) Limited | March 7, 2024 | Parent Company | British Virgin Islands | Investment holding |
| Phaos Technology Pte. Ltd. | August 28, 2017 | 100% | Singapore | Research and development and commercialization of advanced microscopy-related solutions, technologies and products. |

---

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| | |
|:---|:---|
| **2** | **Summary of significant accounting policies** |

---

*Basis of presentation*

This summary of significant accounting policies is presented to assist in understanding the Company's consolidated financial statements and have been consistently applied in the preparation of the financial statements. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC").

*Consolidation*

The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries. Significant inter-company balances, investment and capital, if any, have been eliminated upon consolidation.

*Use of estimates* 

The preparation of consolidated financial statements in conformity with US GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company's consolidated financial statements include, but are not limited to the useful lives and impairment of long-lived assets, and collectability of accounts receivable and other current assets. Actual results may differ from these estimates.

*Cash and cash equivalents* 

Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use.

*Accounts receivable, net*

Accounts receivable mainly represent amounts due from customers that meet the revenue recognition criteria. These accounts receivables are recorded net of any allowance for credit losses and specific customer credit allowances. The Company maintains an allowance for estimated credit losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the Company's customers' financial condition, the receivable amount in dispute, and the current receivables aging and current payment patterns, over the contractual life of the receivable. The Company writes off the receivable when it is determined to be uncollectible.

*Other current assets* 

Other current assets primarily consists of deposits, prepayments made to vendors or services providers for future services that have not been provided, and other receivables from third parties. These advances are reviewed periodically to determine whether their carrying value has become impaired. As of April 30, 2023 and 2024, management believes that the Company's other current assets are not impaired.

*Inventories*

Inventories are measured at the lower of cost or net realizable value. The cost of inventories is based on the first-in, first-out principle. Due to the minimal amount of inventory, the Company does not operate a batch program that aggregates the number of units of similar inventory.

The cost of inventories include expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. General and administrative costs are not charged to inventory as they are not considered direct costs towards production.

The company does not mortgage, pledge or subject any inventory to lien. Inventories by the Company is not collateralized in any form.

*Deferred offering costs*

Pursuant to ASC 340-10-S99-1, offering costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. These costs include legal fees related to the registration drafting and counsel, consulting fees related to the registration preparation, the SEC filing and print related costs. As of April 30, 2024, the Company had not concluded its IPO hence professional fees are recorded as deferred offering costs. As of April 30, 2024, the accumulated deferred offering cost was S$224,694 (US$164,791).

*Property and equipment, net* 

Property and equipment are stated at cost less accumulated depreciation and impairment if applicable. The Company computes depreciation using the straight-line method over the estimated useful lives of the assets as follows:

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| | |
|:---|:---|
| **Property and equipment** | **lesser of lease term or expected useful life** |
| Computers | 3 years |
| Furniture and fittings | 5 years |
| Office and production equipment | 3 to 5 years |
| Renovation | 3 years |

---

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statement of income. Expenditures for maintenance and repairs are charged to expense as incurred, while additions renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

*Impairment of long-lived assets* 

The Company evaluates the recoverability of its long-lived assets (asset groups), including property and equipment and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not be fully recoverable. When these events occur, the Company measures impairment by comparing the carrying amount of the assets to the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset (asset group), the Company recognizes an impairment loss based on the excess of the carrying amount of the asset (asset group) over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily available. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset's remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For the years ended April 30, 2023 and 2024, no impairment of long-lived assets was observed and recognized.

*Fair value measurements*

ASC 820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in pricing the asset or liability. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

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| |
|:---|
| Level 1 – observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. |
| Level 2 – other inputs that are directly or indirectly observable in the marketplace. |
| Level 3 – unobservable inputs which are supported by little or no market activity. |

---

The carrying amounts of cash and cash equivalents, accounts receivable, other current assets, inventories and liabilities, accounts payable, and accruals and other payables approximate their fair values because of their generally short maturities.

*Revenue recognition* 

The Company follows the revenue requirements of Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("Accounting Standards Codification ("ASC") 606"). The core principle underlying the revenue recognition of this ASC allows the Company to recognize revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expect to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer.

To achieve that core principle, the Company applies five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

Revenues are generally recognized upon the transfer of control via acceptance of promised products provided to our customers, reflecting the amount of consideration we expect to receive for those products or services.

*Adjustments to comparative figures – correction of errors*

For the year ended April 30, 2024, the Company has identified a misstatement in the classification of a loan to 3<sup>rd</sup> party which was booked under "Cash Flows from Operating Activities" to the amount of S$1,539,982 (approximately US$1,122,822). This was adjusted to "Cash Flows from Investing Activities" for the year ended April 30, 2024.

There is no impact on net cash flow, total assets, opening cash balances and ending cash balances from this adjustment.

**The Company generates revenue from the following streams:**

Sales of microscopes and parts

The Company sells microscopes and parts. Revenue is recognized when the goods are delivered to the customer and all criteria for acceptance have been satisfied. The goods are often sold with a right of return.

The amount of revenue recognized is based on the transaction price, which comprises the contractual price. Based on the Company's experience with similar types of contracts, variable consideration is typically constrained and is included in the transaction only to the extent that it is a highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

The Company has elected to apply the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred where the amortization period of the asset that would otherwise be recognized is one year or less.

*Contract Assets and contract liabilities*

The contract assets primarily relate to the Company's rights to bill for work completed but not billed at the reporting date. The contract assets are transferred to receivables until the subsequent billing phase. The contract liabilities primarily relate to advance billing to customers based on the contract, for which project task has been yet completed.

*Segments*

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major clients in financial statements for detailing the Company's business segments. Based on the criteria established by ASC 280, the Company's chief operating decision maker ("CODM") has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. As a whole and hence, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting.

*Concentrations and credit risk*

The Company maintains cash with banks in Singapore ("SGN"). Should any bank holding cash become insolvent, or if the Company is otherwise unable to withdraw funds, the Company would lose the cash with that bank; however, the Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. In Singapore, a depositor has up to S$100,000 insured by Singapore Deposit Insurance Corporation ("SDIC").

Financial instruments that potentially expose the Company to the concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company has designed their credit policies with an objective to minimize their exposure to credit risk. The Company's accounts receivable are short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does not require collateral or other security. The Company periodically evaluates the creditworthiness of the existing clients in determining the allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

As of April 30, 2023 and 2024, the Company's assets were located in Singapore and the Company's revenue was derived from the operation in Singapore.

For the financial years ended April 30, 2023 and 2024, top 5 customers accounted for 86% and 91% of total revenue, respectively. The top 5 suppliers accounted for 91% and 87% of our total cost of goods sold, respectively.

For the financial year ended April 30, 2023, customer A, customer B, customer C and customer D accounted for 42%, 15%, 11% and 9% of the Company's total revenue and 60% customer A, 24% customer B and 12% customer D of the total accounts receivable as of April 30, 2023; whereas customer C has no outstanding as of April 30, 2023. For the financial year ended April 30, 2024, customer A, customer B, customer C and customer D accounted for 73%, 6%, 5% and 4% of the Company's total revenue and 45% customer A of the total accounts receivable as of April 30, 2024; whereas customers B, C and D have no outstanding as of April 30, 2024.

For the financial year ended April 30, 2023, vendor A, vendor B, vendor C and vendor D accounted for 54%, 25%, 6% and 3% of the Company's total purchases and 55% vendor C of the total accounts payable as of April 30, 2023; whereas vendors A, B and D have no outstanding as of April 30, 2023. For the financial year ended April 30, 2024, vendor A, vendor B, vendor C and vendor D accounted for 39%, 30%, 13% and 3% of the Company's total purchases and 57% vendor B and 41% vendor C of the total accounts payable as of April 30, 2024; whereas vendors A and D have no outstanding as of April 30, 2024..

*Government grants*

Government grants are recognized when there is reasonable assurance that the grant will be received, and all attaching conditions will be complied with. Government grant is recognized as 'Other income' in profit or loss.

*Commitments and contingencies*

In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.

*Employee benefits*

Employee benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset.

&nbsp;&nbsp;&nbsp;&nbsp;*i)* Defined
 contribution plans

Defined contribution plans are post-employment benefit plans under which the Company pays fixed contributions into separate entities such as the Central Provident Fund on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed.

*ii)* Short-term compensated absences

Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date.

*Related parties*

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence of the same party, such as a family member or relative, shareholder, or a related corporation.

The Company follows ASC 850 Related Party Disclosures for the identification of related parties and disclosure of related party transactions.

*Foreign currency and foreign currency translation* 

The accompanying consolidated financial statements are presented in Singapore Dollars ("S$"), which is the reporting currency of the Company. The functional currency of the Company and its subsidiary in the British Virgin Island is United States Dollar ("US$").

*Convenience translation*

Translations of the consolidated balance sheet, consolidated statement of income and consolidated statement of cash flows from S$ into US$ as of and for the year ended April 30, 2024 are solely for the convenience of the reader and were calculated at the rate of US$0.7334 = S$1 as set forth in the statistical release of the Federal Reserve System on April 30, 2024. No representation is made that the SGD amounts could have been, or could be, converted, realized or settled into US$ at that rate on April 30, 2024, or at any other rate.

*Income taxes*

The Company accounts for income taxes under FASB ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are also provided for net operating loss carry forward that can be utilized to offset future taxable income.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. A valuation allowance is established, when necessary, to reduce net deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

The provisions of FASB ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.

The Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes for the years ended April 30, 2023 and 2024. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

*Leases*

The Company adopted ASC 842 on January 1, 2019. The Company is a lessee of non-cancellable operating leases for its corporate office premises. The Company determines if an arrangement is a lease at inception. Lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company's incremental borrowing rate based on the information available at the lease commencement date. The Company generally uses the base, non-cancellable lease term in calculating the right-of-use assets and liabilities.

The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term.

The Company evaluates the impairment of its right-of-use assets consistent with the approach applied for its other long-lived assets. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of finance and operating lease liabilities in any tested asset group and include the associated lease payments in the undiscounted future pre-tax cash flows. For the years ended April 30, 2023 and 2024, the Company did not have any impairment loss against its operating lease right-of-use assets.

The Company's operating lease liabilities and right-of-use assets are disclosed in Note 8.

*Net (loss) per share*

Basic earnings (loss) per share is computed by dividing net earnings (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if outstanding stock options, warrants and convertible debt were exercised or converted into ordinary shares. When the Company incurs a loss, diluted shares are not included, as their inclusion would have an anti-dilutive effect. The Company did not have any dilutive securities or debt for each of the years ended April 30, 2023 and 2024.

*Recent Accounting Pronouncements* 

The Company is an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company made the election to delay the adoption of new or revised accounting standards.

In July 2023, the FASB issued ASU Update No. 2023-03, Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (505), and Compensation—Stock Compensation (Topic 718). This guidance amends, and addresses several topics pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. The effect of the amendments was not material to the Company's consolidated financial statements.

In October 2023, the FASB issued ASU Update No. 2023-06 to incorporate into the Codification 14 of the 27 disclosures referred by the SEC in its Release No. 33-10532. This guidance amends 12 Codification Subtopics, to which the Company has identified several to further analyze the effect of the amendments to the Company's consolidated financial statements. These amendments are to 1) 250-10 Accounting Changes and Error Corrections and 2) 270-10 Interim Reporting – Overall. The effect of the amendments was not material to the Company's consolidated financial statements.

Except as mentioned above, the Group does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's consolidated balance sheets, statements of operations and cash flows.

---

| | |
|:---|:---|
| **3** | **Account receivable, net** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** | **As of April 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Accounts receivable | 569235 | 436196 | 319906 |
| Less: allowance for credit losses | (21032) | (23607) | (17313) |
| Total accounts receivable | 548203 | 412589 | 302593 |

---

Movement of allowance for credit losses are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** | **As of April 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Allowance for credit losses, beginning balance | 48073 | 21032 | 15424 |
| Addition |  | 2575 | 1889 |
| Write off | (27041) | - | - |
| Allowance for credit losses, ending balance | 21032 | 23607 | 17313 |

---

---

| | |
|:---|:---|
| **4** | **Other current assets** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** | **As of April 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Deposit | 48274 | 43250 | 31720 |
| Prepayment | 68330 | 20898 | 15327 |
| Other current assets | 20043 | 1008 | 739 |
|  | 136647 | 65156 | 47786 |

---

---

| | |
|:---|:---|
| **5** | **Loan to third parties** |

---

---

| | | |
|:---|:---|:---|
| **As of April 30,** | **As of April 30,** | **As of April 30,** |
| **2023** | **2024** | **2024** |
| **S$** | **S$** | **US$** |
|  | 1530982 | 1122822 |

---

On 19<sup>th</sup> January 2024, the Company provided a loan to PT Neura Integrasi Solusi, a technology company providing pathology related software solutions. The loan bears an interest at a rate of 1% per annum, with a maturity date of 36 months and is due on demand. The purpose of the loan was to provide working capital for our Indonesian partner in the expansion of our business. The carrying amount of the loan as of April 30, 2024 is S$1,530,982 (US$1,122,822). The borrower of the loan, PT Neura Integrasi Solusi is neither affiliated with the Company nor the shareholders of the Company.

---

| | |
|:---|:---|
| **6** | **Property and equipment, net** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** | **As of April 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Production equipment | 527691 | 571691 | 419278 |
| Computer and software | 55070 | 68674 | 50366 |
| Furniture and Fittings | 2533 | 4046 | 2967 |
| Office Equipment | 6688 | 6688 | 4905 |
| Renovation | 111633 | 111633 | 81872 |
| Total | 703615 | 762732 | 559388 |
| Less: accumulated depreciation | (397982) | (529423) | (388279) |
| Net book value | 305633 | 233309 | 171109 |

---

Depreciation expense for the years ended April 30, 2023 and 2024 was S$195,641 and S$176,713 (US$129,601), respectively.

---

| | |
|:---|:---|
| **7** | **Inventories** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** | **As of April 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Parts | 14477 | 23978 | 17585 |
| Partial finished goods |  | 82527 | 60525 |
| Finished goods | 137046 | 81079 | 59464 |
|  | 151523 | 187584 | 137574 |

---

---

| | |
|:---|:---|
| **8** | **Leases** |

---

The Company determines if a contract contains a lease at inception. US GAAP requires that the Company's leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty.

The Company has three office premises operating lease agreements with lease terms ranging from two to three years, respectively. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU 2016-02, no right-of-use ("ROU") assets nor lease liability was recorded for the lease with a lease term of one year.

As of April 30, 2024, the Company had the following non-cancellable operating lease contracts:

---

| | |
|:---|:---|
| **Description of lease** | **Lease term** |
| Office premises | 2 to 3 years |

---

---

| | |
|:---|:---|
| **8** | **Leases (cont'd)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 recognized in the consolidated balance sheets:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** | **As of April 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Right-of-use assets | 167436 | 218146 | 159988 |
| Operating lease liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | 90315 | 132786 | 97385 |
| &nbsp;&nbsp;&nbsp;Non-current | 77121 | 85360 | 62603 |
|  | 167436 | 218146 | 159988 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 summary of lease cost recognized in the Group's consolidated statements of operations is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Operating lease expense | 102136 | 136781 | 100316 |

---

<u>Lease Commitment</u>

Future minimum lease payments under non-cancellable operating lease agreements as of April 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Minimum lease payment** | **Minimum lease payment** |
|  | **S$** | **US$** |
| **Twelve months ending April 30,** | | |
| 2025 | 140561 | 103088 |
| 2026 | 86848 | 63694 |
| Total future minimum lease payments | 227409 | 166782 |
| Less imputed interest | (9263) | (6794) |
| Present value of operating lease liabilities | 218146 | 159988 |
| Less: current portion | (132786) | (97385) |
| Long-term portion | 85360 | 62603 |

---

The following summarizes other supplemental information about the Company's lease as of April 30:

---

| | | |
|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** |
|  | **2023** | **2024** |
| Weighted average discount rate | 5.25% | 5% |
| Weighted average remaining lease term | 15 months | 20 months |

---

---

| | |
|:---|:---|
| **9** | **Bank loans** |

---

On August 11, 2022, the Company has acquired a 5-year S$270,000 temporary bridging loan which expires in July 2027. The bank loan which carries interest of 4.75% per annum is secured by joint and several guarantee by Andrew Yeo Eng Sian (Chief Executive Officer) and Beh Hook Seng (Executive Chairman). As of April 30, 2023 and 2024, the carrying amount of the bank loan was S$242,640 and S$187,017 (US$137,158), respectively.

On November 1, 2022, the Company has acquired another 5-year S$500,000 secured fixed rate bank loan which expires in November 2027. The bank loan which carries interest of 7.75% per annum is secured by joint and several guarantee by Beh Hook Seng, Andrew Teo Eng Sian, Wong Teck Far and Chua Jun Hao, David. As of April 30, 2023 and 2024, the carrying amount of the bank loan was S$475,277 and S$387,417 (US$284,132), respectively.

Interest expenses for the years ended April 30, 2023 and 2024 are S$25,066 and S$43,543 (US$31,935), respectively.

The maturities schedule is as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Amount** |
|  | **S$** | **US$** |
| **Year ending April 30,** | | |
| 2025 | 440455 | 323030 |
| 2026 | 55613 | 40786 |
| 2027 | 58313 | 42767 |
| 2028 | 20053 | 14707 |
| Total | 574434 | 421290 |
| Less: current portion | (440455) | (323030) |
| Long-term portion | 133979 | 98260 |

---

---

| | |
|:---|:---|
| **10** | **Accruals and other current liabilities** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** | **As of April 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Accruals | 95173 | 71023 | 52088 |
| Goods and Services Tax payables | 6018 | 26161 | 19186 |
| Provision for reinstatement | 32000 | 32000 | 23469 |
| Other payables |  | 61444 | 45063 |
| Non-trade creditors | 147881 | 254494 | 186646 |
| Total | 281072 | 445122 | 326452 |

---

---

| | |
|:---|:---|
| **11** | **Equity** |

---

*Ordinary and Preference shares*

The Company was incorporated under the laws of the Cayman Islands on March 7, 2024. The original authorized share capital of the Company was US$100,000 divided into 950,000,000 Class A Ordinary Shares and 50,000,000 Class B Ordinary Shares, par value US$0.0001 per share. Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting rights. Each holder of our Class A Ordinary Share is entitled to one (1) vote per share. Each holder of our Class B Ordinary Share is entitled to twenty (20) votes per share.

The Company issued 19,912,375 Class A and Class B Ordinary Shares as of April 30, 2023 and 25,598,876 Class A and Class B Ordinary Shares as of April 30, 2024.

Post restructuring, for April 30, 2024, the Company had received a total of S$8,297,201 (US$6,085,167) in share application monies, and S$37,251 (US$27,320) in monies to be received from investors, in relation to the planned issuance of 5,686,501 shares at an average issue price of S$1.46 per share. We discovered an error whereby we previously reported S$180,000 as "Amount due to Investors". In accordance with Staff Accounting Bulletin ("SAB") 99, *Materiality* we evaluated the materiality of the error from quantitative and qualitative perspectives, and concluded that the error was immaterial to the Balance Sheet as of April 30 2023. We have corrected this error through an adjustment from "Amount due to Investor" to "Subscribed, to be issued" for the period ending April 30, 2024. This reduces Balance Sheet amount for Liabilities through a decrease in "Amount due to Investors" and an increase in the Equity section of the Balance Sheet through an increase in "Subscribed, to be issued".

The Company has completed the restructuring process on 29 November 2024.

---

| | |
|:---|:---|
| **12** | **Related party transactions and balances** |

---

The table below sets forth the major related parties and their relationships with the Company as of April 30, 2023 and 2024:

---

| | |
|:---|:---|
| **Name of related parties** | **Relationship with the Company** |
| Tonghuai SG Enterprise Pte. Ltd. | Major shareholder |
| Singlight Technology Holdings Pte. Ltd. | Shareholder of the Company |

---

<u>Amount due to major shareholder</u>

The Company received advances from major shareholder, Tonghuai SG Enterprise Pte. Ltd. for business working purposes. The payable balance due to Tonghuai SG Enterprise Pte. Ltd. was S$2,962,000 and S$732,753 (US$537,401) as of April 30, 2023 and 2024. Such balance is interest free, unsecured, and due on demand without an agreement. Due to the due in demand nature of the advance, we reclassified the "Amount due to major shareholder" from non-current liabilities to current liabilities. In accordance with Staff Accounting Bulletin ("SAB") 99, *Materiality,* we evaluated the materiality of the error from qualitative and quantitative perspectives, and concluded that the error was immaterial to the Balance Sheet as of 30<sup>th</sup> April 2023 and 30<sup>th</sup> April 2024. We have corrected this error by making an adjustment for both periods ending 30<sup>th</sup> April 2023 and 3th April 2024, reducing Balance Sheet amounts for "Non-current liabilities" and increasing the Balance Sheet amounts for "Current liabilities".

---

| | |
|:---|:---|
| **13** | **Income taxes** |

---

*<u>Caymans and BVIs</u>*

The Company and its subsidiaries are domiciled in the Cayman Island and British Virgin Islands. The locality currently enjoys permanent income tax holidays; accordingly, the Company does not accrue for income taxes.

*<u>Singapore</u>*

Phaos Technology Pte. Ltd. is incorporated in Singapore and are subject to Singapore Corporate Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.

---

| | |
|:---|:---|
| **13** | **Income taxes (cont'd)** |

---

A reconciliation between of the statutory tax rate to the effective tax rate are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Loss before tax | (1667823) | (2359844) | (1730712) |
| Singapore income tax rate | (17.0)% | (17.0)% | (17.0)% |
| Reconciling items: |  |  |  |
| Non-deductible expenses | 2.1% | 1.4% | 1.4% |
| Income not subject to tax |  |  |  |
| Singapore Statutory stepped income exemption (Deductions under Section 14) |  |  |  |
| Deferred tax assets on temporary differences not recognized | 14.9% | 15.6% | 15.6% |
| Effective tax rate | - | - | - |

---

<u>Deferred tax</u>

Significant components of deferred tax were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Net operating loss carried forward | 4373226 | 6537161 | 4794354 |
| Deferred tax assets, gross | 743448 | 1111317 | 815040 |
| Valuation allowance | (743448) | (1111317) | (815040) |
| Deferred tax assets, net of valuation allowance | - | - | - |

---

Deferred tax assets are recognized in the consolidated financial statements only to the extent that it is probable that future taxable profits will be available against which the Company can utilize the benefits. The use of these tax losses is subject to the agreement of the tax authorities and compliance with certain provisions of the tax legislations of the respective countries in which the group companies operate.

The deferred tax assets not recognized as of April 30, 2023 and 2024 was S$743,448 and S$1,111,317 (US$815,040) respectively. The deferred tax assets not recognized was primarily related to the Company's net loss (tax losses) carry forwards, in the judgment of management, are not more likely than not to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that all or some portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Tax losses on Net Operating Losses can be carried forward indefinitely unless there's a major change in shareholding.

---

| | |
|:---|:---|
| **14** | **Other operating expenses** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Consumable expenses |  | 86532 | 63463 |
| Marketing expenses | 77465 | 87008 | 63812 |
| Professional fees | 124568 | 691464 | 507119 |
| Travelling expenses | 60444 | 136651 | 100220 |
| Other expenses | 245950 | 143147 | 104984 |
|  | 508427 | 1144802 | 839598 |

---

---

| | |
|:---|:---|
| **15** | **Other income** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Interest income | 2 | 2 | 1 |
| Government grants | 361842 | 116542 | 85473 |
| Gain on disposal of property and equipment | 14776 |  |  |
| Other | 22841 | 70284 | 51546 |
|  | 399461 | 186828 | 137020 |

---

---

| | |
|:---|:---|
| **16** | **Loss per share** |

---

Basic loss per share is the amount of losses available to each share of common stock outstanding during the reporting period. Diluted loss per share is the amount of losses available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares.

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Numerator: |  |  |  |
| Net loss available to common stockholders | (1667823) | (2359844) | (1730712) |
| Denominator: |  |  |  |
| Weighted average common Class A and Class B shares outstanding – basic and diluted | 19912375 | 23540241 | 23540241 |
| Loss per common share: |  |  |  |
| Basic and diluted | (0.08) | (0.10) | (0.07) |

---

---

| | |
|:---|:---|
| **17** | **Commitment and Contingencies** |

---

For the details on future minimum lease payment under the non-cancellable operating leases as of April 30, 2024, please refer to Note 8 set forth in the Notes to the Consolidated Financial Statements.

As of April 30, 2023 and 2024, the Company did not have any capital commitments and contingencies.

---

| | |
|:---|:---|
| **18** | **Subsequent events** |

---

The Company has assessed all subsequent events through the date that the consolidated financial statements were issued and other than the following, there are no further material subsequent events that require disclosure in these consolidated financial statements.

On November 29, 2024, the Company completed an internal reorganization whereby PTPL became our indirect wholly-owned subsidiary through a share swap. Both the ordinary and preferential shares of PTPL were swapped on a 1:125 basis to Phaos Technology Holdings (BVI) Limited. Subsequently, the shares of Phaos Technology Holdings (BVI) Limited were swapped 1:1 to Phaos Technology (Cayman) Limited, where the holders of the ordinary shares of PTPL eventually being swapped to Class A Ordinary Shares, and the holders of preferential shares of PTPL being swapped to Class B Ordinary Shares. On the same date, an additional share of 128,215 Class A Ordinary Shares are issued to a new investor.

**2,700,000** **CLASS A ORDINARY SHARES**

**and** 

**900,090**

**Class A Ordinary Shares offered by the Selling Shareholders**

**Phaos Technology Holdings (Cayman) Limited**

PRELIMINARY PROSPECTUS

[ ], 2025

![](formdrs_002.jpg)

**Network 1 Financial Securities Inc.**

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 6. Indemnification of Directors and Officers.**

Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and Directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.

Our Articles of Association provide that, to the extent permitted by law, we shall indemnify each existing or former secretary, director (including alternate director), and any of our other officers (including an investment adviser or an administrator or liquidator) and their personal representatives against:

(a) all actions, proceedings, costs, charges, expenses, losses, damages, or liabilities incurred or sustained by the existing or former director (including alternate director), secretary, or officer in or about the conduct of our business or affairs or in the execution or discharge of the existing or former director (including alternate director)'s, secretary's, or officer's duties, powers, authorities or discretions; and

(b) without limitation to paragraph (a) above, all costs, expenses, losses, or liabilities incurred by the existing or former director (including alternate director), secretary, or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former director (including alternate director), secretary, or officer, however, shall be indemnified in respect of any matter arising out of his own actual fraud, willful default, or willful neglect.

To the extent permitted by the Companies Act, we may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary, or any of our officers in respect of any matter identified in above on condition that the director (including alternate director), secretary, or officer must repay the amount paid by us to the extent that we are ultimately found not liable to indemnify the director (including alternate director), secretary or that officer for those legal costs.

The underwriting agreement, the form of which will be filed as Exhibit 1.1 to this registration statement, provides for indemnification by the underwriter of us and our officers and Directors for certain liabilities, including liabilities arising under the Securities Act, but only to the extent that such liabilities are caused by information relating to the underwriter furnished to us in writing expressly for use in this registration statement and certain other disclosure documents.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to Directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7. Recent Sales of Unregistered Securities**

*Founding Transactions*

The Company was incorporated in the Cayman Islands with limited liability on March 7, 2024. On March 7, 2024, the Company issued 1 fully-paid Class B Ordinary Share of par value US$0.0001 each to Ogier Global Subscriber (Cayman) Limited which was transferred to Beh Hook Seng on the same day.

*Selling Shareholder* Transactions

 

As part of the internal reorganization of the Company, on November 29, 2024, the Company issued 1,000,000 Class A Ordinary Shares to Chua Jun Hao, David, 587,625 Class A Ordinary Shares to Chua Kheng Choon, 298,625 Class A Ordinary Shares to ICHAM Master Fund VCC, 1,088,250 Class A Ordinary Shares to Liew Ah Choy and 587,625 Class A Ordinary Shares to Tan Chiew Hiah. Chua Jun Hao, David, Chua Kheng Choon and Tan Chiew Hiah acquired their shares at a par from TongHuai SG Enterprise Pte. Ltd for various services rendered to the Company. ICHAM Master Fund VCC acquired shares through an investment of US$643,000 into the Company, and Liew Ah Choy acquired his shares through and investment of S$100,000 into the Company.

None of the offerees is a U.S. person. These transactions were not registered under the Securities Act in reliance on an exemption from registration set forth in Regulation S thereof.

**Item 8. Exhibits and Financial Statement Schedules**

**(a) Exhibits**

See Exhibit Index beginning on page II-4 of this registration statement.

The agreements included as exhibits to this registration statement contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i) were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) may have been qualified in such agreement by disclosure that was made to the other party in connection with the negotiation of the applicable agreement; (iii) may apply contract standards of "materiality" that are different from "materiality" under the applicable securities laws; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement.

We acknowledge that, notwithstanding the inclusion of the foregoing cautionary statements, we are responsible for considering whether additional specific disclosure of material information regarding material contractual provisions is required to make the statements in this registration statement not misleading.

**(b) Financial Statement Schedules**

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the Consolidated Financial Statements or the Notes thereto.

**Item 9. Undertakings**

The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

The undersigned registrant hereby undertakes:

1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;(i) To
 include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 reflect in the prospectus any facts or events arising after the effective date of the registration
 statement (or the most recent post-effective amendment thereof) which, individually or in
 the aggregate, represent a fundamental change in the information set forth in the registration
 statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
 offered (if the total dollar value of securities offered would not exceed that which was
 registered) and any deviation from the low or high end of the estimated maximum offering
 range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
 424(b) (§230.424(b) of this chapter) if, in the aggregate, the changes in volume and
 price represent no more than 20% change in the maximum aggregate offering price set forth
 in the "Calculation of Registration Fee" table in the effective registration
 statement.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) To
 include any material information with respect to the plan of distribution not previously
 disclosed in the registration statement or any material change to such information in the
 registration statement.

2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

4) To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

5) That, for the purpose of determining any liability under the Securities Act of 1933 to any purchaser, each prospectus filed by the Registrant pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use;

6) That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities:

The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the placement method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 preliminary prospectus or prospectus of the undersigned registrant relating to the offering
 required to be filed pursuant to Rule 424.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 free writing prospectus relating to the offering prepared by or on behalf of the undersigned
 registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 portion of any other free writing prospectus relating to the offering containing material
 information about the undersigned registrant or its securities provided by or on behalf of
 the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any
 other communication that is an offer in the offering made by the undersigned registrant to
 the purchaser.

7) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to Directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a Director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such Director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

8) That, for purposes of determining any liability under the Securities Act of 1933, (i) the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and (ii) each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of document** |
| 1.1\*\* | Form of Underwriting Agreement |
| 3.1\* | [Memorandum of Association and Articles of Association of the Registrant](https://www.sec.gov/Archives/edgar/data/2024258/000164117225009470/ex3-1.htm) |
| 3.2 | [Amended and Restated Memorandum of Association of the Registrant](ex3-2.htm) |
| 3.3 | [Second Amended Memorandum of Association of the Registrant](ex3-3.htm) |
| 4.1\*\* | Form of Underwriter's Warrant |
| 5.1\*\* | Opinion of Ogier regarding the validity of securities being registered |
| 5.2\*\* | Opinion of Ortoli Rosenstadt LLP regarding the validity of the underwriter's warrants being registered |
| 10.1\* | [Employment Agreement between the Registrant and Beh Hook Seng](https://www.sec.gov/Archives/edgar/data/2024258/000164117225009470/ex10-1.htm) |
| 10.2\* | [Employment Agreement between the Registrant and Gan Hong Loon](https://www.sec.gov/Archives/edgar/data/2024258/000164117225009470/ex10-2.htm) |
| 10.3\* | [Employment Agreement between the Registrant and Andrew Yeo](https://www.sec.gov/Archives/edgar/data/2024258/000164117225009470/ex10-3.htm) |
| 10.4\* | [Employment Agreement between the Registrant and Tay Beng Boon](https://www.sec.gov/Archives/edgar/data/2024258/000164117225009470/ex10-4.htm) |
| 10.5\* | [Independent Director Offer Letter between the Registrant and Lionel Choong](https://www.sec.gov/Archives/edgar/data/2024258/000164117225009470/ex10-5.htm) |
| 10.6\* | [Independent Director Offer Letter between the Registrant and Wesley Yiu](https://www.sec.gov/Archives/edgar/data/2024258/000164117225009470/ex10-6.htm) |
| 10.7 | [Independent Director Offer Letter between the Registrant and Erik Cheong Wei Kiat](ex10-7.htm) |
| 10.8\* | [Independent Director Offer Letter between the Registrant and Louis, Liu Yi](https://www.sec.gov/Archives/edgar/data/2024258/000164117225009470/ex10-8.htm) |
| 10.9 | [Independent Director Offer Letter between the Registrant and Koh Boon Chiao](ex10-9.htm) |
| 10.10 | [Director Agreement between the Registrant and Beh Hook Seng](ex10-10.htm) |
| 10.11 | [Director Agreement between the Registrant and Gan Hong Loon](ex10-11.htm) |
| 10.12 | [Director Agreement between the Registrant and Andrew Yeo](ex10-12.htm) |
| 10.13 | [Director Agreement between the Registrant and Tay Beng Boon](ex10-13.htm) |
| 10.14\*† | [Sample Loan Agreement between the Company and Tonghuai SG Enterprise Pte. Ltd.](https://www.sec.gov/Archives/edgar/data/2024258/000164117225009470/ex10-14.htm) |
| 10.15\* | [Lease Agreement between the Company and Capitaland Singapore (BP&C) Pte. Ltd. for #04-01A Science Park Drive](https://www.sec.gov/Archives/edgar/data/2024258/000164117225009470/ex10-15.htm) |
| 10.16\* | [Lease Agreement between the Company and Capitaland Singapore (BP&C) Pte. Ltd. for #02-01 and #04-01B Science Park Drive](https://www.sec.gov/Archives/edgar/data/2024258/000164117225009470/ex10-16.htm) |
| 10.17 | [DBS Bank Temporary Bridging Loan for a facility of S$270,000 dated August 11, 2022](ex10-17.htm) |
| 10.18\* | [Maybank Working Capital Loan for a facility of S$509,000 dated November 4, 2022](https://www.sec.gov/Archives/edgar/data/2024258/000164117225009470/ex10-18.htm) |
| 10.19 | [Sample Purchase Order between the Company and PT. Neura Integrasi Solusi dated April 20, 2023](ex10-20.htm) |
| 10.20 | [Sample Purchase Order between the Company and OptoSigma Southeast Asia Pte Ltd dated April 27, 2023](ex10-20.htm) |
| 10.21\* | [Share Swap Agreement between PTPL and the Phaos Technology Holdings (BVI) Limited](https://www.sec.gov/Archives/edgar/data/2024258/000164117225009470/ex10-21.htm) |
| 10.22\* | [Share Swap Agreement between Phaos Technology Holdings (BVI) Limited and the Phaos Technology Holdings (Cayman) Limited](https://www.sec.gov/Archives/edgar/data/2024258/000164117225009470/ex10-22.htm) |
| 10.23†\* | [Loan Agreement between the Company and PT. Neura Integrasi Solusi](https://www.sec.gov/Archives/edgar/data/2024258/000149315225007525/ex10-23.htm) |
| 10.24†\* | [Research and Development Agreement between the Company and MGEN.co.ltd](https://www.sec.gov/Archives/edgar/data/2024258/000149315225007525/ex10-24.htm) |
| 14.1\* | [Code of Ethics of the Registrant](https://www.sec.gov/Archives/edgar/data/2024258/000149315225007525/ex14-1.htm) |
| 14.2\* | [Insider Trading Policy of the Registrant](https://www.sec.gov/Archives/edgar/data/2024258/000149315225007525/ex14-2.htm) |
| 14.3\* | [Executive Compensation Recovery Policy of the Registrant](https://www.sec.gov/Archives/edgar/data/2024258/000149315225007525/ex14-3.htm) |
| 21.1\* | [List of Subsidiaries of the Registrant](https://www.sec.gov/Archives/edgar/data/2024258/000149315225000329/ex21-1.htm) |
| 23.1 | [Consent of Kreit and Chiu CPA LLP](ex23-1.htm) |
| 23.2\*\* | Consent of Ogier (included in Exhibit 5.1) |
| 24.1\*\* | Form of Power of Attorney (included on signature pages) |
| 99.1\* | [Audit Committee Charter](https://www.sec.gov/Archives/edgar/data/2024258/000149315225007525/ex99-1.htm) |
| 99.2\* | [Compensation Committee Charter](https://www.sec.gov/Archives/edgar/data/2024258/000149315225007525/ex99-2.htm) |
| 99.3\* | [Nomination Committee Charter](https://www.sec.gov/Archives/edgar/data/2024258/000149315225007525/ex99-3.htm) |
| 99.4 | [Consent of Lionel Choong as a director nominee](ex99-4.htm) |
| 99.5 | [Consent of Wesley Yiu as a director nominee](ex99-5.htm) |
| 99.6\* | [Consent of Erik Cheong Wei Kiat as a director nominee](https://www.sec.gov/Archives/edgar/data/2024258/000164117225009470/ex99-6.htm) |
| 99.7 | [Consent of Louis, Liu Yi as a director nominee](ex99-7.htm) |
| 99.8\* | [Consent of Koh Boon Chiao as a director nominee](https://www.sec.gov/Archives/edgar/data/2024258/000164117225009470/ex99-8.htm) |
| 99.9 | [Request for Waiver and Representation Under Item 8.A.4 of Form 20-F](ex99-9.htm) |
| 107\* | [Filing Fee Table](https://www.sec.gov/Archives/edgar/data/2024258/000164117225009470/ex107.htm) |

---

\* Filed previously <br> \*\* To be filed by amendment <br> † Portions of this exhibit have been omitted in accordance with Item 601(b)(10)(iv) of Regulation S-K. The Registrant undertakes to furnish a copy of all omitted schedules and exhibits to the SEC upon its request.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Singapore, on July 7, 2025.

---

| | |
|:---|:---|
| By: | */s/ Andrew Yeo* |
| Name: | Andrew Yeo |
| Title: | Executive Director and Chief Executive Officer<br> (Principal Executive Officer) |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Andrew Yeo and Gan Hong Loon, each acting singly as an attorney-in-fact with full power of substitution, for him or her in any and all capacities, to do any and all acts and all things and to execute any and all instruments which said attorney and agent may deem necessary or desirable to enable the registrant to comply with the Securities Act of 1933, as amended (the "Securities Act"), and any rules, regulations and requirements of the U.S. Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of ordinary shares of the registrant (the "Shares"), including, without limitation, the power and authority to sign the name of each of the undersigned in the capacities indicated below to the Registration Statement on Form F-1 (the "Registration Statement") to be filed with the U.S. Securities and Exchange Commission with respect to such Shares, to any and all amendments or supplements to such Registration Statement, whether such amendments or supplements are filed before or after the effective date of such Registration Statement, to any related Registration Statement filed pursuant to Rule 462(b) under the Securities Act, and to any and all instruments or documents filed as part of or in connection with such Registration Statement or any and all amendments thereto, whether such amendments are filed before or after the effective date of such Registration Statement; and each of the undersigned hereby ratifies and confirms all that such attorney and agent shall do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signatures** | **Title** | **Date** |
|  | Andrew Yeo | July 7, 2025 |
| */s/ Andrew Yeo* | Executive Director and Chief Executive Officer |  |
|  | (Principal Executive Officer) |  |
|  | Beh Hook Seng | July 7, 2025 |
| */s/ Beh Hook Seng* | Chairman and Executive Director |  |
|  | Gan Hong Loon | July 7, 2025 |
| */s/ Gan Hong Loon* | Chief Financial Officer and Director |  |
|  | (Principal Accounting and Financial Officer) |  |
|  | Tay Beng Boon | July 7, 2025 |
| */s/ Tay Beng Boon* | Chief Operating Officer and Director |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE OF THE REGISTRANT**

Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement or amendment thereto in New York, New York, United States of America on July 7, 2025.

---

| | |
|:---|:---|
| **COGENCY GLOBAL INC.** | **COGENCY GLOBAL INC.** |
| By: | */s/ Colleen A. De Vries* |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice-President on behalf of Cogency Global Inc. |

---

## Exhibit 3.2

**Exhibit 3.2**

**Companies Act (Revised)** 

**Company Limited by Shares**

**AMENDED AND RESTATED** 

**MEMORANDUM OF ASSOCIATION** 

**OF**

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED**

(Adopted by special resolutions passed on 21 October 2024)

![](ex3-2_001.jpg)

---

| | |
|:---|:---|
| <br>www.verify.gov.ky File#: 407937 | ![](ex3-2_002.jpg) |

---

**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated**

**Memorandum of Association**

**of**

**Phaos Technology Holdings (Cayman) Limited**

(Adopted by special resolutions passed on 21 October 2024)

1 The name of the Company is Phaos Technology Holdings (Cayman) Limited.

---

| | |
|:---|:---|
| 2 | The Company's registered office will be situated at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide. |

---

---

| | |
|:---|:---|
| 3 | The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands. |

---

---

| | |
|:---|:---|
| 4 | The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit. |

---

5 Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 business of a bank or trust company without being licensed in that behalf under the Banks
 and Trust Companies Act (Revised); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) insurance
 business from within the Cayman Islands or the business of an insurance manager, agent,
 sub-agent or broker without being licensed in that behalf under the Insurance Act (Revised);or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 business of company management without being licensed in that behalf under the Companies
 Management Act (Revised).

---

| | |
|:---|:---|
| <br>www.verify.gov.ky File#: 407937 | ![](ex3-2_002.jpg) |

---

---

| | |
|:---|:---|
| 6 | The Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands. |

---

---

| | |
|:---|:---|
| 7 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares. |

---

---

| | |
|:---|:---|
| 8 | The authorised share capital of the Company is US$100,000 divided into 950,000,000 Class A Ordinary Shares of US$0.0001 each and 50,000,000 Class B Ordinary Shares of US$0.0001 each. Other than as set out in the preceding sentence, there is no limit on the number of shares of any class which the Company is authorised to issue. However, subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) redeem
 or repurchase any of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increase
 or reduce its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issue
 any part of its capital (whether original, redeemed, increased or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with
 or without any preferential, deferred, qualified or special rights, privileges or conditions;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject
 to any limitations or restrictions

and unless the condition of issue expressly declares otherwise, every issue of shares (whether declared to be ordinary, preference or otherwise) is subject to this power; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) alter
 any of those rights, privileges, conditions, limitations or restrictions.

---

| | |
|:---|:---|
| 9 | The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands. |

---

---

| | |
|:---|:---|
| <br>www.verify.gov.ky File#: 407937 | ![](ex3-2_002.jpg) |

---

**Companies Act (Revised)**

**Company Limited By Shares**

**AMENDED AND RESTATED** 

**ARTICLES OF ASSOCIATION** 

**OF**

**PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED**

(Adopted by special resolutions passed on 21 October 2024)

![](ex3-2_001.jpg)

---

| | |
|:---|:---|
| <br>www.verify.gov.ky File#: 407937 | ![](ex3-2_002.jpg) |

---

**CONTENTS**

---

| | | |
|:---|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** | **1** |
| Definitions | Definitions | 1 |
| Interpretation | Interpretation | 4 |
| Exclusion of Table A Articles | Exclusion of Table A Articles | 5 |
| **2** | **Shares** | **5** |
| Power to issue Shares and options, with or without special rights | Power to issue Shares and options, with or without special rights | 5 |
| Power to pay commissions and brokerage fees | Power to pay commissions and brokerage fees | 6 |
| Trusts not recognised | Trusts not recognised | 6 |
| Security interests | Security interests | 6 |
| Power to vary class rights | Power to vary class rights | 6 |
| Effect of new Share issue on existing class rights | Effect of new Share issue on existing class rights | 7 |
| No bearer Shares or warrants | No bearer Shares or warrants | 7 |
| Treasury Shares | Treasury Shares | 7 |
| Rights attaching to Treasury Shares and related matters | Rights attaching to Treasury Shares and related matters | 7 |
| Register of Members | Register of Members | 8 |
| Annual Return | Annual Return | 8 |
| **3** | **Share certificates** | **9** |
| Issue of share certificates | Issue of share certificates | 9 |
| Renewal of lost or damaged share certificates | Renewal of lost or damaged share certificates | 9 |
| **4** | **Lien on Shares** | **10** |
| Nature and scope of lien | Nature and scope of lien | 10 |
| Company may sell Shares to satisfy lien | Company may sell Shares to satisfy lien | 10 |
| Authority to execute instrument of transfer | Authority to execute instrument of transfer | 10 |
| Consequences of sale of Shares to satisfy lien | Consequences of sale of Shares to satisfy lien | 11 |
| Application of proceeds of sale | Application of proceeds of sale | 11 |
| **5** | **Calls on Shares and forfeiture** | **11** |
| Power to make calls and effect of calls | Power to make calls and effect of calls | 11 |
| Time when call made | Time when call made | 12 |
| Liability of joint holders | Liability of joint holders | 12 |
| Interest on unpaid calls | Interest on unpaid calls | 12 |
| Deemed calls | Deemed calls | 12 |
| Power to accept early payment | Power to accept early payment | 12 |
| Power to make different arrangements at time of issue of Shares | Power to make different arrangements at time of issue of Shares | 13 |
| Notice of default | Notice of default | 13 |
| Forfeiture or surrender of Shares | Forfeiture or surrender of Shares | 13 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 13 |
| Effect of forfeiture or surrender on former Member | Effect of forfeiture or surrender on former Member | 14 |
| Evidence of forfeiture or surrender | Evidence of forfeiture or surrender | 14 |
| Sale of forfeited or surrendered Shares | Sale of forfeited or surrendered Shares | 14 |

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| | | |
|:---|:---|:---|
| **6** | **Transfer of Shares** | **15** |
| Right to transfer | Right to transfer | 15 |
| Form of Transfer | Form of Transfer | 15 |
| Power to refuse registration for Shares not listed on a Designated Stock Exchange | Power to refuse registration for Shares not listed on a Designated Stock Exchange | 15 |
| Suspension of transfers | Suspension of transfers | 16 |
| Company may retain instrument of transfer | Company may retain instrument of transfer | 16 |
| Notice of refusal to register | Notice of refusal to register | 16 |
| **7** | **Transmission of Shares** | **16** |
| Persons entitled on death of a Member | Persons entitled on death of a Member | 16 |
| Registration of transfer of a Share following death or bankruptcy | Registration of transfer of a Share following death or bankruptcy | 16 |
| Indemnity | Indemnity | 17 |
| Rights of person entitled to a Share following death or bankruptcy | Rights of person entitled to a Share following death or bankruptcy | 17 |
| **8** | **Alteration of capital** | **17** |
| Increasing, consolidating, converting, dividing and cancelling share capital | Increasing, consolidating, converting, dividing and cancelling share capital | 17 |
| Dealing with fractions resulting from consolidation of Shares | Dealing with fractions resulting from consolidation of Shares | 18 |
| Reducing share capital | Reducing share capital | 18 |
| **9** | **Conversion, redemption and purchase of own Shares** | **19** |
| Power to issue redeemable Shares and to purchase own Shares | Power to issue redeemable Shares and to purchase own Shares | 19 |
| Power to pay for redemption or purchase in cash or in specie | Power to pay for redemption or purchase in cash or in specie | 19 |
| Effect of redemption or purchase of a Share | Effect of redemption or purchase of a Share | 19 |
| No conversion rights | No conversion rights | 20 |
| **10** | **Meetings of Members** | **20** |
| Annual and extraordinary general meetings | Annual and extraordinary general meetings | 20 |
| Power to call meetings | Power to call meetings | 20 |
| Content of notice | Content of notice | 21 |
| Period of notice | Period of notice | 22 |
| Persons entitled to receive notice | Persons entitled to receive notice | 22 |
| Accidental omission to give notice or non-receipt of notice | Accidental omission to give notice or non-receipt of notice | 22 |
| **11** | **Proceedings at meetings of Members** | **23** |
| Quorum | Quorum | 23 |
| Lack of quorum | Lack of quorum | 23 |
| Chairman | Chairman | 23 |
| Right of a Director to attend and speak | Right of a Director to attend and speak | 23 |
| Accommodation of Members at meeting | Accommodation of Members at meeting | 24 |
| Security | Security | 24 |
| Adjournment | Adjournment | 24 |
| Method of voting | Method of voting | 24 |
| Taking of a poll | Taking of a poll | 25 |
| No casting vote | No casting vote | 25 |
| Written resolutions | Written resolutions | 25 |
| Sole-Member Company | Sole-Member Company | 26 |

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| | | |
|:---|:---|:---|
| **12** | **Voting rights of Members** | **26** |
| Right to vote | Right to vote | 26 |
| Voting Rights | Voting Rights | 26 |
| Rights of joint holders | Rights of joint holders | 26 |
| Representation of corporate Members | Representation of corporate Members | 27 |
| Member with mental disorder | Member with mental disorder | 27 |
| Objections to admissibility of votes | Objections to admissibility of votes | 27 |
| Form of proxy | Form of proxy | 28 |
| How and when proxy is to be delivered | How and when proxy is to be delivered | 28 |
| Voting by proxy | Voting by proxy | 30 |
| **13** | **Number of Directors** | **30** |
| **14** | **Appointment, disqualification and removal of Directors** | **30** |
| First Directors | First Directors | 30 |
| No age limit | No age limit | 30 |
| Corporate Directors | Corporate Directors | 31 |
| No shareholding qualification | No shareholding qualification | 31 |
| Appointment of Directors | Appointment of Directors | 31 |
| Board's power to appoint Directors | Board's power to appoint Directors | 31 |
| Eligibility | Eligibility | 31 |
| Removal of Directors | Removal of Directors | 32 |
| Resignation of Directors | Resignation of Directors | 32 |
| Termination of the office of Director | Termination of the office of Director | 32 |
| **15** | **Alternate Directors** | **33** |
| Appointment and removal | Appointment and removal | 33 |
| Notices | Notices | 33 |
| Rights of alternate Director | Rights of alternate Director | 34 |
| Appointment ceases when the appointor ceases to be a Director | Appointment ceases when the appointor ceases to be a Director | 34 |
| Status of alternate Director | Status of alternate Director | 34 |
| Status of the Director making the appointment | Status of the Director making the appointment | 34 |
| **16** | **Powers of Directors** | **34** |
| Powers of Directors | Powers of Directors | 34 |
| Directors below the minimum number | Directors below the minimum number | 35 |
| Appointments to office | Appointments to office | 35 |
| Provisions for employees | Provisions for employees | 36 |
| Exercise of voting rights | Exercise of voting rights | 36 |
| Remuneration | Remuneration | 36 |
| Disclosure of information | Disclosure of information | 37 |
| **17** | **Delegation of powers** | **37** |
| Power to delegate any of the Directors' powers to a committee | Power to delegate any of the Directors' powers to a committee | 37 |
| Local boards | Local boards | 38 |
| Power to appoint an agent of the Company | Power to appoint an agent of the Company | 38 |
| Power to appoint an attorney or authorised signatory of the Company | Power to appoint an attorney or authorised signatory of the Company | 38 |
| Borrowing Powers | Borrowing Powers | 39 |
| Corporate Governance | Corporate Governance | 39 |

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| | | |
|:---|:---|:---|
| **18** | **Meetings of Directors** | **39** |
| Regulation of Directors' meetings | Regulation of Directors' meetings | 39 |
| Calling meetings | Calling meetings | 40 |
| Notice of meetings | Notice of meetings | 40 |
| Use of technology | Use of technology | 40 |
| Quorum | Quorum | 40 |
| Chairman or deputy to preside | Chairman or deputy to preside | 40 |
| Voting | Voting | 40 |
| Recording of dissent | Recording of dissent | 41 |
| Written resolutions | Written resolutions | 41 |
| Validity of acts of Directors in spite of formal defect | Validity of acts of Directors in spite of formal defect | 41 |
| **19** | **Permissible Directors' interests and disclosure** | **42** |
| **20** | **Minutes** | **43** |
| **21** | **Accounts and audit** | **43** |
| Financial year | Financial year | 43 |
| Auditors | Auditors | 44 |
| **22** | **Record dates** | **44** |
| **23** | **Dividends** | **44** |
| Source of dividends | Source of dividends | 44 |
| Declaration of dividends by Members | Declaration of dividends by Members | 45 |
| Payment of interim dividends and declaration of final dividends by Directors | Payment of interim dividends and declaration of final dividends by Directors | 45 |
| Apportionment of dividends | Apportionment of dividends | 46 |
| Right of set off | Right of set off | 46 |
| Power to pay other than in cash | Power to pay other than in cash | 46 |
| How payments may be made | How payments may be made | 46 |
| Dividends or other monies not to bear interest in absence of special rights | Dividends or other monies not to bear interest in absence of special rights | 47 |
| Dividends unable to be paid or unclaimed | Dividends unable to be paid or unclaimed | 47 |
| **24** | **Capitalisation of profits** | **48** |
| Capitalisation of profits or of any share premium account or capital redemption reserve; | Capitalisation of profits or of any share premium account or capital redemption reserve; | 48 |
| Applying an amount for the benefit of Members | Applying an amount for the benefit of Members | 48 |
| **25** | **Share Premium Account** | **48** |
| Directors to maintain share premium account | Directors to maintain share premium account | 48 |
| Debits to share premium account | Debits to share premium account | 49 |

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| | | |
|:---|:---|:---|
| **26** | **Seal** | **49** |
| Company seal | Company seal | 49 |
| Duplicate seal | Duplicate seal | 49 |
| When and how seal is to be used | When and how seal is to be used | 49 |
| If no seal is adopted or used | If no seal is adopted or used | 49 |
| Power to allow non-manual signatures and facsimile printing of seal | Power to allow non-manual signatures and facsimile printing of seal | 50 |
| Validity of execution | Validity of execution | 50 |
| **27** | **Indemnity** | **50** |
| Release | Release | 51 |
| Insurance | Insurance | 51 |
| **28** | **Notices** | **51** |
| Form of notices | Form of notices | 51 |
| Electronic communications | Electronic communications | 52 |
| Persons entitled to notices | Persons entitled to notices | 53 |
| Persons authorised to give notices | Persons authorised to give notices | 53 |
| Delivery of written notices | Delivery of written notices | 53 |
| Joint holders | Joint holders | 53 |
| Signatures | Signatures | 53 |
| Giving notice to a deceased or bankrupt Member | Giving notice to a deceased or bankrupt Member | 54 |
| Date of giving notices | Date of giving notices | 55 |
| Saving provision | Saving provision | 55 |
| **29** | **Authentication of Electronic Records** | **55** |
| Application of Articles | Application of Articles | 55 |
| Authentication of documents sent by Members by Electronic means | Authentication of documents sent by Members by Electronic means | 55 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 56 |
| Manner of signing | Manner of signing | 56 |
| Saving provision | Saving provision | 57 |
| **30** | **Transfer by way of continuation** | **57** |
| **31** | **Winding up** | **57** |
| Distribution of assets in specie | Distribution of assets in specie | 57 |
| No obligation to accept liability | No obligation to accept liability | 58 |
| **32** | **Amendment of Memorandum and Articles** | **58** |
| Power to change name or amend Memorandum | Power to change name or amend Memorandum | 58 |
| Power to amend these Articles | Power to amend these Articles | 58 |

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**Companies Act (Revised)** 

**Company Limited by Shares**

**Amended and Restated** 

**Articles of Association** 

**of**

**Phaos Technology Holdings (Cayman) Limited**

(Adopted by special resolutions passed on 21 October 2024)

1 Definitions, interpretation and exclusion of Table A

**Definitions**

1.1 In
 these Articles, the following definitions apply:

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these
 articles of association as amended from time to time: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two or more particular
articles of these Articles; and **Article** refers to a particular article of these Articles;

**Auditors** means the auditor or auditors for the time being of the Company;

**Board** means the board of Directors from time to time;

**Board Resolution** means (a) a resolution approved at a duly convened and constituted meeting of the Directors by an affirmative vote of a majority of the Directors present at the meeting who voted on the matter, or (b) a written resolution of the Directors passed in accordance with Article 18.14.

**Business Day** means a day when banks in Grand Cayman, the Cayman Islands are open for the transaction of normal banking business and for the avoidance of doubt, shall not include a Saturday, Sunday or public holiday in the Cayman Islands;

**Cayman Islands** means the British Overseas Territory of the Cayman Islands;

**Class A Ordinary Share** means an Ordinary Share designated by the directors as a Class A Ordinary Share;

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**Class B Ordinary Share** means an Ordinary Share designated by the directors as a Class B Ordinary Share;

**Clear Days**, in relation to a period of notice, means that period excluding:

the day when the notice is given or deemed to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 day for which it is given or on which it is to take effect;

**Commission** means Securities and Exchange Commission of the United States of America or other federal agency for the time being administering the U.S. Securities Act;

**Company** means the above-named company;

**Default Rate** means ten per cent per annum;

**Designated Stock Exchanges** means the Nasdaq Capital Market in the United States of America for so long as the Company's Shares are there listed and any other stock exchange on which the Company's Shares are listed for trading;

**Designated Stock Exchange Rules** means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchanges;

**Directors** means the directors for the time being of the Company and the expression Director shall be construed accordingly;

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Founder** means Mr. Beh Hook Seng;

**Fully Paid Up** means:

in relation to a Share with par value, means that the par value for that Share and any premium payable in respect of the issue of that Share, has been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in
 relation to a Share without par value, means that the agreed issue price for that Share has been fully paid or credited as paid in
 money or money's worth;

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**General Meeting** means a general meeting of the Company duly constituted in accordance with the Articles;

**Independent Director** means a Director who is an independent director as defined in the Designated Stock Exchange Rules as determined by the Board by Board Resolution;

**Law** means the Companies Act (Revised) of the Cayman Islands, including any statutory modification or re-enactment thereof for the time being in force;

**Member** means any person or persons entered on the register of Members from time to time as the holder of a Share;

**Memorandum** means the memorandum of association of the Company as amended from time to time;

**month** means a calendar month;

**Officer** means a person appointed to hold an office in the Company including a Director, alternate Director or liquidator and excluding the Secretary;

**Ordinary Resolution** means a resolution of a General Meeting passed by a simple majority of Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution;

**Ordinary Share** means an ordinary share in the capital of the Company having the rights set out in these Articles and issued as either a Class A Ordinary Share or as a Class B Ordinary Share. In these Articles the term Ordinary Share shall embrace all classes of Ordinary Share except where reference is made to a specific class;

**Partly Paid Up** means:

in relation to a Share with par value, that the par value for that Share and any premium payable in respect of the issue of that Share, has not been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in
 relation to a Share without par value, means that the agreed issue price for that Share has not been fully paid or credited as paid
 in money or money's worth;

**Register of Members** means the register of Members maintained in accordance with the Law and includes (except where otherwise stated) any branch or duplicate register of the Members;

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary;

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**Share** means a share in the capital of the Company and the expression:

includes stock (except where a distinction between shares and stock is expressed or implied); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) where
 the context permits, also includes a fraction of a Share;

**Special Resolution** means a resolution of a General Meeting or a resolution of a meeting of the holders of any class of Shares in a class meeting duly constituted in accordance with the Articles in each case passed by a majority of not less than two-thirds of Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution;

**Treasury Shares** means Shares held in treasury pursuant to the Law and Article 2.13; and

**U.S. Securities Act** means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time.

**Interpretation**

1.2 In
 the interpretation of these Articles, the following provisions apply unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 reference in these Articles to a statute is a reference to a statute of the Cayman Islands
 as known by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 statutory modification, amendment or re-enactment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 subordinate legislation or regulations issued under that statute.

Without limitation to the preceding sentence, a reference to a revised Law of the Cayman Islands is taken to be a reference to the revision of that Law in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings
 are inserted for convenience only and do not affect the interpretation of these Articles, unless there is ambiguity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 a day on which any act, matter or thing is to be done under these Articles is not a Business
 Day, the act, matter or thing must be done on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 word which denotes the singular also denotes the plural, a word which denotes the plural
 also denotes the singular, and a reference to any gender also denotes the other genders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A
 reference to a **person** includes, as appropriate, a company, trust, partnership, joint
 venture, association, body corporate or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where
 a word or phrase is given a defined meaning another part of speech or grammatical form in
 respect to that word or phrase has a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All
 references to time are to be calculated by reference to time in the place where the Company's
 registered office is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 words **written** and **in writing** include all modes of representing or reproducing
 words in a visible form, but do not include an Electronic Record where the distinction between
 a document in writing and an Electronic Record is expressed or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 words **including**, **include** and **in particular** or any similar expression
 are to be construed without limitation.

1.3 The
 headings in these Articles are intended for convenience only and shall not affect the interpretation
 of these Articles.

**Exclusion of Table A Articles**

1.4 The
 regulations contained in Table A in the First Schedule of the Law and any other regulations contained in any statute or subordinate
 legislation are expressly excluded and do not apply to the Company.

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|:---|:---|
| **2** | **Shares** |

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**Power to issue Shares and options, with or without special rights**

2.1 Subject
 to the provisions of the Law and these Articles about the redemption and purchase of the Shares, the Directors have general and
 unconditional authority to allot (with or without confirming rights of renunciation), grant options over or otherwise deal with any
 unissued Shares to such persons, at such times and on such terms and conditions as they may decide. No Share may be issued at a
 discount except in accordance with the provisions of the Law.

2.2 Without
 limitation to the preceding Article, the Directors may so deal with the unissued Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either
 at a premium or at par; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 or without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, return of capital or
 otherwise.

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2.3 Without
 limitation to the two preceding Articles, the Directors may refuse to accept any application
 for Shares, and may accept any application in whole or in part, for any reason or for no
 reason.

**Power to pay commissions and brokerage fees**

2.4 The
 Company may pay a commission to any person in consideration of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing
 or agreeing to subscribe, whether absolutely or conditionally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring
 or agreeing to procure subscriptions, whether absolute or conditional,

for any Shares. That commission may be satisfied by the payment of cash or the allotment of Fully Paid Up or Partly Paid Up Shares or partly in one way and partly in another.

2.5 The
 Company may employ a broker in the issue of its capital and pay him any proper commission
 or brokerage.

**Trusts not recognised**

2.6 Except
 as required by Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no
 person shall be recognised by the Company as holding any Share on any trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 person other than the Member shall be recognised by the Company as having any right in a
 Share.

**Security interests**

2.7 Notwithstanding
 the preceding Article, the Company may (but shall not be obliged to) recognise a security
 interest of which it has actual notice over shares. The Company shall not be treated as having
 recognised any such security interest unless it has so agreed in writing with the secured
 party.

**Power to vary class rights**

2.8 If
 the share capital is divided into different classes of Shares then, unless the terms on which
 a class of Shares was issued state otherwise, the rights attaching to a class of Shares may
 only be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Members holding not less than 50% of the issued Shares of that class consent in writing to
 the variation; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 variation is made with the sanction of a Special Resolution passed at a separate general
 meeting of the Members holding the issued Shares of that class.

2.9 For
 the purpose of Article 2.8(b), all the provisions of these Articles relating to general meetings
 apply, mutatis mutandis, to every such separate meeting except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 necessary quorum shall be one or more persons holding, or representing by proxy, not less
 than one third of the issued Shares of the class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Member holding issued Shares of the class, present in person or by proxy or, in the case
 of a corporate Member, by its duly authorised representative, may demand a poll.

2.10 For
 the purposes of a separate class meeting, the Directors may treat two or more or all the
 classes of Shares as forming one class of Shares if the Directors consider that such classes
 of Shares would be affected in the same way by the proposals under consideration, but in
 any other case shall treat them as separate classes of Shares.

**Effect of new Share issue on existing class rights**

2.11 Unless
 the terms on which a class of Shares was issued state otherwise, the rights conferred on
 the Member holding Shares of any class shall not be deemed to be varied by the creation or
 issue of further Shares ranking *pari passu* with the existing Shares of that class.

**No bearer Shares or warrants**

2.12 The
 Company shall not issue Shares or warrants to bearers.

**Treasury Shares**

2.13 Shares
 that the Company purchases, redeems or acquires by way of surrender in accordance with the
 Law shall be held as Treasury Shares and not treated as cancelled if :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Directors so determine prior to the purchase, redemption or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 relevant provisions of the Memorandum and Articles and the Law are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

2.14 No
 dividend may be declared or paid, and no other distribution (whether in cash or otherwise)
 of the Company's assets (including any distribution of assets to Members on a winding
 up) may be made to the Company in respect of a Treasury Share.

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2.15 The
 Company shall be entered in the register of Members as the holder of the Treasury Shares.
 However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company shall not be treated as a Member for any purpose and shall not exercise any right
 in respect of the Treasury Shares, and any purported exercise of such a right shall be void;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company
 and shall not be counted in determining the total number of issued shares at any given time,
 whether for the purposes of these Articles or the Law.

2.16 Nothing
 in Article 2.15 prevents an allotment of Shares as Fully Paid Up bonus shares in respect
 of a Treasury Share and Shares allotted as Fully Paid Up bonus shares in respect of a Treasury
 Share shall be treated as Treasury Shares.

2.17 Treasury
 Shares may be disposed of by the Company in accordance with the Law and otherwise on such
 terms and conditions as the Directors determine.

**Register of Members**

2.18 The
 Directors shall keep or cause to be kept a register of Members as required by the Law and
 may cause the Company to maintain one or more branch registers as contemplated by the Law,
 provided that where the Company is maintaining one or more branch registers, the Directors
 shall ensure that a duplicate of each branch register is kept with the Company's principal
 register of Members and updated within such number of days of any amendment having been made
 to such branch register as may be required by the Law.

2.19 The
 title to Shares listed on a Designated Stock Exchange may be evidenced and transferred in
 accordance with the laws applicable to the rules and regulations of the Designated Stock
 Exchange and, for these purposes, the register of Members may be maintained in accordance
 with Article 40B of the Act.

**Annual Return**

2.20 The
 Directors in each calendar year shall prepare or cause to be prepared an annual return and
 declaration setting forth the particulars required by the Law and shall deliver a copy thereof
 to the registrar of companies for the Cayman Islands.

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| **3** | **Share certificates** |

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**Issue of share certificates**

3.1 A
 Member shall only be entitled to a share certificate if the Directors resolve that share
 certificates shall be issued. Share certificates representing Shares, if any, shall be in
 such form as the Directors may determine. If the Directors resolve that share certificates
 shall be issued, upon being entered in the register of Members as the holder of a Share,
 the Directors may issue to any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without
 payment, one certificate for all the Shares of each class held by that Member (and, upon
 transferring a part of the Member's holding of Shares of any class, to a certificate
 for the balance of that holding); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon
 payment of such reasonable sum as the Directors may determine for every certificate after
 the first, several certificates each for one or more of that Member's Shares.

3.2 Every
 certificate shall specify the number, class and distinguishing numbers (if any) of the Shares
 to which it relates and whether they are Fully Paid Up or Partly Paid Up. A certificate
 may be executed under seal or executed in such other manner as the Directors determine.

3.3 Every
 certificate shall bear legends required under the applicable laws, including the U.S. Securities
 Act.

3.4 The
 Company shall not be bound to issue more than one certificate for Shares held jointly by
 several persons and delivery of a certificate for a Share to one joint holder shall be a
 sufficient delivery to all of them.

**Renewal of lost or damaged share certificates**

3.5 If
 a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms
 (if any) as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment
 of the expenses reasonably incurred by the Company in investigating the evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment
 of a reasonable fee, if any for issuing a replacement share certificate,

as the Directors may determine, and (in the case of defacement or wearing -out) on delivery to the Company of the old certificate.

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| **4** | **Lien on Shares** |

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**Nature and scope of lien**

4.1 The
 Company has a first and paramount lien on all Shares (whether Fully Paid Up or not) registered
 in the name of a Member (whether solely or jointly with others). The lien is for all monies
 payable to the Company by the Member or the Member's estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either
 alone or jointly with any other person, whether or not that other person is a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether
 or not those monies are presently payable.

4.2 At
 any time the Board may by Board Resolution declare any Share to be wholly or partly exempt
 from the provisions of this Article.

**Company may sell Shares to satisfy lien**

4.3 The
 Company may sell any Shares over which it has a lien if all of the following conditions are
 met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 sum in respect of which the lien exists is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company gives notice to the Member holding the Share (or to the person entitled to it in
 consequence of the death or bankruptcy of that Member) demanding payment and stating that
 if the notice is not complied with the Shares may be sold; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that
 sum is not paid within fourteen Clear Days after that notice is deemed to be given under
 these Articles,

and Shares to which this Article 4.3 applies shall be referred to as Lien Default Shares.

4.4 The
 Lien Default Shares may be sold in such manner as the Board determines by Board Resolution.

4.5 To
 the maximum extent permitted by law, the Directors shall incur no personal liability to the
 Member concerned in respect of the sale.

**Authority to execute instrument of transfer**

4.6 To
 give effect to a sale, the Directors may authorise any person to execute an instrument of
 transfer of the Lien Default Shares sold to, or in accordance with the directions of, the
 purchaser.

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4.7 The
 title of the transferee of the Lien Default Shares shall not be affected by any irregularity
 or invalidity in the proceedings in respect of the sale.

**Consequences of sale of Shares to satisfy lien**

4.8 On
 a sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 name of the Member concerned shall be removed from the register of Members as the holder
 of those Lien Default Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 person shall deliver to the Company for cancellation the certificate (if any) for those
 Lien Default Shares.

4.9 Notwithstanding
 the provisions of Article 4.8, such person shall remain liable to the Company for all monies
 which, at the date of sale, were presently payable by him to the Company in respect of those
 Lien Default Shares. That person shall also be liable to pay interest on those monies from
 the date of sale until payment at the rate at which interest was payable before that sale
 or, failing that, at the Default Rate. The Board may by Board Resolution waive payment wholly
 or in part or enforce payment without any allowance for the value of the Lien Default Shares
 at the time of sale or for any consideration received on their disposal.

**Application of proceeds of sale**

4.10 The
 net proceeds of the sale, after payment of the costs, shall be applied in payment of so
 much of the sum for which the lien exists as is presently payable. Any residue shall be paid
 to the person whose Lien Default Shares have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 no certificate for the Lien Default Shares was issued, at the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 a certificate for the Lien Default Shares was issued, upon surrender to the Company of that
 certificate for cancellation

but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Lien Default Shares before the sale.

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| **5** | **Calls on Shares and forfeiture** |

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**Power to make calls and effect of calls**

5.1 Subject
 to the terms of allotment, the Board may by Board Resolution make calls on the Members in
 respect of any monies unpaid on their Shares including any premium. The call may provide
 for payment to be by instalments. Subject to receiving at least 14 Clear Days' notice
 specifying when and where payment is to be made, each Member shall pay to the Company the
 amount called on his Shares as required by the notice.

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5.2 Before
 receipt by the Company of any sum due under a call, that call may be revoked in whole or
 in part and payment of a call may be postponed in whole or in part. Where a call is to be
 paid in instalments, the Company may revoke the call in respect of all or any remaining instalments
 in whole or in part and may postpone payment of all or any of the remaining instalments in
 whole or in part.

5.3 A
 Member on whom a call is made shall remain liable for that call notwithstanding the subsequent
 transfer of the Shares in respect of which the call was made. He shall not be liable for
 calls made after he is no longer registered as Member in respect of those Shares.

**Time when call made**

5.4 A
 call shall be deemed to have been made at the time when the resolution of the Directors authorising
 the call was passed.

**Liability of joint holders**

5.5 Members
 registered as the joint holders of a Share shall be jointly and severally liable to pay all
 calls in respect of the Share.

**Interest on unpaid calls**

5.6 If
 a call remains unpaid after it has become due and payable the person from whom it is due
 and payable shall pay interest on the amount unpaid from the day it became due and payable
 until it is paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 the rate fixed by the terms of allotment of the Share or in the notice of the call; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 no rate is fixed, at the Default Rate.

The Directors may waive payment of the interest wholly or in part.

**Deemed calls**

5.7 Any
 amount payable in respect of a Share, whether on allotment or on a fixed date or otherwise,
 shall be deemed to be payable as a call. If the amount is not paid when due the provisions
 of these Articles shall apply as if the amount had become due and payable by virtue of a
 call.

**Power to accept early payment**

5.8 The
 Company may accept from a Member the whole or a part of the amount remaining unpaid on Shares
 held by him although no part of that amount has been called up.

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**Power to make different arrangements at time of issue of Shares**

5.9 Subject
 to the terms of allotment, the Directors may make arrangements on the issue of Shares to
 distinguish between Members in the amounts and times of payment of calls on their Shares.

**Notice of default**

5.10 If
 a call remains unpaid after it has become due and payable the Directors may give to the person
 from whom it is due not less than 14 Clear Days' notice requiring payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 interest which may have accrued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 expenses which have been incurred by the Company due to that person's default.

5.11 The
 notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 place where payment is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 warning that if the notice is not complied with the Shares in respect of which the call is
 made will be liable to be forfeited.

**Forfeiture or surrender of Shares**

5.12 If
 the notice given pursuant to Article 5.10 is not complied with, the Directors may, before
 the payment required by the notice has been received, resolve that any Share the subject
 of that notice be forfeited. The forfeiture shall include all dividends or other monies payable
 in respect of the forfeited Share and not paid before the forfeiture. Despite the foregoing,
 the Board may by Board Resolution determine that any Share the subject of that notice be
 accepted by the Company as surrendered by the Member holding that Share in lieu of forfeiture.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

5.13 A
 forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such
 terms and in such manner as the Board by Board Resolution determine either to the former
 Member who held that Share or to any other person. The forfeiture or surrender may be cancelled
 on such terms as the Directors think fit at any time before a sale, re- allotment or other
 disposition. Where, for the purposes of its disposal, a forfeited or surrendered Share is
 to be transferred to any person, the Directors may by Board Resolution authorise some person
 to execute an instrument of transfer of the Share to the transferee.

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**Effect of forfeiture or surrender on former Member**

5.14 On
 forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 name of the Member concerned shall be removed from the register of Members as the holder
 of those Shares and that person shall cease to be a Member in respect of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 person shall surrender to the Company for cancellation the certificate (if any) for the forfeited
 or surrendered Shares.

5.15 Despite
 the forfeiture or surrender of his Shares, that person shall remain liable to the Company
 for all monies which at the date of forfeiture or surrender were presently payable by him
 to the Company in respect of those Shares together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest
 from the date of forfeiture or surrender until payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at
 the rate of which interest was payable on those monies before forfeiture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 no interest was so payable, at the Default Rate.

The Directors, however, may waive payment wholly or in part.

**Evidence of forfeiture or surrender**

5.16 A
 declaration, whether statutory or under oath, made by a Director or the Secretary shall be
 conclusive evidence of the following matters stated in it as against all persons claiming
 to be entitled to forfeited Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 the person making the declaration is a Director or Secretary of the Company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 the particular Shares have been forfeited or surrendered on a particular date.

Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.

**Sale of forfeited or surrendered Shares**

5.17 Any
 person to whom the forfeited or surrendered Shares are disposed of shall not be bound to
 see to the application of the consideration, if any, of those Shares nor shall his title
 to the Shares be affected by any irregularity in, or invalidity of the proceedings in respect
 of, the forfeiture, surrender or disposal of those Shares.

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| **6** | **Transfer of Shares** |

---

**Right to transfer**

**Form of Transfer**

Subject to the following Articles about the transfer of Shares, and provided that such transfer complies with applicable rules of the Designated Stock Exchange, a Member may freely transfer Shares (except Class B Ordinary Shares which shall not be transferrable) to another person by completing an instrument of transfer in a common form or in a form prescribed by the Designated Stock Exchange or in any other form approved by the directors, executed:

where the Shares (except Class B Ordinary Shares which shall not be transferrable) are Fully Paid, by or on behalf of that Member; and

where the Shares (except Class B Ordinary Shares which shall not be transferrable) are partly paid, by or on behalf of that Member and the transferee.

The transferor shall be deemed to remain the holder of a Share (except Class B Ordinary Shares which shall not be transferrable) until the name of the transferee is entered into the Register of Members.

**Power to refuse registration for Shares not listed on a Designated Stock Exchange**

Where the Shares in question are not listed on or subject to the rules of any Designated Stock Exchange, registration of any transfer of shares must be approved by the Directors by Board Resolution, and the Directors may in their absolute discretion decline to register any transfer of such Shares which are not Fully Paid Up or on which the Company has a lien. The Directors may also, but are not required to, decline to register any transfer of any such Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 instrument of transfer is lodged with the Company, accompanied by the certificate (if any)
 for the Shares to which it relates and such other evidence as the Board may reasonably require
 to show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 instrument of transfer is in respect of only one class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in
 the case of a transfer to joint holders, the number of joint holders to whom the Share is
 to be transferred does not exceed four;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Shares transferred are Fully Paid Up and free of any lien in favour of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 applicable fee of such maximum sum as the Designated Stock Exchanges may determine to be
 payable, or such lesser sum as the Board may from time to time require, related to the transfer
 is paid to the Company.

**Suspension of transfers**

6.1 The
 registration of transfers may, on 14 days' notice being given by advertisement in such
 one or more newspapers or by electronic means, be suspended and the register of Members closed
 at such times and for such periods as the Directors may, in their absolute discretion, from time to time determine, provided always that such registration of transfer shall not
 be suspended nor the register of Members closed for more than 30 days in any year.

**Company may retain instrument of transfer**

6.2 All
 instruments of transfer that are registered shall be retained by the Company.

**Notice of refusal to register**

6.3 If
 the Directors refuse to register a transfer of any Shares not listed on a Designated Stock
 Exchange, they shall within one month after the date on which the instrument of transfer
 was lodged with the Company send to each of the transferor and the transferee notice of the
 refusal.

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| **7** | **Transmission of Shares** |

---

**Persons entitled on death of a Member**

7.1 If
 a Member dies, the only persons recognised by the Company as having any title to the deceased
 Members' interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 the deceased Member was a joint holder, the survivor or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 the deceased Member was a sole holder, that Member's personal representative or representatives.

7.2 Nothing
 in these Articles shall release the deceased Member's estate from any liability in
 respect of any Share, whether the deceased was a sole holder or a joint holder.

**Registration of transfer of a Share following death or bankruptcy**

7.3 A
 person becoming entitled to a Share in consequence of the death or bankruptcy of a Member
 may elect to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 transfer the Share to another person.

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7.4 That
 person must produce such evidence of his entitlement as the Directors may properly require.

7.5 If
 the person elects to become the holder of the Share, he must give notice to the Company to
 that effect. For the purposes of these Articles, that notice shall be treated as though it
 were an executed instrument of transfer.

7.6 If
 the person elects to transfer the Share to another person then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Share is Fully Paid Up, the transferor must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Share is nil or Partly Paid Up, the transferor and the transferee must execute an instrument
 of transfer.

7.7 All
 the Articles relating to the transfer of Shares shall apply to the notice or, as appropriate,
 the instrument of transfer.

**Indemnity**

7.8 A
 person registered as a Member by reason of the death or bankruptcy of another Member shall
 indemnify the Company and the Directors against any loss or damage suffered by the Company
 or the Directors as a result of that registration.

**Rights of person entitled to a Share following death or bankruptcy**

7.9 A
 person becoming entitled to a Share by reason of the death or bankruptcy of a Member shall
 have the rights to which he would be entitled if he were registered as the holder of the
 Share. But, until he is registered as Member in respect of the Share, he shall not be entitled
 to attend or vote at any meeting of the Company or at any separate meeting of the holders
 of that class of Shares.

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| **8** | **Alteration of capital** |

---

**Increasing, consolidating, converting, dividing and cancelling share capital**

8.1 To
 the fullest extent permitted by the Law, the Company may by Ordinary Resolution do any of
 the following and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 its share capital by new Shares of the amount fixed by that Ordinary Resolution and with
 the attached rights, priorities and privileges set out in that Ordinary Resolution;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate
 and divide all or any of its share capital into Shares of larger amount than its existing
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert
 all or any of its Paid Up Shares into stock, and reconvert that stock into Paid Up Shares
 of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide
 its Shares or any of them into Shares of an amount smaller than that fixed by the Memorandum,
 so, however, that in the sub -division, the proportion between the amount paid and the amount,
 if any, unpaid on each reduced Share shall be the same as it was in case of the Share from
 which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel
 Shares which, at the date of the passing of that Ordinary Resolution, have not been taken
 or agreed to be taken by any person, and diminish the amount of its share capital by the
 amount of the Shares so cancelled or, in the case of Shares without nominal par value, diminish
 the number of Shares into which its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

8.2 Whenever,
 as a result of a consolidation of Shares, any Members would become entitled to fractions
 of a Share the Directors may on behalf of those Members deal with the fractions as it thinks
 fit, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either
 round up or down the fraction to the nearest whole number, such rounding to be determined
 by the Directors acting in their sole discretion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sell
 the Shares representing the fractions for the best price reasonably obtainable to any person
 (including, subject to the provisions of the Law, the Company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) distribute
 the net proceeds in due proportion among those Members.

8.3 For
 the purposes of Article 8.2, the Directors may authorise some person to execute an instrument
 of transfer of the Shares to, in accordance with the directions of, the purchaser. The transferee
 shall not be bound to see to the application of the purchase money nor shall the transferee's
 title to the Shares be affected by any irregularity in, or invalidity of, the proceedings
 in respect of the sale.

**Reducing share capital**

8.4 Subject
 to the Law and to any rights for the time being conferred on the Members holding a particular
 class of Shares, the Company may, by Special Resolution, reduce its share capital in any
 way.

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| **9** | **Conversion, redemption and purchase of own Shares** |

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**Power to issue redeemable Shares and to purchase own Shares**

9.1 Subject
 to the Law and to any rights for the time being conferred on the Members holding a particular
 class of Shares, the Company may by its Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 Shares that are to be redeemed or liable to be redeemed, at the option of the Company or
 the Member holding those redeemable Shares, on the terms and in the manner its Directors
 determine before the issue of those Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 the consent by Special Resolution of the Members holding Shares of a particular class, vary
 the rights attaching to that class of Shares so as to provide that those Shares are to be
 redeemed or are liable to be redeemed at the option of the Company on the terms and in the
 manner which the Directors determine at the time of such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchase
 all or any of its own Shares of any class including any redeemable Shares on the terms and
 in the manner which the Directors determine at the time of such purchase.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Law, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares.

**Power to pay for redemption or purchase in cash or in specie**

9.2 When
 making a payment in respect of the redemption or purchase of Shares, the Directors may make
 the payment in cash or *in specie* (or partly in one and partly in the other) if so
 authorised by the terms of the allotment of those Shares or by the terms applying to those
 Shares in accordance with Article 9.1, or otherwise by agreement with the Member holding
 those Shares.

**Effect of redemption or purchase of a Share**

9.3 Upon
 the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Member holding that Share shall cease to be entitled to any rights in respect of the Share
 other than the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 price for the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 dividend declared in respect of the Share prior to the date of redemption or purchase;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Member's name shall be removed from the register of Members with respect to the Share;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Share shall be cancelled or held as a Treasury Share, as the Directors may determine.

9.4 For
 the purpose of Article 9.3, the date of redemption or purchase is the date when the Member's
 name is removed from the register of Members with respect to the Shares the subject of the
 redemption or purchase.

**No conversion rights**

9.5 Class
 A Ordinary Shares shall not be convertible into Class B Ordinary Shares.

9.6 Class
 B Ordinary Shares shall not be convertible into Class A Ordinary Shares.

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|:---|:---|
| **10** | **Meetings of Members** |

---

**Annual and extraordinary general meetings**

10.1 The
 Company may, but shall not (unless required by the Designated Stock Exchange Rules) be obligated
 to, in each year hold a general meeting as an annual general meeting, which, if held, shall
 be convened by the chairman of the Board, or the Directors by Board Resolution, in accordance
 with these Articles.

10.2 All
 general meetings other than annual general meetings shall be called extraordinary general
 meetings.

**Power to call meetings**

10.3 The
 chairman of the Board, or the Directors may by Board Resolution, call a general meeting at
 any time.

10.4 If
 there are insufficient Directors to constitute a quorum and the remaining Directors are unable
 to agree on the appointment of additional Directors, the Directors must call a general meeting
 for the purpose of appointing additional Directors.

10.5 The
 Directors must also call a general meeting if requisitioned in the manner set out in the
 next two Articles.

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10.6 Any
 one or more Members holding not less than one-third of all votes attaching to the total issued
 and paid up share capital of the Company at the date of deposit of the requisition shall
 at all times have the right, by written requisition to the Board or the Secretary, to require
 an extraordinary general meeting to be called by the Board for the transaction of any business
 specified in such requisition; and such meeting shall be held within two (2) months after
 the deposit of such requisition. If within twenty one (21) days of such deposit the Board
 fails to proceed to convene such meeting the requisitionist(s) himself (themselves) may do
 so in the same manner, and all reasonable expenses incurred by the requisitionist(s) as a
 result of the failure of the Board shall be reimbursed to the requisitionist(s) by the Company.

10.7 The
 requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify
 the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 signed by or on behalf of each requisitioner (and for this purpose each joint holder shall
 be obliged to sign). The requisition may consist of several documents in like form signed
 by one or more of the requisitioners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be
 delivered in accordance with the notice provisions.

10.8 Without
 limitation to the foregoing, if there are insufficient Directors to constitute a quorum and
 the remaining Directors are unable to agree on the appointment of additional Directors, any
 one or more Members who together hold at least five per cent of the rights to vote at a
 general meeting may call a general meeting for the purpose of considering the business specified
 in the notice of meeting which shall include as an item of business the appointment of additional
 Directors.

10.9 If
 the Members call a meeting under the above provisions, the Company shall reimburse their
 reasonable expenses.

**Content of notice**

10.10 Notice
 of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 place, the date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the meeting is to be held in two or more places, the technology that will be used to facilitate
 the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject
 to paragraph (d) and the requirements of (to the extent applicable) the Designated Stock
 Exchange Rules, the general nature of the business to be transacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 a resolution is proposed as a Special Resolution, the text of that resolution.

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10.11 In
 each notice there shall appear with reasonable prominence the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 a Member who is entitled to attend and vote is entitled to appoint one or more proxies to
 attend and vote instead of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 a proxyholder need not be a Member.

**Period of notice**

10.12 At
 least seven Clear Days' notice of an annual general meeting must be given to Members.
 For any other general meeting, at least seven Clear Days' notice must be given to Members.

10.13 Subject
 to the Law, a meeting may be convened on shorter notice, subject to the Law with the consent
 of the Member or Members who, individually or collectively, hold at least ninety per cent
 of the voting rights of all those who have a right to vote at that meeting.

**Persons entitled to receive notice**

10.14 Subject
 to the provisions of these Articles and to any restrictions imposed on any Shares, the notice
 shall be given to the following people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons
 entitled to a Share in consequence of the death or bankruptcy of a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Directors.

10.15 The
 Board may by Board Resolution determine that the Members entitled to receive notice of a
 meeting are those persons entered on the register of Members at the close of business on
 a day determined by the Board.

**Accidental omission to give notice or non-receipt of notice**

10.16 Proceedings
 at a meeting shall not be invalidated by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 accidental failure to give notice of the meeting to any person entitled to notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt
 of notice of the meeting by any person entitled to notice.

10.17 In
 addition, where a notice of meeting is published on a website proceedings at the meeting
 shall not be invalidated merely because it is accidentally published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 a different place on the website; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 part only of the period from the date of the notification until the conclusion of the meeting
 to which the notice relates.

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| **11** | **Proceedings at meetings of Members** |

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**Quorum**

11.1 Save
 as provided in the following Article, no business shall be transacted at any meeting

unless a quorum is present in person or by proxy. A quorum is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Company has only one Member: that Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Company has more than one Member: one or more Members holding Shares that represent not
 less than one-third of the outstanding Shares carrying the right to vote at such general
 meeting.

**Lack of quorum**

11.2 If
 a quorum is not present within fifteen minutes of the time appointed for the meeting, or
 if at any time during the meeting it becomes inquorate, then the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the meeting was requisitioned by Members, it shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 any other case, the meeting shall stand adjourned to the same time and place seven days hence,
 or to such other time or place as is determined by the Directors. If a quorum is not present
 within fifteen minutes of the time appointed for the adjourned meeting, then the Members
 present in person or by proxy shall constitute a quorum.

**Chairman**

11.3 The
 chairman of a general meeting shall be the chairman of the Board appointed by Board Resolution,
 or such other Director as the Directors have nominated to chair Board meetings in the absence
 of the chairman of the Board. Absent any such person being present within fifteen minutes
 of the time appointed for the meeting, the Directors present shall elect one of their number
 to chair the meeting.

11.4 If
 no Director is present within fifteen minutes of the time appointed for the meeting, or
 if no Director is willing to act as chairman, the Members present in person or by proxy and
 entitled to vote shall choose one of their number to chair the meeting.

**Right of a Director to attend and speak**

11.5 Even
 if a Director is not a Member, he shall be entitled to attend and speak at any general meeting
 and at any separate meeting of Members holding a particular class of Shares.

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**Accommodation of Members at meeting**

11.6 If
 it appears to the chairman of the meeting that the meeting place specified in the notice
 convening the meeting is inadequate to accommodate all Members entitled and wishing to attend,
 the meeting will be duly constituted and its proceedings valid if the chairman is satisfied
 that adequate facilities are available to ensure that a Member who is unable to be accommodated
 is able (whether at the meeting place or elsewhere):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 participate in the business for which the meeting has been convened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 hear and see all persons present who speak (whether by the use of microphones, loud-speakers,
 audio-visual communications equipment or otherwise); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 be heard and seen by all other persons present in the same way.

**Security**

11.7 In
 addition to any measures which the Board may be required to take due to the location or venue
 of the meeting, the Board may make any arrangement and impose any restriction it considers
 appropriate and reasonable in the circumstances to ensure the security of a meeting including,
 without limitation, the searching of any person attending the meeting and the imposing of
 restrictions on the items of personal property that may be taken into the meeting place.
 The Board may refuse entry to, or eject from, a meeting a person who refuses to comply with
 any such arrangements or restrictions.

**Adjournment**

11.8 The
 chairman may at any time adjourn a meeting with the consent of the Members constituting a
 quorum. The chairman must adjourn the meeting if so directed by the meeting. No business,
 however, can be transacted at an adjourned meeting other than business which might properly
 have been transacted at the original meeting.

11.9 Should
 a meeting be adjourned for more than 7 Clear Days, whether because of a lack of quorum or
 otherwise, Members shall be given at least seven Clear Days' notice of the date, time
 and place of the adjourned meeting and the general nature of the business to be transacted.
 Otherwise it shall not be necessary to give any notice of the adjournment.

**Method of voting**

11.10 A
 resolution put to the vote of the meeting shall be decided on a poll duly demanded. Subject
 to the Law, a poll may be demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 the chairman of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 at least one Member having the right to vote on the resolutions.

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**Taking of a poll**

11.11 A
 poll demanded on the question of adjournment shall be taken immediately.

11.12 A
 poll demanded on any other question shall be taken either immediately or at an adjourned
 meeting at such time and place as the chairman directs, not being more than thirty Clear
 Days after the poll was demanded.

11.13 The
 demand for a poll shall not prevent the meeting continuing to transact any business other
 than the question on which the poll was demanded.

11.14 A
 poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who
 need not be Members) and fix a place and time for declaring the result of the poll. If ,
 through the aid of technology, the meeting is held in more than place, the chairman may appoint
 scrutineers in more than place; but if he considers that the poll cannot be effectively monitored
 at that meeting, the chairman shall adjourn the holding of the poll to a date, place and
 time when that can occur.

**No casting vote**

11.15 In
 the case of an equality of votes on a poll, the chairman of the meeting at which the poll
 is demanded shall not be entitled to a second or casting vote.

**Written resolutions**

11.16 Members
 may pass a resolution in writing without holding a meeting if the following conditions are
 met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Members entitled to vote are given notice of the resolution as if the same were being proposed
 at a meeting of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 Members entitled so to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign
 a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign
 several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 signed document or documents is or are delivered to the Company, including, if the Company
 so nominates, by delivery of an Electronic Record by Electronic means to the address specified
 for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Such
 written resolution shall be as effective as if it had been passed at a meeting of the Members
 entitled to vote duly convened and held.

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11.17 If
 a written resolution is described as a Special Resolution or as an Ordinary Resolution, it
 has effect accordingly.

11.18 The
 Directors may determine the manner in which written resolutions shall be put to Members.
 In particular, they may provide, in the form of any written resolution, for each Member to
 indicate, out of the number of votes the Member would have been entitled to cast at a meeting
 to consider the resolution, how many votes he wishes to cast in favour of the resolution
 and how many against the resolution or to be treated as abstentions. The result of any such
 written resolution shall be determined on the same basis as on a poll.

**Sole-Member Company**

11.19 If
 the Company has only one Member, and the Member records in writing his decision on a question,
 that record shall constitute both the passing of a resolution and the minute of it.

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| **12** | **Voting rights of Members** |

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**Right to vote**

12.1 Subject
 to the following, unless their Shares carry no right to vote, or unless a call or other amount
 presently payable has not been paid, all Members are entitled to vote at a general meeting,
 on a poll, and all Members holding Shares of a particular class of Shares are entitled to
 vote at a meeting of the holders of that class of Shares.

**Voting Rights**

12.2 The
 holder of an Ordinary Share shall (in respect of such Ordinary Share) have the right to receive
 notice of, attend at and vote as a Member at any general meeting of the Company.

12.3 Each
 holder of Class A Ordinary Shares shall, on a poll, be entitled to exercise one (1) vote
 for each Class A Ordinary Share he or she holds on any and all matters.

12.4 Each
 holder of Class B Ordinary Shares shall, on a poll, be entitled to exercise twenty (20)
 votes for each Class B Ordinary Share he or she holds on any and all matters.

12.5 Members
 may vote in person or by proxy.

12.6 No
 Member is bound to vote on his Shares or any of them; nor is he bound to vote each of his
 Shares in the same way.

**Rights of joint holders**

12.7 If
 Shares are held jointly, only one of the joint holders may vote. If more than one of the
 joint holders tenders a vote, the vote of the holder whose name in respect of those Shares
 appears first in the register of Members shall be accepted to the exclusion of the votes
 of the other joint holder.

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**Representation of corporate Members**

12.8 Save
 where otherwise provided, a corporate Member must act by a duly authorised representative.

12.9 A
 corporate Member wishing to act by a duly authorised representative must identify that person
 to the Company by notice in writing.

12.10 The
 authorisation may be for any period of time, and must be delivered to the Company before
 the commencement of the meeting at which it is first used.

12.11 The
 Directors of the Company may require the production of any evidence which they consider necessary
 to determine the validity of the notice.

12.12 Where
 a duly authorised representative is present at a meeting that Member is deemed to be present
 in person; and the acts of the duly authorised representative are personal acts of that Member.

12.13 A
 corporate Member may revoke the appointment of a duly authorised representative at any time
 by notice to the Company; but such revocation will not affect the validity of any acts carried
 out by the duly authorised representative before the Directors of the Company had actual
 notice of the revocation.

**Member with mental disorder**

12.14 A
 Member in respect of whom an order has been made by any court having jurisdiction (whether
 in the Cayman Islands or elsewhere) in matters concerning mental disorder may vote on a poll,
 by that Member's receiver, *curator bonis* or other person authorised in that
 behalf appointed by that court.

12.15 For
 the purpose of the preceding Article, evidence to the satisfaction of the Directors of the
 authority of the person claiming to exercise the right to vote must be received not less
 than 24 hours before holding the relevant meeting or the adjourned meeting in any manner
 specified for the delivery of forms of appointment of a proxy, whether in writing or by Electronic
 means. In default, the right to vote shall not be exercisable.

**Objections to admissibility of votes**

12.16 An
 objection to the validity of a person's vote may only be raised at the meeting or at
 the adjourned meeting at which the vote is sought to be tendered. Any objection duly made
 shall be referred to the chairman whose decision shall be final and conclusive.

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**Form of proxy**

12.17 An
 instrument appointing a proxy shall be in any common form or in any other form approved by
 the Directors.

12.18 The
 instrument must be in writing and signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 the Member's authorised attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Member is a corporation or other body corporate, under seal or signed by an authorised
 officer, secretary or attorney.

If the Directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records.

12.19 The
 Directors may require the production of any evidence which they consider necessary to determine
 the validity of any appointment of a proxy.

12.20 A
 Member may revoke the appointment of a proxy at any time by notice to the Company duly signed
 in accordance with Article 12.18.

12.21 No
 revocation by a Member of the appointment of a proxy made in accordance with Article 12.20
 will affect the validity of any acts carried out by the relevant proxy before the Directors
 of the Company had actual notice of the revocation.

**How and when proxy is to be delivered**

12.22 Subject
 to the following Articles, the Directors may, in the notice convening any meeting or adjourned meeting, or in an instrument of proxy
 sent out by the Company, specify the manner by which the instrument appointing a proxy shall be deposited and the place and the time
 (being not later than the time appointed for the commencement of the meeting or adjourned meeting to which the proxy relates) at
 which the instrument appointing a proxy shall be deposited. In the absence of any such direction from the Directors in the notice
 convening any meeting or adjourned meeting or in an instrument of proxy sent out by the Company, the form of appointment of a proxy
 and any authority under which it is signed (or a copy of the authority certified notarially or in any other way approved by the
 Directors) must be delivered so that it is received by the Company before the time for holding the meeting or adjourned meeting at
 which the person named in the form of appointment of proxy proposes to vote. They must be delivered in either of the following
 ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the case of an instrument in writing, it must be left at or sent by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the registered office of the Company; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 such other place within the Cayman Islands specified in the notice convening the meeting
 or in any form of appointment of proxy sent out by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 , pursuant to the notice provisions, a notice may be given to the Company in an Electronic
 Record, an Electronic Record of an appointment of a proxy must be sent to the address specified
 pursuant to those provisions unless another address for that purpose is specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the notice convening the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 any form of appointment of a proxy sent out by the Company in relation to the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 any invitation to appoint a proxy issued by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 Article 12.22(a) and Article 12.22(b), the chairman of the Company may, in any event at his
 discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

12.23 Where
 a poll is taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 it is taken more than seven Clear Days after it is demanded, the form of appointment of a
 proxy and any accompanying authority (or an Electronic Record of the same) must be delivered
 in accordance with Article 12.22 before the time appointed for the taking of the poll;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 it to be taken within seven Clear Days after it was demanded, the form of appointment of
 a proxy and any accompanying authority (or an Electronic Record of the same) must be delivered
 in accordance with Article 12.22 before the time appointed for the taking of the poll.

12.24 If
 the form of appointment of proxy is not delivered on time, it is invalid.

12.25 When
 two or more valid but differing appointments of proxy are delivered or received in respect
 of the same Share for use at the same meeting and in respect of the same matter, the one
 which is last validly delivered or received (regardless of its date or of the date of its
 execution) shall be treated as replacing and revoking the other or others as regards that
 Share. If the Company is unable to determine which appointment was last validly delivered
 or received, none of them shall be treated as valid in respect of that Share.

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12.26 The
 Board may at the expense of the Company send forms of appointment of proxy to the Members
 by post (that is to say, pre-paying and posting a letter), or by Electronic communication
 or otherwise (with or without provision for their return by pre-paid post) for use at any
 general meeting or at any separate meeting of the holders of any class of Shares, either
 blank or nominating as proxy in the alternative any one or more of the Directors or any other
 person. If for the purpose of any meeting invitations to appoint as proxy a person or one
 of a number of persons specified in the invitations are issued at the Company's expense,
 they shall be issued to all (and not to some only) of the Members entitled to be sent notice
 of the meeting and to vote at it. The accidental omission to send such a form of appointment
 or to give such an invitation to, or the non-receipt of such form of appointment by, any
 Member entitled to attend and vote at a meeting shall not invalidate the proceedings at that
 meeting

**Voting by proxy**

12.27 A
 proxy shall have the same voting rights at a meeting or adjourned meeting as the Member would
 have had except to the extent that the instrument appointing him limits those rights. Notwithstanding
 the appointment of a proxy, a Member may attend and vote at a meeting or adjourned meeting.
 If a Member votes on any resolution a vote by his proxy on the same resolution, unless in
 respect of different Shares, shall be invalid.

12.28 The
 instrument appointing a proxy to vote at a meeting shall be deemed also to confer authority
 to demand or join in demanding a poll, and, for the purposes of Article 11.11, a demand by
 a person as proxy for a Member shall be the same as a demand by a Member. Such appointment
 shall not confer any further right to speak at the meeting, except with the permission of
 the chairman of the meeting.

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| **13** | **Number of Directors** |

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13.1 There
 shall be a Board consisting of not less than one person provided however that the Company
 may by Ordinary Resolution increase or reduce the limits in the number of Directors. Unless
 fixed by Ordinary Resolution, the maximum number of Directors shall be unlimited.

14 Appointment, disqualification and removal of Directors First Directors

14.1 The
 first Directors shall be appointed in writing by the subscriber or subscribers to the Memorandum,
 or a majority of them.

**No age limit**

14.2 There
 is no age limit for Directors save that they must be at least eighteen years of age.

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**Corporate Directors**

14.3 Unless
 prohibited by law, a body corporate may be a Director. If a body corporate is a Director, the Articles about representation of
 corporate Members at general meetings apply, mutatis mutandis, to the Articles about Directors' meetings.

**No shareholding qualification**

14.4 Unless
 a shareholding qualification for Directors is fixed by Ordinary Resolution, no Director shall
 be required to own Shares as a condition of his appointment.

**Appointment of Directors**

14.5 A
 Director may be appointed by Ordinary Resolution or by the Directors. Any appointment may
 be to fill a vacancy or as an additional Director.

14.6 A
 remaining Director may appoint a Director even though there is not a quorum of Directors.

14.7 No
 appointment can cause the number of Directors to exceed the maximum (if one is set); and
 any such appointment shall be invalid.

14.8 For
 so long as Shares are listed on a Designated Stock Exchange, the Directors shall include
 at least such number of Independent Directors as applicable law, rules or regulations or
 the Designated Stock Exchange Rules require as determined by the Board by Board Resolution.

**Board's power to appoint Directors**

14.9 Without
 prejudice to the Company's power to appoint a person to be a Director pursuant to these
 Articles, the Board shall have power at any time to appoint any person who is willing to
 act as a Director, either to fill a vacancy or as an addition to the existing Board, subject
 to the total number of Directors not exceeding any maximum number fixed by or in accordance
 with these Articles.

**Eligibility**

14.10 No
 person (other than a Director retiring in accordance with these Articles) shall be appointed
 or re-appointed a Director at any general meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he
 is recommended by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not
 less than seven nor more than forty-two Clear Days before the date appointed for the meeting,
 a Member (other than the person to be proposed) entitled to vote at the meeting has given
 to the Company notice of his intention to propose a resolution for the appointment of that
 person, stating the particulars which would, if he were so appointed, be required to be included
 in the Company's register of Directors and a notice executed by that person of his
 willingness to be appointed.

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**Removal of Directors**

14.11 A
 Director may be removed by Board Resolution.

**Resignation of Directors**

14.12 A
 Director may at any time resign office by giving to the Company notice in writing or, if
 permitted pursuant to the notice provisions, in an Electronic Record delivered in either
 case in accordance with those provisions.

14.13 Unless
 the notice specifies a different date, the Director shall be deemed to have resigned on the
 date that the notice is delivered to the Company.

**Termination of the office of Director**

14.14 A
 Director may retire from office as a Director by giving notice in writing to that effect
 to the Company at the registered office, which notice shall be effective upon such date as
 may be specified in the notice, failing which upon delivery to the registered office.

14.15 Without
 prejudice to the provisions in these Articles for retirement (by rotation or otherwise),
 a Director's office shall be terminated forthwith if :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he
 is prohibited by the law of the Cayman Islands from acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he
 is made bankrupt or makes an arrangement or composition with his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he
 resigns his office by notice to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he
 only held office as a Director for a fixed term and such term expires; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in
 the opinion of a registered medical practitioner by whom he is being treated he becomes physically
 or mentally incapable of acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) he
 is given notice by the majority of the other Directors (not being less than two in number)
 to vacate office (without prejudice to any claim for damages for breach of any agreement
 relating to the provision of the services of such Director); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) he
 is made subject to any law relating to mental health or incompetence, whether by court order
 or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) without
 the consent of the other Directors, he is absent from meetings of Directors for a continuous
 period of six months.

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| **15** | **Alternate Directors** |

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**Appointment and removal**

15.1 Any
 Director may appoint any other person, including another Director, to act in his place as
 an alternate Director. No appointment shall take effect until the Director has given notice
 of the appointment to the Board.

15.2 A
 Director may revoke his appointment of an alternate at any time. No revocation shall take
 effect until the Director has given notice of the revocation to the Board.

15.3 A
 notice of appointment or removal of an alternate Director shall be effective only if given
 to the Company by one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 notice in writing in accordance with the notice provisions contained in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Company has a facsimile address for the time being, by sending by facsimile transmission
 to that facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission
 to the facsimile address of the Company's registered office a facsimile copy (in either
 case, the facsimile copy being deemed to be the notice unless Article 29.7 applies), in which
 event notice shall be taken to be given on the date of an error-free transmission report
 from the sender's fax machine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Company has an email address for the time being, by emailing to that email address a
 scanned copy of the notice as a PDF attachment or, otherwise, by emailing to the email address
 provided by the Company's registered office a scanned copy of the notice as a PDF attachment
 (in either case, the PDF version being deemed to be the notice unless Article 29.7 applies),
 in which event notice shall be taken to be given on the date of receipt by the Company or
 the Company's registered office (as appropriate) in readable form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 permitted pursuant to the notice provisions, in some other form of approved Electronic Record
 delivered in accordance with those provisions in writing.

**Notices**

15.4 All
 notices of meetings of Directors shall continue to be given to the appointing Director and
 not to the alternate.

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**Rights of alternate Director**

15.5 An
 alternate Director shall be entitled to attend and vote at any Board meeting or meeting of
 a committee of the Directors at which the appointing Director is not personally present,
 and generally to perform all the functions of the appointing Director in his absence. An
 alternate Director, however, is not entitled to receive any remuneration from the Company
 for services rendered as an alternate Director.

**Appointment ceases when the appointor ceases to be a Director**

15.6 An
 alternate Director shall cease to be an alternate Director if :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Director who appointed him ceases to be a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Director who appointed him revokes his appointment by notice delivered to the Board or to
 the registered office of the Company or in any other manner approved by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 any event happens in relation to him which, if he were a Director of the Company, would cause
 his office as Director to be vacated.

**Status of alternate Director**

15.7 An
 alternate Director shall carry out all functions of the Director who made the appointment.

15.8 Save
 where otherwise expressed, an alternate Director shall be treated as a Director under these
 Articles.

15.9 An
 alternate Director is not the agent of the Director appointing him.

15.10 An
 alternate Director is not entitled to any remuneration for acting as alternate Director.

**Status of the Director making the appointment**

15.11 A
 Director who has appointed an alternate is not thereby relieved from the duties which he
 owes the Company.

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| **16** | **Powers of Directors** |

---

**Powers of Directors**

16.1 Subject
 to the provisions of the Law, the Memorandum and these Articles the business of the Company
 shall be managed by the Directors who may for that purpose exercise all the powers of the
 Company.

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16.2 No
 prior act of the Directors shall be invalidated by any subsequent alteration of the Memorandum
 or these Articles. However, to the extent allowed by the Law, Members may, by Special Resolution,
 validate any prior or future act of the Directors which would otherwise be in breach of their
 duties.

**Directors below the minimum number**

16.3 I f
the number of Directors is less than the minimum prescribed in accordance with these Articles, the remaining Director or Directors shall
act only for the purposes of appointing an additional Director or Directors to make up such minimum or of convening a general meeting
of the Company for the purpose of making such appointment. If there are no Director or Directors able or willing to act, any two Members
may summon a general meeting for the purpose of appointing Directors. Any additional Director so appointed shall hold office (subject
to these Articles) only until the dissolution of the annual general meeting next following such appointment unless he is re-elected during
such meeting.

**Appointments to office**

16.4 The
 Directors may by Board Resolution appoint a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 chairman of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as
 managing Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 any other executive office,

for such period, and on such terms, including as to remuneration as they think fit.

16.5 The
 appointee must consent in writing to holding that office.

16.6 Where
 a chairman is appointed he shall, unless unable to do so, preside at every meeting of Directors.

16.7 If
 there is no chairman, or if the chairman is unable to preside at a meeting, that meeting
 may select its own chairman; or the Directors may nominate one of their number to act in
 place of the chairman should he ever not be available.

16.8 Subject
 to the provisions of the Law, the Directors may also appoint and remove any person, who need
 not be a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 any office that may be required

for such period and on such terms, including as to remuneration, as they think fit. In the case of an Officer, that Officer may be given any title the Directors decide.

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16.9 The
 Secretary or Officer must consent in writing to holding that office.

16.10 A
 Director, Secretary or other Officer of the Company may not the hold the office, or perform
 the services, of auditor.

**Provisions for employees**

16.11 The
 Board may make provision for the benefit of any persons employed or formerly employed by
 the Company or any of its subsidiary undertakings (or any member of his family or any person
 who is dependent on him) in connection with the cessation or the transfer to any person of
 the whole or part of the undertaking of the Company or any of its subsidiary undertakings.

**Exercise of voting rights**

16.12 The
 Board may exercise the voting power conferred by the Shares in any body corporate held or
 owned by the Company in such manner in all respects as it thinks fit (including, without
 limitation, the exercise of that power in favour of any resolution appointing any Director
 as a Director of such body corporate, or voting or providing for the payment of remuneration
 to the Directors of such body corporate).

**Remuneration**

16.13 Every
 Director may be remunerated by the Company for the services he provides for the benefit of
 the Company, whether as Director, employee or otherwise, and shall be entitled to be paid
 for the expenses incurred in the Company's business including attendance at Directors'
 meetings.

16.14 Until
 otherwise determined by the Company by Ordinary Resolution, the Directors (other than alternate
 Directors) shall be entitled to such remuneration by way of fees for their services in the
 office of Director as the Directors may determine.

16.15 Remuneration
 may take any form and may include arrangements to pay pensions, health insurance, death or
 sickness benefits, whether to the Director or to any other person connected to or related
 to him.

16.16 Unless
 his fellow Directors determine otherwise, a Director is not accountable to the Company for
 remuneration or other benefits received from any other company which is in the same group
 as the Company or which has common shareholdings.

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**Disclosure of information**

16.17 The
 Directors may release or disclose to a third party any information regarding the affairs
 of the Company, including any information contained in the register of Members relating to
 a Member, (and they may authorise any Director, Officer or other authorised agent of the
 Company to release or disclose to a third party any such information in his possession) if
 :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company or that person, as the case may be, is lawfully required to do so under the laws
 of any jurisdiction to which the Company is subject; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such
 disclosure is in compliance with the Designated Stock Exchange Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such
 disclosure is in accordance with any contract entered into by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Directors are of the opinion such disclosure would assist or facilitate the Company's
 operations.

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| **17** | **Delegation of powers** |

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**Power to delegate any of the Directors' powers to a committee**

17.1 The
 Directors may delegate any of their powers to any committee consisting of one or more persons
 who need not be Members. Persons on the committee may include non- Directors so long as the
 majority of those persons are Directors. Any such committee shall be made up of such number
 of Independent Directors as required from time to time by the Designated Stock Exchange
 Rules or otherwise required by applicable law.

17.2 The
 delegation may be collateral with, or to the exclusion of, the Directors' own powers.

17.3 The
 delegation may be on such terms as the Directors think fit, including provision for the committee
 itself to delegate to a sub-committee; save that any delegation must be capable of being
 revoked or altered by the Directors at will.

17.4 Unless
 otherwise permitted by the Directors, a committee must follow the procedures prescribed for
 the taking of decisions by Directors.

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17.5 The
 Board shall by Board Resolution establish an audit committee, a compensation committee and
 a nominating and corporate governance committee. Each of these committees shall be empowered
 to do all things necessary to exercise the rights of such committee set forth in these Articles.
 Each of the audit committee, compensation committee and nominating and corporate governance
 committee shall consist of at least three Directors (or such larger minimum number as may
 be required from time to time by the Designated Stock Exchange Rules). The majority of the
 committee members on each of the compensation committee and nominating and corporate governance
 committee shall be Independent Directors. The audit committee shall be made up of such number
 of Independent Directors as required from time to time by the Designated Stock Exchange
 Rules or otherwise required by applicable law.

**Local boards**

17.6 The
 Board may by Board Resolution establish any local or divisional board or agency for managing
 any of the affairs of the Company whether in the Cayman Islands or elsewhere and may appoint
 any persons to be members of a local or divisional Board, or to be managers or agents, and
 may fix their remuneration.

17.7 The
 Board may by Board Resolution delegate to any local or divisional board, manager or agent
 any of its powers and authorities (with power to sub -delegate) and may authorise the members
 of any local or divisional board or any of them to fill any vacancies and to act notwithstanding
 vacancies.

17.8 Any
 appointment or delegation under this Article 17.8 may be made on such terms and subject to
 such conditions as the Board thinks fit and the Board may by Board Resolution remove any
 person so appointed, and may revoke or vary any delegation.

**Power to appoint an agent of the Company**

17.9 The
 Directors may appoint any person, either generally or in respect of any specific matter,
 to be the agent of the Company with or without authority for that person to delegate all
 or any of that person's powers. The Directors may make that appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 causing the Company to enter into a power of attorney or agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 any other manner they determine.

**Power to appoint an attorney or authorised signatory of the Company**

17.10 The
 Directors may appoint any person, whether nominated directly or indirectly by the Directors,
 to be the attorney or the authorised signatory of the Company. The appointment may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
 any purpose;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for
 the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject
 to such conditions

as they think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the Directors under these Articles. The Directors may do so by power of attorney or any other manner they think fit.

17.11 Any
 power of attorney or other appointment may contain such provision for the protection and
 convenience for persons dealing with the attorney or authorised signatory as the Directors
 think fit. Any power of attorney or other appointment may also authorise the attorney or
 authorised signatory to delegate all or any of the powers, authorities and discretions vested
 in that person.

17.12 The
 Board may by Board Resolution remove any person appointed under Article 17.10 and may revoke
 or vary the delegation.

**Borrowing Powers**

17.13 The
 Directors may exercise all the powers of the Company to borrow money and to mortgage or charge
 its undertaking, property and assets both present and future and uncalled capital, or any
 part thereof, and to issue debentures and other securities, whether outright or as collateral
 security for any debt, liability or obligation of the Company or its parent undertaking (if
 any) or any subsidiary undertaking of the Company or of any third party.

**Corporate Governance**

17.14 The
 Board may by Board Resolution, from time to time, and except as required by applicable law
 or the Designated Stock Exchange Rules, adopt, institute, amend, modify or revoke the corporate
 governance policies or initiatives of the Company, which shall be intended to set forth the
 guiding principles and policies of the Company and the Board on various corporate governance
 related matters as the Board shall determine by Board Resolution from time to time.

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|:---|:---|
| **18** | **Meetings of Directors** |

---

**Regulation of Directors' meetings**

18.1 Subject
 to the provisions of these Articles, the Directors may regulate their proceedings as they
 think fit.

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**Calling meetings**

18.2 Any
 Director may call a meeting of Directors at any time. The Secretary must call a meeting of
 the Directors if requested to do so by a Director.

**Notice of meetings**

18.3 Notice
 of a Board meeting may be given to a Director personally or by word of mouth or given in
 writing or by Electronic communications at such address as he may from time to time specify
 for this purpose (or, if he does not specify an address, at his last known address). A Director
 may waive his right to receive notice of any meeting either prospectively or retrospectively.

**Use of technology**

18.4 A
 Director may participate in a meeting of Directors through the medium of conference telephone,
 video or any other form of communications equipment providing all persons participating in
 the meeting are able to hear and speak to each other throughout the meeting.

18.5 A
 Director participating in this way is deemed to be present in person at the meeting.

**Quorum**

18.6 The
 quorum for the transaction of business at a meeting of Directors shall be one unless the
 Directors fix some other number.

**Chairman or deputy to preside**

18.7 The
 Board may by Board Resolution appoint a chairman and one or more deputy chairman or chairmen
 and may at any time revoke any such appointment.

18.8 The
 chairman, or failing him any deputy chairman (the longest in office taking precedence if
 more than one is present), shall preside at all Board meetings. If no chairman or deputy
 chairman has been appointed, or if he is not present within five minutes after the time
 fixed for holding the meeting, or is unwilling to act as chairman of the meeting, the Directors
 present shall choose one of their number to act as chairman of the meeting.

**Voting**

18.9 A
 question which arises at a Board meeting shall be decided by a majority of votes. If votes
 are equal the Founder may, if he wishes, exercise a casting vote.

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**Recording of dissent**

18.10 A
 Director present at a meeting of Directors shall be presumed to have assented to any action
 taken at that meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his
 dissent is entered in the minutes of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he
 has filed with the meeting before it is concluded signed dissent from that action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he
 has forwarded to the Company as soon as practical following the conclusion of that meeting
 signed dissent.

A Director who votes in favour of an action is not entitled to record his dissent to it.

**Written resolutions**

18.11 The
 Directors may pass a resolution in writing without holding a meeting if all Directors sign
 a document or sign several documents in the like form each signed by one or more of those
 Directors.

18.12 A
 written resolution signed by a validly appointed alternate Director need not also be signed
 by the appointing Director.

18.13 A
 written resolution signed personally by the appointing Director need not also be signed by
 his alternate.

18.14 A
 resolution in writing passed pursuant to Article 18.11, Article 18.12 and/or Article 18.13
 shall be as effective as if it had been passed at a meeting of the Directors duly convened
 and held; and it shall be treated as having been passed on the day and at the time that the
 last Director signs (and for the avoidance of doubt, such day may or may not be a Business
 Day).

**Validity of acts of Directors in spite of formal defect**

18.15 All
 acts done by a meeting of the Board, or of a committee of the Board, or by any person acting
 as a Director or an alternate Director, shall, notwithstanding that it is afterwards discovered
 that there was some defect in the appointment of any Director or alternate Director or member
 of the committee, or that any of them were disqualified or had vacated office or were not
 entitled to vote, be as valid as if every such person had been duly appointed and qualified
 and had continued to be a Director or alternate Director and had been entitled to vote.

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| **19** | **Permissible Directors' interests and disclosure** |

---

19.1 A
 Director shall not, as a Director, vote in respect of any contract, transaction, arrangement
 or proposal in which he has an interest which (together with any interest of any person connected
 with him) is a material interest (otherwise then by virtue of his interests, direct or indirect,
 in Shares or debentures or other securities of, or otherwise in or through, the Company)
 and if he shall do so his vote shall not be counted, nor in relation thereto shall he be
 counted in the quorum present at the meeting, but (in the absence of some other material
 interest than is mentioned below) none of these prohibitions shall apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 giving of any security, guarantee or indemnity in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) money
 lent or obligations incurred by him or by any other person for the benefit of the Company
 or any of its subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 debt or obligation of the Company or any of its subsidiaries for which the Director himself
 has assumed responsibility in whole or in part and whether alone or jointly with others under
 a guarantee or indemnity or by the giving of security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 the Company or any of its subsidiaries is offering securities in which offer the Director
 is or may be entitled to participate as a holder of securities or in the underwriting or
 sub-underwriting of which the Director is to or may participate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 contract, transaction, arrangement or proposal affecting any other body corporate in which
 he is interested, directly or indirectly and whether as an officer, shareholder, creditor
 or otherwise howsoever, provided that he (together with persons connected with him) does
 not to his knowledge hold an interest representing one per cent or more of any class of the
 equity share capital of such body corporate (or of any third body corporate through which
 his interest is derived) or of the voting rights available to members of the relevant body
 corporate (any such interest being deemed for the purposes of this Article 19.1 to be a material
 interest in all circumstances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 act or thing done or to be done in respect of any arrangement for the benefit of the employees
 of the Company or any of its subsidiaries under which he is not accorded as a Director any
 privilege or advantage not generally accorded to the employees to whom such arrangement relates;
 or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 matter connected with the purchase or maintenance for any Director of insurance against any
 liability or (to the extent permitted by the Law) indemnities in favour of Directors, the
 funding of expenditure by one or more Directors in defending proceedings against him or them
 or the doing of any thing to enable such Director or Directors to avoid incurring such expenditure.

19.2 A
 Director may, as a Director, vote (and be counted in the quorum) in respect of any contract,
 transaction, arrangement or proposal in which he has an interest which is not a material
 interest or which falls within Article 19.1.

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|:---|:---|
| **20** | **Minutes** |

---

20.1 The
 Company shall cause minutes to be made in books of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 appointments of Officers and committees made by the Board and of any such Officer's
 remuneration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 names of Directors present at every meeting of the Directors, a committee of the Board, the
 Company or the holders of any class of shares or debentures, and all orders, resolutions
 and proceedings of such meetings.

20.2 Any
 such minutes, if purporting to be signed by the chairman of the meeting at which the proceedings
 were held or by the chairman of the next succeeding meeting or the Secretary, shall be prima
 facie evidence of the matters stated in them.

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| **21** | **Accounts and audit** |

---

21.1 The
 Directors must ensure that proper accounting and other records are kept, and that accounts
 and associated reports are distributed in accordance with the requirements of the Law.

21.2 The
 books of account shall be kept at the registered office of the Company and shall always be
 open to inspection by the Directors. No Member (other than a Director) shall have any right
 of inspecting any account or book or document of the Company except as conferred by the Law
 or as authorised by the Directors or by Ordinary Resolution.

**Financial year**

21.3 Unless
 the Directors otherwise prescribe, the financial year of the Company shall end on 31 December
 in each year and begin on 1 January in each year.

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**Auditors**

21.4 The
 Directors may appoint an Auditor of the Company who shall hold office on such terms as the
 Directors determine.

21.5 At
 any general meeting convened and held at any time in accordance with these Articles, the
 Members may, by Ordinary Resolution, remove the Auditor before the expiration of his term
 of office. If they do so, the Members shall, by Ordinary Resolution, at that meeting appoint
 another Auditor in his stead for the remainder of his term.

21.6 The
 Auditors shall examine such books, accounts and vouchers; as may be necessary for the performance
 of their duties.

21.7 The
 Auditors shall, if so requested by the Directors, make a report on the accounts of the Company
 during their tenure of office at the next annual general meeting following their appointment,
 and at any time during their term of office, upon request of the Directors or any general
 meeting of the Company.

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|:---|:---|
| **22** | **Record dates** |

---

22.1 Except
 to the extent of any conflicting rights attached to Shares, the resolution declaring a dividend
 on Shares of any class, whether it be an Ordinary Resolution of the Members or a Board Resolution,
 may specify that the dividend is payable or distributable to the persons registered as the
 holders of those Shares at the close of business on a particular date, notwithstanding that
 the date may be a date prior to that on which the resolution is passed.

22.2 If
 the resolution does so specify, the dividend shall be payable or distributable to the persons
 registered as the holders of those Shares at the close of business on the specified date
 in accordance with their respective holdings so registered, but without prejudice to the
 rights *inter se* in respect of the dividend of transferors and transferees of any of
 those Shares.

22.3 The
 provisions of this Article apply, *mutatis mutandis*, to bonuses, capitalisation issues,
 distributions of realised capital profits or offers or grants made by the Company to the
 Members.

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|:---|:---|
| **23** | **Dividends** |

---

**Source of dividends**

23.1 Dividends
 may be declared and paid out of any funds of the Company lawfully available for distribution.

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23.2 Subject
 to the requirements of the Law regarding the application of a company's Share premium
 account and with the sanction of an Ordinary Resolution, dividends may also be declared and
 paid out of any share premium account.

**Declaration of dividends by Members**

23.3 Subject
 to the provisions of the Law, the Company may by Ordinary Resolution declare dividends in
 accordance with the respective rights of the Members but no dividend shall exceed the amount
 recommended by the Directors.

23.4 No
 dividend may be declared or paid, and no other distribution (whether in cash or otherwise)
 of the Company's assets (including any distribution of assets to Members on a winding
 up) may be made to a holder of a Class B Ordinary Share.

**Payment of interim dividends and declaration of final dividends by Directors**

23.5 Subject
 to Article 23.4, the Directors may by Board Resolution declare and pay interim dividends
 or recommend final dividends in accordance with the respective rights of the Members if it
 appears to them that they are justified by the financial position of the Company and that
 such dividends may lawfully be paid.

23.6 Subject
 to the provisions of the Law, in relation to the distinction between interim dividends and
 final dividends, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
 determination to pay a dividend or dividends described as interim by the Directors in the

 payment is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 declaration of a dividend or dividends described as final by the Directors in the dividend
 Board Resolution, a debt shall be created immediately following the declaration, the due
 date to be the date the dividend is stated to be payable in the Board Resolution.

If the Board Resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim.

23.7 In
 relation to Shares carrying differing rights to dividends or rights to dividends at a fixed
 rate, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the share capital is divided into different classes, the Directors may pay dividends on Shares
 which confer deferred or non-preferred rights with regard to dividends as well as on Shares
 which confer preferential rights with regard to dividends but no dividend shall be paid on
 Shares carrying deferred or non- preferred rights if , at the time of payment, any preferential
 dividend is in arrears.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors may also pay, at intervals settled by them, any dividend payable at a fixed rate
 if it appears to them that there are sufficient funds of the Company lawfully available for
 distribution to justify the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Directors act in good faith, they shall not incur any liability to the Members holding
 Shares conferring preferred rights for any loss those Members may suffer by the lawful payment
 of the dividend on any Shares having deferred or non- preferred rights.

**Apportionment of dividends**

23.8 Except
 as otherwise provided by the rights attached to Shares all dividends shall be declared and
 paid according to the amounts Paid Up on the Shares on which the dividend is paid. All dividends
 shall be apportioned and paid proportionately to the amount Paid Up on the Shares during
 the time or part of the time in respect of which the dividend is paid. But if a Share is
 issued on terms providing that it shall rank for dividend as from a particular date, that
 Share shall rank for dividend accordingly.

**Right of set off**

23.9 The
 Directors may deduct from a dividend or any other amount payable to a person in respect
 of a Share any amount due by that person to the Company on a call or otherwise in relation
 to a Share.

**Power to pay other than in cash**

23.10 If
 the Directors so determine, any Board Resolution declaring a dividend may direct that it
 shall be satisfied wholly or partly by the distribution of assets. If a difficulty arises
 in relation to the distribution, the Directors may settle that difficulty in any way they
 consider appropriate. For example, they may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 fractional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix the value of assets for distribution and make cash payments to some Members on the footing
 of the value so fixed in order to adjust the rights of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest
 some assets in trustees.

**How payments may be made**

23.11 Subject
 to Article 23.4, a dividend or other monies payable on or in respect of a Share may be paid
 in any of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Member holding that Share or other person entitled to that Share nominates a bank account
 for that purpose - by wire transfer to that bank account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 cheque or warrant sent by post to the registered address of the Member holding that Share
 or other person entitled to that Share.

---

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23.12 For
 the purposes of Article 23.11(a), the nomination may be in writing or in an Electronic Record
 and the bank account nominated may be the bank account of another person. For the purposes
 of Article 23.11(b), subject to any applicable law or regulation, the cheque or warrant shall
 be made to the order of the Member holding that Share or other person entitled to the Share
 or to his nominee, whether nominated in writing or in an Electronic Record, and payment of
 the cheque or warrant shall be a good discharge to the Company.

23.13 Subject
 to Article 23.4, if two or more persons are registered as the holders of the Share or are
 jointly entitled to it by reason of the death or bankruptcy of the registered holder (**Joint Holders**), a dividend (or other amount) payable on or in respect of that Share may be
 paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 the registered address of the Joint Holder of the Share who is named first on the register
 of Members or to the registered address of the deceased or bankrupt holder, as the case may
 be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 the address or bank account of another person nominated by the Joint Holders, whether that
 nomination is in writing or in an Electronic Record.

23.14 Subject
 to Article 23.4, any Joint Holder of a Share may give a valid receipt for a dividend (or
 other amount) payable in respect of that Share.

**Dividends or other monies not to bear interest in absence of special rights**

23.15 Unless
 provided for by the rights attached to a Share, no dividend or other monies payable by the
 Company in respect of a Share shall bear interest.

**Dividends unable to be paid or unclaimed**

23.16 Subject
 to Article 23.4, if a dividend cannot be paid to a Member or remains unclaimed within six
 weeks after it was declared or both, the Directors may pay it into a separate account in
 the Company's name. If a dividend is paid into a separate account, the Company shall
 not be constituted trustee in respect of that account and the dividend shall remain a debt
 due to the Member.

23.17 A
 dividend that remains unclaimed for a period of six years after it became due for payment
 shall be forfeited to, and shall cease to remain owing by, the Company.

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|:---|:---|
| **24** | **Capitalisation of profits** |

---

**Capitalisation of profits or of any share premium account or capital redemption reserve;**

24.1 The
 Directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 part of the Company's profits not required for paying any preferential dividend (whether
 or not those profits are available for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 sum standing to the credit of the Company's share premium account or capital redemption
 reserve, if any.

24.2 Subject
 to Article 23.4, the amount resolved to be capitalised must be appropriated to the Members
 who would have been entitled to it had it been distributed by way of dividend and in the
 same proportions. The benefit to each Member so entitled must be given in either or both
 of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 paying up the amounts unpaid on that Member's Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 issuing Fully Paid Up Shares, debentures or other securities of the Company to that Member
 or as that Member directs. The Directors may resolve that any Shares issued to the Member
 in respect of Partly Paid Up Shares (**Original Shares**) rank for dividend only to the
 extent that the Original Shares rank for dividend while those Original Shares remain Partly
 Paid Up.

**Applying an amount for the benefit of Members**

24.3 Subject
 to Article 23.4, the amount capitalised must be applied to the benefit of Members in the
 proportions to which the Members would have been entitled to dividends if the amount capitalised
 had been distributed as a dividend.

24.4 Subject
 to the Law, if a fraction of a Share, a debenture or other security is allocated to a Member,
 the Directors may issue a fractional certificate to that Member or pay him the cash equivalent
 of the fraction.

---

| | |
|:---|:---|
| **25** | **Share Premium Account** |

---

**Directors to maintain share premium account**

25.1 The
 Directors shall establish a share premium account in accordance with the Law. They shall
 carry to the credit of that account from time to time an amount equal to the amount or value
 of the premium paid on the issue of any Share or capital contributed or such other amounts
 required by the Law.

---

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---

**Debits to share premium account**

25.2 The
 following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 the redemption or purchase of a Share, the difference between the nominal value of that Share
 and the redemption or purchase price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 other amount paid out of a share premium account as permitted by the Law.

25.3 Notwithstanding
 the preceding Article, on the redemption or purchase of a Share, the Directors may pay the
 difference between the nominal value of that Share and the redemption purchase price out
 of the profits of the Company or, as permitted by the Law, out of capital.

---

| | |
|:---|:---|
| **26** | **Seal Company seal** |

---

26.1 The
 Company may have a seal if the Directors so determine by Board Resolution.

**Duplicate seal**

26.2 Subject
 to the provisions of the Law, the Company may also have a duplicate seal or seals for use
 in any place or places outside the Cayman Islands. Each duplicate seal shall be a facsimile
 of the original seal of the Company. However, if the Directors so determine by Board Resolution,
 a duplicate seal shall have added on its face the name of the place where it is to be used.

**When and how seal is to be used**

26.3 A
 seal may only be used by the authority of the Directors. Unless the Directors otherwise determine
 by Board Resolution, a document to which a seal is affixed must be signed in one of the following
 ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 a single Director (or his alternate).

**If no seal is adopted or used**

26.4 If
 the Directors do not adopt a seal, or a seal is not used, a document may be executed in the
 following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 a single Director (or his alternate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 any other manner permitted by the Law.

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**Power to allow non-manual signatures and facsimile printing of seal**

26.5 The
 Directors may determine by Board Resolution that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 the seal or a duplicate seal need not be affixed manually but may be affixed by some other
 method or system of reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 a signature required by these Articles need not be manual but may be a mechanical or Electronic
 Signature.

**Validity of execution**

26.6 If
 a document is duly executed and delivered by or on behalf of the Company, it shall not be
 regarded as invalid merely because, at the date of the delivery, the Secretary, or the Director,
 or other Officer or person who signed the document or affixed the seal for and on behalf
 of the Company ceased to be the Secretary or hold that office and authority on behalf of
 the Company.

---

| | |
|:---|:---|
| **27** | **Indemnity** |

---

27.1 To
 the extent permitted by law, the Company shall indemnify each existing or former Director
 (including alternate Director), Secretary and other Officer of the Company (including an
 investment adviser or an administrator or liquidator) and their personal representatives
 against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or
 sustained by the existing or former Director (including alternate Director), Secretary or
 Officer in or about the conduct of the Company's business or affairs or in the execution
 or discharge of the existing or former Director's (including alternate Director's),
 Secretary's or Officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without
 limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing
 or former Director (including alternate Director), Secretary or Officer in defending (whether
 successfully or otherwise) any civil, criminal, administrative or investigative proceedings
 (whether threatened, pending or completed) concerning the Company or its affairs in any court
 or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former Director (including alternate Director), Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

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27.2 To
 the extent permitted by Law, the Company may make a payment, or agree to make a payment,
 whether by way of advance, loan or otherwise, for any legal costs incurred by an existing
 or former Director (including alternate Director), Secretary or Officer of the Company in
 respect of any matter identified in Article 27.1 on condition that the Director (including
 alternate Director), Secretary or Officer must repay the amount paid by the Company to the
 extent that it is ultimately found not liable to indemnify the Director (including alternate
 Director), Secretary or that Officer for those legal costs.

**Release**

27.3 To
 the extent permitted by Law, the Company may by Special Resolution release any existing or
 former Director (including alternate Director), Secretary or other Officer of the Company
 from liability for any loss or damage or right to compensation which may arise out of or
 in connection with the execution or discharge of the duties, powers, authorities or discretions
 of his office; but there may be no release from liability arising out of or in connection
 with that person's own dishonesty.

**Insurance**

27.4 To
 the extent permitted by Law, the Company may pay, or agree to pay, a premium in respect of
 a contract insuring each of the following persons against risks determined by the Directors,
 other than liability arising out of that person's own dishonesty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 existing or former Director (including alternate Director), Secretary or Officer or auditor
 of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 company which is or was a subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 company in which the Company has or had an interest (whether direct or indirect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 trustee of an employee or retirement benefits scheme or other trust in which any of the persons
 referred to in paragraph (a) is or was interested.

---

| | |
|:---|:---|
| **28** | **Notices** |

---

**Form of notices**

28.1 Save
 where these Articles provide otherwise, and subject to the Designated Stock Exchange Rules,
 any notice to be given to or by any person pursuant to these Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 writing signed by or on behalf of the giver in the manner set out below for written notices;
 or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject
 to the next Article, in an Electronic Record signed by or on behalf of the giver by Electronic
 Signature and authenticated in accordance with Articles about authentication of Electronic
 Records; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 these Articles expressly permit, by the Company by means of a website.

**Electronic communications**

28.2 A
 notice may only be given to the Company in an Electronic Record if :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Directors so resolve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 resolution states how an Electronic Record may be given and, if applicable, specifies an
 email address for the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 terms of that resolution are notified to the Members for the time being and, if applicable,
 to those Directors who were absent from the meeting at which the resolution was passed.

If the resolution is revoked or varied, the revocation or variation shall only become effective when its terms have been similarly notified.

28.3 A
 notice may not be given by Electronic Record to a person other than the Company unless the
 recipient has notified the giver of an Electronic address to which notice may be sent.

28.4 Subject
 to the Law, the Designated Stock Exchange Rules and to any other rules which the Company
 is bound to follow, the Company may also send any notice or other document pursuant to these
 Articles to a Member by publishing that notice or other document on a website where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company and the Member have agreed to his having access to the notice or document on a website
 (instead of it being sent to him);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 notice or document is one to which that agreement applies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Member is notified (in accordance with any requirements laid down by the Law and, in a manner
 for the time being agreed between him and the Company for the purpose) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 publication of the notice or document on a website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 address of that website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 place on that website where the notice or document may be accessed, and how it may be accessed;
 and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 notice or document is published on that website throughout the publication period, provided
 that, if the notice or document is published on that website for a part, but not all of,
 the publication period, the notice or document shall be treated as being published throughout
 that period if the failure to publish that notice of document throughout that period is wholly
 attributable to circumstances which it would not be reasonable to have expected the Company
 to prevent or avoid. For the purposes of this Article 28.4 "publication period"
 means a period of not less than seven days, beginning on the day on which the notification
 referred to in Article 28.4(c) is deemed sent.

**Persons entitled to notices**

28.5 Any
 notice or other document to be given to a Member may be given by reference to the register
 of Members as it stands at any time within the period of seven days before the day that the
 notice is given or (where and as applicable) within any other period permitted by, or in
 accordance with the requirements of, (to the extent applicable) the Designated Stock Exchange
 Rules and/or the Designated Stock Exchanges. No change in the register of Members after that
 time shall invalidate the giving of such notice or document or require the Company to give
 such item to any other person.

**Persons authorised to give notices**

28.6 A
 notice by either the Company or a Member pursuant to these Articles may be given on behalf
 of the Company or a Member by a Director or company secretary of the Company or a Member.

**Delivery of written notices**

28.7 Save
 where these Articles provide otherwise, a notice in writing may be given personally to the
 recipient, or left at (as appropriate) the Member's or Director's registered
 address or the Company's registered office, or posted to that registered address or
 registered office.

**Joint holders**

28.8 Where
 Members are joint holders of a Share, all notices shall be given to the Member whose name
 first appears in the register of Members.

**Signatures**

28.9 A
 written notice shall be signed when it is autographed by or on behalf of the giver, or is
 marked in such a way as to indicate its execution or adoption by the giver.

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---

28.10 An
 Electronic Record may be signed by an Electronic Signature.

**Evidence of transmission**

28.11 A
 notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating
 the time, date and content of the transmission, and if no notification of failure to transmit
 is received by the giver.

28.12 A
 notice given in writing shall be deemed sent if the giver can provide proof that the envelope
 containing the notice was properly addressed, pre-paid and posted, or that the written notice
 was otherwise properly transmitted to the recipient.

28.13 A
 Member present, either in person or by proxy, at any meeting of the Company or of the holders
 of any class of Shares shall be deemed to have received due notice of the meeting and, where
 requisite, of the purposes for which it was called.

**Giving notice to a deceased or bankrupt Member**

28.14 A
 notice may be given by the Company to the persons entitled to a Share in consequence of the
 death or bankruptcy of a Member by sending or delivering it, in any manner authorised by
 these Articles for the giving of notice to a Member, addressed to them by name, or by the
 title of representatives of the deceased, or trustee of the bankrupt or by any like description,
 at the address, if any, supplied for that purpose by the persons claiming to be so entitled.

28.15 Until
 such an address has been supplied, a notice may be given in any manner in which it might
 have been given if the death or bankruptcy had not occurred.

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**Date of giving notices**

28.16 A
 notice is given on the date identified in the following table

---

| | |
|:---|:---|
| **Method for giving notices** | **When taken to be given** |
| (A) Personally | At the time and date of delivery |
| (B) By leaving it at the Member's registered address | At the time and date it was left |
| (C) By posting it by prepaid post to the street or postal address of that recipient | 48 hours after the date it was posted |
| (D) By Electronic Record (other than publication on a website), to recipient's Electronic address | 48 hours after the date it was sent |
| (E) By publication on a website | 24 hours after the date on which the Member is deemed to have been notified of the publication of the notice or document on the website |

---

**Saving provision**

28.17 None
 of the preceding notice provisions shall derogate from the Articles about the delivery of
 written resolutions of Directors and written resolutions of Members.

---

| | |
|:---|:---|
| **29** | **Authentication of Electronic Records Application of Articles** |

---

29.1 Without
 limitation to any other provision of these Articles, any notice, written resolution or other
 document under these Articles that is sent by Electronic means by a Member, or by the Secretary,
 or by a Director or other Officer of the Company, shall be deemed to be authentic if either
 Article 29.2 or Article 29.4 applies.

**Authentication of documents sent by Members by Electronic means**

29.2 An
 Electronic Record of a notice, written resolution or other document sent by Electronic means
 by or on behalf of one or more Members shall be deemed to be authentic if the following conditions
 are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Member or each Member, as the case may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by one or more of
 those Members; and

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---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Electronic Record of the Original Document was sent by Electronic means by, or at the direction
 of, that Member to an address specified in accordance with these Articles for the purpose
 for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article
 29.7 does not apply.

29.3 For
 example, where a sole Member signs a resolution and sends the Electronic Record of the original
 resolution, or causes it to be sent, by facsimile transmission to the address in these Articles
 specified for that purpose, the facsimile copy shall be deemed to be the written resolution
 of that Member unless Article 28.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

29.4 An
 Electronic Record of a notice, written resolution or other document sent by or on behalf
 of the Secretary or an Officer or Officers of the Company shall be deemed to be authentic
 if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Secretary or the Officer or each Officer, as the case may be, signed the original document,
 and for this purpose **Original Document** includes several documents in like form signed
 by the Secretary or one or more of those Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Electronic Record of the Original Document was sent by Electronic means by, or at the direction
 of, the Secretary or that Officer to an address specified in accordance with these Articles
 for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article
 29.7 does not apply.

This Article 29.4 applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

29.5 For
 example, where a sole Director signs a resolution and scans the resolution, or causes it
 to be scanned, as a PDF version which is attached to an email sent to the address in these
 Articles specified for that purpose, the PDF version shall be deemed to be the written resolution
 of that Director unless Article 29.7 applies.

**Manner of signing**

29.6 For
 the purposes of these Articles about the authentication of Electronic Records, a document
 will be taken to be signed if it is signed manually or in any other manner permitted by these
 Articles.

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**Saving provision**

29.7 A
 notice, written resolution or other document under these Articles will not be deemed to be
 authentic if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) believes
 that the signature of the signatory has been altered after the signatory had signed the original
 document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) believes
 that the original document, or the Electronic Record of it, was altered, without the approval
 of the signatory, after the signatory signed the original document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise
 doubts the authenticity of the Electronic Record of the document

and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit.

---

| | |
|:---|:---|
| **30** | **Transfer by way of continuation** |

---

30.1 The
 Company may, by Special Resolution, resolve to be registered by way of continuation in a
 jurisdiction outside:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such
 other jurisdiction in which it is, for the time being, incorporated, registered or existing.

30.2 To
 give effect to any resolution made pursuant to the preceding Article, the Directors may cause
 the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 application be made to the Registrar of Companies of the Cayman Islands to deregister the
 Company in the Cayman Islands or in the other jurisdiction in which it is for the time being
 incorporated, registered or existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 such further steps as they consider appropriate to be taken to effect the transfer by way
 of continuation of the Company.

---

| | |
|:---|:---|
| **31** | **Winding up** |

---

**Distribution of assets in specie**

31.1 If
 the Company is wound up the Members may, subject to these Articles and any other sanction
 required by the Law, pass a Special Resolution allowing the liquidator to do either or both
 of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 divide in specie among the holders of the Class A Ordinary Shares the whole or any part of
 the assets of the Company and, for that purpose, to value any assets and to determine how
 the division shall be carried out as among the holders of the Class A Ordinary Shares; and/or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 vest the whole or any part of the assets in trustees for the benefit of the holders of the
 Class A Ordinary Shares and those liable to contribute to the winding up.

31.2 No
 distribution (whether in cash or otherwise) of the Company's assets on a winding up
 may be made to a holder of a Class B Ordinary Share.

**No obligation to accept liability**

31.3 No
 Member shall be compelled to accept any assets if an obligation attaches to them.

31.4 The
 Directors are authorised to present a winding up petition

31.5 The
 Directors have the authority to present a petition for the winding up of the Company to the
 Grand Court of the Cayman Islands on behalf of the Company without the sanction of a resolution
 passed at a general meeting.

---

| | |
|:---|:---|
| **32** | **Amendment of Memorandum and Articles** |

---

**Power to change name or amend Memorandum**

32.1 Subject
 to the Law, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change
 its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change
 the provisions of its Memorandum with respect to its objects, powers or any other matter
 specified in the Memorandum.

**Power to amend these Articles**

32.2 Subject
 to the Law and as provided in these Articles, the Company may, by Special Resolution, amend
 these Articles in whole or in part.

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## Exhibit 3.3

**Exhibit 3.3**

**Companies Act (Revised)**

**Company Limited by Shares**

**Second Amended and restated**

**memorandum of association<br> OF**<br> **PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED**

(Adopted by special resolutions passed on [date] 2025)

![](ex3-3_001.jpg)

**Companies Act (Revised)**

**Company Limited by Shares**

**Second Amended and Restated**

**Memorandum of Association**

**of**

**Phaos Technology Holdings (Cayman) Limited**

(Adopted by special resolutions passed on [date] 2025)

1 The name of the Company is Phaos Technology Holdings (Cayman) Limited.

---

| | |
|:---|:---|
| 2 | The Company's registered office will be situated at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide. |

---

---

| | |
|:---|:---|
| 3 | The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands. |

---

---

| | |
|:---|:---|
| 4 | The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit. |

---

5 Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business of a bank or trust company
 without being licensed in that behalf under the Banks and Trust Companies Act (Revised);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) insurance business from within the Cayman
 Islands or the business of an insurance manager, agent, sub-agent or broker without being
 licensed in that behalf under the Insurance Act (Revised);or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the business of company management without
 being licensed in that behalf under the Companies Management Act (Revised).

---

| | |
|:---|:---|
| 6 | The Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands. |

---

---

| | |
|:---|:---|
| 7 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares. |

---

---

| | |
|:---|:---|
| 8 | The authorised share capital of the Company is US$100,000 divided into 950,000,000 Class A Ordinary Shares of US$0.0001 each and 50,000,000 Class B Ordinary Shares of US$0.0001 each. Other than as set out in the preceding sentence, there is no limit on the number of shares of any class which the Company is authorised to issue. However, subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) redeem or repurchase any of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increase or reduce its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issue any part of its capital (whether
 original, redeemed, increased or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with or without any preferential, deferred,
 qualified or special rights, privileges or conditions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to any limitations or restrictions

and unless the condition of issue expressly declares otherwise, every issue of shares (whether declared to be ordinary, preference or otherwise) is subject to this power; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) alter any of those rights, privileges,
 conditions, limitations or restrictions.

9 The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

**Companies Act (Revised)**

**Company Limited By Shares**

**Second Amended and restated**

**articles of association<br> of<br> PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED**

(Adopted by special resolutions passed on [date] 2025)

![](ex3-3_001.jpg)

**Contents**

---

| | | |
|:---|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** | **1** |
| Definitions | Definitions | 1 |
| Interpretation | Interpretation | 4 |
| Exclusion of Table A Articles | Exclusion of Table A Articles | 5 |
| **2** | **Shares** | **5** |
| Power to issue Shares and options, with or without special rights | Power to issue Shares and options, with or without special rights | 5 |
| Power to pay commissions and brokerage fees | Power to pay commissions and brokerage fees | 6 |
| Trusts not recognised | Trusts not recognised | 6 |
| Security interests | Security interests | 6 |
| Power to vary class rights | Power to vary class rights | 6 |
| Effect of new Share issue on existing class rights | Effect of new Share issue on existing class rights | 7 |
| No bearer Shares or warrants | No bearer Shares or warrants | 7 |
| Treasury Shares | Treasury Shares | 7 |
| Rights attaching to Treasury Shares and related matters | Rights attaching to Treasury Shares and related matters | 7 |
| Register of Members | Register of Members | 8 |
| Annual Return | Annual Return | 8 |
| **3** | **Share certificates** | **9** |
| Issue of share certificates | Issue of share certificates | 9 |
| Renewal of lost or damaged share certificates | Renewal of lost or damaged share certificates | 9 |
| **4** | **Lien on Shares** | **10** |
| Nature and scope of lien | Nature and scope of lien | 10 |
| Company may sell Shares to satisfy lien | Company may sell Shares to satisfy lien | 10 |
| Authority to execute instrument of transfer | Authority to execute instrument of transfer | 10 |
| Consequences of sale of Shares to satisfy lien | Consequences of sale of Shares to satisfy lien | 11 |
| Application of proceeds of sale | Application of proceeds of sale | 11 |
| **5** | **Calls on Shares and forfeiture** | **11** |
| Power to make calls and effect of calls | Power to make calls and effect of calls | 11 |
| Time when call made | Time when call made | 12 |
| Liability of joint holders | Liability of joint holders | 12 |
| Interest on unpaid calls | Interest on unpaid calls | 12 |
| Deemed calls | Deemed calls | 12 |
| Power to accept early payment | Power to accept early payment | 12 |
| Power to make different arrangements at time of issue of Shares | Power to make different arrangements at time of issue of Shares | 13 |
| Notice of default | Notice of default | 13 |
| Forfeiture or surrender of Shares | Forfeiture or surrender of Shares | 13 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 13 |

---

i

---

| | | |
|:---|:---|:---|
| Effect of forfeiture or surrender on former Member | Effect of forfeiture or surrender on former Member | 14 |
| Evidence of forfeiture or surrender | Evidence of forfeiture or surrender | 14 |
| Sale of forfeited or surrendered Shares | Sale of forfeited or surrendered Shares | 14 |
| **6** | **Transfer of Shares** | **15** |
| Right to transfer | Right to transfer | 15 |
| Form of Transfer | Form of Transfer | 15 |
| Power to refuse registration for Shares not listed on a Designated Stock Exchange | Power to refuse registration for Shares not listed on a Designated Stock Exchange | 15 |
| Suspension of transfers | Suspension of transfers | 16 |
| Company may retain instrument of transfer | Company may retain instrument of transfer | 16 |
| Notice of refusal to register | Notice of refusal to register | 16 |
| **7** | **Transmission of Shares** | **16** |
| Persons entitled on death of a Member | Persons entitled on death of a Member | 16 |
| Registration of transfer of a Share following death or bankruptcy | Registration of transfer of a Share following death or bankruptcy | 16 |
| Indemnity | Indemnity | 17 |
| Rights of person entitled to a Share following death or bankruptcy | Rights of person entitled to a Share following death or bankruptcy | 17 |
| **8** | **Alteration of capital** | **17** |
| Increasing, consolidating, converting, dividing and cancelling share capital | Increasing, consolidating, converting, dividing and cancelling share capital | 17 |
| Dealing with fractions resulting from consolidation of Shares | Dealing with fractions resulting from consolidation of Shares | 18 |
| Reducing share capital | Reducing share capital | 18 |
| **9** | **Conversion, redemption and purchase of own Shares** | **19** |
| Power to issue redeemable Shares and to purchase own Shares | Power to issue redeemable Shares and to purchase own Shares | 19 |
| Power to pay for redemption or purchase in cash or in specie | Power to pay for redemption or purchase in cash or in specie | 19 |
| Effect of redemption or purchase of a Share | Effect of redemption or purchase of a Share | 19 |
| No conversion rights | No conversion rights | 20 |
| **10** | **Meetings of Members** | **20** |
| Annual and extraordinary general meetings | Annual and extraordinary general meetings | 20 |
| Power to call meetings | Power to call meetings | 20 |
| Content of notice | Content of notice | 21 |
| Period of notice | Period of notice | 22 |
| Persons entitled to receive notice | Persons entitled to receive notice | 22 |
| Accidental omission to give notice or non-receipt of notice | Accidental omission to give notice or non-receipt of notice | 22 |
| **11** | **Proceedings at meetings of Members** | **23** |
| Quorum | Quorum | 23 |
| Lack of quorum | Lack of quorum | 23 |
| Chairman | Chairman | 23 |
| Right of a Director to attend and speak | Right of a Director to attend and speak | 23 |
| Accommodation of Members at meeting | Accommodation of Members at meeting | 24 |
| Security | Security | 24 |
| Adjournment | Adjournment | 24 |
| Method of voting | Method of voting | 24 |
| Taking of a poll | Taking of a poll | 25 |

---

ii

---

| | | |
|:---|:---|:---|
| No casting vote | No casting vote | 25 |
| Written resolutions | Written resolutions | 25 |
| Sole-Member Company | Sole-Member Company | 26 |
| **12** | **Voting rights of Members** | **26** |
| Right to vote | Right to vote | 26 |
| Voting Rights | Voting Rights | 26 |
| Rights of joint holders | Rights of joint holders | 26 |
| Representation of corporate Members | Representation of corporate Members | 27 |
| Member with mental disorder | Member with mental disorder | 27 |
| Objections to admissibility of votes | Objections to admissibility of votes | 27 |
| Form of proxy | Form of proxy | 28 |
| How and when proxy is to be delivered | How and when proxy is to be delivered | 28 |
| Voting by proxy | Voting by proxy | 30 |
| **13** | **Number of Directors** | **30** |
| **14** | **Appointment, disqualification and removal of Directors** | **30** |
| First Directors | First Directors | 30 |
| No age limit | No age limit | 30 |
| Corporate Directors | Corporate Directors | 31 |
| No shareholding qualification | No shareholding qualification | 31 |
| Appointment of Directors | Appointment of Directors | 31 |
| Board's power to appoint Directors | Board's power to appoint Directors | 31 |
| Eligibility | Eligibility | 31 |
| Removal of Directors | Removal of Directors | 32 |
| Resignation of Directors | Resignation of Directors | 32 |
| Termination of the office of Director | Termination of the office of Director | 32 |
| **15** | **Alternate Directors** | **33** |
| Appointment and removal | Appointment and removal | 33 |
| Notices | Notices | 33 |
| Rights of alternate Director | Rights of alternate Director | 34 |
| Appointment ceases when the appointor ceases to be a Director | Appointment ceases when the appointor ceases to be a Director | 34 |
| Status of alternate Director | Status of alternate Director | 34 |
| Status of the Director making the appointment | Status of the Director making the appointment | 34 |
| **16** | **Powers of Directors** | **34** |
| Powers of Directors | Powers of Directors | 34 |
| Directors below the minimum number | Directors below the minimum number | 35 |
| Appointments to office | Appointments to office | 35 |
| Provisions for employees | Provisions for employees | 36 |
| Exercise of voting rights | Exercise of voting rights | 36 |
| Remuneration | Remuneration | 36 |
| Disclosure of information | Disclosure of information | 37 |

---

iii

---

| | | |
|:---|:---|:---|
| **17** | **Delegation of powers** | **37** |
| Power to delegate any of the Directors' powers to a committee | Power to delegate any of the Directors' powers to a committee | 37 |
| Local boards | Local boards | 38 |
| Power to appoint an agent of the Company | Power to appoint an agent of the Company | 38 |
| Power to appoint an attorney or authorised signatory of the Company | Power to appoint an attorney or authorised signatory of the Company | 38 |
| Borrowing Powers | Borrowing Powers | 39 |
| Corporate Governance | Corporate Governance | 39 |
| **18** | **Meetings of Directors** | **39** |
| Regulation of Directors' meetings | Regulation of Directors' meetings | 39 |
| Calling meetings | Calling meetings | 40 |
| Notice of meetings | Notice of meetings | 40 |
| Use of technology | Use of technology | 40 |
| Quorum | Quorum | 40 |
| Chairman or deputy to preside | Chairman or deputy to preside | 40 |
| Voting | Voting | 40 |
| Recording of dissent | Recording of dissent | 40 |
| Written resolutions | Written resolutions | 41 |
| Validity of acts of Directors in spite of formal defect | Validity of acts of Directors in spite of formal defect | 41 |
| **19** | **Permissible Directors' interests and disclosure** | **41** |
| **20** | **Minutes** | 43 |
| **21** | **Accounts and audit** | **43** |
| Financial year | Financial year | 43 |
| Auditors | Auditors | 44 |
| **22** | **Record dates** | 44 |
| **23** | **Dividends** | **44** |
| Source of dividends | Source of dividends | 44 |
| Declaration of dividends by Members | Declaration of dividends by Members | 45 |
| Payment of interim dividends and declaration of final dividends by Directors | Payment of interim dividends and declaration of final dividends by Directors | 45 |
| Apportionment of dividends | Apportionment of dividends | 46 |
| Right of set off | Right of set off | 46 |
| Power to pay other than in cash | Power to pay other than in cash | 46 |
| How payments may be made | How payments may be made | 46 |
| Dividends or other monies not to bear interest in absence of special rights | Dividends or other monies not to bear interest in absence of special rights | 47 |
| Dividends unable to be paid or unclaimed | Dividends unable to be paid or unclaimed | 47 |
| **24** | **Capitalisation of profits** | **47** |
| Capitalisation of profits or of any share premium account or capital redemption reserve; | Capitalisation of profits or of any share premium account or capital redemption reserve; | 47 |
| Applying an amount for the benefit of Members | Applying an amount for the benefit of Members | 48 |
| **25** | **Share Premium Account** | **48** |
| Directors to maintain share premium account | Directors to maintain share premium account | 48 |
| Debits to share premium account | Debits to share premium account | 48 |

---

iv

---

| | | |
|:---|:---|:---|
| **26** | **Seal** | **49** |
| Company seal | Company seal | 49 |
| Duplicate seal | Duplicate seal | 49 |
| When and how seal is to be used | When and how seal is to be used | 49 |
| If no seal is adopted or used | If no seal is adopted or used | 49 |
| Power to allow non-manual signatures and facsimile printing of seal | Power to allow non-manual signatures and facsimile printing of seal | 49 |
| Validity of execution | Validity of execution | 50 |
| **27** | **Indemnity** | 50 |
| Release | Release | 51 |
| Insurance | Insurance | 51 |
| **28** | **Notices** | 51 |
| Form of notices | Form of notices | 51 |
| Electronic communications | Electronic communications | 52 |
| Persons entitled to notices | Persons entitled to notices | 53 |
| Persons authorised to give notices | Persons authorised to give notices | 53 |
| Delivery of written notices | Delivery of written notices | 53 |
| Joint holders | Joint holders | 53 |
| Signatures | Signatures | 53 |
| Giving notice to a deceased or bankrupt Member | Giving notice to a deceased or bankrupt Member | 54 |
| Date of giving notices | Date of giving notices | 55 |
| Saving provision | Saving provision | 55 |
| **29** | **Authentication of Electronic Records** | 55 |
| Application of Articles | Application of Articles | 55 |
| Authentication of documents sent by Members by Electronic means | Authentication of documents sent by Members by Electronic means | 55 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 56 |
| Manner of signing | Manner of signing | 56 |
| Saving provision | Saving provision | 57 |
| **30** | **Transfer by way of continuation** | 57 |
| **31** | **Winding up** | **57** |
| Distribution of assets in specie | Distribution of assets in specie | 57 |
| No obligation to accept liability | No obligation to accept liability | 58 |
| **32** | **Amendment of Memorandum and Articles** | 58 |
| Power to change name or amend Memorandum | Power to change name or amend Memorandum | 58 |
| Power to amend these Articles | Power to amend these Articles | 58 |

---

v

**Companies Act (Revised)**

**Company Limited by Shares**

**Second Amended and Restated**

**Articles of Association**

**of**

**Phaos Technology Holdings (Cayman) Limited**

(Adopted by special resolutions passed on [date] 2025)

1 Definitions, interpretation and exclusion of Table A

**Definitions**

1.1 In these Articles, the following definitions
 apply:

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these articles of association as amended
 from time to time: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two or more particular articles of these
 Articles;

and **Article** refers to a particular article of these Articles;

**Auditors** means the auditor or auditors for the time being of the Company;

**Board** means the board of Directors from time to time;

**Board Resolution** means (a) a resolution approved at a duly convened and constituted meeting of the Directors by an affirmative vote of a majority of the Directors present at the meeting who voted on the matter, or (b) a written resolution of the Directors passed in accordance with Article 18.14.

**Business Day** means a day when banks in Grand Cayman, the Cayman Islands are open for the transaction of normal banking business and for the avoidance of doubt, shall not include a Saturday, Sunday or public holiday in the Cayman Islands;

**Cayman Islands** means the British Overseas Territory of the Cayman Islands;

**Class A Ordinary Share** means an Ordinary Share designated by the directors as a Class A Ordinary Share;

**Class B Ordinary Share** means an Ordinary Share designated by the directors as a Class B Ordinary Share;

**Clear Days**, in relation to a period of notice, means that period excluding:

the day when the notice is given or deemed to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the day for which it is given or on which
 it is to take effect;

**Commission** means Securities and Exchange Commission of the United States of America or other federal agency for the time being administering the U.S. Securities Act;

**Company** means the above-named company;

**Default Rate** means ten per cent per annum;

**Designated Stock Exchanges** means the Nasdaq Capital Market in the United States of America for so long as the Company's Shares are there listed and any other stock exchange on which the Company's Shares are listed for trading;

**Designated Stock Exchange Rules** means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchanges;

**Directors** means the directors for the time being of the Company and the expression Director shall be construed accordingly;

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Founder** means Mr. Beh Hook Seng;

**Fully Paid Up** means:

in relation to a Share with par value, means that the par value for that Share and any premium payable in respect of the issue of that Share, has been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in relation to a Share without par value,
 means that the agreed issue price for that Share has been fully paid or credited as paid
 in money or money's worth;

**General Meeting** means a general meeting of the Company duly constituted in accordance with the Articles;

**Independent Director** means a Director who is an independent director as defined in the Designated Stock Exchange Rules as determined by the Board by Board Resolution;

**Law** means the Companies Act (Revised) of the Cayman Islands, including any statutory modification or re-enactment thereof for the time being in force;

**Member** means any person or persons entered on the register of Members from time to time as the holder of a Share;

**Memorandum** means the memorandum of association of the Company as amended from time to time;

**month** means a calendar month;

**Officer** means a person appointed to hold an office in the Company including a Director, alternate Director or liquidator and excluding the Secretary;

**Ordinary Resolution** means a resolution of a General Meeting passed by a simple majority of Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution;

**Ordinary Share** means an ordinary share in the capital of the Company having the rights set out in these Articles and issued as either a Class A Ordinary Share or as a Class B Ordinary Share. In these Articles the term Ordinary Share shall embrace all classes of Ordinary Share except where reference is made to a specific class;

**Partly Paid Up** means:

in relation to a Share with par value, that the par value for that Share and any premium payable in respect of the issue of that Share, has not been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in relation to a Share without par value,
 means that the agreed issue price for that Share has not been fully paid or credited as paid
 in money or money's worth;

**Register of Members** means the register of Members maintained in accordance with the Law and includes (except where otherwise stated) any branch or duplicate register of the Members;

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary;

**Share** means a share in the capital of the Company and the expression:

includes stock (except where a distinction between shares and stock is expressed or implied); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) where the context permits, also includes
 a fraction of a Share;

**Special Resolution** means a resolution of a General Meeting or a resolution of a meeting of the holders of any class of Shares in a class meeting duly constituted in accordance with the Articles in each case passed by a majority of not less than two-thirds of Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution;

**Treasury Shares** means Shares held in treasury pursuant to the Law and Article 2.13; and

**U.S. Securities Act** means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time.

**Interpretation**

1.2 In the interpretation of these Articles, the
 following provisions apply unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A reference in these Articles to a statute
 is a reference to a statute of the Cayman Islands as known by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any statutory modification, amendment
 or re-enactment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any subordinate legislation or regulations
 issued under that statute.

Without limitation to the preceding sentence, a reference to a revised Law of the Cayman Islands is taken to be a reference to the revision of that Law in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings are inserted for convenience
 only and do not affect the interpretation of these Articles, unless there is ambiguity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a day on which any act, matter or thing
 is to be done under these Articles is not a Business Day, the act, matter or thing must be
 done on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A word which denotes the singular also
 denotes the plural, a word which denotes the plural also denotes the singular, and a reference
 to any gender also denotes the other genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A reference to a **person** includes,
 as appropriate, a company, trust, partnership, joint venture, association, body corporate
 or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where a word or phrase is given a defined
 meaning another part of speech or grammatical form in respect to that word or phrase has
 a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All references to time are to be calculated
 by reference to time in the place where the Company's registered office is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The words **written** and **in writing** include all modes of representing or reproducing words in a visible form, but do not
 include an Electronic Record where the distinction between a document in writing and an Electronic
 Record is expressed or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The words **including**, **include** and **in particular** or any similar expression are to be construed without limitation.

1.3 The headings in these Articles are intended
 for convenience only and shall not affect the interpretation of these Articles.

**Exclusion of Table A Articles**

1.4 The regulations contained in Table A in the
 First Schedule of the Law and any other regulations contained in any statute or subordinate
 legislation are expressly excluded and do not apply to the Company.

---

| | |
|:---|:---|
| 2 | Shares |

---

**Power to issue Shares and options, with or without special rights**

2.1 Subject to the provisions of the Law and these
 Articles about the redemption and purchase of the Shares, the Directors have general and
 unconditional authority to allot (with or without confirming rights of renunciation), grant
 options over or otherwise deal with any unissued Shares to such persons, at such times and
 on such terms and conditions as they may decide. No Share may be issued at a discount except
 in accordance with the provisions of the Law.

2.2 Without limitation to the preceding Article,
 the Directors may so deal with the unissued Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either at a premium or at par; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with or without preferred, deferred or
 other special rights or restrictions, whether in regard to dividend, voting, return of capital
 or otherwise.

2.3 Without limitation to the two preceding Articles,
 the Directors may refuse to accept any application for Shares, and may accept any application
 in whole or in part, for any reason or for no reason.

**Power to pay commissions and brokerage fees**

2.4 The Company may pay a commission to any person
 in consideration of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing or agreeing to subscribe,
 whether absolutely or conditionally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring or agreeing to procure subscriptions,
 whether absolute or conditional,

for any Shares. That commission may be satisfied by the payment of cash or the allotment of Fully Paid Up or Partly Paid Up Shares or partly in one way and partly in another.

2.5 The Company may employ a broker in the issue
 of its capital and pay him any proper commission or brokerage.

**Trusts not recognised**

2.6 Except as required by Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no person shall be recognised by the Company
 as holding any Share on any trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no person other than the Member shall
 be recognised by the Company as having any right in a Share.

**Security interests**

2.7 Notwithstanding the preceding Article, the
 Company may (but shall not be obliged to) recognise a security interest of which it has actual
 notice over shares. The Company shall not be treated as having recognised any such security
 interest unless it has so agreed in writing with the secured party.

**Power to vary class rights**

2.8 If the share capital is divided into different
 classes of Shares then, unless the terms on which a class of Shares was issued state otherwise,
 the rights attaching to a class of Shares may only be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members holding not less than 50%
 of the issued Shares of that class consent in writing to the variation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation is made with the sanction
 of a Special Resolution passed at a separate general meeting of the Members holding the issued
 Shares of that class.

2.9 For the purpose of Article 2.8(b), all the
 provisions of these Articles relating to general meetings apply, mutatis mutandis, to every
 such separate meeting except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the necessary quorum shall be one or more
 persons holding, or representing by proxy, not less than one third of the issued Shares of
 the class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Member holding issued Shares of the
 class, present in person or by proxy or, in the case of a corporate Member, by its duly authorised
 representative, may demand a poll.

2.10 For the purposes of a separate class meeting,
 the Directors may treat two or more or all the classes of Shares as forming one class of
 Shares if the Directors consider that such classes of Shares would be affected in the same
 way by the proposals under consideration, but in any other case shall treat them as separate
 classes of Shares.

**Effect of new Share issue on existing class rights**

2.11 Unless the terms on which a class of Shares
 was issued state otherwise, the rights conferred on the Member holding Shares of any class
 shall not be deemed to be varied by the creation or issue of further Shares ranking *pari passu* with the existing Shares of that class.

**No bearer Shares or warrants**

2.12 The Company shall not issue Shares or warrants
 to bearers.

**Treasury Shares**

2.13 Shares that the Company purchases, redeems
 or acquires by way of surrender in accordance with the Law shall be held as Treasury Shares
 and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so determine prior to the
 purchase, redemption or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant provisions of the Memorandum
 and Articles and the Law are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

2.14 No dividend may be declared or paid, and
 no other distribution (whether in cash or otherwise) of the Company's assets (including
 any distribution of assets to Members on a winding up) may be made to the Company in respect
 of a Treasury Share.

2.15 The Company shall be entered in the register
 of Members as the holder of the Treasury Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be treated as a
 Member for any purpose and shall not exercise any right in respect of the Treasury Shares,
 and any purported exercise of such a right shall be void; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treasury Share shall not be voted, directly
 or indirectly, at any meeting of the Company and shall not be counted in determining the
 total number of issued shares at any given time, whether for the purposes of these Articles
 or the Law.

2.16 Nothing in Article 2.15 prevents an allotment
 of Shares as Fully Paid Up bonus shares in respect of a Treasury Share and Shares allotted
 as Fully Paid Up bonus shares in respect of a Treasury Share shall be treated as Treasury
 Shares.

2.17 Treasury Shares may be disposed of by the
 Company in accordance with the Law and otherwise on such terms and conditions as the Directors
 determine.

**Register of Members**

2.18 The Directors shall keep or cause to be kept
 a register of Members as required by the Law and may cause the Company to maintain one or
 more branch registers as contemplated by the Law, provided that where the Company is maintaining
 one or more branch registers, the Directors shall ensure that a duplicate of each branch
 register is kept with the Company's principal register of Members and updated within
 such number of days of any amendment having been made to such branch register as may be required
 by the Law.

2.19 The title to Shares listed on a Designated
 Stock Exchange may be evidenced and transferred in accordance with the laws applicable to
 the rules and regulations of the Designated Stock Exchange and, for these purposes, the register
 of Members may be maintained in accordance with Article 40B of the Act.

**Annual Return**

2.20 The Directors in each calendar year shall
 prepare or cause to be prepared an annual return and declaration setting forth the particulars
 required by the Law and shall deliver a copy thereof to the registrar of companies for the
 Cayman Islands.

3 Share certificates

**Issue of share certificates**

3.1 A Member shall only be entitled to a share
 certificate if the Directors resolve that share certificates shall be issued. Share certificates
 representing Shares, if any, shall be in such form as the Directors may determine. If the
 Directors resolve that share certificates shall be issued, upon being entered in the register
 of Members as the holder of a Share, the Directors may issue to any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without payment, one certificate for all
 the Shares of each class held by that Member (and, upon transferring a part of the Member's
 holding of Shares of any class, to a certificate for the balance of that holding); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon payment of such reasonable sum as
 the Directors may determine for every certificate after the first, several certificates each
 for one or more of that Member's Shares.

3.2 Every certificate shall specify the number,
 class and distinguishing numbers (if any) of the Shares to which it relates and whether they
 are Fully Paid Up or Partly Paid Up. A certificate may be executed under seal or executed
 in such other manner as the Directors determine.

3.3 Every certificate shall bear legends required
 under the applicable laws, including the U.S. Securities Act.

3.4 The Company shall not be bound to issue more
 than one certificate for Shares held jointly by several persons and delivery of a certificate
 for a Share to one joint holder shall be a sufficient delivery to all of them.

**Renewal of lost or damaged share certificates**

3.5 If a share certificate is defaced, worn-out,
 lost or destroyed, it may be renewed on such terms (if any) as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment of the expenses reasonably incurred
 by the Company in investigating the evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment of a reasonable fee, if any for
 issuing a replacement share certificate,

as the Directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

4 Lien on Shares

**Nature and scope of lien**

4.1 The Company has a first and paramount lien
 on all Shares (whether Fully Paid Up or not) registered in the name of a Member (whether
 solely or jointly with others). The lien is for all monies payable to the Company by the
 Member or the Member's estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either alone or jointly with any other
 person, whether or not that other person is a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether or not those monies are presently
 payable.

4.2 At any time the Board may by Board Resolution
 declare any Share to be wholly or partly exempt from the provisions of this Article.

**Company may sell Shares to satisfy lien**

4.3 The Company may sell any Shares over which
 it has a lien if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum in respect of which the lien exists
 is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company gives notice to the Member
 holding the Share (or to the person entitled to it in consequence of the death or bankruptcy
 of that Member) demanding payment and stating that if the notice is not complied with the
 Shares may be sold; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that sum is not paid within fourteen Clear
 Days after that notice is deemed to be given under these Articles,

and Shares to which this Article 4.3 applies shall be referred to as Lien Default Shares.

4.4 The Lien Default Shares may be sold in such
 manner as the Board determines by Board Resolution.

4.5 To the maximum extent permitted by law, the
 Directors shall incur no personal liability to the Member concerned in respect of the sale.

**Authority to execute instrument of transfer**

4.6 To give effect to a sale, the Directors may
 authorise any person to execute an instrument of transfer of the Lien Default Shares sold
 to, or in accordance with the directions of, the purchaser.

4.7 The title of the transferee of the Lien Default
 Shares shall not be affected by any irregularity or invalidity in the proceedings in respect
 of the sale.

**Consequences of sale of Shares to satisfy lien**

4.8 On a sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall
 be removed from the register of Members as the holder of those Lien Default Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall deliver to the Company
 for cancellation the certificate (if any) for those Lien Default Shares.

4.9 Notwithstanding the provisions of Article
 4.8, such person shall remain liable to the Company for all monies which, at the date of
 sale, were presently payable by him to the Company in respect of those Lien Default Shares.
 That person shall also be liable to pay interest on those monies from the date of sale until
 payment at the rate at which interest was payable before that sale or, failing that, at the
 Default Rate. The Board may by Board Resolution waive payment wholly or in part or enforce
 payment without any allowance for the value of the Lien Default Shares at the time of sale
 or for any consideration received on their disposal.

**Application of proceeds of sale**

4.10 The net proceeds of the sale, after payment
 of the costs, shall be applied in payment of so much of the sum for which the lien exists
 as is presently payable. Any residue shall be paid to the person whose Lien Default Shares
 have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no certificate for the Lien Default
 Shares was issued, at the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a certificate for the Lien Default
 Shares was issued, upon surrender to the Company of that certificate for cancellation

but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Lien Default Shares before the sale.

5 Calls on Shares and forfeiture

**Power to make calls and effect of calls**

5.1 Subject to the terms of allotment, the Board
 may by Board Resolution make calls on the Members in respect of any monies unpaid on their
 Shares including any premium. The call may provide for payment to be by instalments. Subject
 to receiving at least 14 Clear Days' notice specifying when and where payment is to
 be made, each Member shall pay to the Company the amount called on his Shares as required
 by the notice.

5.2 Before receipt by the Company of any sum due
 under a call, that call may be revoked in whole or in part and payment of a call may be postponed
 in whole or in part. Where a call is to be paid in instalments, the Company may revoke the
 call in respect of all or any remaining instalments in whole or in part and may postpone
 payment of all or any of the remaining instalments in whole or in part.

5.3 A Member on whom a call is made shall remain
 liable for that call notwithstanding the subsequent transfer of the Shares in respect of
 which the call was made. He shall not be liable for calls made after he is no longer registered
 as Member in respect of those Shares.

**Time when call made**

5.4 A call shall be deemed to have been made at
 the time when the resolution of the Directors authorising the call was passed.

**Liability of joint holders**

5.5 Members registered as the joint holders of
 a Share shall be jointly and severally liable to pay all calls in respect of the Share.

**Interest on unpaid calls**

5.6 If a call remains unpaid after it has become
 due and payable the person from whom it is due and payable shall pay interest on the amount
 unpaid from the day it became due and payable until it is paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the rate fixed by the terms of allotment
 of the Share or in the notice of the call; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no rate is fixed, at the Default Rate.

The Directors may waive payment of the interest wholly or in part.

**Deemed calls**

5.7 Any amount payable in respect of a Share,
 whether on allotment or on a fixed date or otherwise, shall be deemed to be payable as a
 call. If the amount is not paid when due the provisions of these Articles shall apply as
 if the amount had become due and payable by virtue of a call.

**Power to accept early payment**

5.8 The Company may accept from a Member the whole
 or a part of the amount remaining unpaid on Shares held by him although no part of that amount
 has been called up.

**Power to make different arrangements at time of issue of Shares**

5.9 Subject to the terms of allotment, the Directors
 may make arrangements on the issue of Shares to distinguish between Members in the amounts
 and times of payment of calls on their Shares.

**Notice of default**

5.10 If a call remains unpaid after it has become
 due and payable the Directors may give to the person from whom it is due not less than 14
 Clear Days' notice requiring payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any interest which may have accrued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any expenses which have been incurred
 by the Company due to that person's default.

5.11 The notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place where payment is to be made;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a warning that if the notice is not complied
 with the Shares in respect of which the call is made will be liable to be forfeited.

**Forfeiture or surrender of Shares**

5.12 If the notice given pursuant to Article 5.10
 is not complied with, the Directors may, before the payment required by the notice has been
 received, resolve that any Share the subject of that notice be forfeited. The forfeiture
 shall include all dividends or other monies payable in respect of the forfeited Share and
 not paid before the forfeiture. Despite the foregoing, the Board may by Board Resolution
 determine that any Share the subject of that notice be accepted by the Company as surrendered
 by the Member holding that Share in lieu of forfeiture.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

5.13 A forfeited or surrendered Share may be sold,
 re-allotted or otherwise disposed of on such terms and in such manner as the Board by Board
 Resolution determine either to the former Member who held that Share or to any other person.
 The forfeiture or surrender may be cancelled on such terms as the Directors think fit at
 any time before a sale, re-allotment or other disposition. Where, for the purposes of its
 disposal, a forfeited or surrendered Share is to be transferred to any person, the Directors
 may by Board Resolution authorise some person to execute an instrument of transfer of the
 Share to the transferee.

**Effect of forfeiture or surrender on former Member**

5.14 On forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall
 be removed from the register of Members as the holder of those Shares and that person shall
 cease to be a Member in respect of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall surrender to the Company
 for cancellation the certificate (if any) for the forfeited or surrendered Shares.

5.15 Despite the forfeiture or surrender of his
 Shares, that person shall remain liable to the Company for all monies which at the date of
 forfeiture or surrender were presently payable by him to the Company in respect of those
 Shares together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest from the date of forfeiture or
 surrender until payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the rate of which interest was payable
 on those monies before forfeiture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no interest was so payable, at the
 Default Rate.

The Directors, however, may waive payment wholly or in part.

**Evidence of forfeiture or surrender**

5.16 A declaration, whether statutory or under
 oath, made by a Director or the Secretary shall be conclusive evidence of the following matters
 stated in it as against all persons claiming to be entitled to forfeited Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the person making the declaration
 is a Director or Secretary of the Company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the particular Shares have been forfeited
 or surrendered on a particular date.

Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.

**Sale of forfeited or surrendered Shares**

5.17 Any person to whom the forfeited or surrendered
 Shares are disposed of shall not be bound to see to the application of the consideration,
 if any, of those Shares nor shall his title to the Shares be affected by any irregularity
 in, or invalidity of the proceedings in respect of, the forfeiture, surrender or disposal
 of those Shares.

6 Transfer of Shares

**Right to transfer**

**Form of Transfer**

Subject to the following Articles about the transfer of Shares, and provided that such transfer complies with applicable rules of the Designated Stock Exchange, a Member may freely transfer Shares (except Class B Ordinary Shares which shall not be transferrable) to another person by completing an instrument of transfer in a common form or in a form prescribed by the Designated Stock Exchange or in any other form approved by the directors, executed:

where the Shares (except Class B Ordinary Shares which shall not be transferrable) are Fully Paid, by or on behalf of that Member; and

where the Shares (except Class B Ordinary Shares which shall not be transferrable) are partly paid, by or on behalf of that Member and the transferee.

The transferor shall be deemed to remain the holder of a Share (except Class B Ordinary Shares which shall not be transferrable) until the name of the transferee is entered into the Register of Members.

**Power to refuse registration for Shares not listed on a Designated Stock Exchange**

Where the Shares in question are not listed on or subject to the rules of any Designated Stock Exchange, registration of any transfer of shares must be approved by the Directors by Board Resolution, and the Directors may in their absolute discretion decline to register any transfer of such Shares which are not Fully Paid Up or on which the Company has a lien. The Directors may also, but are not required to, decline to register any transfer of any such Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the instrument of transfer is lodged
 with the Company, accompanied by the certificate (if any) for the Shares to which it relates
 and such other evidence as the Board may reasonably require to show the right of the transferor
 to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the instrument of transfer is in respect
 of only one class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the instrument of transfer is properly
 stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of a transfer to joint holders,
 the number of joint holders to whom the Share is to be transferred does not exceed four;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shares transferred are Fully Paid
 Up and free of any lien in favour of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any applicable fee of such maximum sum
 as the Designated Stock Exchanges may determine to be payable, or such lesser sum as the
 Board may from time to time require, related to the transfer is paid to the Company.

**Suspension of transfers**

6.1 The registration of transfers may, on 14 days'
 notice being given by advertisement in such one or more newspapers or by electronic means,
 be suspended and the register of Members closed at such times and for such periods as the
 Directors may, in their absolute discretion, from time to time determine, provided always
 that such registration of transfer shall not be suspended nor the register of Members closed
 for more than 30 days in any year.

**Company may retain instrument of transfer**

6.2 All instruments of transfer that are registered
 shall be retained by the Company.

**Notice of refusal to register**

6.3 If the Directors refuse to register a transfer
 of any Shares not listed on a Designated Stock Exchange, they shall within one month after
 the date on which the instrument of transfer was lodged with the Company send to each of
 the transferor and the transferee notice of the refusal.

7 Transmission of Shares

**Persons entitled on death of a Member**

7.1 If a Member dies, the only persons recognised
 by the Company as having any title to the deceased Members' interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the deceased Member was a joint
 holder, the survivor or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the deceased Member was a sole holder,
 that Member's personal representative or representatives.

7.2 Nothing in these Articles shall release the
 deceased Member's estate from any liability in respect of any Share, whether the deceased
 was a sole holder or a joint holder.

**Registration of transfer of a Share following death or bankruptcy**

7.3 A person becoming entitled to a Share in consequence
 of the death or bankruptcy of a Member may elect to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to transfer the Share to another person.

7.4 That person must produce such evidence of
 his entitlement as the Directors may properly require.

7.5 If the person elects to become the holder
 of the Share, he must give notice to the Company to that effect. For the purposes of these
 Articles, that notice shall be treated as though it were an executed instrument of transfer.

7.6 If the person elects to transfer the Share
 to another person then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Share is Fully Paid Up, the transferor
 must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Share is nil or Partly Paid Up,
 the transferor and the transferee must execute an instrument of transfer.

7.7 All the Articles relating to the transfer
 of Shares shall apply to the notice or, as appropriate, the instrument of transfer.

**Indemnity**

7.8 A person registered as a Member by reason
 of the death or bankruptcy of another Member shall indemnify the Company and the Directors
 against any loss or damage suffered by the Company or the Directors as a result of that registration.

**Rights of person entitled to a Share following death or bankruptcy**

7.9 A person becoming entitled to a Share by reason
 of the death or bankruptcy of a Member shall have the rights to which he would be entitled
 if he were registered as the holder of the Share. But, until he is registered as Member in
 respect of the Share, he shall not be entitled to attend or vote at any meeting of the Company
 or at any separate meeting of the holders of that class of Shares.

8 Alteration of capital

**Increasing, consolidating, converting, dividing and cancelling share capital**

8.1 To the fullest extent permitted by the Law,
 the Company may by Ordinary Resolution do any of the following and amend its Memorandum for
 that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares
 of the amount fixed by that Ordinary Resolution and with the attached rights, priorities
 and privileges set out in that Ordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its
 share capital into Shares of larger amount than its existing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its Paid Up Shares
 into stock, and reconvert that stock into Paid Up Shares of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide its Shares or any of them into
 Shares of an amount smaller than that fixed by the Memorandum, so, however, that in the sub-division,
 the proportion between the amount paid and the amount, if any, unpaid on each reduced Share
 shall be the same as it was in case of the Share from which the reduced Share is derived;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel Shares which, at the date of the
 passing of that Ordinary Resolution, have not been taken or agreed to be taken by any person,
 and diminish the amount of its share capital by the amount of the Shares so cancelled or,
 in the case of Shares without nominal par value, diminish the number of Shares into which
 its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

8.2 Whenever, as a result of a consolidation of
 Shares, any Members would become entitled to fractions of a Share the Directors may on behalf
 of those Members deal with the fractions as it thinks fit, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either round up or down the fraction to
 the nearest whole number, such rounding to be determined by the Directors acting in their
 sole discretion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sell the Shares representing the fractions
 for the best price reasonably obtainable to any person (including, subject to the provisions
 of the Law, the Company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) distribute the net proceeds in due proportion
 among those Members.

8.3 For the purposes of Article 8.2, the Directors
 may authorise some person to execute an instrument of transfer of the Shares to, in accordance
 with the directions of, the purchaser. The transferee shall not be bound to see to the application
 of the purchase money nor shall the transferee's title to the Shares be affected by
 any irregularity in, or invalidity of, the proceedings in respect of the sale.

**Reducing share capital**

8.4 Subject to the Law and to any rights for the
 time being conferred on the Members holding a particular class of Shares, the Company may,
 by Special Resolution, reduce its share capital in any way.

9 Conversion, redemption and purchase of own Shares

**Power to issue redeemable Shares and to purchase own Shares**

9.1 Subject to the Law and to any rights for the
 time being conferred on the Members holding a particular class of Shares, the Company may
 by its Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares that are to be redeemed or
 liable to be redeemed, at the option of the Company or the Member holding those redeemable
 Shares, on the terms and in the manner its Directors determine before the issue of those
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the consent by Special Resolution
 of the Members holding Shares of a particular class, vary the rights attaching to that class
 of Shares so as to provide that those Shares are to be redeemed or are liable to be redeemed
 at the option of the Company on the terms and in the manner which the Directors determine
 at the time of such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchase all or any of its own Shares
 of any class including any redeemable Shares on the terms and in the manner which the Directors
 determine at the time of such purchase.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Law, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares.

**Power to pay for redemption or purchase in cash or in specie**

9.2 When making a payment in respect of the redemption
 or purchase of Shares, the Directors may make the payment in cash or *in specie* (or
 partly in one and partly in the other) if so authorised by the terms of the allotment of
 those Shares or by the terms applying to those Shares in accordance with Article 9.1, or
 otherwise by agreement with the Member holding those Shares.

**Effect of redemption or purchase of a Share**

9.3 Upon the date of redemption or purchase of
 a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member holding that Share shall cease
 to be entitled to any rights in respect of the Share other than the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the price for the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend declared in respect of
 the Share prior to the date of redemption or purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Member's name shall be removed
 from the register of Members with respect to the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Share shall be cancelled or held as
 a Treasury Share, as the Directors may determine.

9.4 For the purpose of Article 9.3, the date of
 redemption or purchase is the date when the Member's name is removed from the register
 of Members with respect to the Shares the subject of the redemption or purchase.

**No conversion rights**

9.5 Class A Ordinary Shares shall not be convertible
 into Class B Ordinary Shares.

9.6 Class B Ordinary Shares shall not be convertible
 into Class A Ordinary Shares.

10 Meetings of Members

**Annual and extraordinary general meetings**

10.1 The Company may, but shall not (unless required
 by the Designated Stock Exchange Rules) be obligated to, in each year hold a general meeting
 as an annual general meeting, which, if held, shall be convened by the chairman of the Board,
 or the Directors by Board Resolution, in accordance with these Articles.

10.2 All general meetings other than annual general
 meetings shall be called extraordinary general meetings.

**Power to call meetings**

10.3 The chairman of the Board, or the Directors
 may by Board Resolution, call a general meeting at any time.

10.4 If there are insufficient Directors to constitute
 a quorum and the remaining Directors are unable to agree on the appointment of additional
 Directors, the Directors must call a general meeting for the purpose of appointing additional
 Directors.

10.5 The Directors must also call a general meeting
 if requisitioned in the manner set out in the next two Articles.

10.6 Any one or more Members holding not less
 than one-third of all votes attaching to the total issued and paid up share capital of the
 Company at the date of deposit of the requisition shall at all times have the right, by written
 requisition to the Board or the Secretary, to require an extraordinary general meeting to
 be called by the Board for the transaction of any business specified in such requisition;
 and such meeting shall be held within two (2) months after the deposit of such requisition. 
 If within twenty one (21) days of such deposit the Board fails to proceed to convene such
 meeting the requisitionist(s) himself (themselves) may do so in the same manner, and all
 reasonable expenses incurred by the requisitionist(s) as a result of the failure of the Board
 shall be reimbursed to the requisitionist(s) by the Company.

10.7 The requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be signed by or on behalf of each requisitioner
 (and for this purpose each joint holder shall be obliged to sign). The requisition may consist
 of several documents in like form signed by one or more of the requisitioners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be delivered in accordance with the notice
 provisions.

10.8 Without limitation to the foregoing, if there
 are insufficient Directors to constitute a quorum and the remaining Directors are unable
 to agree on the appointment of additional Directors, any one or more Members who together
 hold at least five per cent of the rights to vote at a general meeting may call a general
 meeting for the purpose of considering the business specified in the notice of meeting which
 shall include as an item of business the appointment of additional Directors.

10.9 If the Members call a meeting under the above
 provisions, the Company shall reimburse their reasonable expenses.

**Content of notice**

10.10 Notice of a general meeting shall specify
 each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place, the date and the hour of the
 meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the meeting is to be held in two or
 more places, the technology that will be used to facilitate the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to paragraph (d) and the requirements
 of (to the extent applicable) the Designated Stock Exchange Rules, the general nature of
 the business to be transacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if a resolution is proposed as a Special
 Resolution, the text of that resolution.

10.11 In each notice there shall appear with reasonable
 prominence the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that a Member who is entitled to attend
 and vote is entitled to appoint one or more proxies to attend and vote instead of that Member;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a proxyholder need not be a Member.

**Period of notice**

10.12 At least ten days' notice of an annual
 general meeting must be given to Members. For any other general meeting, at least ten days'
 notice must be given to Members.

10.13 Subject to the Law, a meeting may be convened
 on shorter notice, subject to the Law with the consent of the Member or Members who, individually
 or collectively, hold at least ninety per cent of the voting rights of all those who have
 a right to vote at that meeting.

**Persons entitled to receive notice**

10.14 Subject to the provisions of these Articles
 and to any restrictions imposed on any Shares, the notice shall be given to the following
 people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons entitled to a Share in consequence
 of the death or bankruptcy of a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Directors.

10.15 The Board may by Board Resolution determine
 that the Members entitled to receive notice of a meeting are those persons entered on the
 register of Members at the close of business on a day determined by the Board.

**Accidental omission to give notice or non-receipt of notice**

10.16 Proceedings at a meeting shall not be invalidated
 by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an accidental failure to give notice of
 the meeting to any person entitled to notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt of notice of the meeting by
 any person entitled to notice.

10.17 In addition, where a notice of meeting is
 published on a website proceedings at the meeting shall not be invalidated merely because
 it is accidentally published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in a different place on the website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for part only of the period from the date
 of the notification until the conclusion of the meeting to which the notice relates.

11 Proceedings at meetings of Members

**Quorum**

11.1 Save as provided in the following Article,
 no business shall be transacted at any meeting unless a quorum is present in person or by
 proxy. A quorum is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company has only one Member: that
 Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has more than one Member:
 one or more Members holding Shares that represent not less than one-third of the outstanding
 Shares carrying the right to vote at such general meeting.

**Lack of quorum**

11.2 If a quorum is not present within fifteen
 minutes of the time appointed for the meeting, or if at any time during the meeting it becomes
 inquorate, then the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the meeting was requisitioned by Members,
 it shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any other case, the meeting shall stand
 adjourned to the same time and place seven days hence, or to such other time or place as
 is determined by the Directors. If a quorum is not present within fifteen minutes of the
 time appointed for the adjourned meeting, then the Members present in person or by proxy
 shall constitute a quorum.

**Chairman**

11.3 The chairman of a general meeting shall be
 the chairman of the Board appointed by Board Resolution, or such other Director as the Directors
 have nominated to chair Board meetings in the absence of the chairman of the Board. Absent
 any such person being present within fifteen minutes of the time appointed for the meeting,
 the Directors present shall elect one of their number to chair the meeting.

11.4 If no Director is present within fifteen
 minutes of the time appointed for the meeting, or if no Director is willing to act as chairman,
 the Members present in person or by proxy and entitled to vote shall choose one of their
 number to chair the meeting.

**Right of a Director to attend and speak**

11.5 Even if a Director is not a Member, he shall
 be entitled to attend and speak at any general meeting and at any separate meeting of Members
 holding a particular class of Shares.

**Accommodation of Members at meeting**

11.6 lf it appears to the chairman of the meeting
 that the meeting place specified in the notice convening the meeting is inadequate to accommodate
 all Members entitled and wishing to attend, the meeting will be duly constituted and its
 proceedings valid if the chairman is satisfied that adequate facilities are available to
 ensure that a Member who is unable to be accommodated is able (whether at the meeting place
 or elsewhere):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to participate in the business for which
 the meeting has been convened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to hear and see all persons present who
 speak (whether by the use of microphones, loud-speakers, audio-visual communications equipment
 or otherwise); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to be heard and seen by all other persons
 present in the same way.

**Security**

11.7 In addition to any measures which the Board
 may be required to take due to the location or venue of the meeting, the Board may make any
 arrangement and impose any restriction it considers appropriate and reasonable in the circumstances
 to ensure the security of a meeting including, without limitation, the searching of any person
 attending the meeting and the imposing of restrictions on the items of personal property
 that may be taken into the meeting place. The Board may refuse entry to, or eject from, a
 meeting a person who refuses to comply with any such arrangements or restrictions.

**Adjournment**

11.8 The chairman may at any time adjourn a meeting
 with the consent of the Members constituting a quorum. The chairman must adjourn the meeting
 if so directed by the meeting. No business, however, can be transacted at an adjourned meeting
 other than business which might properly have been transacted at the original meeting.

11.9 Should a meeting be adjourned for more than
 7 Clear Days, whether because of a lack of quorum or otherwise, Members shall be given at
 least ten days' notice of the date, time and place of the adjourned meeting and the
 general nature of the business to be transacted. Otherwise it shall not be necessary to give
 any notice of the adjournment.

**Method of voting**

11.10 A resolution put to the vote of the meeting
 shall be decided on a poll duly demanded. Subject to the Law, a poll may be demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the chairman of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by at least one Member having the right
 to vote on the resolutions.

**Taking of a poll**

11.11 A poll demanded on the question of adjournment
 shall be taken immediately.

11.12 A poll demanded on any other question shall
 be taken either immediately or at an adjourned meeting at such time and place as the chairman
 directs, not being more than thirty Clear Days after the poll was demanded.

11.13 The demand for a poll shall not prevent
 the meeting continuing to transact any business other than the question on which the poll
 was demanded.

11.14 A poll shall be taken in such manner as
 the chairman directs. He may appoint scrutineers (who need not be Members) and fix a place
 and time for declaring the result of the poll. If, through the aid of technology, the meeting
 is held in more than place, the chairman may appoint scrutineers in more than place; but
 if he considers that the poll cannot be effectively monitored at that meeting, the chairman
 shall adjourn the holding of the poll to a date, place and time when that can occur.

**No casting vote**

11.15 In the case of an equality of votes on a
 poll, the chairman of the meeting at which the poll is demanded shall not be entitled to
 a second or casting vote.

**Written resolutions**

11.16 Members may pass a resolution in writing
 without holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote are given
 notice of the resolution as if the same were being proposed at a meeting of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Members entitled so to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like
 form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or
 are delivered to the Company, including, if the Company so nominates, by delivery of an Electronic
 Record by Electronic means to the address specified for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Such written resolution shall be as effective
 as if it had been passed at a meeting of the Members entitled to vote duly convened and held.

11.17 If a written resolution is described as
 a Special Resolution or as an Ordinary Resolution, it has effect accordingly.

11.18 The Directors may determine the manner in
 which written resolutions shall be put to Members. In particular, they may provide, in the
 form of any written resolution, for each Member to indicate, out of the number of votes the
 Member would have been entitled to cast at a meeting to consider the resolution, how many
 votes he wishes to cast in favour of the resolution and how many against the resolution or
 to be treated as abstentions. The result of any such written resolution shall be determined
 on the same basis as on a poll.

**Sole-Member Company**

11.19 If the Company has only one Member, and
 the Member records in writing his decision on a question, that record shall constitute both
 the passing of a resolution and the minute of it.

12 Voting rights of Members

**Right to vote**

12.1 Subject to the following, unless their Shares
 carry no right to vote, or unless a call or other amount presently payable has not been paid,
 all Members are entitled to vote at a general meeting, on a poll, and all Members holding
 Shares of a particular class of Shares are entitled to vote at a meeting of the holders of
 that class of Shares.

**Voting Rights**

12.2 The holder of an Ordinary Share shall (in
 respect of such Ordinary Share) have the right to receive notice of, attend at and vote as
 a Member at any general meeting of the Company.

12.3 Each holder of Class A Ordinary Shares shall,
 on a poll, be entitled to exercise one (1) vote for each Class A Ordinary Share he or she
 holds on any and all matters.

12.4 Each holder of Class B Ordinary Shares shall,
 on a poll, be entitled to exercise twenty (20) votes for each Class B Ordinary Share
 he or she holds on any and all matters.

12.5 Members may vote in person or by proxy.

12.6 No Member is bound to vote on his Shares
 or any of them; nor is he bound to vote each of his Shares in the same way.

**Rights of joint holders**

12.7 If Shares are held jointly, only one of the
 joint holders may vote. If more than one of the joint holders tenders a vote, the vote of
 the holder whose name in respect of those Shares appears first in the register of Members
 shall be accepted to the exclusion of the votes of the other joint holder.

**Representation of corporate Members**

12.8 Save where otherwise provided, a corporate
 Member must act by a duly authorised representative.

12.9 A corporate Member wishing to act by a duly
 authorised representative must identify that person to the Company by notice in writing.

12.10 The authorisation may be for any period
 of time, and must be delivered to the Company before the commencement of the meeting at which
 it is first used.

12.11 The Directors of the Company may require
 the production of any evidence which they consider necessary to determine the validity of
 the notice.

12.12 Where a duly authorised representative is
 present at a meeting that Member is deemed to be present in person; and the acts of the duly
 authorised representative are personal acts of that Member.

12.13 A corporate Member may revoke the appointment
 of a duly authorised representative at any time by notice to the Company; but such revocation
 will not affect the validity of any acts carried out by the duly authorised representative
 before the Directors of the Company had actual notice of the revocation.

**Member with mental disorder**

12.14 A Member in respect of whom an order has
 been made by any court having jurisdiction (whether in the Cayman Islands or elsewhere) in
 matters concerning mental disorder may vote on a poll, by that Member's receiver, *curator bonis* or other person authorised in that behalf appointed by that court.

12.15 For the purpose of the preceding Article,
 evidence to the satisfaction of the Directors of the authority of the person claiming to
 exercise the right to vote must be received not less than 24 hours before holding the relevant
 meeting or the adjourned meeting in any manner specified for the delivery of forms of appointment
 of a proxy, whether in writing or by Electronic means. In default, the right to vote shall
 not be exercisable.

**Objections to admissibility of votes**

12.16 An objection to the validity of a person's
 vote may only be raised at the meeting or at the adjourned meeting at which the vote is sought
 to be tendered. Any objection duly made shall be referred to the chairman whose decision
 shall be final and conclusive.

**Form of proxy**

12.17 An instrument appointing a proxy shall be
 in any common form or in any other form approved by the Directors.

12.18 The instrument must be in writing and signed
 in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Member's authorised attorney;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Member is a corporation or other
 body corporate, under seal or signed by an authorised officer, secretary or attorney.

If the Directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records.

12.19 The Directors may require the production
 of any evidence which they consider necessary to determine the validity of any appointment
 of a proxy.

12.20 A Member may revoke the appointment of a
 proxy at any time by notice to the Company duly signed in accordance with Article 12.18.

12.21 No revocation by a Member of the appointment
 of a proxy made in accordance with Article 12.20 will affect the validity of any acts carried
 out by the relevant proxy before the Directors of the Company had actual notice of the revocation.

**How and when proxy is to be delivered**

12.22 Subject to the following Articles, the Directors
 may, in the notice convening any meeting or adjourned meeting, or in an instrument of proxy
 sent out by the Company, specify the manner by which the instrument appointing a proxy shall
 be deposited and the place and the time (being not later than the time appointed for the
 commencement of the meeting or adjourned meeting to which the proxy relates) at which the
 instrument appointing a proxy shall be deposited. In the absence of any such direction from
 the Directors in the notice convening any meeting or adjourned meeting or in an instrument
 of proxy sent out by the Company, the form of appointment of a proxy and any authority under
 which it is signed (or a copy of the authority certified notarially or in any other way approved
 by the Directors) must be delivered so that it is received by the Company before the time
 for holding the meeting or adjourned meeting at which the person named in the form of appointment
 of proxy proposes to vote. They must be delivered in either of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of an instrument in writing,
 it must be left at or sent by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the registered office of the Company;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to such other place within the Cayman
 Islands specified in the notice convening the meeting or in any form of appointment of proxy
 sent out by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, pursuant to the notice provisions,
 a notice may be given to the Company in an Electronic Record, an Electronic Record of an
 appointment of a proxy must be sent to the address specified pursuant to those provisions
 unless another address for that purpose is specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the notice convening the meeting;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any form of appointment of a proxy
 sent out by the Company in relation to the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any invitation to appoint a proxy
 issued by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Article 12.22(a) and Article
 12.22(b), the chairman of the Company may, in any event at his discretion, direct that an
 instrument of proxy shall be deemed to have been duly deposited.

12.23 Where a poll is taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if it is taken more than seven Clear Days
 after it is demanded, the form of appointment of a proxy and any accompanying authority (or
 an Electronic Record of the same) must be delivered in accordance with Article 12.22 before
 the time appointed for the taking of the poll;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if it to be taken within seven Clear Days
 after it was demanded, the form of appointment of a proxy and any accompanying authority
 (or an Electronic Record of the same) must be delivered in accordance with Article 12.22
 before the time appointed for the taking of the poll.

12.24 If the form of appointment of proxy is not
 delivered on time, it is invalid.

12.25 When two or more valid but differing appointments
 of proxy are delivered or received in respect of the same Share for use at the same meeting
 and in respect of the same matter, the one which is last validly delivered or received (regardless
 of its date or of the date of its execution) shall be treated as replacing and revoking the
 other or others as regards that Share. lf the Company is unable to determine which appointment
 was last validly delivered or received, none of them shall be treated as valid in respect
 of that Share.

12.26 The Board may at the expense of the Company
 send forms of appointment of proxy to the Members by post (that is to say, pre-paying and
 posting a letter), or by Electronic communication or otherwise (with or without provision
 for their return by pre-paid post) for use at any general meeting or at any separate meeting
 of the holders of any class of Shares, either blank or nominating as proxy in the alternative
 any one or more of the Directors or any other person. lf for the purpose of any meeting invitations
 to appoint as proxy a person or one of a number of persons specified in the invitations are
 issued at the Company's expense, they shall be issued to all (and not to some only)
 of the Members entitled to be sent notice of the meeting and to vote at it. The accidental
 omission to send such a form of appointment or to give such an invitation to, or the non-receipt
 of such form of appointment by, any Member entitled to attend and vote at a meeting shall
 not invalidate the proceedings at that meeting

**Voting by proxy**

12.27 A proxy shall have the same voting rights
 at a meeting or adjourned meeting as the Member would have had except to the extent that
 the instrument appointing him limits those rights. Notwithstanding the appointment of a proxy,
 a Member may attend and vote at a meeting or adjourned meeting. If a Member votes on any
 resolution a vote by his proxy on the same resolution, unless in respect of different Shares,
 shall be invalid.

12.28 The instrument appointing a proxy to vote
 at a meeting shall be deemed also to confer authority to demand or join in demanding a poll,
 and, for the purposes of Article 11.11, a demand by a person as proxy for a Member shall
 be the same as a demand by a Member. Such appointment shall not confer any further right
 to speak at the meeting, except with the permission of the chairman of the meeting.

13 Number of Directors

13.1 There shall be a Board consisting of not
 less than one person provided however that the Company may by Ordinary Resolution increase
 or reduce the limits in the number of Directors. Unless fixed by Ordinary Resolution, the
 maximum number of Directors shall be unlimited.

14 Appointment, disqualification and removal of Directors

**First Directors**

14.1 The first Directors shall be appointed in
 writing by the subscriber or subscribers to the Memorandum, or a majority of them.

**No age limit**

14.2 There is no age limit for Directors save
 that they must be at least eighteen years of age.

**Corporate Directors**

14.3 Unless prohibited by law, a body corporate
 may be a Director. If a body corporate is a Director, the Articles about representation of
 corporate Members at general meetings apply, mutatis mutandis, to the Articles about Directors'
 meetings.

**No shareholding qualification**

14.4 Unless a shareholding qualification for Directors
 is fixed by Ordinary Resolution, no Director shall be required to own Shares as a condition
 of his appointment.

**Appointment of Directors**

14.5 A Director may be appointed by Ordinary Resolution
 or by the Directors. Any appointment may be to fill a vacancy or as an additional Director.

14.6 A remaining Director may appoint a Director
 even though there is not a quorum of Directors.

14.7 No appointment can cause the number of Directors
 to exceed the maximum (if one is set); and any such appointment shall be invalid.

14.8 For so long as Shares are listed on a Designated
 Stock Exchange, the Directors shall include at least such number of Independent Directors
 as applicable law, rules or regulations or the Designated Stock Exchange Rules require as
 determined by the Board by Board Resolution.

**Board's power to appoint Directors**

14.9 Without prejudice to the Company's
 power to appoint a person to be a Director pursuant to these Articles, the Board shall have
 power at any time to appoint any person who is willing to act as a Director, either to fill
 a vacancy or as an addition to the existing Board, subject to the total number of Directors
 not exceeding any maximum number fixed by or in accordance with these Articles.

**Eligibility**

14.10 No person (other than a Director retiring
 in accordance with these Articles) shall be appointed or re-appointed a Director at any general
 meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is recommended by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not less than seven nor more than forty-two
 Clear Days before the date appointed for the meeting, a Member (other than the person to
 be proposed) entitled to vote at the meeting has given to the Company notice of his intention
 to propose a resolution for the appointment of that person, stating the particulars which
 would, if he were so appointed, be required to be included in the Company's register
 of Directors and a notice executed by that person of his willingness to be appointed.

**Removal of Directors**

14.11 A Director may be removed by Board Resolution.

**Resignation of Directors**

14.12 A Director may at any time resign office
 by giving to the Company notice in writing or, if permitted pursuant to the notice provisions,
 in an Electronic Record delivered in either case in accordance with those provisions.

14.13 Unless the notice specifies a different
 date, the Director shall be deemed to have resigned on the date that the notice is delivered
 to the Company.

**Termination of the office of Director**

14.14 A Director may retire from office as a Director
 by giving notice in writing to that effect to the Company at the registered office, which
 notice shall be effective upon such date as may be specified in the notice, failing which
 upon delivery to the registered office.

14.15 Without prejudice to the provisions in these
 Articles for retirement (by rotation or otherwise), a Director's office shall be terminated
 forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is prohibited by the law of the Cayman
 Islands from acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he is made bankrupt or makes an arrangement
 or composition with his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he resigns his office by notice to the
 Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he only held office as a Director for
 a fixed term and such term expires; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the opinion of a registered medical
 practitioner by whom he is being treated he becomes physically or mentally incapable of acting
 as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) he is given notice by the majority of
 the other Directors (not being less than two in number) to vacate office (without prejudice
 to any claim for damages for breach of any agreement relating to the provision of the services
 of such Director); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) he is made subject to any law relating
 to mental health or incompetence, whether by court order or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) without the consent of the other Directors,
 he is absent from meetings of Directors for a continuous period of six months.

15 Alternate Directors

**Appointment and removal**

15.1 Any Director may appoint any other person,
 including another Director, to act in his place as an alternate Director. No appointment
 shall take effect until the Director has given notice of the appointment to the Board.

15.2 A Director may revoke his appointment of
 an alternate at any time. No revocation shall take effect until the Director has given notice
 of the revocation to the Board.

15.3 A notice of appointment or removal of an
 alternate Director shall be effective only if given to the Company by one or more of the
 following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by notice in writing in accordance with
 the notice provisions contained in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has a facsimile address
 for the time being, by sending by facsimile transmission to that facsimile address a facsimile
 copy or, otherwise, by sending by facsimile transmission to the facsimile address of the
 Company's registered office a facsimile copy (in either case, the facsimile copy being
 deemed to be the notice unless Article 29.7 applies), in which event notice shall be taken
 to be given on the date of an error-free transmission report from the sender's fax
 machine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company has an email address for
 the time being, by emailing to that email address a scanned copy of the notice as a PDF attachment
 or, otherwise, by emailing to the email address provided by the Company's registered
 office a scanned copy of the notice as a PDF attachment (in either case, the PDF version
 being deemed to be the notice unless Article 29.7 applies), in which event notice shall be
 taken to be given on the date of receipt by the Company or the Company's registered
 office (as appropriate) in readable form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if permitted pursuant to the notice provisions,
 in some other form of approved Electronic Record delivered in accordance with those provisions
 in writing.

**Notices**

15.4 All notices of meetings of Directors shall
 continue to be given to the appointing Director and not to the alternate.

**Rights of alternate Director**

15.5 An alternate Director shall be entitled to
 attend and vote at any Board meeting or meeting of a committee of the Directors at which
 the appointing Director is not personally present, and generally to perform all the functions
 of the appointing Director in his absence. An alternate Director, however, is not entitled
 to receive any remuneration from the Company for services rendered as an alternate Director.

**Appointment ceases when the appointor ceases to be a Director**

15.6 An alternate Director shall cease to be an
 alternate Director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Director who appointed him ceases
 to be a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director who appointed him revokes
 his appointment by notice delivered to the Board or to the registered office of the Company
 or in any other manner approved by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any event happens in relation to him
 which, if he were a Director of the Company, would cause his office as Director to be vacated.

**Status of alternate Director**

15.7 An alternate Director shall carry out all
 functions of the Director who made the appointment.

15.8 Save where otherwise expressed, an alternate
 Director shall be treated as a Director under these Articles.

15.9 An alternate Director is not the agent of
 the Director appointing him.

15.10 An alternate Director is not entitled to
 any remuneration for acting as alternate Director.

**Status of the Director making the appointment**

15.11 A Director who has appointed an alternate
 is not thereby relieved from the duties which he owes the Company.

16 Powers of Directors

**Powers of Directors**

16.1 Subject to the provisions of the Law, the
 Memorandum and these Articles the business of the Company shall be managed by the Directors
 who may for that purpose exercise all the powers of the Company.

16.2 No prior act of the Directors shall be invalidated
 by any subsequent alteration of the Memorandum or these Articles. However, to the extent
 allowed by the Law, Members may, by Special Resolution, validate any prior or future act
 of the Directors which would otherwise be in breach of their duties.

**Directors below the minimum number**

16.3 lf the number of Directors is less than the
 minimum prescribed in accordance with these Articles, the remaining Director or Directors
 shall act only for the purposes of appointing an additional Director or Directors to make
 up such minimum or of convening a general meeting of the Company for the purpose of making
 such appointment. lf there are no Director or Directors able or willing to act, any two Members
 may summon a general meeting for the purpose of appointing Directors. Any additional Director
 so appointed shall hold office (subject to these Articles) only until the dissolution of
 the annual general meeting next following such appointment unless he is re-elected during
 such meeting.

**Appointments to office**

16.4 The Directors may by Board Resolution appoint
 a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as chairman of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as managing Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any other executive office,

for such period, and on such terms, including as to remuneration as they think fit.

16.5 The appointee must consent in writing to
 holding that office.

16.6 Where a chairman is appointed he shall, unless
 unable to do so, preside at every meeting of Directors.

16.7 If there is no chairman, or if the chairman
 is unable to preside at a meeting, that meeting may select its own chairman; or the Directors
 may nominate one of their number to act in place of the chairman should he ever not be available.

16.8 Subject to the provisions of the Law, the
 Directors may also appoint and remove any person, who need not be a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any office that may be required

for such period and on such terms, including as to remuneration, as they think fit. In the case of an Officer, that Officer may be given any title the Directors decide.

16.9 The Secretary or Officer must consent in
 writing to holding that office.

16.10 A Director, Secretary or other Officer of
 the Company may not the hold the office, or perform the services, of auditor.

**Provisions for employees**

16.11 The Board may make provision for the benefit
 of any persons employed or formerly employed by the Company or any of its subsidiary undertakings
 (or any member of his family or any person who is dependent on him) in connection with the
 cessation or the transfer to any person of the whole or part of the undertaking of the Company
 or any of its subsidiary undertakings.

**Exercise of voting rights**

16.12 The Board may exercise the voting power
 conferred by the Shares in any body corporate held or owned by the Company in such manner
 in all respects as it thinks fit (including, without limitation, the exercise of that power
 in favour of any resolution appointing any Director as a Director of such body corporate,
 or voting or providing for the payment of remuneration to the Directors of such body corporate).

**Remuneration**

16.13 Every Director may be remunerated by the
 Company for the services he provides for the benefit of the Company, whether as Director,
 employee or otherwise, and shall be entitled to be paid for the expenses incurred in the
 Company's business including attendance at Directors' meetings.

16.14 Until otherwise determined by the Company
 by Ordinary Resolution, the Directors (other than alternate Directors) shall be entitled
 to such remuneration by way of fees for their services in the office of Director as the Directors
 may determine.

16.15 Remuneration may take any form and may include
 arrangements to pay pensions, health insurance, death or sickness benefits, whether to the
 Director or to any other person connected to or related to him.

16.16 Unless his fellow Directors determine otherwise,
 a Director is not accountable to the Company for remuneration or other benefits received
 from any other company which is in the same group as the Company or which has common shareholdings.

**Disclosure of information**

16.17 The Directors may release or disclose to
 a third party any information regarding the affairs of the Company, including any information
 contained in the register of Members relating to a Member, (and they may authorise any Director,
 Officer or other authorised agent of the Company to release or disclose to a third party
 any such information in his possession) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company or that person, as the case
 may be, is lawfully required to do so under the laws of any jurisdiction to which the Company
 is subject; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such disclosure is in compliance with
 the Designated Stock Exchange Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such disclosure is in accordance with
 any contract entered into by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Directors are of the opinion such
 disclosure would assist or facilitate the Company's operations.

17 Delegation of powers

**Power to delegate any of the Directors' powers to a committee**

17.1 The Directors may delegate any of their powers
 to any committee consisting of one or more persons who need not be Members. Persons on the
 committee may include non-Directors so long as the majority of those persons are Directors.
 Any such committee shall be made up of such number of Independent Directors as required from
 time to time by the Designated Stock Exchange Rules or otherwise required by applicable law.

17.2 The delegation may be collateral with, or
 to the exclusion of, the Directors' own powers.

17.3 The delegation may be on such terms as the
 Directors think fit, including provision for the committee itself to delegate to a sub-committee;
 save that any delegation must be capable of being revoked or altered by the Directors at
 will.

17.4 Unless otherwise permitted by the Directors,
 a committee must follow the procedures prescribed for the taking of decisions by Directors.

17.5 The Board shall by Board Resolution establish
 an audit committee, a compensation committee and a nominating and corporate governance committee.
 Each of these committees shall be empowered to do all things necessary to exercise the rights
 of such committee set forth in these Articles. Each of the audit committee, compensation
 committee and nominating and corporate governance committee shall consist of at least three
 Directors (or such larger minimum number as may be required from time to time by the Designated
 Stock Exchange Rules). The majority of the committee members on each of the compensation
 committee and nominating and corporate governance committee shall be Independent Directors.
 The audit committee shall be made up of such number of Independent Directors as required
 from time to time by the Designated Stock Exchange Rules or otherwise required by applicable
 law.

**Local boards**

17.6 The Board may by Board Resolution establish
 any local or divisional board or agency for managing any of the affairs of the Company whether
 in the Cayman Islands or elsewhere and may appoint any persons to be members of a local or
 divisional Board, or to be managers or agents, and may fix their remuneration.

17.7 The Board may by Board Resolution delegate
 to any local or divisional board, manager or agent any of its powers and authorities (with
 power to sub-delegate) and may authorise the members of any local or divisional board or
 any of them to fill any vacancies and to act notwithstanding vacancies.

17.8 Any appointment or delegation under this
 Article 17.8 may be made on such terms and subject to such conditions as the Board thinks
 fit and the Board may by Board Resolution remove any person so appointed, and may revoke
 or vary any delegation.

**Power to appoint an agent of the Company**

17.9 The Directors may appoint any person, either
 generally or in respect of any specific matter, to be the agent of the Company with or without
 authority for that person to delegate all or any of that person's powers. The Directors
 may make that appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by causing the Company to enter into a
 power of attorney or agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other manner they determine.

**Power to appoint an attorney or authorised signatory of the Company**

17.10 The Directors may appoint any person, whether
 nominated directly or indirectly by the Directors, to be the attorney or the authorised signatory
 of the Company. The appointment may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to such conditions

as they think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the Directors under these Articles. The Directors may do so by power of attorney or any other manner they think fit.

17.11 Any power of attorney or other appointment
 may contain such provision for the protection and convenience for persons dealing with the
 attorney or authorised signatory as the Directors think fit. Any power of attorney or other
 appointment may also authorise the attorney or authorised signatory to delegate all or any
 of the powers, authorities and discretions vested in that person.

17.12 The Board may by Board Resolution remove
 any person appointed under Article 17.10 and may revoke or vary the delegation.

**Borrowing Powers**

17.13 The Directors may exercise all the powers
 of the Company to borrow money and to mortgage or charge its undertaking, property and assets
 both present and future and uncalled capital, or any part thereof, and to issue debentures
 and other securities, whether outright or as collateral security for any debt, liability
 or obligation of the Company or its parent undertaking (if any) or any subsidiary undertaking
 of the Company or of any third party.

**Corporate Governance**

17.14 The Board may by Board Resolution, from
 time to time, and except as required by applicable law or the Designated Stock Exchange Rules,
 adopt, institute, amend, modify or revoke the corporate governance policies or initiatives
 of the Company, which shall be intended to set forth the guiding principles and policies
 of the Company and the Board on various corporate governance related matters as the Board
 shall determine by Board Resolution from time to time.

18 Meetings of Directors

**Regulation of Directors' meetings**

18.1 Subject to the provisions of these Articles,
 the Directors may regulate their proceedings as they think fit.

**Calling meetings**

18.2 Any Director may call a meeting of Directors
 at any time. The Secretary must call a meeting of the Directors if requested to do so by
 a Director.

**Notice of meetings**

18.3 Notice of a Board meeting may be given to
 a Director personally or by word of mouth or given in writing or by Electronic communications
 at such address as he may from time to time specify for this purpose (or, if he does not
 specify an address, at his last known address). A Director may waive his right to receive
 notice of any meeting either prospectively or retrospectively.

**Use of technology**

18.4 A Director may participate in a meeting of
 Directors through the medium of conference telephone, video or any other form of communications
 equipment providing all persons participating in the meeting are able to hear and speak to
 each other throughout the meeting.

18.5 A Director participating in this way is deemed
 to be present in person at the meeting.

**Quorum**

18.6 The quorum for the transaction of business
 at a meeting of Directors shall be one unless the Directors fix some other number.

**Chairman or deputy to preside**

18.7 The Board may by Board Resolution appoint
 a chairman and one or more deputy chairman or chairmen and may at any time revoke any such
 appointment.

18.8 The chairman, or failing him any deputy chairman
 (the longest in office taking precedence if more than one is present), shall preside at all
 Board meetings. If no chairman or deputy chairman has been appointed, or if he is not present
 within five minutes after the time fixed for holding the meeting, or is unwilling to act
 as chairman of the meeting, the Directors present shall choose one of their number to act
 as chairman of the meeting.

**Voting**

18.9 A question which arises at a Board meeting
 shall be decided by a majority of votes. If votes are equal the Founder may, if he wishes,
 exercise a casting vote.

**Recording of dissent**

18.10 A Director present at a meeting of Directors
 shall be presumed to have assented to any action taken at that meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his dissent is entered in the minutes
 of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he has filed with the meeting before it
 is concluded signed dissent from that action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he has forwarded to the Company as soon
 as practical following the conclusion of that meeting signed dissent.

A Director who votes in favour of an action is not entitled to record his dissent to it.

**Written resolutions**

18.11 The Directors may pass a resolution in writing
 without holding a meeting if all Directors sign a document or sign several documents in the
 like form each signed by one or more of those Directors.

18.12 A written resolution signed by a validly
 appointed alternate Director need not also be signed by the appointing Director.

18.13 A written resolution signed personally by
 the appointing Director need not also be signed by his alternate.

18.14 A resolution in writing passed pursuant
 to Article 18.11, Article 18.12 and/or Article 18.13 shall be as effective as if it had been
 passed at a meeting of the Directors duly convened and held; and it shall be treated as having
 been passed on the day and at the time that the last Director signs (and for the avoidance
 of doubt, such day may or may not be a Business Day).

**Validity of acts of Directors in spite of formal defect**

18.15 All acts done by a meeting of the Board,
 or of a committee of the Board, or by any person acting as a Director or an alternate Director,
 shall, notwithstanding that it is afterwards discovered that there was some defect in the
 appointment of any Director or alternate Director or member of the committee, or that any
 of them were disqualified or had vacated office or were not entitled to vote, be as valid
 as if every such person had been duly appointed and qualified and had continued to be a Director
 or alternate Director and had been entitled to vote.

19 Permissible Directors' interests and disclosure

19.1 A Director shall not, as a Director, vote
 in respect of any contract, transaction, arrangement or proposal in which he has an interest
 which (together with any interest of any person connected with him) is a material interest
 (otherwise then by virtue of his interests, direct or indirect, in Shares or debentures or
 other securities of, or otherwise in or through, the Company) and if he shall do so his vote
 shall not be counted, nor in relation thereto shall he be counted in the quorum present at
 the meeting, but (in the absence of some other material interest than is mentioned below)
 none of these prohibitions shall apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the giving of any security, guarantee
 or indemnity in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) money lent or obligations incurred by
 him or by any other person for the benefit of the Company or any of its subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a debt or obligation of the Company
 or any of its subsidiaries for which the Director himself has assumed responsibility in whole
 or in part and whether alone or jointly with others under a guarantee or indemnity or by
 the giving of security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Company or any of its subsidiaries
 is offering securities in which offer the Director is or may be entitled to participate as
 a holder of securities or in the underwriting or sub-underwriting of which the Director is
 to or may participate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any contract, transaction, arrangement
 or proposal affecting any other body corporate in which he is interested, directly or indirectly
 and whether as an officer, shareholder, creditor or otherwise howsoever, provided that he
 (together with persons connected with him) does not to his knowledge hold an interest representing
 one per cent or more of any class of the equity share capital of such body corporate (or
 of any third body corporate through which his interest is derived) or of the voting rights
 available to members of the relevant body corporate (any such interest being deemed for the
 purposes of this Article 19.1 to be a material interest in all circumstances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any act or thing done or to be done in
 respect of any arrangement for the benefit of the employees of the Company or any of its
 subsidiaries under which he is not accorded as a Director any privilege or advantage not
 generally accorded to the employees to whom such arrangement relates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any matter connected with the purchase
 or maintenance for any Director of insurance against any liability or (to the extent permitted
 by the Law) indemnities in favour of Directors, the funding of expenditure by one or more
 Directors in defending proceedings against him or them or the doing of any thing to enable
 such Director or Directors to avoid incurring such expenditure.

19.2 A Director may, as a Director, vote (and
 be counted in the quorum) in respect of any contract, transaction, arrangement or proposal
 in which he has an interest which is not a material interest or which falls within Article
 19.1.

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| | |
|:---|:---|
| 20 | Minutes |

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20.1 The Company shall cause minutes to be made
 in books of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of Officers and committees
 made by the Board and of any such Officer's remuneration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of Directors present at every
 meeting of the Directors, a committee of the Board, the Company or the holders of any class
 of shares or debentures, and all orders, resolutions and proceedings of such meetings.

20.2 Any such minutes, if purporting to be signed
 by the chairman of the meeting at which the proceedings were held or by the chairman of the
 next succeeding meeting or the Secretary, shall be prima facie evidence of the matters stated
 in them.

21 Accounts and audit

21.1 The Directors must ensure that proper accounting
 and other records are kept, and that accounts and associated reports are distributed in accordance
 with the requirements of the Law.

21.2 The books of account shall be kept at the
 registered office of the Company and shall always be open to inspection by the Directors.
 No Member (other than a Director) shall have any right of inspecting any account or book
 or document of the Company except as conferred by the Law or as authorised by the Directors
 or by Ordinary Resolution.

**Financial year**

21.3 Unless the Directors otherwise prescribe,
 the financial year of the Company shall end on 31 December in each year and begin on 1 January
 in each year.

**Auditors**

21.4 The Directors may appoint an Auditor of the
 Company who shall hold office on such terms as the Directors determine.

21.5 At any general meeting convened and held
 at any time in accordance with these Articles, the Members may, by Ordinary Resolution, remove
 the Auditor before the expiration of his term of office. If they do so, the Members shall,
 by Ordinary Resolution, at that meeting appoint another Auditor in his stead for the remainder
 of his term.

21.6 The Auditors shall examine such books, accounts
 and vouchers; as may be necessary for the performance of their duties.

21.7 The Auditors shall, if so requested by the
 Directors, make a report on the accounts of the Company during their tenure of office at
 the next annual general meeting following their appointment, and at any time during their
 term of office, upon request of the Directors or any general meeting of the Company.

22 Record dates

22.1 Except to the extent of any conflicting rights
 attached to Shares, the resolution declaring a dividend on Shares of any class, whether it
 be an Ordinary Resolution of the Members or a Board Resolution, may specify that the dividend
 is payable or distributable to the persons registered as the holders of those Shares at the
 close of business on a particular date, notwithstanding that the date may be a date prior
 to that on which the resolution is passed.

22.2 If the resolution does so specify, the dividend
 shall be payable or distributable to the persons registered as the holders of those Shares
 at the close of business on the specified date in accordance with their respective holdings
 so registered, but without prejudice to the rights *inter se* in respect of the dividend
 of transferors and transferees of any of those Shares.

22.3 The provisions of this Article apply, *mutatis mutandis*, to bonuses, capitalisation issues, distributions of realised capital profits
 or offers or grants made by the Company to the Members.

23 Dividends

**Source of dividends**

23.1 Dividends may be declared and paid out of
 any funds of the Company lawfully available for distribution.

23.2 Subject to the requirements of the Law regarding
 the application of a company's Share premium account and with the sanction of an Ordinary
 Resolution, dividends may also be declared and paid out of any share premium account.

**Declaration of dividends by Members**

23.3 Subject to the provisions of the Law, the
 Company may by Ordinary Resolution declare dividends in accordance with the respective rights
 of the Members but no dividend shall exceed the amount recommended by the Directors.

23.4 No dividend may be declared or paid, and
 no other distribution (whether in cash or otherwise) of the Company's assets (including
 any distribution of assets to Members on a winding up) may be made to a holder of a Class
 B Ordinary Share.

**Payment of interim dividends and declaration of final dividends by Directors**

23.5 Subject to Article 23.4, the Directors may
 by Board Resolution declare and pay interim dividends or recommend final dividends in accordance
 with the respective rights of the Members if it appears to them that they are justified by
 the financial position of the Company and that such dividends may lawfully be paid.

23.6 Subject to the provisions of the Law, in
 relation to the distinction between interim dividends and final dividends, the following
 applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon determination to pay a dividend or
 dividends described as interim by the Directors in the dividend Board Resolution, no debt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon declaration of a dividend or dividends
 described as final by the Directors in the dividend Board Resolution, a debt shall be created
 immediately following the declaration, the due date to be the date the dividend is stated
 to be payable in the Board Resolution.

If the Board Resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim.

23.7 In relation to Shares carrying differing
 rights to dividends or rights to dividends at a fixed rate, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the share capital is divided into different
 classes, the Directors may pay dividends on Shares which confer deferred or non-preferred
 rights with regard to dividends as well as on Shares which confer preferential rights with
 regard to dividends but no dividend shall be paid on Shares carrying deferred or non-preferred
 rights if, at the time of payment, any preferential dividend is in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may also pay, at intervals
 settled by them, any dividend payable at a fixed rate if it appears to them that there are
 sufficient funds of the Company lawfully available for distribution to justify the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Directors act in good faith, they
 shall not incur any liability to the Members holding Shares conferring preferred rights for
 any loss those Members may suffer by the lawful payment of the dividend on any Shares having
 deferred or non-preferred rights.

**Apportionment of dividends**

23.8 Except as otherwise provided by the rights
 attached to Shares all dividends shall be declared and paid according to the amounts Paid
 Up on the Shares on which the dividend is paid. All dividends shall be apportioned and paid
 proportionately to the amount Paid Up on the Shares during the time or part of the time in
 respect of which the dividend is paid. But if a Share is issued on terms providing that it
 shall rank for dividend as from a particular date, that Share shall rank for dividend accordingly.

**Right of set off**

23.9 The Directors may deduct from a dividend
 or any other amount payable to a person in respect of a Share any amount due by that person
 to the Company on a call or otherwise in relation to a Share.

**Power to pay other than in cash**

23.10 If the Directors so determine, any Board
 Resolution declaring a dividend may direct that it shall be satisfied wholly or partly by
 the distribution of assets. If a difficulty arises in relation to the distribution, the Directors
 may settle that difficulty in any way they consider appropriate. For example, they may do
 any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue fractional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix the value of assets for distribution
 and make cash payments to some Members on the footing of the value so fixed in order to adjust
 the rights of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest some assets in trustees.

**How payments may be made**

23.11 Subject to Article 23.4, a dividend or other
 monies payable on or in respect of a Share may be paid in any of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Member holding that Share or other
 person entitled to that Share nominates a bank account for that purpose - by wire transfer
 to that bank account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by cheque or warrant sent by post to the
 registered address of the Member holding that Share or other person entitled to that Share.

23.12 For the purposes of Article 23.11(a), the
 nomination may be in writing or in an Electronic Record and the bank account nominated may
 be the bank account of another person. For the purposes of Article 23.11(b), subject to any
 applicable law or regulation, the cheque or warrant shall be made to the order of the Member
 holding that Share or other person entitled to the Share or to his nominee, whether nominated
 in writing or in an Electronic Record, and payment of the cheque or warrant shall be a good
 discharge to the Company.

23.13 Subject to Article 23.4, if two or more
 persons are registered as the holders of the Share or are jointly entitled to it by reason
 of the death or bankruptcy of the registered holder (**Joint Holders**), a dividend (or
 other amount) payable on or in respect of that Share may be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the registered address of the Joint
 Holder of the Share who is named first on the register of Members or to the registered address
 of the deceased or bankrupt holder, as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the address or bank account of another
 person nominated by the Joint Holders, whether that nomination is in writing or in an Electronic
 Record.

23.14 Subject to Article 23.4, any Joint Holder
 of a Share may give a valid receipt for a dividend (or other amount) payable in respect of
 that Share.

**Dividends or other monies not to bear interest in absence of special rights**

23.15 Unless provided for by the rights attached
 to a Share, no dividend or other monies payable by the Company in respect of a Share shall
 bear interest.

**Dividends unable to be paid or unclaimed**

23.16 Subject to Article 23.4, if a dividend cannot
 be paid to a Member or remains unclaimed within six weeks after it was declared or both,
 the Directors may pay it into a separate account in the Company's name. If a dividend
 is paid into a separate account, the Company shall not be constituted trustee in respect
 of that account and the dividend shall remain a debt due to the Member.

23.17 A dividend that remains unclaimed for a
 period of six years after it became due for payment shall be forfeited to, and shall cease
 to remain owing by, the Company.

24 Capitalisation of profits

**Capitalisation of profits or of any share premium account or capital redemption reserve;**

24.1 The Directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any part of the Company's profits
 not required for paying any preferential dividend (whether or not those profits are available
 for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any sum standing to the credit of the
 Company's share premium account or capital redemption reserve, if any.

24.2 Subject to Article 23.4, the amount resolved
 to be capitalised must be appropriated to the Members who would have been entitled to it
 had it been distributed by way of dividend and in the same proportions. The benefit to each
 Member so entitled must be given in either or both of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by paying up the amounts unpaid on that
 Member's Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by issuing Fully Paid Up Shares, debentures
 or other securities of the Company to that Member or as that Member directs. The Directors
 may resolve that any Shares issued to the Member in respect of Partly Paid Up Shares (**Original Shares**) rank for dividend only to the extent that the Original Shares rank for dividend
 while those Original Shares remain Partly Paid Up.

**Applying an amount for the benefit of Members**

24.3 Subject to Article 23.4, the amount capitalised
 must be applied to the benefit of Members in the proportions to which the Members would have
 been entitled to dividends if the amount capitalised had been distributed as a dividend.

24.4 Subject to the Law, if a fraction of a Share,
 a debenture or other security is allocated to a Member, the Directors may issue a fractional
 certificate to that Member or pay him the cash equivalent of the fraction.

25 Share Premium Account

**Directors to maintain share premium account**

25.1 The Directors shall establish a share premium
 account in accordance with the Law. They shall carry to the credit of that account from time
 to time an amount equal to the amount or value of the premium paid on the issue of any Share
 or capital contributed or such other amounts required by the Law.

**Debits to share premium account**

25.2 The following amounts shall be debited to
 any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the redemption or purchase of a Share,
 the difference between the nominal value of that Share and the redemption or purchase price;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amount paid out of a share premium
 account as permitted by the Law.

25.3 Notwithstanding the preceding Article, on
 the redemption or purchase of a Share, the Directors may pay the difference between the nominal
 value of that Share and the redemption purchase price out of the profits of the Company or,
 as permitted by the Law, out of capital.

---

| | |
|:---|:---|
| 26 | Seal |

---

**Company seal**

26.1 The Company may have a seal if the Directors
 so determine by Board Resolution.

**Duplicate seal**

26.2 Subject to the provisions of the Law, the
 Company may also have a duplicate seal or seals for use in any place or places outside the
 Cayman Islands. Each duplicate seal shall be a facsimile of the original seal of the Company.
 However, if the Directors so determine by Board Resolution, a duplicate seal shall have added
 on its face the name of the place where it is to be used.

**When and how seal is to be used**

26.3 A seal may only be used by the authority
 of the Directors. Unless the Directors otherwise determine by Board Resolution, a document
 to which a seal is affixed must be signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the
 Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate).

**If no seal is adopted or used**

26.4 If the Directors do not adopt a seal, or
 a seal is not used, a document may be executed in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the
 Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other manner permitted by the Law.

**Power to allow non-manual signatures and facsimile printing of seal**

26.5 The Directors may determine by Board Resolution
 that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the seal or a duplicate seal need
 not be affixed manually but may be affixed by some other method or system of reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a signature required by these Articles
 need not be manual but may be a mechanical or Electronic Signature.

**Validity of execution**

26.6 If a document is duly executed and delivered
 by or on behalf of the Company, it shall not be regarded as invalid merely because, at the
 date of the delivery, the Secretary, or the Director, or other Officer or person who signed
 the document or affixed the seal for and on behalf of the Company ceased to be the Secretary
 or hold that office and authority on behalf of the Company.

27 Indemnity

27.1 To the extent permitted by law, the Company
 shall indemnify each existing or former Director (including alternate Director), Secretary
 and other Officer of the Company (including an investment adviser or an administrator or
 liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges,
 expenses, losses, damages or liabilities incurred or sustained by the existing or former
 Director (including alternate Director), Secretary or Officer in or about the conduct of
 the Company's business or affairs or in the execution or discharge of the existing
 or former Director's (including alternate Director's), Secretary's or Officer's
 duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all
 costs, expenses, losses or liabilities incurred by the existing or former Director (including
 alternate Director), Secretary or Officer in defending (whether successfully or otherwise)
 any civil, criminal, administrative or investigative proceedings (whether threatened, pending
 or completed) concerning the Company or its affairs in any court or tribunal, whether in
 the Cayman Islands or elsewhere.

No such existing or former Director (including alternate Director), Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

27.2 To the extent permitted by Law, the Company
 may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise,
 for any legal costs incurred by an existing or former Director (including alternate Director),
 Secretary or Officer of the Company in respect of any matter identified in Article 27.1 on
 condition that the Director (including alternate Director), Secretary or Officer must repay
 the amount paid by the Company to the extent that it is ultimately found not liable to indemnify
 the Director (including alternate Director), Secretary or that Officer for those legal costs.

**Release**

27.3 To the extent permitted by Law, the Company
 may by Special Resolution release any existing or former Director (including alternate Director),
 Secretary or other Officer of the Company from liability for any loss or damage or right
 to compensation which may arise out of or in connection with the execution or discharge of
 the duties, powers, authorities or discretions of his office; but there may be no release
 from liability arising out of or in connection with that person's own dishonesty.

**Insurance**

27.4 To the extent permitted by Law, the Company
 may pay, or agree to pay, a premium in respect of a contract insuring each of the following
 persons against risks determined by the Directors, other than liability arising out of that
 person's own dishonesty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an existing or former Director (including
 alternate Director), Secretary or Officer or auditor of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a company which is or was a subsidiary
 of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a company in which the Company has
 or had an interest (whether direct or indirect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a trustee of an employee or retirement
 benefits scheme or other trust in which any of the persons referred to in paragraph (a) is
 or was interested.

---

| | |
|:---|:---|
| 28 | Notices |

---

**Form of notices**

28.1 Save where these Articles provide otherwise,
 and subject to the Designated Stock Exchange Rules, any notice to be given to or by any person
 pursuant to these Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing signed by or on behalf of the
 giver in the manner set out below for written notices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the next Article, in an Electronic
 Record signed by or on behalf of the giver by Electronic Signature and authenticated in accordance
 with Articles about authentication of Electronic Records; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where these Articles expressly permit,
 by the Company by means of a website.

**Electronic communications**

28.2 A notice may only be given to the Company
 in an Electronic Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so resolve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the resolution states how an Electronic
 Record may be given and, if applicable, specifies an email address for the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms of that resolution are notified
 to the Members for the time being and, if applicable, to those Directors who were absent
 from the meeting at which the resolution was passed.

If the resolution is revoked or varied, the revocation or variation shall only become effective when its terms have been similarly notified.

28.3 A notice may not be given by Electronic Record
 to a person other than the Company unless the recipient has notified the giver of an Electronic
 address to which notice may be sent.

28.4 Subject to the Law, the Designated Stock
 Exchange Rules and to any other rules which the Company is bound to follow, the Company may
 also send any notice or other document pursuant to these Articles to a Member by publishing
 that notice or other document on a website where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company and the Member have agreed
 to his having access to the notice or document on a website (instead of it being sent to
 him);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the notice or document is one to which
 that agreement applies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Member is notified (in accordance
 with any requirements laid down by the Law and, in a manner for the time being agreed between
 him and the Company for the purpose) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the publication of the notice or document
 on a website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the address of that website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the place on that website where the
 notice or document may be accessed, and how it may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the notice or document is published on
 that website throughout the publication period, provided that, if the notice or document
 is published on that website for a part, but not all of, the publication period, the notice
 or document shall be treated as being published throughout that period if the failure to
 publish that notice of document throughout that period is wholly attributable to circumstances
 which it would not be reasonable to have expected the Company to prevent or avoid. For the
 purposes of this Article 28.4 "publication period" means a period of not less
 than seven days, beginning on the day on which the notification referred to in Article 28.4(c)
 is deemed sent.

**Persons entitled to notices**

28.5 Any notice or other document to be given
 to a Member may be given by reference to the register of Members as it stands at any time
 within the period of ten days before the day that the notice is given or (where and as applicable)
 within any other period permitted by, or in accordance with the requirements of, (to the
 extent applicable) the Designated Stock Exchange Rules and/or the Designated Stock Exchanges.
 No change in the register of Members after that time shall invalidate the giving of such
 notice or document or require the Company to give such item to any other person.

**Persons authorised to give notices**

28.6 A notice by either the Company or a Member
 pursuant to these Articles may be given on behalf of the Company or a Member by a Director
 or company secretary of the Company or a Member.

**Delivery of written notices**

28.7 Save where these Articles provide otherwise,
 a notice in writing may be given personally to the recipient, or left at (as appropriate)
 the Member's or Director's registered address or the Company's registered
 office, or posted to that registered address or registered office.

**Joint holders**

28.8 Where Members are joint holders of a Share,
 all notices shall be given to the Member whose name first appears in the register of Members.

**Signatures**

28.9 A written notice shall be signed when it
 is autographed by or on behalf of the giver, or is marked in such a way as to indicate its
 execution or adoption by the giver.

28.10 An Electronic Record may be signed by an
 Electronic Signature.

**Evidence of transmission**

28.11 A notice given by Electronic Record shall
 be deemed sent if an Electronic Record is kept demonstrating the time, date and content of
 the transmission, and if no notification of failure to transmit is received by the giver.

28.12 A notice given in writing shall be deemed
 sent if the giver can provide proof that the envelope containing the notice was properly
 addressed, pre-paid and posted, or that the written notice was otherwise properly transmitted
 to the recipient.

28.13 A Member present, either in person or by
 proxy, at any meeting of the Company or of the holders of any class of Shares shall be deemed
 to have received due notice of the meeting and, where requisite, of the purposes for which
 it was called.

**Giving notice to a deceased or bankrupt Member**

28.14 A notice may be given by the Company to
 the persons entitled to a Share in consequence of the death or bankruptcy of a Member by
 sending or delivering it, in any manner authorised by these Articles for the giving of notice
 to a Member, addressed to them by name, or by the title of representatives of the deceased,
 or trustee of the bankrupt or by any like description, at the address, if any, supplied for
 that purpose by the persons claiming to be so entitled.

28.15 Until such an address has been supplied,
 a notice may be given in any manner in which it might have been given if the death or bankruptcy
 had not occurred.

**Date of giving notices**

28.16 A notice is given on the date identified
 in the following table

---

| | |
|:---|:---|
| **Method for giving notices** | **When taken to be given** |
| (A) Personally | At the time and date of delivery |
| (B) By leaving it at the Member's registered address | At the time and date it was left |
| (C) By posting it by prepaid post to the street or postal address of that recipient | 48 hours after the date it was posted |
| (D) By Electronic Record (other than publication on a website), to recipient's Electronic address | 48 hours after the date it was sent |
| (E) By publication on a website | 24 hours after the date on which the Member is deemed to have been notified of the publication of the notice or document on the website |

---

**Saving provision**

28.17 None of the preceding notice provisions
 shall derogate from the Articles about the delivery of written resolutions of Directors and
 written resolutions of Members.

29 Authentication of Electronic Records

**Application of Articles**

29.1 Without limitation to any other provision
 of these Articles, any notice, written resolution or other document under these Articles
 that is sent by Electronic means by a Member, or by the Secretary, or by a Director or other
 Officer of the Company, shall be deemed to be authentic if either Article 29.2 or Article
 29.4 applies.

**Authentication of documents sent by Members by Electronic means**

29.2 An Electronic Record of a notice, written
 resolution or other document sent by Electronic means by or on behalf of one or more Members
 shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member or each Member, as the case
 may be, signed the original document, and for this purpose **Original Document** includes
 several documents in like form signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original
 Document was sent by Electronic means by, or at the direction of, that Member to an address
 specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

29.3 For example, where a sole Member signs a
 resolution and sends the Electronic Record of the original resolution, or causes it to be
 sent, by facsimile transmission to the address in these Articles specified for that purpose,
 the facsimile copy shall be deemed to be the written resolution of that Member unless Article
 28.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

29.4 An Electronic Record of a notice, written
 resolution or other document sent by or on behalf of the Secretary or an Officer or Officers
 of the Company shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Secretary or the Officer or each Officer,
 as the case may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by the Secretary or one or more of those
 Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original
 Document was sent by Electronic means by, or at the direction of, the Secretary or that Officer
 to an address specified in accordance with these Articles for the purpose for which it was
 sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

This Article 29.4 applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

29.5 For example, where a sole Director signs
 a resolution and scans the resolution, or causes it to be scanned, as a PDF version which
 is attached to an email sent to the address in these Articles specified for that purpose,
 the PDF version shall be deemed to be the written resolution of that Director unless Article
 29.7 applies.

**Manner of signing**

29.6 For the purposes of these Articles about
 the authentication of Electronic Records, a document will be taken to be signed if it is
 signed manually or in any other manner permitted by these Articles.

**Saving provision**

29.7 A notice, written resolution or other document
 under these Articles will not be deemed to be authentic if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) believes that the signature of the signatory
 has been altered after the signatory had signed the original document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) believes that the original document, or
 the Electronic Record of it, was altered, without the approval of the signatory, after the
 signatory signed the original document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise doubts the authenticity of the
 Electronic Record of the document

and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit.

30 Transfer by way of continuation

30.1 The
 Company may, by Special Resolution, resolve to be registered by way of continuation in a
 jurisdiction outside:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such
 other jurisdiction in which it is, for the time being, incorporated, registered or existing.

30.2 To
 give effect to any resolution made pursuant to the preceding Article, the Directors may cause
 the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 application be made to the Registrar of Companies of the Cayman Islands to deregister the
 Company in the Cayman Islands or in the other jurisdiction in which it is for the time being
 incorporated, registered or existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 such further steps as they consider appropriate to be taken to effect the transfer by way
 of continuation of the Company.

31 Winding up

**Distribution of assets in specie**

31.1 If the Company is wound up the Members may,
 subject to these Articles and any other sanction required by the Law, pass a Special Resolution
 allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to divide in specie among the holders
 of the Class A Ordinary Shares the whole or any part of the assets of the Company and, for
 that purpose, to value any assets and to determine how the division shall be carried out
 as among the holders of the Class A Ordinary Shares; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to vest the whole or any part of the assets
 in trustees for the benefit of the holders of the Class A Ordinary Shares and those liable
 to contribute to the winding up.

31.2 No distribution (whether in cash or otherwise)
 of the Company's assets on a winding up may be made to a holder of a Class B Ordinary
 Share.

**No obligation to accept liability**

31.3 No Member shall be compelled to accept any
 assets if an obligation attaches to them.

31.4 The Directors are authorised to present a
 winding up petition

31.5 The Directors have the authority to present
 a petition for the winding up of the Company to the Grand Court of the Cayman Islands on
 behalf of the Company without the sanction of a resolution passed at a general meeting.

32 Amendment of Memorandum and Articles

**Power to change name or amend Memorandum**

32.1 Subject to the Law, the Company may, by Special
 Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change the provisions of its Memorandum
 with respect to its objects, powers or any other matter specified in the Memorandum.

**Power to amend these Articles**

32.2 Subject to the Law and as provided in these
 Articles, the Company may, by Special Resolution, amend these Articles in whole or in part.

## Exhibit 10.7

**Exhibit 10.7**

**March 26, 2025**

**Re: Independent Director Offer Letter – Erik Cheong Wei Kiat**

Dear **Mr. Erik Cheong Wei Kiat,**

Phaos Technology Holdings (Cayman) Limited, a Cayman Islands limited liability company (the "Company" or "we"), is pleased to offer you a position as an Independent Director of the Company. We believe your background and experience will be a significant asset to the Company and we look forward to your participation as an Independent Director in the Company. Should you choose to accept this position as an Independent Director, this letter agreement (the "Agreement") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall begin upon Company's listing on the NYSE American Markets (the "Commencement Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon the Commencement Date and shall continue for a period of one year from the Commencement Date subject to the provisions in Section 9 below or until your successor is duly elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render customary services as an Independent Director and such other duties as are reasonably contemplated by you holding office as an independent director of the Company or which may reasonably be assigned to you by the Board from time to time, including being member of the committee(s) of the Board (hereinafter, your "Duties"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.** As compensation for your services to the Company, you will receive a yearly compensation of USD$**30,000**, payable on the 16<sup>th</sup> day of each month on a pro-rata basis commencing one (1) month after the Commencement Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors' insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "Confidential Information" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownership</u>.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions"**) and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resignation</u>.** Your services as an Independent Director may be terminated for any or no reason by the determination of the Board (including any failure to elect you for an ensuing term at any annual meeting of the Board).You may also terminate your services as an Independent Director for any or no reason by delivering your written notice of resignation to the Company ("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governing Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowledgement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED** | **PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED** |
| By: |  |
|  | Andrew Yeo |
|  | Chief Executive Officer |

---

---

| | |
|:---|:---|
| **AGREED AND ACCEPTED:** | **AGREED AND ACCEPTED:** |
| Name: | Erik Cheong Wei Kiat |

---

## Exhibit 10.9

**Exhibit 10.9**

**March 26, 2025**

**Re: Independent Director Offer Letter – Koh Boon Chiao**

Dear **Mr. Koh Boon Chiao,**

Phaos Technology Holdings (Cayman) Limited, a Cayman Islands limited liability company (the "Company" or "we"), is pleased to offer you a position as an Independent Director of the Company. We believe your background and experience will be a significant asset to the Company and we look forward to your participation as an Independent Director in the Company. Should you choose to accept this position as an Independent Director, this letter agreement (the "Agreement") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall begin upon Company's listing on the NYSE American Markets (the "Commencement Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon the Commencement Date and shall continue for a period of one year from the Commencement Date subject to the provisions in Section 9 below or until your successor is duly elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render customary services as an Independent Director and such other duties as are reasonably contemplated by you holding office as an independent director of the Company or which may reasonably be assigned to you by the Board from time to time, including being member of the committee(s) of the Board (hereinafter, your "Duties"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.** As compensation for your services to the Company, you will receive a yearly compensation of USD$**30,000**, payable on the 16<sup>th</sup> day of each month on a pro-rata basis commencing one (1) month after the Commencement Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors' insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "Confidential Information" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownership</u>.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions"**) and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resignation</u>.** Your services as an Independent Director may be terminated for any or no reason by the determination of the Board (including any failure to elect you for an ensuing term at any annual meeting of the Board).You may also terminate your services as an Independent Director for any or no reason by delivering your written notice of resignation to the Company ("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governing Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowledgement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED** | **PHAOS TECHNOLOGY HOLDINGS (CAYMAN) LIMITED** |
| By: |  |
|  | Andrew Yeo |
|  | Chief Executive Officer |

---

---

| | |
|:---|:---|
| **AGREED AND ACCEPTED:** | **AGREED AND ACCEPTED:** |
| Name: | Koh Boon Chiao |

---

## Exhibit 10.10

**Exhibit 10.10**

![](ex10-10_001.jpg)

**Phaos Technology Holdings (Cayman) Limited**

**83 Science Park Dr, #02-01 & #04-01A/B The Curie, Singapore Science Park 1**

**Singapore 118258**

**December 31, 2024**

**Re: Director Offer Letter – Beh Hook Seng**

Dear **Beh Hook Seng**,

Phaos Technology Holdings (Cayman) Limited, a Cayman Islands exempted company with limited liability (the "Company" or "we"), is pleased to offer you a position as director of the Company. We believe your background and experience will be a significant asset to the Company and we look forward to your participation as a Director in the Company. Should you choose to accept this position as Director, this letter agreement (the "Agreement") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall also be subject to the approval of Company's Board of Directors and/or Nomination Committee and shall begin upon Company's listing on the NYSE American.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon Company's listing on the NYSE American for a term of 5 years. Your term as a Director shall continue subject to the provisions in Section 9 below or until your successor is duly elected and qualified. The position shall be up for re-appointment every year by the board of the Directors of the Company (the "Board") and upon re-appointment, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render customary services as Director (hereinafter, your "Duties"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.** The compensation for your services to the Company will be included in your employment agreement with Phaos Technology Holdings (Cayman) Limited.

You shall be reimbursed for reasonable expenses incurred by you in connection with the performance of your Duties (including travel expenses for in-person meetings).

![](ex10-10_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "Confidential Information" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

![](ex10-10_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownership</u>.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions"**) and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resignation</u>.** Your services as a Director may be terminated for any or no reason by the determination of the Board. You may also terminate your services as a Director for any or no reason by delivering your written notice of resignation to the Company ("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governing Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

![](ex10-10_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowledgement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| |
|:---|
| Sincerely, |
| <br> **Phaos Technology Holdings (Cayman) Limited** |
| Beh Hook Seng |
| Executive Chairman |

---

---

| |
|:---|
| **AGREED AND ACCEPTED:** |
| Name：Beh Hook Seng |

---

## Exhibit 10.11

**Exhibit 10.11**

![](ex10-11_001.jpg)

**Phaos Technology Holdings (Cayman) Limited**

**83 Science Park Dr, #02-01 & #04-01A/B The Curie, Singapore Science Park 1**

**Singapore 118258**

**December 31, 2024**

**Re: Director Offer Letter – Gan Hong Loon**

Dear **Gan Hong Loon**,

Phaos Technology Holdings (Cayman) Limited, a Cayman Islands exempted company with limited liability (the "Company" or "we"), is pleased to offer you a position as director of the Company. We believe your background and experience will be a significant asset to the Company and we look forward to your participation as a Director in the Company. Should you choose to accept this position as Director, this letter agreement (the "Agreement") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall also be subject to the approval of Company's Board of Directors and/or Nomination Committee and shall begin upon Company's listing on the NYSE American.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon Company's listing on the NYSE American for a term of 5 years. Your term as a Director shall continue subject to the provisions in Section 9 below or until your successor is duly elected and qualified. The position shall be up for re-appointment every year by the board of the Directors of the Company (the "Board") and upon re-appointment, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render customary services as Director (hereinafter, your "Duties"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.** The compensation for your services to the Company will be included in your employment agreement with Phaos Technology Holdings (Cayman) Limited.

You shall be reimbursed for reasonable expenses incurred by you in connection with the performance of your Duties (including travel expenses for in-person meetings).

![](ex10-11_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "Confidential Information" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

![](ex10-11_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownership</u>.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions"**) and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resignation</u>.** Your services as a Director may be terminated for any or no reason by the determination of the Board. You may also terminate your services as a Director for any or no reason by delivering your written notice of resignation to the Company ("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governing Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

![](ex10-11_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowledgement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| |
|:---|
| Sincerely, |
| <br> **Phaos Technology Holdings (Cayman) Limited** |
| Beh Hook Seng |
| Executive Chairman |

---

---

| |
|:---|
| **AGREED AND ACCEPTED:** |
| Name：Gan Hong Loon |

---

## Exhibit 10.12

**Exhibit 10.12**

![](ex10-12_001.jpg)

**Phaos Technology Holdings (Cayman) Limited**

**83 Science Park Dr, #02-01 & #04-01A/B The Curie, Singapore Science Park 1**

**Singapore 118258**

**December 31, 2024**

**Re: Director Offer Letter – Andrew Yeo Eng Sian**

Dear **Andrew Yeo Eng Sian**,

Phaos Technology Holdings (Cayman) Limited, a Cayman Islands exempted company with limited liability (the "Company" or "we"), is pleased to offer you a position as director of the Company. We believe your background and experience will be a significant asset to the Company and we look forward to your participation as a Director in the Company. Should you choose to accept this position as Director, this letter agreement (the "Agreement") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall also be subject to the approval of Company's Board of Directors and/or Nomination Committee and shall begin upon Company's listing on the NYSE American.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon Company's listing on the NYSE American for a term of 5 years. Your term as a Director shall continue subject to the provisions in Section 9 below or until your successor is duly elected and qualified. The position shall be up for re-appointment every year by the board of the Directors of the Company (the "Board") and upon re-appointment, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render customary services as Director (hereinafter, your "Duties"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.** The compensation for your services to the Company will be included in your employment agreement with Phaos Technology Holdings (Cayman) Limited.

You shall be reimbursed for reasonable expenses incurred by you in connection with the performance of your Duties (including travel expenses for in-person meetings).

![](ex10-12_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "Confidential Information" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include:

(i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

![](ex10-12_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownership</u>.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions"**) and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resignation</u>.** Your services as a Director may be terminated for any or no reason by the determination of the Board. You may also terminate your services as a Director for any or no reason by delivering your written notice of resignation to the Company ("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governing Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

![](ex10-12_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowledgement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| |
|:---|
| Sincerely, |
| <br> **Phaos Technology Holdings (Cayman) Limited** |
| Beh Hook Seng |
| Executive Chairman |

---

---

| |
|:---|
| **AGREED AND ACCEPTED:** |
| Name：Andrew Yeo Eng Sian |

---

## Exhibit 10.13

**Exhibit 10.13**

![](ex10-13_001.jpg)

**Phaos Technology Holdings (Cayman) Limited**

**83 Science Park Dr, #02-01 & #04-01A/B The Curie, Singapore Science Park 1**

**Singapore 118258**

**December 31, 2024**

**Re: Director Offer Letter – Tay Beng Boon**

Dear **Tay Beng Boon**,

Phaos Technology Holdings (Cayman) Limited, a Cayman Islands exempted company with limited liability (the "Company" or "we"), is pleased to offer you a position as director of the Company. We believe your background and experience will be a significant asset to the Company and we look forward to your participation as a Director in the Company. Should you choose to accept this position as Director, this letter agreement (the "Agreement") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall also be subject to the approval of Company's Board of Directors and/or Nomination Committee and shall begin upon Company's listing on the NYSE American.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon Company's listing on the NYSE American for a term of 5 years. Your term as a Director shall continue subject to the provisions in Section 9 below or until your successor is duly elected and qualified. The position shall be up for re-appointment every year by the board of the Directors of the Company (the "Board") and upon re-appointment, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render customary services as Director (hereinafter, your "Duties"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.** The compensation for your services to the Company will be included in your employment agreement with Phaos Technology Holdings (Cayman) Limited.

You shall be reimbursed for reasonable expenses incurred by you in connection with the performance of your Duties (including travel expenses for in-person meetings).

![](ex10-13_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "Confidential Information" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include:

(i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

![](ex10-13_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownership</u>.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions"**) and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resignation</u>.** Your services as a Director may be terminated for any or no reason by the determination of the Board. You may also terminate your services as a Director for any or no reason by delivering your written notice of resignation to the Company ("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governing Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

![](ex10-13_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowledgement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| |
|:---|
| Sincerely, |
| <br> **Phaos Technology Holdings (Cayman) Limited** |
| Beh Hook Seng |
| Executive Chairman |

---

---

| |
|:---|
| **AGREED AND ACCEPTED:** |
| Name：Tay Beng Boon |

---

## Exhibit 10.17

**Exhibit 10.17**

![](ex10-17_001.jpg)

![](ex10-17_002.jpg)

![](ex10-17_003.jpg)

![](ex10-17_004.jpg)

**BOARD RESOLUTIONS-BORROWER**

**Certified True Extract of Resolutions Passed by the Board of Directors of**

**PHAOS TECHNOLOGY PTE. LTD.**

**(the "Company") on<u> </u>**

**ACCEPTANCE OF BANKING FACILITIES**

**RESOLVED THAT;**

(1) The Company, accepts
 the offer of banking facilities (the "Facilities") from DBS Bank Ltd. (the "Bank")
 on the terms and conditions of the Bank's loan package dated <u>11 Aug 2022</u> (the
 "Loan Package") (as may be amended, varied, supplemented and/or replaced from
 time to time).

**(2)** Any <u> </u> of the following persons (collectively, the "Authorised Signatories") be authorised to do the following things in the
 Company's name and for and on behalf of the Company (which persons are and will be so authorised until the Bank receives a
 certified copy of the board resolution of the Company providing otherwise):

---

| | | |
|:---|:---|:---|
| **Name of Authorised Signatories** | **Designation** | **Specimen Signature\*** |
|  |  | ![](ex10-17_017.jpg) |

---

***\*specimen signatures not required where Authorised Signatories named are existing authorized signatories to the company's accounts maintained with DBS***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to negotiate, accept, sign, and deliver to the Bank the Loan Package and any letter,
agreement, form, notice or other documents required by the Bank or expedient in relation to the Facilities (collectively "Documents");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to negotiate and accept any future revision or variation of the Facilities and
any future amendment, supplement or replacement of the Loan Package and/or any of the Documents (which acceptance shall be conclusively
evidenced by the signature(s) of the Authorised Signatory(ies)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) without prejudice to any of the Company's existing mandate to the Bank, to instruct
and authorise the Bank to debit the Company's DBS Current account specified in the Loan Package for the monthly instalments as well as
interests, fees, insurance premiums, expenses and such other sums that may be payable in connection with the Facilities as contemplated
in the Loan Package and any Documents.

(3) The Common Seal of the Company be affixed to any deed, instrument or document as
may be required in connection with the Facilities, the collaterals and/or supports in accordance with the Articles of Association/Constitution
of the Company. Further, and in the alternative, any Director and the Company Secretary or any two Directors of the Company be authorised
on behalf of the Company to execute any such documents in accordance with the Companies Act.

**CERTIFIED AS TRUE EXTRACT AND CONFIRMED THAT THE RESOLUTIONS HAVE BEEN ADOPTED AND HAVE NOT BEEN RESCINDED, MODIFIED OR SUPERSEDED**

---

| | |
|:---|:---|
| ![](ex10-17_018.jpg) | ![](ex10-17_019.jpg) |
| Signature & Name of \*Chairman / Director | Signature & Name of \* Director / Secretary |
| *\*delete where inapplicable* |  |

---

![](ex10-17_005.jpg)

**STANDARD TERMS AND CONDITIONS GOVERNING FACILITIES AND TRANSACTIONS**

**("STANDARD CONDITIONS")**

---

| | | |
|:---|:---|:---|
| **A. GENERAL TERMS AND CONDITIONS APPLICABLE TO ALL FACILITIES AND TRANSACTIONS** | **A. GENERAL TERMS AND CONDITIONS APPLICABLE TO ALL FACILITIES AND TRANSACTIONS** | **1** |
| **1.** | **Representations and Warranties** | **1** |
| **2.** | **General Undertakings** | **2** |
| **3.** | **Confirmation** | **4** |
| **4.** | **Utilisation in Other Currencies** | **4** |
| **5.** | **Application of Advance** | **4** |
| **6.** | **Interest and Payment Provisions** | **5** |
| **7.** | **Market Disruption and Alternative Interest Rates** | **5** |
| **8.** | **Prepayment and Cancellation** | **5** |
| **9.** | **Default Interest** | **5** |
| **10.** | **Authority to Debit and Set-off Accounts** | **6** |
| **11.** | **Rights Cumulative and No Waivers** | **6** |
| **12.** | **Rights Binding on you** | **6** |
| **13.** | **Assignment and Transfer** | **6** |
| **14.** | **Additional Security to Guarantee** | **6** |
| **15.** | **Security Margin** | **6** |
| **16.** | **Special Consultant and Agent** | **7** |
| **17.** | **Unlawfulness** | **7** |
| **18.** | **Increased costs** | **7** |
| **19.** | **Change in circumstances** | **7** |
| **20.** | **Breakfunding Costs.** | **8** |
| **21.** | **Material and Adverse Change affecting Foreign Currency** | **8** |
| **22.** | **Severability** | **8** |
| **23.** | **Consent to Disclosure and Personal Data** | **8** |
| **24.** | **Currency Indemnity** | **9** |
| **25.** | **Instructions by Other Means** | **9** |
| **26.** | **Indemnities** | **10** |
| **27.** | **Further Act or Assurance** | **10** |
| **28.** | **Taxes** | **10** |
| **29.** | **Statement/Certificate** | **10** |
| **30.** | **Termination Events** | **11** |
| **31.** | **Appropriation** | **13** |
| **32.** | **Notices** | **13** |
| **33.** | **Service of Process** | **13** |
| **34.** | **Third Parties** | **13** |
| **35.** | **Governing Law and Jurisdiction** | **13** |
| **36.** | **Definitions and Interpretation** | **14** |
| **B.** **ADDITIONAL TERMS AND CONDITIONS APPLICABLE TO SPECIFIC FACILITIES.** | **B.** **ADDITIONAL TERMS AND CONDITIONS APPLICABLE TO SPECIFIC FACILITIES.** | **18** |
| **1.** | **Additional representations and warranties applicable to all Committed Facilities** | **18** |
| **2.** | **Additional General Undertakings applicable to all Committed Facilities** | **19** |
| **3.** | **Vessel-related undertakings applicable to Vessel loans** | **20** |
| **4.** | **Government Assisted Financing Schemes** | **20** |
| **5.** | **Term Loans** | **20** |
| **C.** **ADDITIONAL TERMS AND CONDITIONS APPLICABLE TO FOREIGN EXCHANGE ("FX") TRANSACTIONS** | **C.** **ADDITIONAL TERMS AND CONDITIONS APPLICABLE TO FOREIGN EXCHANGE ("FX") TRANSACTIONS** | **21** |
| **1.** | **General** | **21** |
| **2.** | **Transaction and Position Limits** | **21** |
| **3.** | **Your Orders & Confirmations** | **21** |
| **4.** | **Settlement of Transactions** | **21** |
| **5.** | **Extraordinary Event** | **22** |
| **6.** | **Interest** | **22** |
| **7.** | **Termination** | **22** |
| **8.** | **Representations and Warranties** | **23** |
| **9.** | **Risk Disclosure** | **23** |
| **10.** | **Conflict of Terms** | **23** |
| **11.** | **Exclusions** | **24** |
| **12.** | **Consent to Recording** | **24** |
| **13.** | **Definitions and Interpretation for this Section C of Standard Conditions** | **24** |

---

Standard Terms and Conditions DBS Bank Ltd. <br> Version Dated March 2022 Co. Reg. No: 196800306E

**A.**  **<u>GENERAL TERMS AND CONDITIONS APPLICABLE TO ALL FACILITIES AND TRANSACTIONS</u>** 

We recognise that banks have an important role to play in promoting responsible environmental, social and governance ("**ESG**") behaviour of our customers and are committed to practising responsible financing. We trust that the information, including ESG information based on publicly available information as well as any information provided by you or your representatives, is true and accurate and is covered by the representations and warranties given by you to us herein, in any Facility Letters and in any agreements relating to banking facilities granted by us to you.

**1.** **Representations and Warranties** 

You represent and warrant that each of the following statements is true and correct as at the date of your acceptance of the Facility Letter and will be true and correct (by reference to the facts and circumstances then existing) as at the date of (i) delivery of each drawdown request under the Facilities, (ii) disbursement of any amount or utilisation under the Facilities, (iii) the first day of each interest period in relation to the Facilities, and (iv) (where applicable) each entry into a Transaction, and acknowledge that we have entered into the Documents in reliance on these representations and warranties:

&nbsp;&nbsp;&nbsp;&nbsp;**(a)**  **<u>Status</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **(Where applicable) you are, and each Entity is, a person, duly incorporated or otherwise properly constituted and validly existing under the laws of your/its jurisdiction of incorporation/constitution.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **You have, and each Entity has, the capacity and/or power to own your/its assets and carry on your/its business as it is being conducted.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(b)**  **<u>Binding obligations</u>** 

The obligations expressed to be assumed by you and each Entity in each Document to which you/it are/is a party are legal, valid, binding and enforceable obligations.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)**  **<u>Non-conflict with other obligations</u>** 

The entry into and performance by you and each Entity of, and the transactions contemplated by, the Documents to which you/it are/is a party do not and will not conflict with (i) any law or regulation applicable to you/it; (ii) (where applicable) your/its constitutional documents; or (iii) any agreement or instrument binding upon you/it or any of your/its assets.

&nbsp;&nbsp;&nbsp;&nbsp;**(d)**  **<u>Power and authority</u>** 

You have, and each Entity has, the power to enter into, perform and deliver, and have/has taken all necessary actions to authorise your/its entry into, performance and delivery of, the Documents to which you/it is a party and the transactions contemplated by those Documents.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Authorisations and consents</u> 

All consents, authorizations, licences, approvals and waivers from and resolutions of the holders of any class of shares in or from any of your creditors or the creditors of any Entity or from any other party to any relevant deed or document or from any governmental or other authority or court or registration with or declaration to any such authority or court required by you and the Entities in order for you to borrow up to the full principal amount of the Facilities and/or to enter into a Transaction and/or for you and the Entities to execute, deliver and perform your/their respective obligations under the Documents or to render the Documents legally valid and binding, enforceable and admissible in evidence in the courts of Singapore have been duly obtained made or passed and are in full force and effect and there has been no default in the observance of the conditions or restrictions imposed on, or in connection with, any of the same.

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No misleading information</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any financial projections
 provided by you and each Entity have been prepared on the basis of recent historical information
 and on the basis of reasonable assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Nothing has occurred and no information has been withheld that results in the information provided by
you or any Entity being untrue or misleading in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All information provided by you or each Entity for the purposes
of the Documents is true and accurate in all material respects as at the date it was provided and is not misleading in any respect.

---

| | | |
|:---|:---|:---|
| Standard Terms and Conditions | Page **1** of **25** | DBS Bank Ltd. |
| Version Dated March 2022 |  | Co. Reg. No: 196800306E |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(g)** *<u>Pari Passu</u>* <u>ranking</u> 

Your obligations and the obligations of each Entity under the Documents are direct, unconditional and unsubordinated and rank at least *pari passu* with all your/its other present and future unsecured and unsubordinated obligations (except for such obligations mandatorily preferred by law).

&nbsp;&nbsp;&nbsp;&nbsp;**(h)**  **<u>No Encumbrance</u>** 

Save for the security created pursuant to the Security Documents and any other security interests previously disclosed in writing by you to us and approved by us, no Encumbrance exists on any of your or any Entity's assets or (in each case) any part thereof or any interest therein.

&nbsp;&nbsp;&nbsp;&nbsp;**(i)**  **<u>Solvency</u>** 

Neither you nor any Entity is insolvent or unable to pay your/its debts, stopped, suspended or threatened to stop or suspend payment of all or a material part of (or of a particular type of) your/its Indebtedness, have begun negotiations or taken any other step with a view to deferring, rescheduling or readjusting all or a material part of (or a particular type of) your/its Indebtedness (or of any part of your/its Indebtedness which you/it will or might otherwise be unable to pay when due), have proposed or made a general assignment or an arrangement or composition with or for the benefit of your/its creditors, and no moratorium has been agreed or declared in respect of or affecting all or a material part of (or of a particular type of) your/its Indebtedness.

**2.** **General Undertakings** 

So long as any monies are owing or are to be advanced under the Documents and/or so long as any Transaction is outstanding and in force:

&nbsp;&nbsp;&nbsp;&nbsp;**(a)**  **<u>Obligations to rank Pari Passu</u>** 

You will ensure that your obligations and the obligations of each Entity under the Documents are direct, unconditional and unsubordinated and will at all times rank at least pari passu with all your/its other present and future unsecured and unsubordinated obligations (except for such obligations mandatorily preferred by law).

&nbsp;&nbsp;&nbsp;&nbsp;**(b)**  **<u>Compliance with laws, etc.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **You will, and will procure that each Entity and their respective affiliates shall, at all times (i) comply in all respects with all laws and regulations to which you/it may be subject including all Environmental Laws and (ii) obtain and maintain any Environmental Permit applicable to you/it.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **You will, and will procure that each Entity shall, comply in all respects with the terms and conditions of all agreements, licenses and concessions necessary for the carrying on of your/its business and all agreements relevant to the Facilities and/or the Documents.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(c)**  **<u>Negative pledge</u>** 

Save for the security created pursuant to the Security Documents and any other security interests previously disclosed in writing by you to us and approved by us, you will not and will ensure that no Entity will create or permit to arise or subsist any Encumbrance on your/its assets or factor any of your/its accounts receivables.

&nbsp;&nbsp;&nbsp;&nbsp;**(d)**  **<u>Restrictions on disposals</u>** 

You will ensure that without our prior written consent, neither you nor any Entity will (i) lease, let out or sub-let any of the assets over which security has been created in our favour; or (ii) sell, transfer, lease out, lend or otherwise dispose of all or any part of your/its assets, except of inventory in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;**(e)**  **<u>Furnishing of Information</u>** 

You will deliver to us (i) certified true copies of your and each Entity's annual audited and (where applicable) consolidated financial statements as soon as available, but not later than 180 days after the end of each financial year; (ii) certified true copies of your and each Entity's management reports, comprising at least of your/its unaudited balance sheet and profit and loss statement for and as at the end of each quarter, as soon as available but not later than 90 days after the end of each quarter; and (iii) promptly, any other information, certifications, confirmations, documents and evidence as we may from time to time require including, without limitation, such documentation and other evidence as is requested by us in order for us to conduct any "know your customer" or other similar procedures under applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;**(f)**  **<u>Nature of business/Changes in Constitution</u>** 

You will not, and will procure that no Entity shall, without our prior written consent, substantially alter the nature of your / its business or (where applicable) amend or alter any provision in your / its Constitution or equivalent constitutive documents relating to your / its powers to borrow, secure or guarantee, or your / its principal business activities.

---

| | | |
|:---|:---|:---|
| Standard Terms and Conditions | Page **2** of **25** | DBS Bank Ltd. |
| Version Dated March 2022 |  | Co. Reg. No: 196800306E |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(g)**  **<u>Reorganisation and Change in Membership / Management</u>** 

You will not, and will procure that no Entity shall, without our prior written consent, (i) (where applicable) undertake or permit any merger, demerger, re-organisation, amalgamation, reconstruction, take-over or any other schemes of compromise or arrangement affecting your/its present constitution; (ii) undertake or permit any change in your/its management without our prior written consent; or (iii) (where applicable) permit any change in the membership or constitution of the firm/partnership or any change in the name or style of the firm or dissolution of the firm/partnership. If any member/partner of the firm/partnership should cease for any reason to be a member/partner of the firm/partnership you must promptly notify us of the fact. Our rights and remedies in relation to the Facilities and/or the Transactions and against each member/partner (including each outgoing member/partner) and/or the firm/partnership shall not be prejudiced by any such change or dissolution and each Document to which you/an Entity is a party shall be binding on you/such Entity notwithstanding any such change or dissolution.

&nbsp;&nbsp;&nbsp;&nbsp;**(h)**  **<u>Positive Networth</u>** 

You will, and will procure that each Entity shall, maintain a positive networth at all times.

&nbsp;&nbsp;&nbsp;&nbsp;**(i)**  **<u>Notice of default</u>** 

You will notify us promptly of (i) any material adverse change in your business, assets, liabilities, profits, prospects, operations, management or condition (financial or otherwise) or the business, assets, liabilities, profits, prospects, operations, management or condition (financial or otherwise) of any Entity; or (ii) the occurrence of any Termination Event or Potential Termination Event or any other event which might affect your or any Entity's ability to perform your/its obligations under or in connection with the Documents to which you/such Entity is a party.

&nbsp;&nbsp;&nbsp;&nbsp;(**j)**  **<u>Costs and expenses</u>** 

You will pay to us on demand on a full indemnity basis, all costs and expenses, legal or otherwise in connection with the preparation, negotiation, execution and perfection of the Documents, the preservation or enforcement or attempted preservation or enforcement of the Documents, any security created thereunder or the Facilities and/or the Transactions or in connection with dealing with any third party claim or order against your account with us (including abortive costs and expenses). All such payments shall be paid in the currencies in which such costs and expenses were incurred. If we in our sole and absolute discretion pay any insurance premiums, legal fees, stamp duty, valuation fees, governmental or statutory levies and taxes and other costs, expenses or other moneys whatsoever on default of such payment by you, you shall forthwith on demand indemnify us for such payments together with interest thereon at the rate(s) referred to in Paragraph A.9. below calculated from the date of payment by us up to the date of repayment by you (as well after as before judgment).

&nbsp;&nbsp;&nbsp;&nbsp;**(k)**  **<u>Insurance</u>** 

You will, and will procure that every security provider shall, (i) at all times effect and maintain insurance with an insurance company acceptable to us ("**Approved Insurer**") insuring against such risks and liabilities stipulated by us on all assets or properties which are subject to any security or Encumbrance created under the Documents; (ii) ensure that the sum insured and all terms under such insurance shall be acceptable to us; (iii) name us as loss payee or beneficiary under such insurance; and (iv) punctually pay all premiums and deliver the insurance policies, cover notes and receipts to us before the Facility is activated or renewed or (as the case may be) before the expiry of the current insurance policy. If we do not receive the required insurance policies, cover notes and receipts before such activation, renewal or expiry, you agree that we may (but are not obliged to) arrange for automatic insurance cover with an Approved Insurer on such terms as we deem fit and debit your account for the premium so incurred.

&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Inspection</u> 

You will, and will procure that each Entity will, (i) permit us or any person designated by us to visit and inspect any premise, property, facility, asset or equipment belonging to you/it or where you/it carry/carries on your/its business and to examine, audit, check and make copies of your/its accounts, books, records, documents and statements; (ii) extend all such cooperation and assistance to us or any person designated by us for the purposes of such inspection or audit, including providing written authorisation, direction and access to any such premise, property, facility, asset or equipment, as we may require; and (iii) pay all costs, fees and other expenses (whether legal or otherwise) in respect of such inspection.

&nbsp;&nbsp;&nbsp;&nbsp;**(m)**  **<u>Anti-money laundering/sanctions</u>** 

You will, and will procure that each of your affiliates will, at all times comply with all applicable anti-money laundering, anti-bribery, anti-corruption, counter-terrorism financing, and economic or trade sanctions laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;**(n)**  **<u>Furnishing of Additional Information</u>** 

You will deliver to us:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **prompt notice of any amendments of or other changes to your capitalization table, together with any copies reflecting such amendments or changes with respect thereto;** 

---

| | | |
|:---|:---|:---|
| Standard Terms and Conditions | Page **3** of **25** | DBS Bank Ltd. |
| Version Dated March 2022 |  | Co. Reg. No: 196800306E |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **prompt delivery of (and in any event within 5 days after the same are sent or received) copies of all correspondence, reports, documents and other filings with any governmental authority that could reasonably be expected to have a material adverse effect on any of the consents, authorizations, licenses, approvals or waivers material to your business or otherwise could reasonably be expected to have a material adverse change;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **prompt notice of any event that (A) could reasonably be expected to materially and adversely affect your or any Entity's Intellectual Property and (B) could reasonably be expected to result in a material adverse change;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** **written notice at least 30 days' prior to you or any Entity (A) changing its organizational structure or type, (B) changing its legal name, or (C) registering or filing any Intellectual Property; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** **upon you becoming aware of the existence of any default or event which, with the giving of notice or passage of time, or both, would constitute a default, prompt (and in any event within 3 Business Days) written notice of such occurrence, which such notice shall include a reasonably detailed description of such default or event which, with the giving of notice or passage of time, or both, would constitute a default.** 

&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Key Persons</u> 

You will ensure that no Key Person shall cease to be actively engaged in your management unless written notice thereof is provided to us within 10 days of such departure, termination or removal. "**Key Person**" refers to your managing director, chairperson of your board of directors, president, chief executive officer, chief financial officer or such other person as we may designate from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Transactions with Affiliates</u> 

You will ensure that neither you nor any Entity will directly or indirectly enter into or permit to exist any material transaction with any Affiliate of yours or any Entity, except for (A) transactions that are in the ordinary course of your or such Entity's business, upon fair and reasonable terms that are no less favorable to you or such Entity than would be obtained in an arm's length transaction with a non affiliated person, and (B) Subordinated Debt or equity investments by your investors in you or in any Entity.

&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Indebtedness and Subordinated Debt</u> 

You will ensure that any loans to you by your directors/shareholders or by any Entity shall be subordinated to all monies and liabilities owing to us under the Facilities. You will also ensure that neither you nor any Entity will, without our prior written consent, (A) incur any Indebtedness other than Subordinated Debt, (B) make or permit any payment on any Subordinated Debt, or (C) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof or adversely affect the subordination thereof to obligations owed to us.

&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Protection of Intellectual Property Rights</u> 

You and each Entity shall: (A) protect, defend and maintain the validity and enforceability of its Intellectual Property; (B) promptly advise us in writing of a challenge to the validity, or infringement by a third party of your or its Intellectual Property; and (C) not allow any Intellectual Property to be abandoned, forfeited or dedicated to the public without our prior written consent.

**3.** **Confirmation** 

We may, but shall not be obliged to, send to you a confirmation in respect of any of the Facilities as to the amount(s) advanced by us, interest rates, instalment and any other information relating to your Facilities as at the date of such confirmation. Such confirmation shall be conclusive and binding on you unless we receive your objection in writing within 14 days of the date of such confirmation.

**4.** **Utilisation in Other Currencies** 

We may, in our sole and absolute discretion, allow utilisation of the Facilities in currencies other than that provided for in the Facility Letter ("**Other Currencie**s"). If utilisation is allowed in Other Currencies, the level of utilisation at any time will be determined by us based on such rate(s) of exchange as we may deem appropriate. If the level of utilisation thus determined exceeds the limit determined by us, you will, upon notice and within such period as we may determine, reduce the level of utilisation to such limits or provide additional collateral in cash such that the level of utilisation does not exceed the aggregate of such limits and the amount of cash provided as additional collateral.

**5.** **Application of Advance** 

Notwithstanding any other provision of the Documents, if on any date an amount (**"First Amount"**) is to be advanced by us under the Documents and an amount (**"Second Amount"**) is due from you to us under the Documents, we shall apply the First Amount in or towards payment of the Second Amount. We shall remain obliged to advance any excess (or, as the case may be, you shall remain obliged to pay any shortfall) in accordance with the Documents.

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**6.** **Interest and Payment Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Unless otherwise specified in the Documents:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) interest on the Facilities shall be payable in arrears, accruing from
date of the first drawdown of the Facilities and calculated on a daily basis based on the actual number of days elapsed with monthly rests
or such other periodic rests as we may prescribe and on a .365 day year (for Facilities denominated in Singapore Dollars), a 365-day year
(for Facilities denominated in British Pound Sterling, Hong Kong Dollars, Malaysian Ringgit and/or such other currency as we may elect
and notify you (collectively, the "**Specified Currencies** ")) or a 360-day year (for Facilities denominated in any other
Foreign Currency which is not a Specified Currency).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any change in the interest rate will take effect one (1) month (or such other
period as we may specify) from the date of our written notice to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **in calculating the actual number of days elapsed in an interest period, the first day of such period shall be included but the last day excluded. Each subsequent interest period shall commence on the last day of the preceding interest period.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) where interest is pegged to floating rates for selected interest
periods, the interest shall be charged and revised for such successive selected interest periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** **if an interest period would otherwise end on a day which is not a Business Day, we will determine if that interest period will end (a) on that non-Business Day; or (b) on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** **if two or more interest periods end on the same date, those loans will, unless otherwise agreed by us for the next interest period, be consolidated into, and treated as, a single loan on the last day of the relevant interest period.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **All payments to be made to us shall be made immediately on demand or on the date it is due, as the case may be, and in the currency in which the amount is outstanding and in immediately available and freely transferable funds to such account as we may from time to time designate.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **If any sum (whether principal, interest, commission, fees or otherwise) shall fall due for payment on a day which is not a Business Day, we will determine if such payment must be made on (a) that non-Business Day; or (b) the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).** 

**7.** **Market Disruption and Alternative Interest Rates** 

If on any rate fixing day or for any interest period we are unable to determine the applicable interest rate or we determine that the relevant benchmark rate is not available zero or negative, is no longer representative; or the methodology, formula or other means of determining the relevant benchmark rate has materially changed; or the administrator of the applicable benchmark rate or its supervisor announces that it may no longer be used; or the cost to us of funding the Facilities would be in excess of the applicable benchmark rate, then the rate of interest shall be the sum of (i) the margin specified in the Facility Letter; and (ii) our Cost of Funds. We shall notify you of such substitute rate of interest as soon as possible. We shall not be required to reveal how our Cost of Funds is determined. For the purposes of this paragraph, references to "benchmark rate" shall include any compounded rate, central bank rate, daily rate, reference rate, risk free rate or screen rate and any other fallback rate (however defined), in each case, that is used in the calculation of the rate of interest in the Facility Letter.

**8.** **Prepayment and Cancellation** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Any notice of prepayment or cancellation given by you shall be effective only upon actual receipt by us, be irrevocable and shall specify the date upon which such prepayment or cancellation is to be made and the amount of such prepayment or cancellation and, in the case of a notice of prepayment, shall oblige you to make such prepayment on such date.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Any prepayment shall be made together with accrued interest on the amount prepaid and all other amounts payable under and in relation to the Documents.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **No partial prepayment shall relieve you of your obligations under the Documents except to the extent of the amount prepaid.** 

&nbsp;&nbsp;&nbsp;&nbsp;(d) No amount prepaid or cancelled may be redrawn or reinstated unless
otherwise agreed by us in writing.

&nbsp;&nbsp;&nbsp;&nbsp;(e) You shall not repay, prepay or cancel all or any part of a Facility
except at the times and in the manner expressly provided for in the relevant Documents.

**9.** **Default Interest** 

Upon any default in payment of any Total Indebtedness, or any sum payable under the Documents, interest shall be payable on such overdue amounts from the due date until the date of payment (as well after as before judgement) at the rate of 3% per annum above the applicable rate of interest or at such other rates determined by us. Unless otherwise stated, interest on such overdue amounts shall be due and payable immediately on demand by us but if not previously demanded, shall be paid at the end of each month or period determined by us. We also reserve the right to charge any excess overdraft utilisation at a rate to be determined by us.

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**10.** **Authority to Debit and Set-off Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **You irrevocably authorise us to debit your accounts with us (whether in Singapore or elsewhere and whether alone or jointly or jointly with any other person) at any time and without any notice to you for the Total Indebtedness and the Termination Amount due and payable by you to us and all other moneys and liabilities owing by you to us under the Documents provided always that any such debiting shall not be deemed to be a payment of any moneys to which it relates except to the extent of any amount in credit in that account.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Notwithstanding any provision herein, we shall be entitled at any time, without notice to you, to combine all or any of your liabilities to or accounts with us (whether alone or jointly or jointly with any other person) and set-off, transfer or apply any of our obligations to you in or towards satisfaction of any of your obligations to us, regardless of whether your obligations to us are actual or contingent, primary or collateral, several or joint, booked or payable at different branches (including branches outside Singapore), in different currencies and notwithstanding that your accounts in question may constitute deposits in respect of which notice of termination has been given.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **For the purposes of this Paragraph, we are authorised to effect any necessary currency conversions at our own rate of exchange then prevailing. If the amount of an obligation is unascertained, we may estimate that amount and set-off or debit in respect of the estimate, subject to a final settlement being made between you and us when the amount of the obligation is ascertained. Our rights under this Paragraph shall be without prejudice and in addition to any rights of set-off, combination of accounts, lien, security or other right to which we are at any time otherwise entitled (whether by operation of law, contract or otherwise).** 

**11.** **Rights Cumulative and No Waivers** 

Our rights under the Documents are cumulative and are in addition to our rights under general law. No failure or delay by us in exercising any right or remedy hereunder shall operate as a waiver hereof nor shall any defective or partial exercise of any right or remedy prevent any other or further exercise of that or any other right or remedy. No course of conduct or negotiation on our part shall preclude us from exercising any such right or constitute a waiver of any such right. Any waiver of our rights must be in writing.

**12.** **Rights Binding on you** 

The rights given to us in the Documents shall be binding on you and each Entity who is a party thereto and shall not be determined or in any way prejudiced or affected by (i) any liquidation (whether compulsory or voluntary) affecting you or that Entity or any change in your or that Entity's constitution whether by way of amalgamation, consolidation, reconstruction or otherwise, or (ii) any change in our constitution whether by way of amalgamation, consolidation, reconstruction or otherwise, or (iii) any death, bankruptcy, insanity or other disability or cessation or termination affecting you or that Entity.

**13.** **Assignment and Transfer** 

You may not assign or transfer any rights or obligations under any Document without our prior written consent. We may make the Facilities available and receive the benefit of any payment due to us through any of our offices. We may at any time without the consent of and without notice to you or any other person assign or transfer all or any part of our benefits, rights and/or obligations under any Document to any person as we deem fit. Any such assignee or transferee shall be entitled to the full benefit of such rights and/or obligations as if it were us in respect of the rights or obligations assigned or transferred to it. If we assign or transfer all or any part of our rights and/or obligations, all references in the Documents to us shall thereafter be construed as a reference to us and/or our assignees and/or transferees to the extent of our/their respective interests.

**14.** **Additional Security to Guarantee** 

If the Facilities and/or the Transactions are secured by a guarantee, we have the right to review the guarantee and to call for additional security if, in our opinion, any Guarantor is or will be unable to perform its/his/her obligations in full under the guarantee.

**15.** **Security Margin** 

If the market value of any assets over which security has been created pursuant to any Security Document falls below what we, in our sole opinion, consider to be an adequate security margin, we may, without prejudice to any other right that we may have, reduce the Facilities, withhold activation or disbursement of the Facilities or any part thereof, require payment of such amount of the Facilities as we may specify and/or require such additional security acceptable to us to be furnished.

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**16.** **Special Consultant and Agent** 

If we determine that you are or will be unable to perform your obligations under any of the Documents, we may appoint on your behalf or require you to appoint:

&nbsp;&nbsp;&nbsp;&nbsp;(a) a special consultant to conduct an audit of you or perform such
other duties as we may specify. We may nominate any person whom we consider suitably qualified to be the special consultant (including
without limitation an accountant, lawyer, banker or engineer). A special consultant so appointed shall be your agent and you shall be
solely responsible for the special consultant's acts, defaults and remuneration; and/or

&nbsp;&nbsp;&nbsp;&nbsp;(b) an independent asset
 management, collateral management or stock monitoring professional, company or other service
 provider satisfactory to us (the "**Asset Manager**") in relation to all or
 any of the assets and properties the subject of any Security Documents (the "**Assets** ").
 The Asset Manager may render such advisory, management and other services as may be required
 by us from time to time, including without limitation (i) taking possession of, monitoring,
 segregating and verifying the Assets; (ii) supervising your storage facilities, warehouses
 and/or premises; (iii) supervising processes involving your Assets (including the procurement,
 disposal and movement of the Assets); and/or (iv) performing such other duties as we may
 specify. We may also nominate any person whom we consider suitably qualified to be the Asset
 Manager. An Asset Manager so appointed shall be your agent and you shall be solely responsible
 for his acts, omissions, defaults, remuneration, costs, fees and expenses.

**17.** **Unlawfulness** 

If (in our opinion) any law or regulation or any order of any court renders it unlawful or contrary to any such law, regulation or order for us to make or continue to make a Facility or any part thereof available or to maintain or fund any loan or any part thereof, we shall promptly give notice to you whereupon such Facility or the relevant part thereof shall be cancelled and you shall, within 14 days or such shorter period as we having regard to such law, regulation or order may require, prepay without prepayment fee to us all amounts then due to us in respect of the whole or any relevant part of such Facility as may be necessary to secure compliance with the relevant law, regulation or order.

**18.** **Increased costs** 

If (in our opinion) the result of any change in, or in the interpretation, application or administration of, or introduction of, any law or regulation (including, without limitation, those relating to Taxation, capital adequacy, liquidity, prudential limits, reserve assets and special deposits) is to:-

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **subject us to Taxes or change the basis of our Taxation with respect to any payment under the Facility Letter (other than Taxes or Taxation on our overall net income or profits imposed in the jurisdiction in which our principal or lending office under the Facility Letter is located);** 

&nbsp;&nbsp;&nbsp;&nbsp;(b) increase the cost to, or impose an additional cost on, us or
our holding company in making or keeping a Facility available or maintaining or funding any loan or its contingent liability;

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **reduce the amount payable or the effective return to us under the Facility Letter;** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **reduce our or our holding company's rate of return on our/its overall capital by reason of a change in the manner in which we/it are/is required to allocate capital resources to our/its obligations under the Facility Letter; and/or** 

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **require us or our holding company to make a payment or forgo a return on or calculated by reference to any amount received or receivable by us/it under the Facility Letter, then and in each such case:-** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **we shall notify you in writing of such event promptly upon our becoming aware of the same;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **you shall on demand pay to us the amount which we specify is required to compensate us and/or our holding company for such increased cost, reduction, payment or forgone return or loss; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **you may, within 7 days after receipt of such demand and upon giving not less than 14 days' prior written notice to us (such notice to be effective only upon receipt and to be irrevocable) prepay all (but not part only) of the moneys owing to us in accordance with and subject to the provisions of the Facility Letter.** 

For the purposes of this Paragraph, we may allocate or spread costs and/or losses among our assets and liabilities (or any class thereof) on such basis as we consider appropriate.

**19.** **Change in circumstances** 

If and whenever, at any time prior to the commencement of an interest period or prior to determination of the amount of interest payable in respect of an interest period, we shall have determined (which determination shall be conclusive), that:-

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **by reason of any national or international, financial, political or economic conditions, currency availability or exchange controls, it is or will be impracticable for any loan, advance or any overdue sum to be drawn down or to remain outstanding in the currency in which it was made;** 

&nbsp;&nbsp;&nbsp;&nbsp;(b) there has been adverse change or any development likely to result
in an adverse change in the economic, financial or political conditions, interest rates or currency market in Singapore or any other
relevant jurisdiction; or

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&nbsp;&nbsp;&nbsp;&nbsp;(c) deposits
in the relevant currency are not available to us in the Singapore inter-bank market in the ordinary course of business in sufficient
amounts to fund any loan, advance or any overdue sum for a particular interest period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we shall forthwith give notice (a "**Determination Notice**") thereof to you. After the giving of any Determination Notice the undrawn amount of the affected Facility shall not be borrowed until notice to the contrary is given to you by us. Where a loan is outstanding, during the period of 7 days after any Determination Notice has been given by us, we shall certify an alternative basis (the "**Substitute Basis**") for maintaining such loan. The Substitute Basis may (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above our Cost of Funds. Each Substitute Basis so certified shall be binding upon you and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as we determine that the circumstances specified above have ceased to exist whereupon the normal interest rate fixing provisions of the Facility Letter shall apply. Our determination of the Substitute Basis and our Cost of Funds shall be final and conclusive and we shall not be required to reveal how the Substitute Basis and/or our Cost of Funds were determined. You may forthwith upon you being notified of the Substitute Basis and in any case not later than 7 days after such notification, by giving us not less than 14 days' notice (such notice to be effective only upon receipt and to be irrevocable), prepay on or before the expiry of such notice period all (but not part only) of the loan in question in accordance with and subject to the provisions of the Facility Letter.<br>

**20.** **Breakfunding Costs** 

You will pay us on demand all Breakfunding Costs for any advances prepaid, the receipt or recovery by us of any payment otherwise than on a repayment date or interest payment date, any advances requested for but not made, unwinding costs for foreign exchange, or any derivative transactions terminated before the contracted maturity date, and such amounts as we may certify as sufficient to indemnify us in respect of the cost or loss incurred by us resulting from such prepayment or termination.

**21.** **Material and Adverse Change affecting Foreign Currency** 

If by reason of any material and adverse change in the international financial and capital markets, or any material and adverse change in national or international financial political or economic conditions or any currency availability or exchange rates or control, the Foreign Currency requested for by you under the Facilities is unavailable to us, your request for such Foreign Currency shall (upon our notification to you of the unavailability) be deemed to be withdrawn and you may request for an alternative Foreign Currency subject to the terms of the Facility Letter and to availability.

**22.** **Severability** 

The illegality, invalidity or unenforceability of any provision or part thereof of any Document under the law of any jurisdiction shall not affect or impair the validity, legality and enforceability of any other provision or part of the provision and the remaining provisions of the Documents shall be construed as if such invalid, unlawful or unenforceable provision or part thereof had never been contained in the Documents.

**23.** **Consent to Disclosure and Personal Data** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)**  **<u>Consent to Disclosure</u>** 

**You authorise us, our employees or any other person who by reason of their scope of work or capacity or office has access to our records, registers or any correspondence or material with regard to information relating to you, your account, your transactions, the Facilities and/or the Transactions (collectively, the "Information"), to disclose such Information to (1) any person to whom such disclosure is permitted or required under any law or regulation (including the Banking Act) or required or requested by any court, government authority or regulator; and (2) to the persons below:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **any Entity;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **any person in connection with a Transfer or proposed Transfer. A "Transfer" includes any assignment or transfer of any of our rights or obligations, any participation, sub-participation, transfer of credit or other risk (entirely or in part) or benefit (entirely or in part) by any means, and entry into any other contractual relationship, in relation to the Facilities and/or the Transactions;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **any person for the purposes of enforcing or protecting our rights or interests in relation to the Facilities, any Security Document and/or the Transactions;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** **any person in connection with any insolvency or analogous proceeding (including, without limitation judicial management, winding-up, compromise or arrangement, and receivership) relating to you, any Entity or any other person in connection with the Facilities, any Security Document and/or the Transactions;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** **any government department, agency, ministry, body or statutory board or any relevant authority of any country with jurisdiction over the affairs of DBS Group;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** **any person involved in or connected to the grant by us of the Facilities to you, the preparation of any Document, the performance of any transactions contemplated under any Document and/or (as the case may be) our entry into the Transactions (including, without limitation, programme managers, legal and other professional advisors and partners) and any person to whom we grant Facilities and/or (as the case may be) with whom we enter into Transactions pursuant to any change in your constitution;** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii)** **any person having or claiming any interest in any security provided for the Facilities and/or the Transactions or any person in favour of whom you are proposing to create or grant an interest in the security for the purpose of seeking any consent for the creation or variation of any interest in or increasing the amount of moneys and liabilities secured or to be secured by any encumbrance over the security or in connection with any security sharing arrangements relating to the security or any enforcement of any security or any sale transfer disposition or any other dealing by any person whatsoever over or of or with the security;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(viii)** **any insurer, valuer or proposed insurer or valuer for any security provided for the Facilities and/or the Transactions;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ix)** **any of your auditors or any auditor of any Entity;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(x)** **any person engaged by us to collect any sums of money owing to us from you, for any purpose in connection with the collection of such sum;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xi)** **any person in connection with the provisions of insurance or services to meet DBS Group's operational, administrative or risk management requirements;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xii)** **any member of the DBS Group (including our branches or any of our related corporations) or any third party service provider engaged by us in connection with data processing, cross-selling of products and pursuing, on our behalf, further business opportunities; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xiii)** **any person in connection with the promotion to any of our customers of financial products and services offered by any financial institution in Singapore or elsewhere or by any corporation within the DBS Group.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xiv)** **This Paragraph is not and shall not be deemed to constitute, an express or implied agreement by us with you for a higher degree of confidentiality than that prescribed in the Banking Act.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(b)**  **<u>Personal Data</u>** 

**You may provide personal data to us (including without limitation personal data of your office holders, employees, shareholders and beneficial owners) in connection with you establishing and maintaining your relationship with us. When providing any personal data to us, you confirm that you are lawfully providing the data for us to use and disclose for the purposes of: (i) providing products or services to you; (ii) meeting the operational, administrative and risk management requirements of DBS Group; and (iii) complying with any requirement, as DBS Group reasonably deems necessary, under any law or of any court, government authority or regulator.**

**24.** **Currency Indemnity** 

If we receive or recover any sum due to us from you in a currency (the **"Relevant Currency"**) other than the currency in which such sum is due (the **"Currency of Account"**) (whether as a result of, or arising from the enforcement of, a judgement or order of a court or tribunal of any jurisdiction, or in your insolvency, bankruptcy or dissolution or otherwise) this shall only discharge you to the extent of the amount in the Currency of Account which we are able, in accordance with our usual practice, to exchange or purchase with the amount of the Relevant Currency so received or recovered on the date of receipt or recovery (or, if it is not practicable to make that exchange or purchase on that date, on the first date on which it is practicable to do so). If that amount in the Currency of Account is less than the amount of the Currency of Account due to us, you shall indemnify us against any loss sustained by it as a result. In any event, you shall indemnify us against the cost of making any such exchange or purchase.

**25.** **Instructions by Other Means** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **In addition to any rights we have under the Documents, we may act on any instructions to effect transaction, settlement and/or any other matter whatsoever relating to the Facilities and/or the Transactions given or purportedly given by you by any other medium of communication, including via facsimile transmission or telephone, as agreed to by us at our sole and absolute discretion.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **We shall be entitled to refuse or to accept or to act on any instruction for any transaction or any matter relating to the Facilities and/or the Transactions without any liability to you if:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **we are unable to verify the identity of the person authorised by you to give such instructions to our satisfaction;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **we have any doubt on the authenticity, clarity or completeness of the instruction;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **the form or content of such instruction is not in accordance with our requirements, policies or practices as we may prescribe from time to time; or** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** **the instruction is not in accordance with the mandate(s) for the time being in effect in respect of such Facilities and/or Transactions.** 

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(c) **Notwithstanding the above Paragraph, we may act upon any instruction which we believe in good faith to be given by you, without inquiry as to the identity of the authority of the person giving or purporting to be giving such instruction or the authority thereof and notwithstanding that such instruction may conflict with other instructions you have given us, or any error, misunderstanding, fraud, forgery or lack of clarity in the terms of such instructions.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Where we agree to act on instructions given by you via a medium of communication other than mail, you will indemnify us from and against any and all actions, proceedings, claims, losses, liabilities, damages, costs (including legal costs on a full indemnity basis) and expenses of whatever nature and howsoever arising which may be brought against, suffered or incurred by us arising out of or in connection with our acting on such instructions. You also agree that we will not be liable to you or any Entity or any other person for any loss that such person may incur as a result of our acting in accordance with or in reliance upon such instructions.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **We may as we deem fit record all instructions received from and all other telephone conversations conducted with you, and you agree to be bound by such recordings.** 

**26.** **Indemnities** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **You shall indemnify us against any and all liabilities, claims, demands, actions, proceedings, damages, losses, costs (including legal costs on a full indemnity basis) charges and expenses of whatsoever nature and howsoever arising which may be suffered or incurred by us or brought against or suffered by us arising from or in connection with the Facilities and/or the Transactions including without limitation any cost, loss or liability incurred by us as a result of:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **the occurrence of any Termination Event;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **any information provided, produced or approved by you being or being alleged to be misleading and/or deceptive in any respect;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **any enquiry, investigation, subpoena (or similar order) or litigation with respect to you and/or any Entity or with respect to the transactions contemplated or financed under the Documents or any other letter of offer or document issued by any one or more of our subsidiaries or to which any one or more of our subsidiaries is a party; and/or** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** **any breach by you or any security provider under any Document.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **(In the case of firms/partnerships) each member/partner of the firm (including outgoing members/partners) shall indemnify us against any and all liabilities, claims, demands, actions, proceedings, damages, losses, costs (including legal costs on a full indemnity basis) charges and expenses of whatsoever nature and howsoever arising which may be suffered or incurred by us or brought against or suffered by us arising from or in connection with any merger, demerger, re-organisation, amalgamation, reconstruction, take-over or any other schemes of compromise or arrangement affecting the firm's/partnership's present constitution or any change in the membership or constitution of the firm/partnership or any change in the name or style of the firm or dissolution of the firm/partnership.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Each of the indemnities in the Documents constitutes a separate and independent obligation from the other obligations in the Documents, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by us and shall continue in full force and effect despite any judgement, order, claim or proof for a liquidated amount in respect of any sum under the Facility Letter, any other Documents or any judgement or order.** 

27. Further Act or Assurance

You will, and will procure that each Entity shall, entirely at your/its own expense and immediately upon our written demand, execute and perform, or cause to be executed and performed, all such further acts and documents as we shall require to reflect or perfect the agreement or any security created or intended to be created pursuant to the terms of the Documents arising or relating to the Facilities and/or the Transactions.

**28.** **Taxes** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **You will pay all present and future Taxes now or hereafter imposed by law on any payment under the Documents and indemnify us against such payment.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **You shall ensure that all amounts payable by you shall be paid free and clear of any deduction, counterclaim or withholding. If you are required by law to make any such deduction, counterclaim or withholding, you shall pay to us additional amounts to ensure that we receive a net amount equal to the full amount which we would have received if no such deduction, counterclaim or withholding had been made.** 

**29.** **Statement/Certificate** 

You accept our records of any and all instructions, communications, operations or transactions relating to the Facilities and/or the Transactions as final and conclusive and the same are binding on you for all purposes. You agree that all such records are relevant and admissible in evidence and agree not to dispute the accuracy nor the authenticity of the contents of such records merely on the basis that such records were produced by or are the output of a computer system, and waive any right (if any) to so object. Without prejudice to the generality of the foregoing, a statement or certificate in writing issued by us or signed by any of our authorised officers (including any computer generated statement or certificate) certifying any sum payable to us and any other certificate, determination or opinion of ours under the Facilities and/or the Transactions or the Documents shall (in the absence of manifest error) be final and conclusive and binding upon you. The entries in the accounts which we maintain in accordance with our usual practice shall be conclusive evidence of the existence and amounts of your obligations recorded in them.

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**30.** **Termination Events** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Without
 prejudice to any other terms in the Documents (including without limitation, our right of
 review and our right to demand immediate repayment of any Facility which is repayable on
 demand), if any one or more of the following events (each a **"Termination Event"**) should occur:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Failure to Pay</u>: any party to the Documents (other than ourselves) does not pay any amount due by it under any of the Documents to which it
is a party on the due date or on demand if so payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Other Breach</u>: any representation, warranty, undertaking, declaration or statement by you or any Entity in any of the Documents or in any
document delivered thereunder is not complied with or is or proves to have been incorrect or untrue in any respect when made or deemed
repeated or you or any Entity commit(s) or threaten(s) to commit a breach of any of the provisions contained in any of the Documents
to which you/it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Modification or revocation of consents</u>: if any of the consents, authorizations, licences, approvals, waivers or resolutions referred to in Paragraph
A.1.(e) above shall be modified in a manner unacceptable to us or is not granted or shall be wholly or partly revoked, withdrawn, suspended
or terminated or shall expire and not be renewed or shall otherwise fail to remain in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Litigation</u>: if any investigation, legal proceedings, arbitration or administrative proceeding before or of any court, tribunal, arbitrator or
governmental authority is presently taking place, pending or threatened against you, any Entity or any of your/such Entity's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Cross Default</u>: any other Indebtedness of yours or any other Indebtedness of any Entity (to whomsoever owing) is not paid when due, or is
declared to be or is capable of being declared due and payable before its specified maturity or any commitment for any other Indebtedness
of yours or any other Indebtedness of any Entity is cancelled or suspended by any creditor as a result of an event of default (however
described) or if you or any Entity defaults under any foreign exchange or foreign exchange options transactions (or other similar transactions),
or any derivative transactions with any other parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Invalidity</u>, Repudiation and Illegality: any provision of any of the Documents is or becomes, or is claimed by you or any Entity to be, for any
reason invalid or unenforceable; or it is or will become unlawful for you or any Entity to perform or comply with any of your/its obligations
under any of the Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Cessation of Business/Expropriation/Compulsory Acquisition</u>: you or any Entity change(s) or threaten(s) to change the nature or scope of your/its
businesses, ceases or suspends or threatens to cease or suspend all or a substantial part of your/its business operations or any governmental
or other authority takes any step to expropriate, nationalise or compulsorily acquire all or a substantial part of your/its assets or
share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>Execution:</u> any security on or over any part of your assets or the assets of any Entity becomes enforceable or a distress, attachment, writ of
seizure and sale, garnishee order, injunction or any form of execution is levied or enforced upon or issued against any such assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) <u>Insolvency and Moratorium</u>: you or any Entity is (or is deemed by law to be) insolvent or unable to pay your/its debts, stops, suspends or threatens
to stop or suspend payment of all or a material part of (or of a particular type of) your/its Indebtedness, begins negotiations or takes
any other step with a view to deferring, rescheduling or readjusting all or a material part of (or a particular type of) your/its Indebtedness
(or of any part of your/its Indebtedness which you/it will or might otherwise be unable to pay when due), proposes or makes a general
assignment or an arrangement or composition with or for the benefit of your/its creditors, or a moratorium is agreed or declared in respect
of or affecting all or a material part of (or of a particular type of) your/its Indebtedness or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Winding-up</u>: any corporate action, legal proceeding or step is taken by any person with a view to your bankruptcy, liquidation, winding up or
dissolution or the bankruptcy, liquidation, winding up, dissolution, administration, judicial management, provisional supervision or
reorganization (by way of a voluntary arrangement, scheme of arrangement or otherwise) of any Entity or for the appointment of a liquidator
(including a provisional liquidator), receiver and/or manager, judicial manager, trustee, administrator, agent or similar officer of
you or any Entity or over any part of your/its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) <u>Material or Adverse Change</u>: any event or change or series of events or changes occurs which, in our opinion, might have a material or adverse
effect on your business or financial condition or the business or financial condition of any Entity or a material or adverse effect on
your ability or the ability of any Entity to perform your/its obligations under the Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) <u>Management Authority</u>: (where you are, or an Entity is, a person other than an individual) your or any Entity's present management is wholly
or substantially displaced or has your/its authority curtailed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) <u>Security in Jeopardy</u>: any security created pursuant to any Security Document is in our opinion in jeopardy and notice thereof has been given
to you or such Entity;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) <u>Business in Jeopardy</u>: if your business or the business of any Entity is in our opinion in jeopardy and notice thereof has been given to you
or (as the case may be) such Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) <u>Incapacity</u>:
(where you are, or an Entity is, an individual) any step is taken for obtaining an interim order in respect of you or any Entity under
the Insolvency, Restructuring and Dissolution Act 2018 of Singapore, or if any application is made or petition presented pursuant to
any applicable statute or regulation for a bankruptcy order against you or any Entity, or if there is any death, insanity or disability
of you or any Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) <u>Declared Company</u>: (where you are, or an Entity is, a corporation) you or any Entity are/is declared by the Minister to be a declared company
under the provisions of Part 9 of the Companies Act or its equivalent legislation in any other relevant jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) <u>Reduction of capital</u>: (where you are, or an Entity is, a corporation) if you or any Entity repays, purchases, reduces or redeems any of your/its
share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) <u>Condition in financial markets</u>: if there occurs, in our opinion, a material adverse change or any development which may result in a prospective
material adverse change in the monetary, political, financial (including conditions in any of the financial markets) or economic conditions
or exchange control in Singapore or internationally (including any changes in stock, bond, currency, interbank or property market conditions,
in interest rates or in existing foreign exchange controls);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) <u>Disposal of assets</u>: if you or any Entity shall transfer or otherwise dispose of all or substantially all of your/its assets to any person
or threaten to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) <u>Accounts</u>:
if the accounts delivered to us under Paragraph A.2.(e) above are qualified in a manner or to an extent unacceptable to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) <u>Change in shareholding</u>: (where you are, or an Entity is, a corporation) if the legal or beneficial ownership of any shares in your capital
or the capital of an Entity is transferred without our prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) <u>Change in constitution</u>: (where you are, or an Entity is, a firm/partnership), the firm/partnership dissolves or there is any change whatsoever
in the constitution of the firm/partnership by reason of death or retirement or expulsion of any member thereof or the introduction of
any new member without our prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) <u>Repudiation</u>: you or an Entity repudiates a Document or evidences an intention to repudiate a Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) <u>Analogous events</u>: if any other events comparable or analogous to any events specified in Paragraphs A.30.(a).(viii), (ix), (x) or (xxii) shall
happen in relation to you or any Entity in any jurisdiction in which you or (as the case may be) such Entity is incorporated/constituted,
domiciled or resident (as the case may be) or carries on business or has assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) <u>Ineligibility under the Government Assisted Financing Schemes</u>: where the Facilities are granted under any Government Assisted Financing Scheme,
you no longer meet the prevailing eligibility criteria applicable for the relevant scheme and thus become ineligible for assistance under
the relevant scheme or if the Government Assisted Financing Scheme, for any reason whatsoever, ceases, terminates or is withdrawn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) <u>Investor Abandonment</u>: we determine that (A) you will not be able to satisfy your obligations under the Facilities as they become due and payable
or (B) it is the clear intention of your investors to not continue to fund you in the amounts and timeframe to the extent necessary to
enable you to satisfy your obligations under the Facilities as they become due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) <u>Intellectual Property</u>: any Intellectual Property shall cease to be validly owned or licensed by you or such Entity free and clear of any Encumbrance
other than any Encumbrance permitted under the Documents; or

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|:---|:---|
| (xxviii) | Subordinated Debt: a default or breach occurs under any agreement between you or any Entity and any creditor of you or any Entity that signed a subordination, intercreditor, or other similar agreement with us, or any creditor that has signed such an agreement with us breaches any terms of such agreement, |
| we may by notice in writing to you declare the Total Indebtedness to be immediately due and payable to us, whereupon it shall become so due and payable and any Facility which has not been drawn-down, utilised or cancelled shall automatically be cancelled and forthwith cease. | we may by notice in writing to you declare the Total Indebtedness to be immediately due and payable to us, whereupon it shall become so due and payable and any Facility which has not been drawn-down, utilised or cancelled shall automatically be cancelled and forthwith cease. |

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&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
the notice referred to in Paragraph A.30.(a) above being given to you:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) we
shall be entitled to exercise forthwith all or any rights, powers or remedies under the Security Documents (if any) without any restriction
whatsoever imposed by Section 25 of the Conveyancing and Law of Property Act 1886 of Singapore and the provisions of Section 25 shall
be so varied and extended in their application to the Security Documents so that all the statutory powers may be exercised in accordance
with the provisions of this sub-Paragraph;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
sum repaid to us by you shall be applied at our sole and absolute discretion towards the settlement and discharge of your liabilities
and obligations on any account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) you
shall without demand immediately procure our complete and unconditional release from all our liabilities and obligations (whether contingent
or otherwise) and including without limitation, all of our liabilities and obligations under all notes and bills accepted, endorsed or
discounted by and all Letters of Guarantee and documentary credits entered into or issued by us for our account or at our request failing
which you shall without demand immediately pay to us such sums as may be necessary to be paid to the beneficiaries or any other persons
whatsoever under or in relation to the said notes, bills, Letters of Guarantee and documentary credits in order for us to obtain such
release together with all costs and expenses incurred or which may be incurred by us in respect thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) you
shall provide cash cover for all contingent liabilities and for all notes and bills accepted endorsed or discounted by and Letters of
Guarantee and documentary credits entered into or issued by us for your account or at your request. You shall, forthwith upon demand
by us, pay all amounts required by us pursuant to this sub-Paragraph and/or provide such security as may from time to time be required
by us and execute such documents (in form and substance acceptable to us) in connection therewith as we may require.

**31.** **Appropriation** 

We may, at any time, apply any and all monies paid to and/or recovered or realised by us in whatsoever manner in or towards satisfaction of any obligations and liabilities due, owing or payable by you or any Entity under the Documents as we, in our sole and absolute discretion, may from time to time conclusively determine.

**32.** **Notices** 

Unless otherwise agreed, all notices, statements, confirmations and correspondences to you shall be sent by ordinary post or courier service or left at the registered office or principal place of business or address in our records, or if sent by fax, to the numbers in our records, and shall be deemed to have been received by you on the day following such posting, the day following the day the relevant notice or communication shall have been received by the relevant courier company, or (as the case may be) on the day when it was so left, or upon dispatch of such fax.

**33.** **Service of Process** 

Where you have not given an address within Singapore for service of any writ of summons or other legal process ("Service of Process"), and where you are resident or incorporated/constituted or registered or have a place of business in Singapore, the Service of Process may be effected on you by sending it by hand or by registered post to your last known address, registered office, or place of business in Singapore, and such Service of Process shall be deemed to be good and effective service on you notwithstanding that it is returned undelivered. Where you are not resident or incorporated/constituted or registered in Singapore, you shall from time to time notify us in writing of your registered office or the principal place of business in Singapore or other address in Singapore for Service of Process and agree that we may serve any writ of summons or other legal process on you by sending the same by hand or by registered post to such address within Singapore and such service shall be deemed to be good and effective service on you notwithstanding that it is returned undelivered. Nothing shall affect our right to serve process in any other manner permitted under any applicable law.

**34.** **Third Parties** 

Unless expressly provided to the contrary in the Facility Letter, a person who is not a party to the Facility Letter has no right under the Contracts (Rights of Third Parties) Act 2001 of Singapore to enforce or to enjoy the benefit of any term and conditions of the Facility Letter and, notwithstanding any term of the Facility Letter, the consent of any third party is not required for any variation (including any release or compromise of any liability) or termination of the Facility Letter.

**35.** **Governing Law and Jurisdiction** 

The Facility Letter shall be governed by and construed in accordance with the laws of Singapore. You irrevocably and unconditionally submit to the non-exclusive jurisdiction of the courts of Singapore to hear and determine any suit, action or proceedings, and to settle any dispute which may arise out of or in connection with the Documents, waive any objection which you may have at any time to such courts being nominated as the forum to hear and determine any proceedings and agree not to claim that any court is not a convenient or appropriate forum. Nothing in this Paragraph shall limit our right to take proceedings against you in any other court of competent jurisdiction nor shall the taking of proceedings in one or more jurisdictions preclude us from taking proceedings in any other jurisdiction, whether concurrently or not.

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**36.** **Definitions and Interpretation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless
 the context requires otherwise, the following expressions appearing in these Standard Conditions
 shall have the following meanings:-

**"Affiliate"** means any person that owns or controls directly or indirectly the person, any person that controls or is controlled by or is under common control with the person, and each of that person's senior executive officers, directors, partners if such person is a partnership and, for any person that is a limited liability company, that person's managers and members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 other legal entity, directly or indirectly controlling or controlled by or under the direct
 or indirect common control with that party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
beneficial owner of shares representing 50% or more of the nominal value of the issued share capital of that party.

**For the purposes of this definition, "control" when used with respect to a party means the power to direct the management and policies of such person or legal entity, directly or indirectly;**

**"Anti-Bribery and Corruption Laws"** means the Prevention of Corruption Act 1960 of Singapore, the US Foreign Corrupt Practices Act of 1977 as amended and the rules and regulations thereunder (FCPA), the UK Bribery Act of 2010, and/or any similar laws, rules or regulations issued, administered or enforced by Singapore, the United States, United Kingdom, the European Union or any of its member states, or any other country or governmental agency having jurisdiction over the Group;

**"Banking Act" means the Banking Act 1970 of Singapore;**

**"Breakfunding Costs" means all losses, liabilities or expenses resulting from any prepayment by you, including any such costs which are incurred in connection with the breaking of funding arrangements and/or the redeployment of funds (including but not limited to the Facility Letter) and/or the unwinding of swaps or other hedging arrangements (including but not limited to the unwinding costs associated with breaking any internal hedging arrangement);**

**"Business Day" shall mean a day (excluding Saturdays, Sundays and public holidays) (a) on which banks are open in Singapore; and (b) if the transaction requires or involves a currency (other than Euro and Singapore Dollars), on which banks in the principal financial centre where such currency is issued are open; and/or (c) if the transaction requires or involves Euro, on which the bank in which we maintain an account in Euro and the system in which such bank uses, are open;**

**"Companies Act" means the Companies Act 1967 of Singapore;**

**"Cost of Funds" means the rate determined by us solely to be our cost of funding the relevant Facility;**

**"DBS Group" means DBS Group Holdings Ltd and its subsidiaries, direct or indirect;**

**"DBS Master Agreement" means our bespoke agreement governing transactions that are a spot transaction or forward, swap, future, option, cap, floor, collar or other derivative, on one or more rates, currencies or commodities, or any combination of the aforesaid transactions, the scope of which may be expanded, reduced or varied by us from time to time;**

**"Documents" means all agreements (including, for the avoidance of doubt, the Facility Letter, the Security Documents, any DBS Master Agreement or ISDA Agreement and agreements between you and us in relation to credit cards), confirmations, credit agreements, facility letters, application and other forms and all other documents made or to be made between you and us and/or one or more Entity or executed by you and/or one or more Entity in favour of us and/or for our attention in connection with the Facilities and/or the Transactions (as the case may be);**

**"Encumbrance" means any mortgage, charge (whether fixed or floating), pledge, lien or other security interest of any kind or any other agreement or arrangement having a similar effect;**

**"Entities" means, collectively, all companies in the Group (other than you) and all security providers and "Entity" means any one of them;**

**"Environmental Law" means any law or regulation concerning:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 protection of health and safety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 environment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
emission or substance which is capable of causing harm to any living organism or the environment;

**"Environmental Permit" means any authorization required by an Environmental Law;**

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**"Facilities"** means the banking facilities, loans and advances or other accommodation more particularly described in the Facility Letter and such other banking facilities as may from time to time be granted by us to you;**

**"Facility Letter" means the facility letter, loan package or any other documents relating to the Facilities and/or the Transactions (if any) granted or to be granted by us to you and include these Standard Conditions and any and all our other standard and other terms and conditions attached thereto or any one or more of them as the context may require, all of which are incorporated therein and form part thereof;**

**"Foreign Currency" means any currency other than Singapore Dollars;**

**"Government Assisted Financing Scheme" means any funding or risk participation schemes or programmes arranged, implemented, sponsored, administered or set up by any government agency, statutory body or their appointed nominees, which we may from time to time participate in and pursuant to which Facilities are granted or to be granted to you;**

**"Group" means you, your holding companies and your subsidiaries, direct or indirect;**

**"Guarantor" means any person providing a guarantee in our favour in respect of your obligations pursuant to the Facilities and/or the Transactions;**

**"holding company" means a holding company as defined under Section 5 of the Companies Act and includes, where relevant, an ultimate holding company as defined under Section 5A of the Companies Act;**

**"Indebtedness" means any obligation for the payment or repayment of money, whether as principal or as surety, whether present or future, actual or contingent;**

**"Intellectual Property" means all of your or any Entity's right, title and interest in and to the following:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 copyright rights, copyright applications, copyright registrations and like protections in
 each work of authorship and derivative work thereof, whether published or unpublished and
 whether or not the same also constitutes a trade secret **("Copyrights");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 trademark and servicemark rights, whether registered or not, applications to register and
 registrations of the same and like protections, and the entire goodwill of the business of
 you and each Entity connected with and symbolized by such trademarks **("Trademarks");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) means
 all patents, patent applications and like protections including without limitation improvements,
 divisions, continuations, renewals, reissues, re-examination certificates, utility models,
 extensions and continuations-in-part of the same **("Patents");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 and all trade secrets and trade secret rights, including, without limitation, any rights
 to unpatented inventions, know how, operating manuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any
 and all source code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any
 and all design rights which may be available to you or any Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any
 and all claims for damages by way of past, present and future infringement of any of the
 foregoing, with the right, but not the obligation, to sue for and collect such damages for
 said use or infringement of the Intellectual Property rights identified above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all
 amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all
 licenses, sublicenses or other contracts under which you or any Entity is granted rights
 by third parties in any intellectual Property asset;

**"Investment" means any beneficial ownership interest in any person (including shares, partnership interest or other securities), and any loan, advance or capital contribution to any person;**

**"ISDA Agreement" means the 1992 ISDA Master Agreement (Multi-Currency Cross-Border) or 2002 ISDA Master Agreement whichever is applicable;**

**"Letters of Guarantee" means any letter of guarantee, banker's guarantee, performance bond, standby letter of credit, indemnities or undertakings issued by us on your behalf or at your request under the Facilities;**

**"LIBOR" means, in respect of an interest period, the rate for deposits in United States Dollars for the relevant interest period which appears on the Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on the day that is two Business Days preceding the first day of that interest period or such other date as we may determine. If the agreed screen page is replaced or the service ceases to be available, we may specify another page or service displaying the appropriate rate;**

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**"person" shall be construed as a reference to any person, firm, company, corporation, government, state or agency of a state, governmental or quasi-governmental bodies or authorities or any society, association or partnership, limited partnership, limited liability partnership or any other entity (whether or not having separate legal personality) or two or more of the foregoing;**

**"personal data" has the meaning ascribed to it in the Personal Data Protection Act 2012 of Singapore;**

**"Potential Termination Event" means any condition act omission or event which, with the giving of notice, lapse of time and/or the making of any determination by us, would become a Termination Event;**

**"related corporation" has the meaning ascribed to it by Section 6 of the Companies Act;**

**"Restricted Party" means a person that is: (i) listed on, or owned or controlled by a person listed on, or acting on behalf of a person listed on, any Sanctions List; (ii) located in, incorporated under the laws of, or owned or (directly or indirectly) controlled by, or acting on behalf of, a person located in or organized under the laws of a country or territory that is the target of country-wide or territory-wide Sanctions; or (iii) otherwise a target of Sanctions ("target of Sanctions" signifying a person with whom a US person or other national of a Sanctions Authority would be prohibited or restricted by law from engaging in trade, business or other activities);**

**"Security Documents" includes any guarantee, deed of subordination and all documents from time to time created or executed in our favour by way of security for or in respect of the Total Indebtedness and all moneys and liabilities owing to us in respect of the Transactions or any part thereof or otherwise to assume your obligations under the Facilities and/or Transactions;**

**"security provider" shall include any Guarantor, any party to any Security Document (other than yourself and ourselves) and any surety and/or any indemnifier for the Facilities and/or the Transactions;**

**"SIBOR" means in respect of an interest period, the rate for deposits in Singapore Dollars for the relevant interest period which appears on the Reuters Screen ABSIRFIX01 Page under the heading "SGD SIBOR" as of 11:00 a.m., Singapore time, on the day that is two Business Days preceding the first day of that interest period or on such other date as we may determine. If the agreed screen page is replaced or the service ceases to be available, we may specify another page or service displaying the appropriate rate;**

**"Subordinated Debt" means any indebtedness incurred by you or any Entity subordinated to ail Indebtedness of yours and/or each Entity to us (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to us entered into between us, you, and/or any applicable Entity, and the other creditor), on terms acceptable to us;**

**"subsidiary" means a subsidiary as defined under Section 5 of the Companies Act;**

**"Swap Offer Rate" means in respect of an interest period, the synthetic rate for deposits in Singapore Dollars for the relevant interest period which appears on the Reuters Screen ABSFIX01 Page under the heading "SGD SOR rates" as of 11:00 a.m., London time, on the day that is two Singapore and London Banking Days preceding the first day of that interest period or on such other date as we may determine. If such rate does not appear on the Reuters Screen ABSFIX01 Page, the rate will be any substitute rate announced by ABS Benchmarks Administration Co Pte. Ltd. (or its successor as administrator or sponsor of that rate) ("Administrator"). If the Administrator does not announce such rate by 9.00 p.m., Singapore time, on the day that is two Singapore and London Banking Days preceding the first day of that interest period, we may specify another page or service displaying the appropriate rate. "Banking Days" in this Paragraph means in respect of any city, any day on which commercial bank are open for general business (including dealings in foreign exchange and foreign currency deposits) in that city;**

**"Taxes" includes all present and future taxes (including, without limitation, goods and services tax or any value added tax), levies, imposts, duties, fees or charges of whatever nature together with interest thereon and penalties in respect thereof and "Taxation" shall be construed accordingly;**

**"Termination Amount" in relation to Transactions, has the meaning ascribed to it in Paragraph C.7.(c)(ii);**

**"Total Indebtedness"** means at any time, all amounts owing or payable (whether certain or contingent and whether as surety or as principal) from you either solely or jointly with any other person(s) to us arising out of or in connection with any Facilities from time to time extended or granted by us to you either solely or jointly with any other person(s), in each case, pursuant to the terms and conditions of any Document and including, without limitation, any amount for which you are liable to indemnify us in any matter whatsoever;**

**"Transaction" means any foreign exchange transaction, forward rate transaction, any combination of these transactions or any other transaction which we may, pursuant to the terms of the Facility Letter, agree at our sole and absolute discretion, to enter into with you and which is designated as a Transaction in any Confirmation (as defined in Section C) and may refer to a Deliverable Transaction (as defined in Section C) or a Non-Deliverable Transaction (as defined in Section C) (as the context requires);**

**"we", "us", "our", "ours", "ourselves" and words of similar import are references to DBS Bank Ltd.; and**

**"you", "your", "yours", "yourself" and words of similar import are references to the person to whom the Facility Letter is addressed and/or any other person to whom we grant Facilities and/or enter into the Transactions upon and subject to the provisions of the Facility Letter.**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 headings in the Facility Letter and these Standard Conditions are inserted for convenience
 only and shall be ignored in construing the Facility Letter and these Standard Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless
 the context otherwise requires, words (including words defined herein) denoting the singular
 number shall also include the plural number and vice versa, and words denoting any gender
 shall include any other gender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (All
 references to any document or agreement (including, without limitation, the Facility Letter
 and every other Document) are to be construed as references to such document or agreement
 as for the time being in force and as amended, varied, modified or supplemented from time
 to time and any document or agreement in addition to or in substitution therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) References
 to **"we", "us", "our", "ours", "ourselves"** and
 words of similar import, **"you", "your", "yours"** and
 words of similar import, "Guarantor",
 "security provider", "Entity" and any other
 obligor, party or person shall be construed so as to include its successors in title, personal
 representatives, assigns and transferees (where applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where
 two or more persons are included in the term **"you", "your", "yours"** and words of similar
 import, **"security provider"**:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 references to **"you", "your", "yours"** and words of similar
 import or (as the case may be) **"security provider"** in
 the Facility Letter shall be read as referring to all or (if the context so admits) any one
 or more of such persons and all covenants, agreements, terms, conditions, provisions, restrictions
 or obligations shall be deemed to be made by and binding on and applicable to you/them jointly
 and severally and shall also be binding on and applicable to your/their respective successors
 jointly and severally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 notice given by us to any one such person shall be binding on the others and any notice or
 demand given by us to any one such person shall be deemed to be served on all of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) References
 to a time of day are to Singapore time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any
 reference to any statute or any provision thereof shall be read as referring to that statute
 or that provision as amended or re-enacted or re-numbered from time to time.

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B. <u>ADDITIONAL TERMS AND CONDITIONS APPLICABLE TO SPECIFIC FACILITIES</u> 

**The provisions of this Section B shall be in addition to the provisions of Section A above.**

**1.** **Additional representations and warranties applicable to all Committed Facilities** 

**You further represent and warrant that each of the following statements is true and correct as at the date of your acceptance of the Facility Letter and will be true and correct (by reference to the facts and circumstances then existing) as at the date of (i) delivery of each drawdown request under the Facilities, (ii) disbursement of any amount or utilisation under the Facilities and (iii) the first day of each interest period in relation to the Facilities, and acknowledge that we have entered into the Documents in reliance on these representations and warranties:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No litigation</u> 

**No investigation, litigation, arbitration or administrative proceeding before or of any court, tribunal, arbitrator or governmental authority is presently taking place, pending or threatened against you, any Entity or any of your/such Entity's assets.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Provision for Taxation</u> 

**Adequate provision or reserve has been made or will be made (as the case may be) for all Taxation (deferred or otherwise) liable to be assessed on you or any Entity and all the returns, notices or information which are made or given or ought to have been made or given by you or any Entity for Taxation purposes are made on a proper and generally accepted basis, have been duly furnished and are not subject to any dispute or disputes with any relevant authority.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No winding-up, etc</u> 

**No application or petition has been presented and no order has been made by a competent court or other appropriate authority or meeting convened for the passing of any resolution (if applicable) by you or any Entity and no other step is being taken for your winding up, bankruptcy, insolvency, reorganisation, reconstruction or dissolution or the winding up, bankruptcy, insolvency, reorganisation, reconstruction or dissolution of any Entity or for the appointment of a liquidator, receiver and/or manager, judicial manager, trustee, agent or similar officer of yours or of any Entity or of the whole or any part of your/such Entity's assets.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Governing law and enforcement</u> 

**The choice of Singapore law as the governing law of one or more of the Documents will be recognised and enforced in your and each Entity's jurisdiction of incorporation/constitution and any other relevant jurisdiction. Any judgment obtained in Singapore in relation to such Documents will be recognised and enforced in your and each Entity's jurisdiction of incorporation/constitution and any other relevant jurisdiction.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Deduction of Tax</u> 

**Neither you nor any Entity is required under the law applicable where it is incorporated/constituted or resident or at the address specified in the Facility Letter to make any deduction for or on account of Tax from any payment you/it may make under any Document.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No filing or stamp taxes</u> 

**Under the law of your and each Entity's jurisdiction of incorporation/constitution and any other relevant jurisdiction it is not necessary that the Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Documents or the transactions contemplated by the Documents.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No default</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No
 Termination Event is continuing or might reasonably be expected to result from the utilisation
 or proposed utilisation of any Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No
other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on you
or any Entity or to which your (or such Entity's) assets are subject which might have a material adverse effect on (a) the business,
operations, property, condition (financial or otherwise) or prospects of the Group taken as a whole; (b) your ability and/or the ability
of any Entity to perform your/its obligations under the Documents; or (c) the validity or enforceability of the Facility Letter or our
rights or remedies under the Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Financial statements</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Original Financial Statements were prepared in accordance with Reporting Standards save to
 the extent expressly disclosed in such Original Financial Statements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Original Financial Statements give a true and fair view and represent your financial condition and operations (consolidated where
applicable) during the relevant financial year save to the extent expressly disclosed in such Original Financial Statements.

**In this Paragraph:**

**"Original Financial Statements" means:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) in
relation to the Group or (as the context may require) the Guarantor, the audited consolidated financial statements of the Group or (as
the context may require) the Guarantor for the last financial year which ended prior to the date of the Facility Letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) in
relation to you, your audited financial statements for your last financial year which ended prior to the date of the Facility Letter.

**"Reporting Standards" means accounting standards, principles and practices generally accepted and consistently applied in Singapore which implement the requirements of any legislation, regulation or international accounting body, and compliance with which is required by law in connection with the preparation of accounts by corporations in Singapore or compliance with which is generally adopted and practised by corporations in Singapore.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Authorised Signatures</u> 

**Any person specified as your authorised person, whether in resolutions or extracts thereof furnished to us or otherwise, is authorised to give instructions and sign utilisation requests and other notices on your behalf.**

**2.** **Additional General Undertakings applicable to all Committed Facilities** 

So long as any monies are owing or are to be advanced under the Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Authorisations and consents</u> 

**You will maintain, and procure the maintenance by each Entity of, all such consents, authorizations, licences, approvals, waivers and resolutions as are referred to in Paragraph A.1.(e) above, take immediate steps to obtain (and notify us immediately of the taking of such steps) any others which may become necessary for the purposes mentioned in Paragraph A.1.(e) above, comply with all conditions and restrictions (if any) imposed in connection with any of the foregoing and maintain or accomplish any filing. registration or declaration which may be or become necessary for such purposes and do, or cause to be done, all other acts and things which may from time to time be necessary under applicable law for the continued due performance of your obligations and the obligations of the Entities under the Documents.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Litigation</u> 

**You will forthwith notify us in writing of any such investigation, litigation, arbitration or administrative proceeding as is referred to in Paragraph B.1.(a) above, which is brought against you or any Entity or any of your/its assets, or which is threatened and the amount of any relevant contingent liability if such amount is ascertainable.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reduction of share capital and financial assistance</u> 

**You will not, and will procure that each Entity shall not, return, repay, purchase, redeem or otherwise reduce your/its share capital or provide any financial assistance for or in connection with the acquisition of your/its shares.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Loans to related corporations</u> 

**You will not, and will procure that no Entity shall, at any time make loans or transfer any assets or grant any credit to any related corporation without our prior written consent.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Taxes</u> 

**You will, and will procure that each Entity shall, duly pay and discharge, all rents, rates, Taxes, assessments and governmental charges upon you/it or against your/its assets prior to the date on which penalties become attached thereto.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Conduct of affairs</u> 

**You will, and will procure that each Entity shall, carry on and conduct your/its affairs in a proper and efficient manner and keep or cause to be kept all your/its properties, assets and plant in a good state of repair and condition in accordance with good commercial practice.**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Dividends</u> 

**You will not, and will procure that no Entity shall, declare, pay or make any dividend or other distribution, whether of an income or capital nature and whether in cash or in specie, in respect of any accounting period without our prior written consent.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Compliance with conditions and restrictions</u> 

**You will, and will procure that each Entity shall, comply with all conditions and restrictions (if any) imposed by any relevant authority in respect of the Facilities and/or the Documents.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Security</u> 

**You will not, and will procure that no Entity shall, take any action which might invalidate, render unenforceable or otherwise prejudice the security created pursuant to any of the Security Documents.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Suspension and cessation of business</u> 

**You will not, and will procure that no Entity shall, suspend or cease or threaten to suspend or cease to carry on the whole or any part of your/its business.**

**3.** **Vessel-related undertakings applicable to Vessel loans** 

**So long as any monies are outstanding or are to be advanced under the Documents:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Change of flag, classification society, ownership</u> 

**You shall procure that there will be no change of the flag, classification society and legal and/or beneficial ownership of the Vessel without our prior written approval.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Charter and other revenue</u> 

**You shall maintain a current account with us into which all charter and/or self operating revenue shall be deposited when the Vessel is completed.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Value of Vessel</u> 

**You shall provide to us on an annual basis within thirty (30) days from the end of your/its financial year, a valuation report by an independent professional valuer acceptable to us showing the value of the Vessel.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Navigation of Vessel</u> 

**The Vessel shall navigate in waters entailing war risks only if the Vessel is adequately insured prior to navigation in such waters with an insurance company approved by us. Such insurance shall be on terms acceptable to us and shall be assigned to us.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Condition of Vessel, etc</u> 

**You shall procure and ensure that the Vessel, including all her propelling machinery, equipment, fittings, appurtenances and other effects, is kept in good order and in proper working condition.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Damage affecting Vessel</u> 

**You shall promptly inform us of any damage affecting the Vessel and procure and ensure that reasonable remedial action is taken in respect of such damage.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Pulling down or removal of parts of Vesse</u> l

**You shall procure and ensure that no part of the Vessel, including her propelling machinery, equipment, fittings, appurtenances and other effects, is pulled down or removed except in cases where such pulling down or removal shall, in your opinion, be rendered necessary by reason of any such property being worn out or damaged in which case you shall give sufficient written notice to us and replace such property by other assets of a similar nature.**

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&nbsp;&nbsp;&nbsp;&nbsp;**C.**  **<u>ADDITIONAL TERMS AND CONDITIONS APPLICABLE TO FOREIGN EXCHANGE ("FX") TRANSACTIONS</u>** 

**The provisions of this Section C shall be supplemental to the provisions of Section A and Section B above. All Transactions entered into between you and us shall be governed by the terms in this Section C together with all other applicable provisions of these Standard Conditions unless you and us have signed a DBS Master Agreement or ISDA Master Agreement. The terms in this Section C together with all other applicable provisions of these Standard Conditions shall cease to apply to all outstanding Transactions once the DBS Master Agreement or, as the case may be, the ISDA Master Agreement is signed by you and us and all outstanding Transactions shall henceforth be governed by the terms of the executed DBS Master Agreement or ISDA Master Agreement, as the case may be.**

**1.** **General** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) You
 shall make all payments under a Transaction in the Contractual Currency.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing
 in these Standard Conditions obliges us to enter into any Transaction with you and we may
 refuse to enter into any Transaction or otherwise act on any instruction without having to
 give any reason therefore.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Without
 prejudice to any Facilities or Transactions extended to or entered into with you, we may
 at any time and in our sole and absolute discretion require you to provide any security (including
 the deposit of funds) to us before entering into any Transaction with you; or for any outstanding
 Transaction; and you undertake to provide such security as requested by us.

&nbsp;&nbsp;&nbsp;&nbsp;(d) We
 may, at your request, agree to rollover a Transaction at current rates and any loss arising
 from such extension shall be for your account. No Transaction shall be extended if such would
 violate any applicable laws and regulations in your and our jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All
 Transactions are entered into by us in reliance on the fact that the provisions of this Section
 C (read together with all other applicable provisions of these Standard Conditions) and all
 Confirmations form a single agreement between the parties, and we would not otherwise enter
 into any Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Each
 of our obligations under the provisions of this Section C (read together with all other applicable
 provisions of these Standard Conditions) and each Confirmation, is subject to (i) the condition
 precedent that no Termination Event with respect to you has occurred and is continuing; (ii)
 the condition precedent that no Early Termination Date in respect of the relevant Transaction
 has occurred or been effectively designated; and (iii) each other applicable condition precedent
 specified in this Section C (read together with all other applicable provisions of these
 Standard Conditions).

**2.** **Transaction and Position Limits** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) We
 may in our sole and absolute discretion determine the applicable transaction or position
 limits in respect of Transactions with you. Such determination is conclusive, final and binding
 on you.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 forward sale of an Asian Currency Unit Fixed Deposit shall not be considered as a Transaction
 to which such limits (if any) apply.

**3.** **Your Orders & Confirmations** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Transaction may be entered into by you making a request containing such details as may be
 required by us in the form of an offer by you (which offer shall be irrevocable) and acceptance
 thereof by us, which offer and acceptance may occur over the telephone or other form of electronic
 transmission (including electronic mail) and communication. The applicable currency exchange
 or other rates under such Transaction and shall be determined by us at the time such Transaction
 is entered into.

&nbsp;&nbsp;&nbsp;&nbsp;(b) We
 will, as soon as practicable after the terms of a Transaction have been agreed, send to you
 a Confirmation setting out such terms, duly executed by us (save that we shall not be required
 to execute any Confirmation which is issued by us electronically). Unless you notify us within
 five (5) Transaction Business Days after the date of the Confirmation of any error or discrepancy
 in the Confirmation, you will be deemed to be irrevocably bound by these Standard Conditions
 and the Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 confirmation of all Transactions by means of an electronic messaging system, telex, facsimile,
 electronic mail or other document or other confirming evidence sent by us to you shall constitute
 a "Confirmation" for the purposes of these Standard Conditions even where not so
 specified therein, and will supplement, form part of, and be subject to these Standard Conditions.

**4.** **Settlement of Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Settlement in Gross</u> 

**Unless we elect in our sole and absolute discretion for Payment/Settlement Netting pursuant to Paragraph C.4.(b) to apply, or as otherwise stated in the Confirmation, the following settlement provisions will be applicable:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In
 the case of a Deliverable Transaction:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) you
 shall pay the Amount Purchased by us to us in freely transferable funds on the Settlement
 Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) we
 shall pay the Amount Sold by us to you in freely transferable funds on the Settlement Date.
 Our liability under this Paragraph C.4.(a)(i)(y) is subject to the satisfaction of your corresponding
 obligation under Paragraph C.4.(a)(i)(x).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
the case of a Non-Deliverable Transaction:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) if
 the Settlement Currency Amount is a positive number, the Reference Currency Buyer will pay
 that amount in the Settlement Currency to the Reference Currency Seller on the Settlement
 Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) if
 the Settlement Currency Amount is a negative number, the Reference Currency Seller will pay
 the absolute value of that amount in the Settlement Currency to the Reference Currency Buyer
 on the Settlement Date.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment/Settlement Netting</u> 

**If, on any Settlement Date, more than one delivery of a particular currency is to be made between you and us under two or more Transactions, we may, in our sole and absolute discretion, notify you either orally or in writing that we will be aggregating the amounts of such currency deliverable by each party so that only the difference between these aggregate amounts shall be delivered by the party owing the larger aggregate amount to the other party and, if the aggregate amount payable by each party is the same, both parties' obligations to deliver the aggregate amount are discharged on such Settlement Date and no delivery of the currency shall be made by either party.**

&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 we, <u>in</u> our sole and absolute discretion, make a payment under a Transaction before
 you have satisfied your corresponding obligation under such Transaction, you shall hold that
 payment in trust for us until full satisfaction of your obligation under such Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 for <u>any</u> Transaction, (i) the Amount Purchased by us, or (ii) where you are required
 to pay any Settlement Amount to us on the Settlement Date, the Settlement Amount, is to be
 settled from a fixed deposit you place with us (the **"Settlement Deposit"**) :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) you
shall not withdraw any sum from the Settlement Deposit, nor otherwise deal with the Settlement Deposit, until you have paid the Amount
Purchased by us or the Settlement Amount, as the case may be, to us in full on the Settlement Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) you
irrevocably grant us a fixed charge over the Settlement Deposit for full settlement of the Amount Purchased by us, or the Settlement
Amount, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;(e) If
the Amount Purchased by us or any Settlement Amount payable by you to us, as the case may be, is to be settled by means of an inward <u>remittance</u> to us from another bank (the **"Remitting Bank"**, you shall ensure that the Remitting Bank gives us the authenticated
payment instructions or confirmation of credit via SWIFT (address DBSSSGSG) or telex (RS 24455) at least one (1) Transaction Business
Day before the Settlement Date.

**5.** **Extraordinary Event** 

**If there occurs in relation to any Transaction or otherwise an Extraordinary Event, we shall have the sole and absolute discretion to determine any adjustment or action necessary in relation to the Affected Transactions. Such adjustments or actions may include (a) altering or varying the quantities or the exchange rates of currencies bought or sold in respect of the Affected Transactions, (b) requiring delivery in a currency other than the currency of the Affected Transactions, or (c) terminating the Affected Transactions. Any such adjustment or action taken by us following the occurrence of an Extraordinary Event shall be binding on you and you shall be liable for any additional loss, damages, costs, charges and/or expenses incurred by us on your account or which you are consequently liable for as a result of such adjustment or action.**

**6.** **Interest** 

**Any amount not paid on the relevant due date will bear interest, to the fullest extent permitted by applicable law, for the period from and including the due date up to but excluding the date of payment to us at our cost of funding of the relevant unpaid amount plus 1% per annum. Such interest shall be calculated on the basis of monthly compounding. Our determination of our cost of funds shall be final and conclusive and we shall not be required to reveal how our cost of funds was determined.**

**7.** **Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) We
 may (but shall not be obliged to) terminate any or all outstanding Transactions on a date
 designated by us at any time without prior notice to you, on the occurrence of any Extraordinary
 Event or any Termination Event.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 Paragraph C.7.(a) above, where any Termination Event is governed by a system of law which
 does not permit termination of a Transaction to take place after the occurrence of such event,
 then all outstanding Transactions will be terminated immediately upon the occurrence of such
 Termination Event as of the time immediately preceding the occurrence of such Termination
 Event (this process to be known as **"automatic termination"**).

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&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon <u>the</u> termination of any or all Transactions on a given date pursuant to either Paragraph
 C.7.(a) or C.7.(b) above (the **"Early Termination Date"**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) we
 shall determine in good faith its total losses or gains, calculated in the Termination Currency,
 as a result of the early termination under the terminated Transactions, including any loss
 of bargain, cost of funding or, loss or cost associated with the terminating or re-establishing any
hedge or related trading position (or any gain resulting from any of them) and any amounts that became due and payable (or but for Paragraph
C.1, would have become due and payable) by either party on or prior to the Early Termination Date. We shall make such determination as
of the relevant Early Termination Date, or, if that is not reasonably practicable, as of the earliest date thereafter as is reasonably
practicable. For the avoidance of doubt, we may (but need not) make such determination by reference to quotations of relevant rates or
prices from one or more leading dealers in the relevant markets. For the purposes of such determination, all amounts not denominated
in the Termination Currency shall be converted into the Termination Currency at our prevailing exchange rate at the time of such conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) we
 shall, to the fullest extent permitted by applicable law, aggregate and net all amounts due
 from us to you and all amounts due to us from you as determined under Paragraph C.7.(c)(i)
 above against one another (such net amount being referred to as **"Termination Amount"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where
the Termination Amount is due from you, we may declare such Termination Amount to be forthwith due and payable by you whereupon such
Termination Amount shall become and be forthwith due and payable in the Termination Currency, without presentment, demand, protest, or
further notice of any kind, all of which are hereby expressly waived by you. If the Termination Amount is due from us to you, then (subject
to any lien or set-off or other similar right of ours), such amount will be paid by us to you within a reasonable time after our determination
of such Termination Amount under Paragraphs C.7.(c)(i) and C.7.(c)(ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in
 addition (but without prejudice to) any rights or remedies otherwise available to us in respect
 of any and all Security Documents, we may immediately exercise any and all rights and remedies
 in respect of such Security Documents and apply all proceeds thereof toward settlement of
 the Termination Amount (or part thereof) due and payable by you; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) without
 prior notice to you, we may sell any securities or other property of yours held at that time
 by us under any Security Documents (whether for safekeeping, custody, pledge, transmission,
 collection or otherwise) as we may deem appropriate and apply all proceeds thereof toward
 settlement of the Termination Amount (or part thereof) due and payable by you.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
proceeds received by us under Paragraph C.7.(c)(iv) or Paragraph C.7.(c)(v) remaining after (a) full settlement of the Termination Amount
due and <u>payable</u> by you; (b) deducting all costs and expenses incurred by us in connection with the exercise of our rights and
remedies under Paragraph C.7.(c)(iv) or Paragraph C.7.(c)(v), and (c) full settlement of all other amounts due to us whether under these
Standard Conditions, the Facility Letter, the Documents or any other agreement between you and us, shall be paid by us to you as soon
as reasonably practicable. If the proceeds received by us under Paragraph C.7.(c)(iv) or Paragraph C.7.(c)(v) are insufficient to cover
the payments referred to in the foregoing, you shall pay to us promptly upon demand the amount of any such deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;(e) In
the event of an automatic termination of all outstanding Transactions pursuant to Paragraph C.7.(b), without prejudice to any other rights
or <u>remedies</u> which we may have, you shall fully indemnify us on demand against all expense, loss, damage and liability that we
may suffer or incur in respect of the terminated Transactions as a consequence of movement in interest rates, currency exchange rates
or other relevant rates or prices between the date the Transactions are automatically terminated and the date that we first become aware
that such automatic termination has occurred.

**8.** **Representations and Warranties** 

**You represent and warrant that you have the legal capacity and power to enter into each Transaction and that any consent or other approvals required by it have been obtained and are in full force and effect. You further represent and warrant that you enter into each Transaction as principal and not as agent for any person.**

**9.** **Risk Disclosure** 

**You acknowledge that:-**

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 risk of loss in dealing with foreign exchange contracts can be substantial. Before entering
 into a Transaction, you should study and understand the foreign exchange market in detail
 and, if necessary, seek independent legal and financial advice;

&nbsp;&nbsp;&nbsp;&nbsp;(b) We
 are at all times acting as an arm's length counterparty and enter into each Transaction as
 principal and not as your financial adviser, agent or fiduciary, unless we have otherwise
 agreed in writing. We do not and will not be deemed to give you any advice whether written
 or oral other than the representations (if any) set forth in these Standard Conditions and
 any confirmation signed or executed by you after negotiations with us as your counterparty;
 and

&nbsp;&nbsp;&nbsp;&nbsp;(c) We
 and/or our affiliates may from time to time take proprietary positions and/or make markets
 in instruments identical or economically related to the Transactions entered into with you,
 or may undertake proprietary activities, including hedging transactions <u>related</u> to
 the initiation or termination of a Transaction with you that may adversely affect the market
 price, rate or other market factor(s) underlying a Transaction and consequently the value
 of the Transaction.

**10.** **Conflict of Terms** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Transaction entered into by you and us shall be subject to the terms set out in this Section
 C (read together with all other applicable provisions of these Standard Conditions) and the
 related Confirmation.

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&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the case of a conflict or inconsistency between the terms of this Section C and the other
 provisions of these Standard Conditions, the terms of this Section C shall prevail in respect
 of the Transactions. In the case of a conflict or inconsistency between the terms of any
 Confirmation and these Standard Conditions, the terms of the Confirmation will prevail.

**11.** **Exclusions** 

**We shall not be liable to you for any and all liabilities, losses and damages (direct, indirect or consequential) incurred by you (including, without limitation, any liability, loss or damage arising from any loss or delay in the transmission or wrongful interception of any order through any equipment or system owned and/or operated by or for us).**

**12.** **Consent to Recording** 

**You and us (a) consent to the recording of telephone conversations of your and our trading, marketing and/or other relevant personnel in connection with these Standard Conditions and any potential Transactions, and to the submission of such recordings in evidence in any proceedings; and (b) agree to obtain any necessary consent of, and give notice of such recording to such personnel.**

**13.** **Definitions and Interpretation for this Section C of Standard Conditions** 

**Unless otherwise defined in these Standard Conditions or the context requires otherwise, the following expressions in Section C of these Standard Conditions shall have the following meanings:-**

**"Affected Transactions"** means with respect to an Extraordinary Event, all Transactions affected by the occurrence of such Extraordinary Event as determined by us;**

**"Amount Purchased by us"** means (for any Deliverable Transaction) the currency and amount agreed to be purchased by us in the relevant Transaction;**

**"Amount Sold by us"** means (for any Deliverable Transaction) the currency and amount agreed to be sold by us in the relevant Transaction;**

**"Calculation Agent" means DBS Bank Ltd;**

**"Confirmation"** means one or more documents or other confirming evidence sent by us to you, which taken together with these Standard Conditions and the Facility Letter (if any) are effective to confirm all the terms of a Transaction.**

**"Contractual Currency"** means the currency in which you and us have agreed payments under a Transaction shall be made;**

**"Deliverable Transaction"** means a Transaction in respect of which "Deliverable" is specified in the related Confirmation and/or which you and us have agreed will settle in accordance with Paragraph C.4.(a)(i);**

**"Extraordinary Event"** means (a) a natural or man-made disaster, armed conflict, act of terrorism, riot, labour, disruption or any other circumstances beyond our control; (b) we determine that it has or will likely become illegal or impossible, or any central bank, governmental or regulatory authority asserts that it is illegal or impossible for you or us to perform any of your or our respective obligations under the Transactions or these Standard Conditions; (c) a specified currency becomes unavailable in the relevant jurisdiction due to restrictions on the convertibility, transferability, requisitions, involuntary transfers, distraints of any character, exercise of military or usurped powers, or other similar causes beyond our control; or (d) we determine that there is a substantial likelihood that we will receive payments under a Transaction from which an amount is required to be deducted or withheld for or on account of a tax due to an action taken by a taxing authority or brought in a court of competent jurisdiction, or change in the relevant tax laws on or after the Transaction is entered into;**

**"Non-Deliverable Transaction"** means a Transaction in respect of which "Non-Deliverable" is specified in the related Confirmation and which you and us have agreed will settle in accordance with Paragraph C.4.(a)(ii);**

**"Reference Currency"** means, in respect of a Non-Deliverable Transaction, the currency in the currency pair which you and us have agreed on as such and/or the currency specified as the Reference Currency in the related Confirmation;**

**"Reference Currency Buyer"** means, in respect of a Non-Deliverable Transaction, the party agreed between you and us as such and specified as such in the related Confirmation or, if none is specified, the party to which the Reference Currency is owed (or would have been owed if the Transaction were a Deliverable Transaction) on the Settlement Date;**

**"Reference Currency Notional Amount"** means in respect of a Non-Deliverable Transaction, the amount in the Reference Currency agreed between you and us and specified as such in the related Confirmation;**

**"Reference Currency Seller"** means, in respect of a Non-Deliverable Transaction, the party agreed between you and us as such and specified as such in the related Confirmation or, if none is specified, the party which owes (or would have owed if the Transaction were a Deliverable Transaction) the Reference Currency on the Settlement Date;**

**"Screen Rate"** means the display page on the relevant service designated as such in the related Confirmation;**

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**"Settlement Currency"** means in respect of a Non-Deliverable Transaction, the currency agreed between you and us in which such Non- Deliverable Transaction is to be settled on the Settlement Date;**

**"Settlement Currency Amount"** means an amount expressed in the Settlement Currency calculated as follows:-**

**SCA = SCNA x [1 - (<u>RCNA</u> x <u>1</u>)]**

**SCNA SR**

**Where:**

**SCA means Settlement Currency Amount;**

**SCNA means Settlement Currency Notional Amount;**

**RCNA means Reference Currency Notional Amount; and**

**SR means Settlement Rate.**

**"Settlement Currency Notional Amount"** means in respect of a Non-Deliverable Transaction, the amount in the Settlement Currency agreed between you and us and specified as such in the related Confirmation;**

**"Settlement Date"** means in respect of a Transaction, the date specified as the Settlement Date or otherwise determined as provided in the related Transaction;**

**"Settlement Rate"** means in respect of a Non-Deliverable Transaction, the currency exchange rate between the Reference Currency and the Settlement Currency for a Valuation Date determined by reference to the specified Screen Rate, provided always that if for any reason such Screen Rate is not available, the Settlement Rate will be determined by the Calculation Agent in its sole and absolute discretion taking into account such information as it in good faith deems relevant;**

**"Termination Currency"** means Singapore Dollars;**

**"Transaction Business Day"** means a day on which commercial banks are open for business (including dealings in foreign exchange in accordance with the market practice of the foreign exchange market) in the places specified for that purpose in the Confirmation or if none is specified, in the principal financial centre of the Reference Currency; and**

**"Valuation Date"** means unless otherwise specified in the related Confirmation, the day that is two Transaction Business Days preceding the Settlement Date.**

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**GUARANTEE** | *# To be completed for Sole-Proprietorship /Partnership only*<br> *@ To be completed for Sole-Proprietorship /Partnership / Company* |

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1. In
 consideration of DBS Bank Ltd. a company incorporated in the Republic of Singapore and having its registered office at 12 Marina
 Boulevard, Marina Bay Financial Centre Tower 3, Singapore 018982 ()"**the Bank**") making or continuing to make at
 my/our request advances, loans, credit, hire purchase, factoring, purchase of accounts receivable and/or any other facilities or
 services ()"**the Facilities**") for so long as the Bank may think fit to

 

***# Name of Borrower (insert personal Name of Sole-Proprietor / Name(s) of all Partners)***

trading as a sole proprietor/in partnership under the name and style of

***@ Name of Borrower (insert Name of Sole-Proprietorship /Partnership / Company)***

and having a place of business at / a company incorporated in________________________________________

 ***@ Country of Incorporation***

and having its registered address at

 

***@ Registered Address of Sole-Proprietorship / Partnership / Company***

("**the Borrower**") I/We the undersigned ("**the Guarantor**") HEREBY IRREVOCABLY AND UNCONDITIONALLY guarantee to pay and satisfy' the Bank on demand as principal debtor and not merely as surety all sums of money which at the date of such demand shall be owing or remain unpaid to the Bank by the Borrower (whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of any automatic stay, moratorium, other similar or analogous provisions or other applicable provisions under the Insolvency, Restructuring and Dissolution Act 2018 of Singapore or any other applicable laws or regulations)) on his account current with the Bank or by the Borrower either alone or jointly with any other person on any account or otherwise in any manner howsoever and whether in respect of monies advanced or paid to or for the use or accommodation of or on behalf of the Borrower either alone or jointly with any other person and all other liabilities whether certain or contingent including the balance for the time being owing for or in respect of cheques bills notes drafts or other negotiable or non-negotiable instruments signed drawn accepted or endorsed by and on behalf of the Borrower either alone or jointly with any other person and discounted paid or held by the Bank in the course of business or otherwise or in respect of letters of credit trust receipts guarantees indemnities or any contracts for the forward delivery of goods bills or specie or other documents or instruments signed by the Borrower either alone or jointly with any other person and held by the Bank or in respect of any monies or liabilities whatsoever for which the Borrower either alone or jointly with any other person shall be liable to the Bank in any manner howsoever and whether as principal or as surety together with in all cases as aforesaid interest thereon at the Bank's rate or rates for the time being applicable to such accounts calculated on a daily basis, with monthly rests, notwithstanding the relationship of banker and customer may have ceased, discount and other bankers' charges including legal charges on full indemnity basis occasioned by or incidental to this or any other security held by or offered to the Bank for the same indebtedness and all costs charges and expenses which the Bank may incur in enforcing or seeking to obtain payment of all or any part of the monies hereby guaranteed until full payment is received by the Bank both before as well as after judgment shall have been obtained in respect thereof ("**Guaranteed Money**", which expression shall include any part thereof).

2. This
 Guarantee shall not be considered as satisfied by any intermediate payment or satisfaction of the Guaranteed Money but shall be a
 continuing security and shall extend to cover all or any part of the Guaranteed Money which shall for the time being constitute the
 balance due or owing from the Borrower to the Bank upon any account or otherwise as aforesaid.

3. The
 Bank may at any time and without affecting its rights against the Guarantor determine enlarge or vary any credit to the Borrower,
 vary exchange abstain from perfecting or release any other securities held or to be held by the Bank for or on account of the Guaranteed
 Money, open a fresh account or accounts and/or continue with any account or accounts current or otherwise with or for the Borrower
 renew bills and promissory notes in any manner and compound with give time for payment, accept compositions from and make any other
 arrangements with the Borrower or any obligants on bills notes or other securities held or to be held by the Bank for and on behalf
 of the Borrower.

4. This
 Guarantee shall be in addition to and shall not be in any way prejudiced or affected by any collateral or other security now or hereafter
 held by the Bank for the Guaranteed Money nor shall such collateral or other security or any lien to which the Bank may be otherwise
 entitled or the liability of any person or persons not parties hereto for all or any part of the Guaranteed Money be in any way prejudiced
 or affected by this Guarantee. The Bank shall have full power at its discretion to give time for payment or to make any other arrangement
 with any such other person or persons without prejudice to this Guarantee or the Guarantor's liability hereunder. All monies received
 by the Bank from the Guarantor or the Borrower or any person or persons liable to pay the same may be applied by the Bank to any
 account or item of account or to any transaction which the same may be applicable.

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5. No
 disposition assurance security or payment which may be avoided under any law relating to bankruptcy or under any provisions of the
 Insolvency, Restructuring and Dissolution Act 2018 of Singapore or any statutory modification thereof or under any other applicable
 laws or is otherwise avoided in any manner and no release settlement or discharge which may have been given or made on the faith
 of any such disposition assurance security or payment shall prejudice or affect the Bank's right to recover from the Guarantor monies
 to the full extent of this Guarantee as if such disposition assurance security payment release settlement or discharge had never
 been granted given or made.

6. All
 dividends compositions and monies received by the Bank from the Borrower or from any other company person or estate capable of being
 applied by the Bank in reduction of the indebtedness of the Borrower shall be regarded for all purposes as payments in gross and
 in the event of bankruptcy or winding-up or any receiving order or other analogous order being made or any other analogous events
 occurring under any applicable laws in relation to the Borrower the Bank shall be entitled to prove in the bankruptcy winding-up
 dissolution or liquidation of the Borrower in respect of the whole of the Borrower's indebtedness to the Bank and without any right
 of the Guarantor to be subrogated to the Bank in respect of any such proof until the Bank shall have received in the bankruptcy winding-up
 or liquidation of the Borrower or from other sources one hundred (100) cents in the dollar.

7. Any
 payments by the Guarantor hereunder shall be made without any set-off or counterclaim and shall be free and clear of any taxes including
 withholding taxes, import or levies. If the Guarantor is required to make any payment hereunder subject to the deduction or withholding
 oftax, the Guarantor shall increase the sum payable by him to the extent necessary to ensure that, after making the required deduction
 or withholding, the Bank receives and retains (free from any liability in respect of any such deduction or withholding) a net sum
 equal to the sum which it would have received and so retained had no such deduction ot withholding been made or required to be made.
 The Guarantor shall thereafter submit all tax receipts or such evidence of payment oftax to the Bank as soon as reasonably practicable.

8. If
 any goods and services tax ()"**GST** ", which expression includes any tax of a similar nature which may be substituted
 or levied in addition to it) whatsoever is now or hereafter chargeable by law on any payment hereunder, the Guarantor shall pay such
 GST in addition to all other sums payable hereunder or relating hereto and agrees to indemnify the Bank against the payment if the
 Bank is required by law to collect and make payment in respect of such GST. The Bank may debit the Guarantor's account(s) for
 such GST including default interest payable in the same manner as may be provided herein or in any agreement relating hereto for
 the Facilities and/or other charges or as the Bank may prescribe from time to time, notwithstanding such debiting may result in the
 Guarantor's account becoming overdrawn.

9. The
 Bank may but is not bound to resort for the Bank's own benefit to any other means of payment at any time and in any order the
Bank deems fit without thereby diminishing the Guarantor's liability hereunder and the Bank may exercise its rights under this Guarantee
in force either for payment of the ultimate balance after resorting to other means of payment or for the balance due notwithstanding
that other means of payment have not been resorted to and in the latter case without entitling the Guarantor to any benefit from such
other means of payment so long as the Guaranteed Money remains owing and unpaid by the Borrower to the Bank and in addition the Bank
may require payment by the Guarantor of his liability without taking any proceedings first to enforce such payment by the Borrower.

10. If
 any monies shall be paid by the Guarantor to the Bank under this Guarantee, the Guarantor shall not in respect of the amount so paid
 seek to enforce repayment or to exercise any other rights or legal remedies of whatsoever kind which may accrue howsoever to the
 Guarantor in respect of the amount so paid until the Guaranteed Money owing from the Borrower to the Bank has been fully paid to
 the Bank. The Guarantor will not prove in competition with the Bank for any monies owing by the Borrower to the Guarantor on any
 account whatsoever and/or in respect of any monies due or owing from the Borrower to the Bank but will give to the Batik the full
 benefit of any proof which the Guarantor may be able to make in the bankruptcy or winding-up or liquidation of the Borrower or in
 any arrangement or composition with creditors until the Bank shall have received all monies guaranteed hereunder outstanding and
 remaining unpaid by the Borrower to the Bank.

11. Any
 indebtedness of the Borrower now or hereafter held by the Guarantor shall be fully subordinated to the indebtedness of the Borrower
 to the Bank and such indebtedness of the Borrower to the Guarantor if the Bank so requires shall be collected enforced and received
 by the Guarantor as trustee for the Bank and shall be paid over to the Bank on account of the indebtedness of the Borrower to the
 Bank but without reducing or affecting in any manner the liability of the Guarantor under this Guarantee until all the Guaranteed
 Money has been fully paid to the Bank.

12. The
 Guarantor agrees and acknowledges that the obligations and liabilities of the Guarantor hereunder shall be absolute and unconditional
 and in addition to the other provisions of this Guarantee, shall not be abrogated, prejudiced, affected or discharged:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 the Bank granting explicitly or by conduct or otherwise, whether directly or indirectly, to the Borrower, any of the Guarantor or
 any other person of any time, forbearance, concession, credit compounding, compromise, waiver, variation, renewal, release, discharge
 or other advantage or indulgence;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 the Bank failing neglecting or deciding not to recover the moneys hereby guaranteed or any part thereof by the realisation of any
 collateral or other security or in any manner otherwise or in the event of enforcement by the Bank of any collateral or other security
 or any remedy or otherwise, by any act, omission, negligence or other conduct or failure on the part of the Bank or any other person
 in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 any laches, acquiescence, delay, acts, omissions, mistakes bn the part of the Bank or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 reason of any agreement, deed, mortgage, charge, debenture, guarantee indemnity or security held or taken at any time by the Bank
 or by reason of the same being void, voidable or unenforceable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by
 any moratorium or other period staying or suspending by statute or order of any court or other authority all or any of the Bank's
 rights, remedies or recourse against the Borrower or any of the Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) by
 reason of any other dealing, matter or thing which, but for the provisions of this Clause, could or might operate to affect or discharge
 all or any part of the obligations and liabilities of the Guarantor hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) by
 the Bank asserting or failing to assert any right or remedy against the Borrower or doing or omitting to do any act in pursuance
 of any authority or permission contained in this Guarantee.

13. This
 Guarantee shall be a guarantee of payment and not of collection. The Guarantor hereby agrees that, as between the Bank and the Guarantor,
 for the purposes of this Guarantee, the Guaranteed Money may be declared to be due and payable by the Bank or deemed to be due and
 payable notwithstanding any stay, injunction or other prohibition preventing such declaration or the Guaranteed Money from being
 automatically due and payable by the Borrower, and that in such event, the Guaranteed Money shall forthwith become due and payable.

14. This
 Guarantee may be enforced by the Bank at any time notwithstanding that any bills or other instruments covered by it may be in circulation
 or outstanding and the Bank may include the amount of the same or any of them in the general balance of the Borrower's account at
 the Bank's discretion.

15. The
 Guarantor declares he has not taken and undertakes not to take directly or indirectly from the Borrower in respect of his liability
 and obligation hereunder any security of any nature whatsoever whereby the Guarantor or any person claiming under him might in the
 Borrower's bankruptcy or winding-up or liquidation increase the proofs in such bankruptcy or liquidation or diminish the property
 available for distribution to the Bank's detriment. In the event any security is or may hereafter be held by the Guarantor from the
 Borrower in respect of his liability hereunder the same shall be held in trust for the Bank and as security for the Guarantor's liability
 hereunder.

16. For
 the consideration aforesaid and as a separate and independent stipulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Guarantor agrees that all sums of money which may not be recoverable from the Guarantor on the footing of a guarantee whether by
 reason of any legal limitation disability or incapacity including without limitation the bankruptcy or winding-up or liquidation
 or any other analogous events in relation to the Borrower under any other applicable laws or any other fact or circumstance whether
 known to the Bank or not shall nevertheless be recoverable from the Guarantor on demand as though the Guarantor was the sole and
 principal debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Guarantor irrevocably and unconditionally undertakes to indemnify the Bank on a full indemnity basis against all loss damage liabilities
 claims on the Bank costs and expenses whatsoever which the Bank may sustain or incur in consequence of or arising from the Bank's
 advances credit or financial accommodation to the Borrower together with all legal costs between solicitors and clients and other
 costs and disbursements incurred for or in connection with demanding and enforcing payment of all monies guaranteed hereunder or
 otherwise howsoever in enforcing this Guarantee and/or the covenants agreements undertakings stipulations terms and conditions of
 this Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  ***(applicable to corporate guarantor)*** the Guarantor agrees to furnish and provide the Bank with and permits the Bank to obtain all such
 statements information explanation and data as the Bank may reasonably require from time to time regarding the operations and financial
 affairs of the Guarantor. The Guarantor hereby agrees and undertakes to furnish to the Bank every year immediately after their issue,
 but in any case not later than six {6} months after the close of its financial year, balance sheet and profit and loss accounts audited
 by a firm of auditors approved by the Bank together with auditors' and directors' reports and also to deliver to the
 Bank a copy of the annual return which the Guarantor is required by law to file with the Registrar of Companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  ***(applicable to corporate guarantor)*** the Guarantor undertakes to procure that there shall be no change in the Borrower's management
 without the Bank's prior consent.

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17. A
 statement or certificate signed by the Manager Accountant or other officer of the Bank as to the monies and liabilities for the time
 being due to or incurred by the Bank shall subject only to computational and/or clerical mistakes be final and conclusive and be
 binding on the Guarantor.

I8. This Guarantee shall continue to hind the Guarantor notwithstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 change by amalgamation reconstruction or otherwise which may be made in the constitution of the company by which the business of
 the Bank may for the time being be carried on and shall be available to the company carrying on the business of the Bank for the
 time being; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***(applicable if the Borrower is a sole-proprietorship/partnership)*** **  any change whatsoever in the constitution of the Borrower by reason of death retirement or expulsion of any partner thereof or admission of any new partner or withdrawal of partners or any change in the style or name of the Borrower; or

 

***(applicable if the Borrower is a company)*** <br> any winding-up (whether voluntary or compulsory), judicial management, amalgamation or reconstruction of or affecting the Borrower or any defect informality or insufficiency of the Borrower's borrowing powers; or<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  ***(applicable to individual guarantor)*** **  the death insanity bankruptcy or any other disability of the Guarantor.

 

***(applicable to corporate guarantor)*** <br> any winding-up (whether voluntary or compulsory) amalgamation or reconstruction of or affecting the Guarantor.<br>

19.  ***(applicable to individual guarantor)*** **  The Guarantor shall immediately upon becoming aware of a presentation of a bankruptcy petition against the Guarantor notify the Bank. Where any such notification is given verbally by the Guarantor to the Bank, the Guarantor shall confirm it in writing within twenty-four (24) hours thereof.

 

***(applicable to corporate guarantor)*** <br> The Guarantor shall, immediately upon any occurrence of the following:<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
giving of notice by the Guarantor to convene its general meeting for passing any resolution to wind-up the Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
tiling of any application for placing the Guarantor under judicial management; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
filing of any petition for winding-up the Guarantor;

notify the Bank of the same. Where any such notification is given verbally by the Guarantor to the Bank, the Guarantor shall confirm it in writing within twenty-four (24) hours thereof.

20.  ***(applicable where there are two or more guarantors)*** This Guarantee shall not be prejudiced diminished or affected in any way nor shall the Guarantor or any of them be released or exonerated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
any release or discharge given to any of the Guarantor from this Guarantee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 reason of this Guarantee being (on whatsoever grounds) determined dr becoming invalid, non-binding or unenforceable against the Guarantor
 or any of them ab initio or from any time after execution of this Guarantee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 the fact that any Guarantor, whom it was intended shall execute or be bound by this Guarantee, may not execute or be effectually
 bound by this Guarantee, whether or not this fact is known to the Bank; and

with or without consent from or notice to the rest of the Guarantor.

21. The
 Guarantor shall not be discharged or released from this Guarantee by any alteration in the obligations covenants undertakings stipulations
 terms and conditions governing the Facilities ()"**the Terms** "). The Bank may from time to time vary, or add to the
 Terms and this Guarantee shall extend and apply to the Terms varied or added to (notwithstanding such variations or additions may
 impose further liabilities or more onerous covenants undertakings or burdens on the Borrower) notwithstanding the Guarantor shall
 not have received notice or been made aware of or consented to such variations of or additions to the Terms.

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22. Any
 demand for payment of monies or any other demand or notice under this Guarantee may be made by any officer of the rank of Assistant
 Treasurer and above or any Secretary Manager Accountant Legal Officer or by any person or firm acting as solicitors for the Bank
 by a letter addressed to the Guarantor or any of them and sent by registered post or delivered to the address abovestated and a notice
 or demand so served shall be deemed to be served and received on the day it was so left or the 3rd day from the date it is posted
 (where the Guarantor's address is in Singapore) or 7 days after posting (where the Guarantor's address is outside Singapore), as
 the case may be. In addition any demand or notice may be served by the Bank on any one of the Guarantor only and such service shall
 be deemed to be sufficient service in respect of all the Guarantor.

23. The
 Guarantor may not determine or revoke this Guarantee unless the Guarantor makes full provision for any other outstanding liabilities
 or obligations to the Bank of the Borrower's account guaranteed hereunder and not unless the Guaranteed Money is paid to the Bank
 in full. Notwithstanding the Bank's receipt of notice of the Guarantor's intention to revoke this Guarantee, the Bank shall be entitled
 to continue to make advances to the Borrower in respect of the Facilities and the Guarantor irrevocably and unconditionally agrees
 that he shall continue to be liable for all such advances until all monies hereby guaranteed are paid to and received by the Bank
 in full.

24. In
 addition to any lien right of set-off or other right which the Bank may have the Bank shall be entitled at any time and without notice
 to the Borrower or the Guarantor to combine or consolidate all or any of the accounts and liabilities of the Borrower or the Guarantor
 with or to the Bank anywhere whether in or outside Singapore or set-off or transfer any sums standing to the credit of one or more
 of such accounts in or towards satisfaction of any of the liabilities of the Borrower or the Guarantor to the Bank on any other accounts
 whether in or outside Singapore or in any other respect whether such liabilities be actual or contingent primary or collateral several
 or joint notwithstanding that the credit balances on such accounts and the liabilities on any other accounts may not be expressed
 in the same currency and the Bank is hereby authorised to effect any necessary conversions at the Bank's prevailing rate of exchange.

25. In
 addition and without prejudice to any right or remedies of the Bank under this Guarantee or by law conferred upon the Bank, the Bank
 may from time to time and at any time debit to any account of the Guarantor with the Bank, whether the account be current or otherwise,
 all or any part of the Guaranteed Money and the sums so debited shall be deemed to be monies advanced by the Bank to the Guarantor
 on the Guarantor's account and payable on demand.

26. In
 addition and without prejudice to any other rights of the Bank under the loan and security documents relating to the Facilities,
 if this Guarantee or any other security for the Facilities is terminated, or for any other reason which the Bank deems justifiable,
 the Bank may forthwith open a new or separate account ()"**the new account**") for the Borrower in the Bank's
 books and if the Bank does not in fact open such new account it shall nevertheless be deemed to have done so at the time of such
 termination and as from and after the time that the new account was opened or so deemed to have been opened, all payments made by
 or on behalf of the Borrower shall (notwithstanding any legal or equitable rule of presumption to the contrary) be credited or deemed
 to have been credited to the new account and shall not go to reduce the amount owing by the Guarantor to the Bank at the time the
 new account was opened or deemed to have been opened, unless the Bank expressly directs otherwise after all sums (actual or contingent)
 owing to the Bank under the new account have been paid and satisfied to the Bank in full or at any other time.

27. If
 the Borrower shall in any respect fail refuse and/or neglect to observe and perform any of the obligations covenants undertakings
 stipulations terms and conditions contained in the Terms governing the Facilities on the Borrower's part to be observed and performed
 the Guarantor shall indemnify the Bank in full and keep the Bank fully indemnified against al! losses damages costs expenses liabilities
 or otherwise which may he incurred or sustained by the Bank by reason of such failure refusal or neglect on the part of the Borrower.

28.  ***(applicable to individual guarantor)*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **The Guarantor authorizes the Bank, the Bank's employees or any other person who by reason of their scope of work or capacity or office have access to the Bank's records, registers or any correspondence or material with regard to information relating to the Guarantor, the Guarantor's account, the Guarantor's transactions, this Guarantee, the Facilities and/or any personal data provided by the Guarantor to the Bank or which the Bank receives from any other sources or is otherwise collected by the Bank in the course of the Guarantor's relationship with the Bank or any member of the DBS Group (collectively, the "Information"), to disclose such Information to (1) any person to whom such disclosure is permitted or required under any law (including the Banking Act 1970 of Singapore) or pursuant to any court order; and (2) to the following parties for the purposes specified in the sub-paragraphs below and for any and all the purposes stated in the DBS Privacy Policy available at <u>www.dbs.com/privacv</u> and as may be amended, supplemented and/or substituted from time to time (the "DBS Privacy Policy"):** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **the Borrower, any other security provider and any other company which is either a holding company or a subsidiary of the Guarantor (whether direct or indirect) (each, an "Entity");** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **any person in connection with a Transfer or proposed Transfer, A "Transfer" includes any assignment or transfer of any of the Bank's rights or obligations, any participation, sub-participation, transfer of credit or other risk (entirely or in part) or benefit (entirely or in part) by any means, and entry into any other contractual relationship, in relation to the Facilities;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **any person for the purposes of enforcing or protecting the Bank's rights or interests in relation to the Facilities and/or under this Guarantee;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** **any person in connection with any insolvency proceeding (including, without limitation) judicial management, winding-up, compromise or arrangement, and receivership) relating to the Guarantor, the Borrower or any other person in connection with the Facilities;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** **the Commissioner of Stamp Duties and any other government department, agency, ministry, body or statutory' board or any relevant authority;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** **any person involved in or connected to the grant by the Bank of the Facilities to the Borrower, the preparation of this Guarantee and/or the performance of the transactions contemplated hereunder (including, without limitation, programme managers, legal and other professional advisors and partners);** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii)** **any person having or claiming any interest in any security provided for the Facilities or any person in favour of whom the Guarantor or the Borrower is proposing to create or grant an interest in the security for the purpose of seeking any consent for the creation or variation of any interest in or increasing the amount of moneys and liabilities secured or to be secured by any encumbrance over the security or in connection with any security sharing arrangements relating to the security or any enforcement of any security or any sale transfer disposition or any other dealing by any person whatsoever over or of or with the security;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(viii)** **any insurer, valuer or proposed insurer or valuer for any security provided for the Facilities;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ix)** **any of the Guarantor's auditors or any auditor of any Entity;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(x)** **any person engaged by the Bank to collect any sums of money owing to the Bank from the Guarantor, for any purpose in connection with the collection of such sum;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xi)** **any member of the DBS Group (including branches or any of the Bank's related corporations) or any third party service provider engaged by the Bank in connection with risk management (which includes conflict clearance exercise), credit approval, credit exposure monitoring, credit facility/repayment collection, data processing, cross-selling of products and pursuing, on the Bank's behalf, further business opportunities; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xii)** **any person in connection with the promotion to any of the Bank's customers of financial products and services offered by any financial institution in Singapore or elsewhere or by any corporation within the DBS Group.** 

**This Clause 28 is not and shall not be deemed to constitute, an express or implied agreement by us with you for a higher degree of confidentiality than that prescribed in the Banking Act 1970 of Singapore.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **The Guarantor acknowledges and agrees that it has read, fully understood and accepted the DBS Privacy Policy. In particular:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **the Guarantor acknowledges and agrees that the DBS Privacy Policy is incorporated by reference into and forms part of this Guarantee. The DBS Privacy Policy shall apply to all persona, data provided by the Guarantor or otherwise collected by the Bank from any other sources or in the course of the Guarantor's relationship with the Bank or any member of the DBS Group and the Guarantor hereby consents to the collection, processing, use and disclosure of personal data in accordance therewith;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **if the Guarantor provides the Bank with the Guarantor's personal data, the Guarantor hereby consents to, the collection, processing, use and disclosure of his/her personal data by the Bank in accordance with the DBS Privacy Policy; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **the Guarantor acknowledges and agrees that any consent given pursuant to this Guarantee in relation to personal data shall survive death, incapacity, bankruptcy or insolvency of any such individual and the termination or expiration of this Guarantee or the cancellation, termination or repayment of any of the Facilities.** 

**In the event of any conflict or inconsistency between this Guarantee and the DBS Privacy Policy, the former shall prevail.**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **For the purpose of this Clause 28, "DBS Group'' means DBS Group Holdings Ltd and its subsidiaries, direct or indirect.** 

 ****

***(applicable to corporate guarantor)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **The Guarantor authorizes the Bank, the Bank's employees or any other person who by reason of their scope of work or capacity or office have access to the Bank's records, registers or any correspondence or material with regard to information relating to the Guarantor, the Guarantor's account, the Guarantor's transactions, this Guarantee, the Facilities and/or any personal data provided by the Guarantor to the Bank or which the Bank receives from any other sources or is otherwise collected by the Bank in the course of the Guarantor's relationship with the Bank or any member of the DBS Group (collectively, the "Information"), to disclose such Information to (1) any person to whom such disclosure is permitted or required under any law (including the Banking Act 1970 of Singapore) or pursuant to any court order; and (2) to the following parties for the purposes specified in the sub-paragraphs below and for any and all the purposes stated in Clause 28(b):** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **the Borrower, any other security provider and any other company which is either a holding company or a subsidiary of the Guarantor (whether direct or indirect) (each, an "Entity");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **any person in connection with a Transfer orproposed Transfer. A "Transfer" includes any assignment or transfer of any of the Bank's rights or obligations, any participation, sub-participation, transfer of credit or other risk (entirely or in part) or benefit (entirely or in part) by any means, and entry into any other contractual relationship, in relation to the Facilities;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **any person for the purposes of enforcing or protecting the Bank's rights or interests in relation to the Facilities and/or under this Guarantee;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** **any person in connection with any insolvency proceeding (including, without limitation) judicial management, winding-up, compromise or arrangement, and receivership) relating to the Guarantor, the Borrower or any other person in connection with the Facilities;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** **the Commissioner of Stamp Duties and any other government department, agency, ministry, body or statutory board or any relevant authority;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** **any person involved in or connected to the grant by the Bank of the Facilities to the Borrower, the preparation of this Guarantee and/or the performance of the transactions contemplated hereunder (including, without limitation, programme managers, legal and other professional advisors and partners);** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii)** **any person having or claiming any interest in any security provided for the Facilities or any person in favour of whom the Guarantor or the Borrower is proposing to create or grant an interest in the security for the purpose of seeking any consent for the creation or variation of any interest in or increasing the amount of moneys and liabilities secured or to be secured by any encumbrance over the security or in connection with any security sharing arrangements relating to the security or any enforcement of any security or any sale transfer disposition or any other dealing by any person whatsoever over or of or with the security;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(viii)** **any insurer, valuer or proposed insurer or valuer for any security provided for the Facilities;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ix)** **any of the Guarantor's auditors or any auditor of any Entity;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(x)** **any person engaged by the Bank to collect any sums of money owing to the Bank from the Guarantor, for any purpose in connection with the collection of such sum;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xi)** **any member of the DBS Group (including branches or any of the Bank's related corporations) or any third party service provider engaged by the Bank in connection with risk management (which includes conflict clearance exercise), credit approval, credit exposure monitoring, credit facility/rcpayment collection, data processing, cross-selling of products and pursuing, on the Bank's behalf, further business opportunities; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xii)** **any person in connection with the promotion to any of the Bank's customers of financial products and services offered by any financial institution in Singapore or elsewhere or by any corporation within the DBS Group.** 

**This Clause 28 is not and shall not be deemed to constitute, an express or implied agreement by us with you for a higher degree of confidentiality than that prescribed in the Banking Act 1970 of Singapore.**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **The Guarantor may provide personal data to the Bank (including without limitation personal data of the Guarantor's office holder, employee, shareholder and beneficial owner) in connection with the Guarantor standing as guarantor. When providing any personal data to the Bank, the Guarantor confirms that it is lawfully providing the data for the Bank to use and disclose for the purposes of: (1) all matters arising out of or in connection with this Guarantee; (2) meeting the operational, administrative and risk management requirements of DBS Group; and (3) complying with any requirement, as DBS Group reasonably deems necessary, under any law or of any court, government authority or regulator.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **For the purpose of this Clause 28, "DBS Group" means DBS Group Holdings Ltd and its subsidiaries, direct or indirect.** 

29. (a) Without prejudice to the other provisions of this Guarantee
any amount received or recovered by the Bank in a currency other than the contractual currency whether as a result of or of the enforcement
of a judgment or order of court or tribunal of any jurisdiction in the dissolution of the Borrower and/or the Guarantor or otherwise,
shall only constitute a discharge to the extent of the amount in the contractual currency which the Bank is able in accordance with its
usual practice to purchase with the amount so received or recovered in such other currency on the date of that receipt or recovery (or
if it is not practicable to make that purchase on that date on the first date on which it is practicable to do so).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 that amount in the contractual currency is less than the amount in the contractual currency due to the Bank by the Borrower, the
 Guarantor shall indemnify the Bank against any loss sustained by the Bank as a result. In any event, the Guarantor shall indemnify
 the Bank against the cost of making any such purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) These
 indemnities constitute a separate and independent obligation from the other obligations in this Guarantee and shall give rise to
 a separate and independent cause of action.

30. (a) This Guarantee shall be governed by and construed in all respects
in accordance with the laws of Singapore and shall be subject to the non-exclusive jurisdiction of the courts of Singapore. The Guarantor
hereby agrees that where any actions or proceedings are initiated and taken in Singapore the Guarantor shall submit to the jurisdiction
of the courts of Singapore. The service of any writ of summons ot any legal process in respect of any action or proceeding hereunder
may be effected on the Guarantor by forwarding a copy of the writ of summons and statement of claim or other legal process by registered
post to the address of the Guarantor hereinbelow stated.

 

***(applicable to all non-Singapore Citizens and non-Singapore registered companies or firms)***

For the purpose of this Clause the Guarantor shall from time to time notify the Bank in writing of the name and address in Singapore in the case of an individual, or the registered office in Singapore in the case of a company or in the case of a firm the principal place of business in Singapore, on whom any writ of summons or other legal process in respect of the enforcement of this Guarantee may be served ("process agent"). In the absence of any notification to the contrary such legal process may be served on

---

| | |
|:---|:---|
| | At |
| ***Name of process agent /person / company in Singapore*** | ***Name of process agent /person / company in Singapore*** |
| ***Address of process agent / person / company in Singapore*** | ***Address of process agent / person / company in Singapore*** |

---

in Singapore. Such service shall be deemed to be good and effectual service of such legal process on the Guarantor and nothing shall affect the right to serve process in any other manner pennitted under any applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 the extent that the Guarantor may in any jurisdiction claim for himself or his assets immunity from suit, execution, attachment (whether
 in aid of execution, before judgment or otherwise) or other legal process and to the extent in any such jurisdiction there may be
 attributed to himself or his assets such immunity whether on grounds of sovereignty or otherwise (whether or not claimed), the Guarantor
 irrevocably agrees not to claim and irrevocably waives such immunity to the full extent permitted by the laws of such jurisdiction.
 The Guarantor irrevocably agrees and undertakes that he and his assets are, and shall be subject to any proceedings attachment or
 execution in respect of his obligations under this Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Guarantor irrevocably consents in respect of any proceedings anywhere to the giving of any relief or the issue of any process in
 connection with those proceedings including, without limitation, the making, enforcement or execution against any assets whatsoever
 (irrespective of the use or intended use) of any order or judgment which may be made or given in those proceedings.

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***(applicable only to Indonesian guarantors)***

31. (a) Without prejudice to the provisions of Clause 30 hereof, in
the event that any legal action or proceeding is commenced against the Guarantor in the Republic of Indonesia with respect to this Guarantee,
the Guarantor hereby irrevocably elects as his legal and permanent domicile, the Clerk's Office of the District Court in Central
Jakarta (Kantor Panitera Pengadilan Negri Jakarta, Pusat).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Guarantor further waives all rights of subrogation and contribution and any rights which he may have to claim prior exhaustion of
 remedies against the Borrower as well as all other benefits, rights of a surety or enforcement or set-off of "kompensasi"
 (as the case may be) and all exceptions conferred on the Guarantor by the Indonesian Civil Code including the right to invoke the
 provisions of Articles 1401, 1402, 1403, 1425 to 1435 (inclusive), 1831, 1833, 1837, 1838, 1843, 1847, 1848, 1849 and 1850 of the
 Indonesian Civil Code and agrees that demands under this Guarantee may be made from time to time irrespective of whether any steps
 or proceedings are being or have been taken against the Borrower, the other Guarantors and/or atty other person or are being or have
 been taken to enforce any other security, guarantee or indemnity.

32. The
 Guarantor may not assign its rights nor transfer its obligations or any part thereof under this Guarantee. The Bank shall be entitled
 to assign or transfer any part or all of its rights and or obligations under this Guarantee.

33. The
 Guarantor will ensure that its obligation under this Guarantee are unconditional and unsubordinated and will at all times rank at
 least pari passu with all its other unsecured and unsubordinated obligations (except for such obligation mandatorily preferred by
 law).

34. In
 this Guarantee where the context so admits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular number include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing the masculine gender include the feminine or neuter gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 expression "the Guarantor" includes the persona! representatives and successors-in-title of the Guarantor and where two
 or more persons constitute the expression "the Guarantor" the liability of each Guarantor shall be joint and several
 and all covenants agreements undertakings indemnities stipulations terms conditions and other provisions hereof shall be deemed to
 be made by and be binding on them jointly and severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 expression "the Bank" includes its successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 expression "the Borrower" includes the personal representatives and successors-in-title of the Borrower and shall also
 include the persons constituting the sole proprietorship or partnership or deriving title under him or them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 word "person" includes any company or association or body of persons, corporate or unincorporated.

![](ex10-17_07.jpg)

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![](ex10-17_08.jpg)

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|:---|:---|:---|
| DBS-SME-Gtee | Page **10** of **18** | DBS BANK LTD. |
| Group Legal (11 April 2022) |  | Co. Reg. No. 196800306E |

---

![](ex10-17_09.jpg)

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| | | |
|:---|:---|:---|
| DBS-SME-Gtee | Page **11** of **18** | DBS BANK LTD. |
| Group Legal (11 April 2022) |  | Co. Reg. No. 196800306E |

---

![](ex10-17_10.jpg)

---

| | | |
|:---|:---|:---|
| DBS-SME-Gtee | Page **12** of **18** | DBS BANK LTD. |
| Group Legal (11 April 2022) |  | Co. Reg. No. 196800306E |

---

![](ex10-17_11.jpg)

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| | | |
|:---|:---|:---|
| DBS-SME-Gtee | Page **13** of **18** | DBS BANK LTD. |
| Group Legal (11 April 2022) |  | Co. Reg. No. 196800306E |

---

![](ex10-17_12.jpg)

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| | | |
|:---|:---|:---|
| DBS-SME-Gtee | Page **14** of **18** | DBS BANK LTD. |
| Group Legal (11 April 2022) |  | Co. Reg. No. 196800306E |

---

![](ex10-17_13.jpg)

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| | | |
|:---|:---|:---|
| DBS-SME-Gtee | Page **15** of **18** | DBS BANK LTD. |
| Group Legal (11 April 2022) |  | Co. Reg. No. 196800306E |

---

![](ex10-17_14.jpg)

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| | | |
|:---|:---|:---|
| DBS-SME-Gtee | Page **16** of **18** | DBS BANK LTD. |
| Group Legal (11 April 2022) |  | Co. Reg. No. 196800306E |

---

![](ex10-17_15.jpg)

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| | | |
|:---|:---|:---|
| DBS-SME-Gtee | Page **17** of **18** | DBS BANK LTD. |
| Group Legal (11 April 2022) |  | Co. Reg. No. 196800306E |

---

![](ex10-17_16.jpg)

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| | | |
|:---|:---|:---|
| DBS-SME-Gtee | Page **18** of **18** | DBS BANK LTD. |
| Group Legal (11 April 2022) |  | Co. Reg. No. 196800306E |

---

## Exhibit 10.19

**Exhibit 10.19**

![](ex10-19_001.jpg)

---

| | |
|:---|:---|
| **PT. Neura Integrasi** Solusi |  |
| Jl. Bantul km. 9, Rt/Rw: 19/00, |  |
| Krandohan, Pendowoharjo, Sewon, Bantul, |  |
| Daerah Istimewa Yogyakarta 55186 |  |
| Phone: +62 821-3391-2244 |  |
| Email: lab@neurabot.ai/indarto@neurabot.ai | *PURCHASE ORDER* |

---

*PURCHASE ORDER TO:*

---

| | |
|:---|:---|
| **Phaos Technology PTE LTD** | No: |
| 83, Science Park Drive, | Date: |
| #04-01A/B,The Curie, | CP: |
| Singapore 118258 | Phone: |
| Phone: +65 6909 9430 | Email: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NO** | **ITEM** | **QTY** | **UNIT PRICE(USD)** | **TOTAL(USD)** |
| 1 |  |  |  | 90.500,00 |
| 2 |  |  |  | 11.400,00 |
|  |  |  | **SUB TOTAL** | **101.900,00** |
|  |  |  | DISCOUNT |  |
|  |  |  | TAX |  |
|  |  |  | **TOTAL** | **101.900,00** |

---

Invoices

---

| |
|:---|
| Regrads, |
| ![](ex10-19_002.jpg) |
| /s/ Indarto |
| **Indarto** |
| CEO Neurabot |

---

Note: If you have any questions about this Purchase Order, please contact us at Phone: +62 821-3391-2244, E-mail: lab@neurabot.ai

## Exhibit 10.20

**Exhibit 10.20**

![](ex10-20_001.jpg)

---

| | |
|:---|:---|
| **PURCHASE ORDER** | SIGMAKOKI Group |
|  | OptoSigma Southeast Asia Pte Ltd |

---

---

| | |
|:---|:---|
|  | **Purchase Order Date** |
| **To:** |  |
| **PHAOS Technology Pte Ltd** |  |
| 83 Science Park Drive | **Purchase Order Number** |
| #04-01, The Curie |  |
| Singapore 118258 |  |
|  | **Reference** |
| Attention : Tay Beng Boon |  |
| Tel : 65 6909 9430 |  |
| Email: taybb@PhAosTech.com | **Payment Terms** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **No** | **Part No** | **Description** | **Qty** | **Unit Price** | **Extended Price** |
| 1 |  |  |  |  |  |
|  |  |  |  | Sub-total | 32000.00 |
|  |  |  |  | GST 8% | 2560.00 |
|  |  |  |  | **TOTAL(SGD)** | **34560.00** |

---

DELIVERY DETAILS

---

| | | |
|:---|:---|:---|
| **Delivery Address** | **Attention** | **Delivery Instructions** |
| 83 Science Park Drive, | Kelvin Ng |  |
| #02-01 The Curie, |  |  |
| Singapore 118258 | **Telephone** |  |
|  | (65) 6909 9318 | **Shipping Terms** |
|  |  | DDP |

---

**Remarks:**

● *This is computer generated and no signatory is required.* 

● *The shipping term is subjected to incoterms 2000.* 

● *Please acknowledge receipt and confirming delivery dates.* 

● *Any changes to delivery must be informed in advance and accepted by the purchaser.* 

 

**83 Science Park Drive #02-01, The Curie, Singapore 118258. Tel : +65 69099318 UEN/GST No : 201904423W URL : <u>http://www.optosigma-sea.com</u>**

## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the inclusion in this Registration Statement on Form F-1 (Amendment No. 5) of our report dated November 13, 2024 except for Notes 1, 11 and 16 for which the date is November 29, 2024, and Note 2 for which the date is December 11, 2024, relating to the consolidated financial statements of Phaos Technology Pte. Ltd. as of and for the years ended April 30, 2024 and 2023

We also consent to the reference to our firm under the caption "Experts" in such Registration Statement.

/s/ Kreit & Chiu CPA LLP

Los Angeles, California

July 7<sup>th</sup>, 2025

## Exhibit 99.4

**Exhibit 99.4**

**CONSENT OF LIONEL CHOONG**

Phaos Technology Holdings (Cayman) Limited (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

Dated: December 31, 2024

---

| |
|:---|
| /s/ LIONEL CHOONG |
| **LIONEL CHOONGYI** |

---

## Exhibit 99.5

**Exhibit 99.5**

**CONSENT OF WESLEY YIU**

Phaos Technology Holdings (Cayman) Limited (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

Dated: December 31, 2024

---

| |
|:---|
| /s/ WESLEY YIU |
| **WESLEY YIU** |

---

## Exhibit 99.7

**Exhibit 99.7**

**CONSENT OF LOUIS, LIU YI**

Phaos Technology Holdings (Cayman) Limited (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

Dated: December 31, 2024

---

| |
|:---|
| /s/ LOUIS, LIU YI |
| **LOUIS, LIU YI** |

---

## Exhibit 99.9

**Exhibit 99.9**

**<u>VIA EDGAR</u>**

Division of Corporation Finance

Office of Industrial Applications and Services

U.S. Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

---

| | |
|:---|:---|
| **Re:** | **Phaos Technology Holdings (Cayman) Ltd– Registration Statement on Form F-1** |
|  | **Request for Waiver and Representation Under Item 8.A.4 of Form 20-F** |

---

Ladies and Gentlemen:

The undersigned, Phaos Technology Holdings (Cayman) Ltd, a foreign private issuer organized under the laws of the Cayman Islands (the "Company"), is submitting this letter via EDGAR to the U.S. Securities and Exchange Commission (the "SEC") in connection with the Company's filing on the date hereof of its registration statement on Form F-1 (the "Registration Statement") relating to the initial public offering ("IPO") of the Company's ordinary shares.

The Registration Statement contains combined consolidated financial statements for the two years ended April 30, 2024 and April 30, 2023, in each case prepared in accordance with in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), and unaudited condensed combined and consolidated financial statements for the year ended April 30, 2024, and for the six-month periods ended October 31, 2024 and October 31, 2023.

The Company respectfully requests that the Commission waive the requirement of Item 8.A.4 of Form 20-F, which states that in the case of a company's initial public offering, the registration statement on Form F-1 must contain audited financial statements of a date not older than 12 months from the date of the offering (the "12-Month Requirement"). *See also* Division of Corporation Finance, *Financial Reporting Manual*, Section 6220.3.

The Company is submitting this waiver request pursuant to Instruction 2 to Item 8.A.4 of Form 20-F, which provides that the Commission will waive the 12-Month Requirement "in cases where the company is able to represent adequately to us that it is not required to comply with this requirement in any other jurisdiction outside the United States and that complying with this requirement is impracticable or involves undue hardship." See also the 2004 release entitled International Reporting and Disclosure Issues in the Division of Corporation Finance by the staff of the Division of Corporation Finance of the Commission at Section III.B.c, in which the staff notes that:

"the instruction indicates that the staff will waive the 12-month requirement where it is not applicable in the registrant's other filing jurisdictions and is impracticable or involves undue hardship. As a result, we expect that the vast majority of IPOs will be subject only to the 15-month rule. The only times that we anticipate audited financial statements will be filed under the 12-month rule are when the registrant must comply with the rule in another jurisdiction, or when those audited financial statements are otherwise readily available."

The Company hereby represents that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Company is not required by any jurisdiction outside the United States to prepare consolidated financial statements audited under
 any generally accepted auditing standards for any interim period.

2. Compliance
 with Item 8.A.4 at present is impracticable and involves undue hardship for the Company.

3. The
 Company does not anticipate that its audited financial statements for the fiscal year ended April 30, 2025 will be available until
 after July 31, 2024.

4. In
 no event will the Company seek effectiveness of its Registration Statement if its audited financial statements are older than 15
 months at the time of the offering.

The Company is filing this representation as an exhibit to the Registration Statement pursuant to Instruction 2 to Item 8.A.4.

---

| |
|:---|
| Sincerely, |
| */s/ Andrew Yeo* |
| Andrew Yeo, Executive Director and Chief Executive Officer (principal executive officer) |

---