Below are excerpts from the quarterly report of TwinPeak Capital, a private family office we manage.

(Excerpt)

June 30, 2016

TwinPeak Capital NAV (the “TWIN”) increased 7.10% versus a 8.45% gain for the iShares Core MSCI Pacific ETF (the “MSCI Pacific”) for the quarter ending September 30, 2016. The following table compares the TWIN’s unaudited performance (after fees) with that of the MSCI Pacific for various periods ending September 30, 2016. For the quarter ended September 30, 2016, the Company underperformed the iShares Core MSCI Pacific ETF (the “MSCI Pacific”) by 1.35 percentage points. From inception, the Company outperformed the MSCI Pacific by 11.22 percentage points on a cumulative basis. At September 30, 2016, the value of a SG$10,000.00 hypothetical investment in the TwinPeak Capital at its inception is worth SG$11,179 compared to SG$10,056 for the MSCI Pacific.

Market Commentary

The Global Economy remains volatile. In the last quarter, volatility occured due to the Brexit. ......