February 26, Acknowledgement for the Current Situation on Group Lease PCL (Continuous Disclosure)

February 26, 2019

Company Name: JTRUST ASIA PTE.LTD.
Representative: Nobuyoshi Fujisawa, Managing Director, CEO
Contact: Nobiru Adachi, Director
Telephone: +65-6535-5152

Acknowledgement for the Current Situation on Group Lease PCL
(Continuous Disclosure)

J Trust Co., Ltd., the parent of JTRUST ASIA PTE. LTD., published a press release “Acknowledgement for the Current Situation on Group Lease PCL (Continuous Disclosure)”. Please refer to the attachment.

February 26, 2019

February 26, 2019
J Trust Co., Ltd.
Securities code: 8508

Acknowledgement for the Current Situation on Group Lease PCL
(Continuous Disclosure)

J Trust Co., Ltd. (hereinafter, “the Company”) has continuously disclosed information regarding Group Lease PCL (hereinafter, “GL”) and would like to make a further announcement on subsequent events as follows:

- The development in Thailand:
  Central Bankruptcy Court dismissed the business reorganization petition against GL filed by JTRUST ASIA PTE. LTD. (hereinafter, “JTA”), the decision with which JTA disagrees. JTA submitted the appeal to the Appeal Court on 17 April 2018. On 26 February 2019, the Central Bankruptcy Court reads out the judgment of the Court of Appeal for Specialized Case to all parties. In summary, the Court of Appeal for Specialized Case rules that the order of the Central Bankruptcy Court dismissing the business reorganization petition without conducting a trial for witness presentation is incorrect and shall be overturned. As a result, the business reorganization petition is now back under the consideration of the Central Bankruptcy Court who schedules the hearing for JTA’s witnesses presentation on 26 April 2019.

- The development in Singapore:
  In Singapore, JTA's claim for damages against Group Lease Holdings Pte. Ltd. (hereinafter “GLH”), Mr. Mitsuji Konoshita, as well as Cougar Pacific Pte Ltd (incorporated in Singapore) and Aref Holdings Limited, Adalene Limited, Bellaven Limited, and Baguera Limited (all of which are incorporated in Cyprus), is pending.

  Furthermore, JTA obtained from the Singapore Court of Appeal (the highest court in Singapore), a worldwide Mareva injunction against GLH and Cougar Pacific Pte Ltd and a domestic Mareva injunction against Mr. Mitsuji Konoshita, all of which remain in force.

  GLH and Mr. Mitsuji Konoshita filed an application to strike out JTA's claim or in the alternative, to set aside the Mareva injunctions against GLH and Mr. Mitsuji Konoshita. On February 1, 2019, the Singapore High Court dismissed the application by GLH and Mr. Mitsuji Konoshita.

We will make further disclosure as soon as any further development occurs.

-End-

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