Cluny Home Development Pte Ltd

In October 2014, USP Properties Pte Ltd (“USPP”), a whollyowned subsidiary of the Company, has subscribed for 900 new ordinary shares in the capital of Cluny Home Development Pte Ltd (“CHDPL”), for an aggregate consideration of SGD900. Following the aforesaid subscription, USPP holds 90% of the total and issued paid-up capital of CHDPL and CHDPL has become a subsidiary of the Company.