accounting estimate arising from overlooking, or clear misinterpretation of facts and unreasonable judgments of management concerning accounting estimates only account for 12%. As comparing to Singapore study

retail investors brings up the issue of whether a cognitive bias is influencing their decision. • One possible explanation could be based on a misconception that at threshold prices, an up-move of one tick

provides exit opportunity for incumbent shareholders. • Banning RTOs or raising regulatory barrier not necessary. • Improved communications to investors and media to avoid misunderstanding 28 One who

cause misunderstanding or conceal any material fact that should have been informed The Company hereby certifies that the information contained in this Information Memorandum is accurate and complete, in

carefully making respectively which is most important concerned about the benefits of all the shareholders. It contains no misleading information which may cause misunderstanding or conceal any material fact

benefits of all the shareholders. It contains no misleading information which may cause misunderstanding or conceal any material fact that should have been informed The Company hereby certifies that the

the preparation of the Company’s financial statements, the incomplete information may result in material misunderstanding to the users of the Company’s financial statements. Consequently, the Company

, true, and complete and will not cause any misunderstanding or material non-disclosure on the information. 11. The appraised value from the independence valuer. -None- 12. Financial Projection (If any

only, not for the persuasion or to cause any misunderstanding to any person. Please be informed accordingly. Yours sincerely, Sign_____________________Director Sign_____________________Director

, complete and true and does not cause any misunderstanding or not missing any material information. 16 Qualification of Independent Advisor Not applicable 17 Financial Forecast for the Current Year None 18