SINGAPORE RETAIL LICENCE

Foord established its operations in Singapore in early 2012 with a view to leverage the country's strong infrastructure, availability of skilled professionals and highly regarded regulatory framework, for the expansion of the group's international operations.

Following changes in the regulatory framework for fund managers in Singapore, Foord Singapore submitted a lengthy and detailed application for a Capital Markets Services ("CMS") License for Fund Management. After several months of focused engagement with the Monetary Authority of Singapore ("MAS"), Foord Singapore was issued, in late May 2013, with a CMS License for Fund Management, authorising it to serve all classes of investors, including retail investors.

Immediately thereafter Foord Singapore filed an application to register a prospectus that is appropriate for distribution to retail investors. The prospectus was registered with MAS on 10 June 2013.

Together with the CMS License for fund management status and a prospectus registered with the MAS, for retail distribution, Foord Singapore is now well positioned to expand its investor base and at the same time pursue distribution of the fund in other markets.