Sing Holdings

[Jacmar]

for the sake of transparency, this is what I intend to send. Every shareholder can decide and do what you want for your own money. I have leave out the threatening portion but lets be clear that if a rights issue is announced I will dump my shares.

6 March 2014

Sing Holdings Limited
96 Robinson Road
#10-01 SIF Building
Singapore 068899

Dear Board of Directors and Mr Lee

We are a group of shareholders writing in to express our concern with the share performance of Sing Holdings for the past few years. We are disappointed with the Board and Management inaction towards the under performance of the share price. Shareholders' call for a share buy-back has been resisted by the Board and Management as you feel that cash could be better utilised. But after so many years, we do not feel that we had benefitted from the growth of the company as much as the management.

A share buy back mandate and when exercised would send a STRONG signal that the share price is undervalued and that the Board and Management support and share the minority shareholders' concern. With the current bearish property market sentiment, we feel that there is no better use of funds than to buy one's own undervalued shares. Therefore we strongly recommend a share buy back exercise.

With positive net current assets and receivables due from The Laurels Project, we hope you would seriously consider a sizeable dividend payout to reward shareholders' trust in the Board and Management over the past few years.

There are other shareholders who also will be asking for rights issue through a bonus warrants which I STRONGLY disagree. As mentioned above the company is not in short of cash and asking for a rights issue will send a BAD SIGNAL that the company is not in strong financial health.

We deeply appreciate your time and effort in considering the above.

Thank You.

Yours Sincerely