The Exchangeable Loans. In connection with the Proposed Acquisition, the Target shall be entitled to issue to third party investor(s), at its discretion at any time prior to the submission of the circular to the SGX-ST, exchangeable loans (each, an “Exchangeable Loan”) which shall be granted with the option to exchange said loan (the “Exchange Option”) for Shares in the Company (the “Exchange Shares”). The Exchangeable Loans shall be subject to the definitive terms and conditions set out in agreement(s) to be executed between the Target, the Purchaser and the lender(s) from time to time. The maximum aggregate number of Exchange Shares that shall be exercisable under all of the Exchange Options granted by the Company in respect of all Exchangeable Loans shall be less than five per cent. (5%) of the enlarged share capital of the Company. The Company will make the relevant announcements of the Exchange Loans as and when they are entered into, in compliance with its disclosure obligations under the Catalist Rules.