# EDGAR Filing Document

**Accession Number:** 0000936828
**File Stem:** 0001140361-23-001988
**Filing Date:** 2023-1
**Character Count:** 19269
**Document Hash:** 5d201df120233814651eb45c26cc0750
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-001988.hdr.sgml**: 20230118

**ACCESSION NUMBER**: 0001140361-23-001988

**CONFORMED SUBMISSION TYPE**: SC 13G

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230118

**DATE AS OF CHANGE**: 20230118

**GROUP MEMBERS**: CENINGAN INVESTMENT PTE. LTD.

**GROUP MEMBERS**: GIC SPECIAL INVESTMENTS PRIVATE LTD

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GDS Holdings Ltd
- **CENTRAL INDEX KEY:** 0001526125
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** SC 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-89829
- **FILM NUMBER:** 23534770

**BUSINESS ADDRESS:**
- **STREET 1:** F4/F5, BUILDING C, SUNLAND INTERNATIONAL
- **STREET 2:** NO. 999 ZHOUHAI ROAD, PUDONG,
- **CITY:** SHANGHAI
- **STATE:** F4
- **ZIP:** 200137
- **BUSINESS PHONE:** 86-21-2029-2200

**MAIL ADDRESS:**
- **STREET 1:** F4/F5, BUILDING C, SUNLAND INTERNATIONAL
- **STREET 2:** NO. 999 ZHOUHAI ROAD, PUDONG,
- **CITY:** SHANGHAI
- **STATE:** F4
- **ZIP:** 200137

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GDS Services Ltd
- **DATE OF NAME CHANGE:** 20110719
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GIC Private Ltd
- **CENTRAL INDEX KEY:** 0000936828
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** U0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G

**BUSINESS ADDRESS:**
- **STREET 1:** 168 ROBINSON ROAD
- **STREET 2:** #37-01 CAPITAL TOWER
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 068912
- **BUSINESS PHONE:** 065-6889-8888

**MAIL ADDRESS:**
- **STREET 1:** 168 ROBINSON ROAD
- **STREET 2:** #37-01 CAPITAL TOWER
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 068912

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOVERNMENT OF SINGAPORE INVESTMENT CORP PTE LTD
- **DATE OF NAME CHANGE:** 20130110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOVERNMENT OF SINGAPORE INVESTMENT CORP PTE LTD ET AL
- **DATE OF NAME CHANGE:** 19950614

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No.) \*

GDS Holdings Limited

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(Name of Issuer)

Class A ordinary shares, par value $0.00005 per share

------

(Title of Class of Securities)

36165L108\*\*

------

(CUSIP Number)

January 11, 2023

------

(Date of the Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed :

☐ Rule 13d-1(b)

☒ Rule 13d-1(c)

☐ Rule 13d-1(d)

\* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

\*\* There is no CUSIP number assigned to the Class A ordinary shares. CUSIP number 36165L108 has been assigned to the American Depositary Shares of the Issuer, each American Depositary Share representing eight (8) Class A ordinary shares, which are quoted on the Nasdaq Global Market under the symbol "GDS".

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes.)

------

SCHEDULE 13G <br> CUSIP No. 36165L108 <br> Page 2 of 7 Pages

---

| | | |
|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | GIC Private Limited | GIC Private Limited |
| **1** | GIC Private Limited | GIC Private Limited |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a)☐ | (a)☐ |
| **2** | (b)☐ | (b)☐ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** |  |  |
| **3** |  |  |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | Republic of Singapore | Republic of Singapore |
| **4** | Republic of Singapore | Republic of Singapore |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 52467712 (1) |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 52467712 (1) |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 150472172 (2) |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 150472172 (2) |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 52467712 (1) |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 52467712 (1) |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 150472172 (2) |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 150472172 (2) |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 202939884 (1)(2) | 202939884 (1)(2) |
| **9** | 202939884 (1)(2) | 202939884 (1)(2) |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ☐ | ☐ |
| **10** | ☐ | ☐ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 12.64% (3) | 12.64% (3) |
| **11** | 12.64% (3) | 12.64% (3) |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | CO | CO |
| **12** | CO | CO |

---

------

<sup>(1)</sup> These 52,467,712 Class A ordinary shares, par value US$0.00005 per share (the "Ordinary Shares") of GDS (the "Issuer") are represented by (i) 5,467,924 American Depositary Shares ("ADSs"), each ADS representing eight (8) Ordinary Shares; and (ii) 15,795,968 Ordinary Shares.

<sup>(2)</sup> These 150,472,172 Ordinary Shares of the Issuer are represented by (i) 51,200,000 Ordinary Shares that the Reporting Person has the right to acquire upon conversion of the Issuer's 0.25% Convertible Senior Notes due 2029 ("2029 Senior Notes"); (ii) 97,959,183 Ordinary Shares that the Reporting Person has the right to acquire upon conversion of the Issuer's 4.5% Convertible Senior Notes due 2030 ("2030 Senior Notes") and (ii) 1,312,988 Ordinary Shares.

<sup>(3)</sup> Based on 1,606,001,843 Ordinary Shares, which includes (i) 1,456,842,659 shares outstanding as of April 15, 2022, according to the Form 20-F filed by the Issuer with the Securities and Exchange Commission on April 28, 2022; (ii) 51,200,000 Ordinary Shares of post conversion 2029 Senior Notes; and (iii) 97,959,184 Ordinary Shares of post conversion 2030 Senior Notes.

------

SCHEDULE 13G <br> CUSIP No. 36165L108 <br> Page 3 of 7 Pages

---

| | | |
|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | GIC Special Investments Private Limited | GIC Special Investments Private Limited |
| **1** | GIC Special Investments Private Limited | GIC Special Investments Private Limited |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a)☐ | (a)☐ |
| **2** | (b)☐ | (b)☐ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** |  |  |
| **3** |  |  |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | Republic of Singapore | Republic of Singapore |
| **4** | Republic of Singapore | Republic of Singapore |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 125159184 (4) |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 125159184 (4) |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 125159184 (4) |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 125159184 (4) |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 125159184 (4) | 125159184 (4) |
| **9** | 125159184 (4) | 125159184 (4) |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ☐ | ☐ |
| **10** | ☐ | ☐ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 7.79% (3) | 7.79% (3) |
| **11** | 7.79% (3) | 7.79% (3) |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | CO | CO |
| **12** | CO | CO |

---

------

<sup>(4)</sup> These 125,159,184 Ordinary Shares of the Issuer are represented by (i) 27,200,000 Ordinary Shares that the Reporting Person has the right to acquire upon conversion of the Issuer's 0.25% Convertible Senior Notes due 2029 ("2029 Senior Notes"); and (ii) 97,959,184 Ordinary Shares that the Reporting Person has the right to acquire upon conversion of the Issuer's 4.5% Convertible Senior Notes due 2030 ("2030 Senior Notes").

------

SCHEDULE 13G <br> CUSIP No. 36165L108 <br> Page 4 of 7 Pages

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| | | |
|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS** | **NAMES OF REPORTING PERSONS** |
| **1** | Ceningan Investment Pte. Ltd. | Ceningan Investment Pte. Ltd. |
| **1** | Ceningan Investment Pte. Ltd. | Ceningan Investment Pte. Ltd. |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** |
| **2** | (a)☐ | (a)☐ |
| **2** | (b)☐ | (b)☐ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** |  |  |
| **3** |  |  |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION** | **CITIZENSHIP OR PLACE OF ORGANIZATION** |
| **4** | Republic of Singapore | Republic of Singapore |
| **4** | Republic of Singapore | Republic of Singapore |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | **SOLE VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **5** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | **SHARED VOTING POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 125159184 (4) |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **6** | 125159184 (4) |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **7** | 0 |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 125159184 (4) |
| **NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH** | **8** | 125159184 (4) |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON** |
| **9** | 125159184 (4) | 125159184 (4) |
| **9** | 125159184 (4) | 125159184 (4) |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** |
| **10** | ☐ | ☐ |
| **10** | ☐ | ☐ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)** |
| **11** | 7.79% (3) | 7.79% (3) |
| **11** | 7.79% (3) | 7.79% (3) |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** |
| **12** | CO | CO |
| **12** | CO | CO |

---

------

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SCHEDULE 13G <br> CUSIP No. 36165L108 <br> Page 5 of 7 Pages

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| | |
|:---|:---|
| **Item 1(a)** | **Name of Issuer** |

---

GDS Holdings Limited

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| | |
|:---|:---|
| **Item 1(b)** | **Address of Issuer's Principal Executive Offices** |

---

F4/F5, Building C, Sunland International

No. 999 Zhouhai Road

Pudong, Shanghai 200137

People's Republic of China

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| | |
|:---|:---|
| **Item 2(a)** | **Name of Persons Filing** |

---

GIC Private Limited

GIC Special Investments Private Limited

Ceningan Investment Pte. Ltd.

---

| | |
|:---|:---|
| **Item 2(b)** | **Address of Principal Business Office or, if none, Residence** |

---

168 Robinson Road

#37-01 Capital Tower

Singapore 068912

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| | |
|:---|:---|
| **Item 2(c)** | **Citizenship** |

---

GIC Private Limited – Republic of Singapore

GIC Special Investments Private Limited – Republic of Singapore

Ceningan Investment Pte. Ltd. – Republic of Singapore

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| | |
|:---|:---|
| **Item 2(d)** | **Title of Class of Securities** |

---

Class A ordinary shares, par value $0.00005 per share

---

| | |
|:---|:---|
| **Item 2(e)** | **CUSIP Number** |

---

36165L108 (There is no CUSIP number assigned to the Ordinary Shares. CUSIP number 36165L108 has been assigned to the ADSs of the Issuer, each ADS representing eight (8) Ordinary Shares, which are quoted on the Nasdaq Global Market under the symbol "GDS".)

---

| | |
|:---|:---|
| **Item 3**  | **If this statement is filed pursuant to §§240.13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:** |

---

Not applicable.

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| | |
|:---|:---|
| **Item 4** | **Ownership** |

---

Ownership information with respect to GIC Private Limited ("GIC PL") is incorporated by reference from items (5) through (9) and (11) of the cover page, and the associated footnotes.

Ceningan Investment Pte. Ltd. ("Ceningan") shares the power to vote and the power to dispose of 125,159,184 Ordinary Shares that Ceningan has the right to acquire upon conversion of (i) US$170,000,000 principal amount 2029 Senior Notes (which have an initial conversion rate of 160 Ordinary Shares per US$1,000 principal amount); and (ii) US$300,000,000 principal amount 2030 Senior Notes (which have an initial conversion rate of 326.53 Ordinary Shares per US$1,000 principal amount) held directly by it with GIC Special Investments Private Limited ("GIC SI") and GIC PL. GIC SI is wholly owned by GIC PL and is the private equity investment arm of GIC PL.

GIC PL is a fund manager and only has two clients – the Government of Singapore ("GoS") and the Monetary Authority of Singapore ("MAS"). Under the investment management agreement with GoS, GIC PL has been given the sole discretion to exercise the voting rights attached to, and the disposition of, any shares managed on behalf of GoS. As such, GIC PL has the sole power to vote and power to dispose of the 5,467,924 American depositary shares, and 15,795,968 Ordinary Shares, beneficially owned by it. GIC PL shares power to vote and dispose of 1,312,988 Ordinary Shares beneficially owned by it with MAS.

GIC PL is wholly owned by the GoS and was set up with the sole purpose of managing Singapore's foreign reserves. The GoS disclaims beneficial ownership of these shares.

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SCHEDULE 13G <br> CUSIP No. 36165L108 <br> Page 6 of 7 Pages

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| | |
|:---|:---|
| **Item 5** | **Ownership of Five Percent or Less of a Class** |

---

Not applicable.

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| | |
|:---|:---|
| **Item 6** | **Ownership of More than Five Percent on Behalf of Another Person** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 7** | **Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 8** | **Identification and Classification of Members of the Group** |

---

Not applicable.

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| | |
|:---|:---|
| **Item 9** | **Notice of Dissolution of Group** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 10** | **Certifications** |

---

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a-11.

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SCHEDULE 13G <br> CUSIP No. 36165L108 <br> Page 7 of 7 Pages

#### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct as of the date below.

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| | |
|:---|:---|
| **GIC PRIVATE LIMITED** | **GIC PRIVATE LIMITED** |
| By: | /s/ Diane Liang Weishan |

---

<br> Name: Diane Liang Weishan <br>Title: Senior Vice President <br>Date: January 18, 2023

---

| | |
|:---|:---|
| By: | /s/ Toh Tze Meng |

---

<br> Name: Toh Tze Meng <br>Title: Senior Vice President <br>Date: January 18, 2023

---

| | |
|:---|:---|
| **GIC SPECIAL INVESTMENTS PRIVATE LIMITED** | **GIC SPECIAL INVESTMENTS PRIVATE LIMITED** |
| By: | /s/ Chan Hoe Yin |

---

<br> Name: Chan Hoe Yin <br>Title: Director <br>Date: January 18, 2023

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| | |
|:---|:---|
| **CENINGAN INVESTMENT PTE. LTD.** | **CENINGAN INVESTMENT PTE. LTD.** |
| By: | /s/ Nicole Goh |

---

<br> Name: Nicole Goh <br>Title: Director <br>Date: January 18, 2023

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