<SEC-DOCUMENT>0001104659-22-064391.txt : 20230517
<SEC-HEADER>0001104659-22-064391.hdr.sgml : 20230517
<ACCEPTANCE-DATETIME>20220524214555
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-22-064391
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220524

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bitdeer Technologies Group
		CENTRAL INDEX KEY:			0001899123
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		08 KALLANG AVENUE, APERIA TOWER 1, #09-0
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			339509
		BUSINESS PHONE:		65-62828220

	MAIL ADDRESS:	
		STREET 1:		08 KALLANG AVENUE, APERIA TOWER 1, #09-0
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			339509
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRSLTR
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="tm2135137d13_drsltrimg001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Will H. Cai</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">+852 3758 1210</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">wcai@cooley.com &nbsp; &nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ma</FONT>y&nbsp;25,
2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>VIA EDGAR</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Office of Technology<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:</FONT></TD><TD>Ms.&nbsp;Melissa Walsh, Senior Staff Accountant<BR>
Mr.&nbsp;Stephen Krikorian, Accounting Branch Chief<BR>
Ms.&nbsp;Priscilla Dao, Staff Attorney<BR>
Mr.&nbsp;Larry Spirgel, Office Chief</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">Re:</TD><TD><B>Bitdeer Technologies Group</B><BR>
<B>Responses to Staff&rsquo;s Comments on Amendment No.&nbsp;2 to Draft Registration Statement on </B><BR>
<B>Form&nbsp;F-4 Submitted on April&nbsp;6, 2022</B><BR>
<B>CIK No.&nbsp;0001899123</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On behalf of our client,
Bitdeer Technologies Group (the &ldquo;<B><I>Company</I></B>&rdquo;), we are responding to the comments of the staff (the &ldquo;<B><I>Staff</I></B>&rdquo;)
of the Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) contained in the letter dated May&nbsp;10, 2022
(the &ldquo;<B><I>Comment Letter</I></B>&rdquo;), relating to the above referenced Amendment No.&nbsp;2 to Draft Registration Statement
on Form&nbsp;F-4 (the &ldquo;<B><I>DRS/A</I></B>&rdquo;). In response to the comments set forth in the Comment Letter, the Company has
revised the DRS/A and is filing a revised version of the DRS/A (the &ldquo;<B><I>Revised DRS/A</I></B>&rdquo;) via EDGAR with this response
letter. The Company also replaced the unaudited interim financial statements as of June 30, 2021 and for the six months ended June 30,
2021 of Bitdeer Technologies Holding Company (&ldquo;<B><I>Bitdeer</I></B>&rdquo;) with the audited financial statements as of December 31, 2021
and for the year ended December 31, 2021 of Bitdeer in the Revised DRS/A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Set forth below are the Company&rsquo;s
responses to the Comments. The Staff&rsquo;s comments are repeated below in bold and are followed by the Company&rsquo;s responses. Page&nbsp;references
in the text of this response letter correspond to the page&nbsp;numbers of the Revised DRS/A. Capitalized terms used but not defined
herein are used herein as defined in the Revised DRS/A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Response Submitted April&nbsp;6, 2022 to
Comments on Amendment No.&nbsp;2 to Draft Registration</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Bitdeer Technologies Holding Company and
Subsidiaries</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Notes to the Unaudited Condensed Combined
and Consolidated Financial Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Note 3. Changes in Significant Accounting
Policies</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>b. Cryptocurrency lending, page&nbsp;F-35</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><B>We note your response to prior comments 10 and 11 and continue to evaluate your analysis.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company acknowledges the Staff&rsquo;s
comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2135137d13_drsltrimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ma</FONT>y&nbsp;25,
2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page&nbsp;2 </P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Notes to the Combined Financial Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Note 2. Summary of Significant Accounting
Policies</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>h. Cryptocurrencies, page&nbsp;F-62</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><B>We note your response to prior comment 13 and continue to evaluate your analysis.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company acknowledges the Staff&rsquo;s
comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><B>We note your proposed revised disclosure in response to prior comment 13. Please further revise to
clarify that cryptocurrencies received from your revenue arrangements are not an addition to operating activities; rather, an adjustment
to remove the noncash item</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s
comment, the Company has revised the disclosure on page&nbsp;F-44 of the Revised DRS/A to clarify the acceptance of cryptocurrencies
from Bitdeer&rsquo;s revenue arrangements is an adjustment to remove the noncash item for the cash flows from operating
activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>l. Mining machines, page&nbsp;F-64</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><B>We note your proposed revised disclosure in response to prior comment 14. Please address the following:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><B>In light of your reassessment of the accounting for Cloud Hosting arrangements as noted in response
to prior comment 19, please explain the type of arrangements in which the sales of mining machines to customers are recognized at the
point in time when control of the mining machines is transferred to the customer upon deployment of the mining machines;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><B>Please clarify what you consider to be the amount of promised consideration to which the Group is expected
to be entitled; and</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><B>Please tell us the nature of amounts collected on behalf of third parties that are excluded from revenue
and cite the guidance that supports your accounting.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company respectfully advises
the Staff that for the arrangement of sale of mining machines which were previously used in Bitdeer&rsquo;s operations, the control
of the mining machines is generally transferred upon shipment as prescribed in the contract. The customers will take physical
possession of the machines under the sale of mining machines arrangements. The Company has revised the revenue recognition policy
for the Sale of Mining Machines business on pages&nbsp;F-48 and F-49 of the Revised DRS/A to clarify the transfer of control
generally occurs upon shipment of the mining machines as defined in the revenue contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The amount of promised consideration
to which Bitdeer is expected to be entitled is the selling price of the mining machines net of applicable value-added taxes (&ldquo;<B><I>VAT</I></B>&rdquo;)
and sales taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The amounts collected on behalf of third
parties refer to the VAT and sales taxes collected from the customers on behalf of the government. Bitdeer presents revenue in amount
net of VAT and sales taxes based on IFRS 15 paragraph 47 and appendix B paragraph B37 where Bitdeer acts as an agent for the government.
Bitdeer has revised the revenue recognition policy on page&nbsp;F-49 of the Revised DRS/A to eliminate duplicated information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">55 Hudson Yards, New York, New York 10001-2157</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">t: +1
212 479 6000 f: +1 212 479 6275 cooley.com</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2135137d13_drsltrimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ma</FONT>y&nbsp;25,
2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page&nbsp;3 </P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><B>In response to prior comment 14, we note that you reassessed and concluded the sale of mining machines
should be accounted for in accordance with IFRS 15. Please provide us with a reevaluation of your classification of the cash flows related
to proceeds from the sale of mining machines and cash outflows for the purchase of mining machines as cash flows from investing activities
and cite the guidance that supports your accounting.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company respectfully advises
the Staff that it has revised pages&nbsp;F-34, F-36, F-40 and F-41 of the Revised DRS/A regarding the financial presentation on the
sale of mining machines related to revenue, cost of revenue and cash flows. The cash outflows for the purchase of mining machines
are classified as cash flows from investing activities and the proceeds from the sale of mining machines are classified as cash
flows from operating activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company respectfully presents the
analysis to the Staff as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">-</TD><TD STYLE="text-align: justify">As discussed in the response to comment 39 in the response letter dated January&nbsp;24, 2022, Bitdeer&rsquo;s
plan of mining machine purchases focuses on the purpose of held-for-use in the provision of its business operations such as the Cloud
Hash Rate and Proprietary Mining businesses and the mining machines are generally intended to be used during more than one period, which
meets the definition of property, plant and equipment pursuant to paragraph 6 of IAS 16. When planning or making mining machine purchases,
Bitdeer does not intentionally set aside, appropriate, or purchase any mining machine for the purpose of re-sale nor does it have a sales
plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">-</TD><TD STYLE="text-align: justify">Based on such purpose, the cash flows from the acquisitions of the mining machines, which are revenue-generating
equipment, are classified as investing cash flows. Such presentation is consistent with IAS 7 paragraph 16, in which the payments to acquire
long-term assets, including property, plant and equipment are indicated as an example of cash flows expected to be classified as investing
activities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">-</TD><TD STYLE="text-align: justify">As discussed in the response to comment 14 in the response letter dated April&nbsp;6, 2022, the mining
machines sold in the Sale of Mining Machines business are held-for-use in Bitdeer&rsquo;s operations until Bitdeer identifies such mining
machines for sale (generally when a mining machine sales contract is entered into), upon which the underlying mining machines are considered
to be transferred to inventories and accounted for according to IAS 2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">-</TD><TD STYLE="text-align: justify">As the mining machines held-for-sale is classified as inventories before they are sold and the Sale of
Mining Machine business is an integral part of Bitdeer&rsquo;s daily operation, the cash inflows related to the sale of mining machines
are classified as operating cash flows in accordance with IAS 7 paragraph 6.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>o. Revenue recognition, page&nbsp;F-65</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Our Cryptocurrencies</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><B>We note your proposed revised disclosure in response to prior comment 18 regarding proprietary mining
arrangements. Consistent with your January&nbsp;24, 2022 response to prior comment 45, please also indicate the relative amount of the
transaction verification fees.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company respectfully advises the Staff that it chooses not to disclose the relative amount of the transaction verification fees in
the footnote to the combined and consolidated financial statements based on the following analysis:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">-</TD><TD STYLE="text-align: justify">As discussed in the Company&rsquo;s response to comment 45 in the response letter dated January&nbsp;24,
2022, Bitdeer&rsquo;s only performance obligation to the mining pool operators is to provide computing power. The transaction price for
this single performance obligation is a single amount calculated by the mining pools using a predetermined formula based on the sharing
mechanism agreed between Bitdeer and the mining pool operation as part of the contract. As Bitdeer only provides one type of service to
the pool operators and the entire proprietary mining revenue is revenue recognized from contracts with customers, there are no other sources
of revenue that need to be separately disclosed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">55 Hudson Yards, New York, New York 10001-2157</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">t: +1
212 479 6000 f: +1 212 479 6275 cooley.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2135137d13_drsltrimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ma</FONT>y&nbsp;25,
2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page&nbsp;4 </P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">-</TD><TD STYLE="text-align: justify">The mining pool operators Bitdeer contracts with generally do not provide separate amounts of the block
rewards and the transaction verification fees in the mining reward statements which are available for downloads from Bitdeer&rsquo;s accounts
on the pool operators&rsquo; websites. As a result, the accurate amount of the transaction verification fees for all periods presented
is not readily available to Bitdeer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">-</TD><TD STYLE="text-align: justify">Bitdeer primarily focuses on Bitcoin mining. For informational purpose, Bitdeer estimated the amount of
transaction verification fees for Bitcoin mining based on the transaction verification fees to block reward ratio statistically summarized
from public information on the blockchain by Blockchair, a reputable and widely used blockchain explorer. Bitdeer applied such ratios
to its mining rewards and estimated the transaction verification fees to be approximately $1.0 million, $5.4 million and $11.7 million,
representing 3%, 6% and 6% of the total proprietary mining revenue for the years ended December&nbsp;31, 2019, 2020 and 2021 respectively.
As a percentage of the total proprietary mining revenue, the estimated transaction verification fee was less than 10% for all periods
presented.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Bitdeer has revised the revenue
recognition policy on page&nbsp;F-48 of the Revised DRS/A to further clarify that the cryptocurrency reward Bitdeer is entitled to
is an aggregate amount calculated based on a predetermined formula agreed upon by Bitdeer and the mining pool operators and the
transaction consideration primarily includes the block rewards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>We note your responses to prior comments 15, 16, 17, and 19 regarding Cloud Hash Rate and Cloud Hosting
arrangements and continue to evaluate your analysis.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company acknowledges the Staff&rsquo;s
comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>We note your proposed revised disclosure of the Cloud Hosting accounting policy in response to prior
comment 19 indicating revenue is recognized ratably over the term of the service. Please elaborate on the period over which revenue is
recognized. In this regard, we note that the upfront payment is for the promise to provide the computing power generated from specified
mining machines over the life of the mining machines and the hosting fees are based on the customer&rsquo;s consumption of electricity
every ten days.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company respectfully advises the Staff that, as discussed in the Company&rsquo;s response to comment 19 in the response letter dated
April&nbsp;6, 2022, since Bitdeer charges extra liquidation fees (30%-50% of the market prices of the mining machines) to the Cloud Hosting
customers who intend to take physical possession of the mining machines, Bitdeer reasonably believes the customers who enter into Cloud
Hosting arrangements with Bitdeer do not have the intention to take physical possession of the machines (i.e., they would purchase directly
from other mining machine resellers as it is less costly) and are very likely to continue using the mining machines until the machines
are obsolete, meaning that they can no longer generate sufficient mining revenues for the customers to cover the customer&rsquo;s costs,
or discarded due to circumstances specified in the Cloud Hosting user agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Based on the analysis above,
Bitdeer expects the service term related to the upfront payment to be the life of mining machines, which is estimated to be two
years. Bitdeer estimates the life of the mining machines considering various factors, such as hardware wear and tear and technical
obsolescence, taking into account the anticipated changes in mining profitability which are mainly affected by the price of
cryptocurrencies mined and the electricity costs. The Cloud Hosting business is a relatively new business practice that commenced in
October&nbsp;2020. The two-year life represents the best estimate based on Bitdeer&rsquo;s industry knowledge and is consistent with
the life of mining machines used in Bitdeer&rsquo;s other operations. Bitdeer reviews the estimated life of mining machines used in
Cloud Hosting arrangement at least at each financial year-end and adjust the estimate if the expectation on the realization of
economic benefits from these mining machines is different from the previous estimate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">55 Hudson Yards, New York, New York 10001-2157</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">t: +1
212 479 6000 f: +1 212 479 6275 cooley.com</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2135137d13_drsltrimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ma</FONT>y&nbsp;25,
2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page&nbsp;5 </P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Since the net book value of the mining
machines offered in the Cloud Hosting arrangements, at the time these mining machines were identified for the Cloud Hosting arrangements,
was immaterial, and the upfront payment received in the Cloud Hosting business amounted to only 2% and 2% of the total revenue in the
years ended December&nbsp;31, 2020 and 2021, respectively, Bitdeer does not believe the estimate of service term constitutes a significant
estimate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the fees charged for the
provision of maintenance service, the benefit is consumed by the customers as the service is performed. Bitdeer regards each billing
cycle (every ten days) as a service cycle, and the fees charged during that cycle are recognized over the cycle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Bitdeer has revised the revenue recognition
policy on page&nbsp;F-48 of the Revised DRS/A to elaborate on the service term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Note 19. Subsequent Events, page&nbsp;F-91</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><B>We note that you have entered into a loan agreement for 30 million USDC and purchased a short-term
wealth management product in the amount of 30 million USDT. Please explain how you are accounting for these transactions and cite the
literature that supports your accounting. Describe the material rights and obligations of both parties to the loan and the investment.
In addition, please explain how the transactions are reflected in each of your financial statements.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company respectfully advises the Staff that these two transactions had no impact on the combined and consolidated statement of financial
position as of December&nbsp;31, 2021 because the loan was fully collected, the wealth management product was fully redeemed and the corresponding
cryptocurrencies were all disposed of by Bitdeer for US dollars as of December&nbsp;31, 2021. The additional return arising from the loan
and wealth management product investment was included in finance income / (expense) in the combined and consolidated statement of operation
and comprehensive income / (loss) for the year ended December&nbsp;31, 2021 and, due to the short-term nature, the aggregate return from
both transactions is immaterial to the overall financial statements. As discussed in the response to comment 13 in the response letter
dated April&nbsp;6, 2022, the cash outflows related to the purchase of cryptocurrencies used for lending and wealth management product
investment and the cash inflows related to the cash received from the disposal of the cryptocurrencies received from these two transactions
are classified as investing cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Furthermore, it is Bitdeer&rsquo;s cryptocurrency
investment policy to only invest in robust products with reputable institutions and the investments need to be redeemed within the same
fiscal quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">55 Hudson Yards, New York, New York 10001-2157</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">t: +1
212 479 6000 f: +1 212 479 6275 cooley.com</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2135137d13_drsltrimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ma</FONT>y&nbsp;25,
2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page&nbsp;6</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Bitdeer presents to the Staff the material
rights and obligations of both parties under the loan and wealth management product purchase arrangements as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 94%; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan arrangement</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wealth management product investment arrangement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitdeer&rsquo;s material rights</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right to receive the principal and interest from the loan upon lending</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Right to redeem the investment partly or in whole in USDT during the
    period at the net asset value when the investment is open for additional fundraising and redemption. The investment is open for redemption
    and additional purchase on certain days each month.&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitdeer&rsquo;s material obligations</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cannot cancel the investment subscription order or request to withdraw
    the investment amount once Matrixport Group receives the order;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Obligated to pay for the redemption fee.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrixport Group&rsquo;s material rights</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right to receive loan proceeds upon signing of the agreement</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Right to deduct the investment amount from Bitdeer&rsquo;s Matrixport
    account once the investment order is successfully placed;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Right to determine the number of investment units (share of investment
    portfolio purchased) based on the net value of the asset management product at the end of the fundraising period;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Right to charge the redemption fee at Bitdeer&rsquo;s redemption;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Right to refuse or suspend the redemption request under certain extraordinary
    circumstances, such as when the digital asset market is in an abnormal state of extreme fluctuations, the redemption may have a huge adverse
    impact on the interests of other clients who have not redeemed, and a force majeure event or an extreme circumstance occurs.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matrixport Group&rsquo;s material obligations</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Obligated to make timely repayment in amount matching the loan amount
    plus interest;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Obligated to pay overdue interest, as well as pay other relevant fees
    arising from overdue repayment (if any)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Use third-party quantitative trading teams with good performance records
    to manage the product and the trading teams will work on capturing market arbitrage opportunities in exchanges and global markets;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon redemption, obligated to pay Bitdeer the investment amount equals
    to the investment units times the net asset value with USDT at the time of redemption</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The accounting for the two transactions
is presented as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Bitdeer&rsquo;s USDC and USDT are accounted
for as intangible assets with indefinite useful life under IAS 38. Although the values of USDC and USDT were pegged to US dollars, Bitdeer
determines these two cryptocurrencies do not meet the definition of financial assets because there are provisions that limit Bitdeer&rsquo;s
ability to redeem USDC and USDT for cash. For USDT, the term of service from Tether, the issuer of USDT, specifies that: 1) in order to
cause Tether Tokens to be issued or redeemed directly by Tether, the holder must be a verified customer of Tether. No exceptions will
be made to this provision; 2) Tether reserves the right to delay the redemption or withdrawal of Tether Tokens if such delay is necessitated
by the illiquidity or unavailability or loss of any reserves held by Tether to back the Tether Tokens, and Tether reserves the right to
redeem Tether Tokens by in-kind redemptions of securities and other assets held in the reserves (source: https://tether.to/en/legal).
For USDC, Circle, the issuer of USDC, also imposes restrictions on redemption. Specifically, Circle states that the holders of USDC may
not redeem USDC with Circle unless and until they open a Circle Account subject to certain eligibility checks (source: https://www.circle.com/en/legal/usdc-terms).
Bitdeer does not hold an account with Tether or Circle. Based on the analysis above, Bitdeer has no contractual rights to directly redeem
USDT or USDC for fiat currency and determines that USDC or USDT should be accounted for as intangible assets instead of financial assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">55 Hudson Yards, New York, New York 10001-2157</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">t: +1
212 479 6000 f: +1 212 479 6275 cooley.com</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2135137d13_drsltrimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ma</FONT>y&nbsp;25,
2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page&nbsp;7</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Accounting for the loan agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As analyzed in the response to comment
11 in the response letter dated April&nbsp;6, 2022, although Bitdeer transfers cryptocurrencies to Matrixport Group, Bitdeer has the right
to receive the repayment of the loan principal. The USDC lent, accounted for as intangible assets, should not be derecognized because
control has not been transferred to the borrower due to the repurchase right according to IFRS 15 appendix B paragraph B66. No gain or
loss was recognized at the inception of the loan and the USDC was continued to be accounted for by Bitdeer under IAS 38. The annual interest
rate specified in the loan agreement was 8.25% represented a fee for using the USDC. As Bitdeer grants Matrixport Group a right to use
an identified intangible asset for a period of time and the risk and reward incidental to the ownership of the USDC are not transferred
to Matrixport Group, the transaction is accounted for as an operating lease pursuant to IFRS 16. The 8.25% interest for using the USDC
is regarded as the consideration in exchange for Matrixport Group&rsquo;s right to use the USDC during the period and is recognized over
the period of use on a straight-line basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Accounting for the short-term wealth
management product</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The wealth management product is a USDT
investment fund which seeks market arbitrage opportunities. Bitdeer first evaluates whether it had relinquished control over the USDT.
In this case, Bitdeer transferred the USDT to Matrixport Group in exchange for the shares of the underlying investment portfolio in the
wealth management product. Because Bitdeer may lose some or all of the USDT initially transferred upon redemption as the investment is
not principal-guaranteed, Bitdeer no longer has the right to reacquire the substantially similar asset. As such, the control of the USDT
is considered transferred upon the purchase of the wealth management product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The shares of the wealth management
product Bitdeer purchased represent contractual rights to the residual interests in the net assets of the underlying investment portfolio
and meet the definition of equity instruments under IAS 32 from the perspective of the issuer because the shares of the wealth management
product do not include a contractual obligation to deliver cash or another financial asset and do not require settlement in the investment
portfolio&rsquo;s own equity instruments. Bitdeer classifies the investment in the wealth management product as an equity investment and
measures the equity investment at fair value with income or loss recognized in profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Because the investment is short-term
in nature and was redeemed within the same fiscal quarter, Bitdeer believes the cost to purchase the shares of the investment portfolio
approximated their fair value. Upon redemption of the wealth management product, Bitdeer derecognized the investment and recognized cryptocurrency
received at the fair value on the date of redemption. The difference between the carrying value of the investment and the fair value of
cryptocurrency received was immaterial and was recognized in earnings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">55 Hudson Yards, New York, New York 10001-2157</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">t: +1
212 479 6000 f: +1 212 479 6275 cooley.com</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2135137d13_drsltrimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ma</FONT>y&nbsp;25,
2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page&nbsp;8</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you have any questions regarding the response
letter, please contact the undersigned by phone at +852-3758-1210 or via e-mail at wcai@cooley.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Will H. Cai</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Will H. Cai</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">cc:</TD><TD>Linghui Kong, Chief Executive Officer, Bitdeer Technologies Holding Company<BR>
Naphat Sirimongkolkasem, Chief Financial Officer, Blue Safari Acquisition Corp.<BR>
Nicholas H.R. Dumont,&nbsp;Esq., Partner, Cooley LLP<BR>
Timothy Pitrelli,&nbsp;Esq., Partner, Cooley LLP<BR>
Danielle Bian, Partner, MaloneBailey, LLP<BR>
David Grossman, Partner, Marcum LLP<BR>
Derek Dostal,&nbsp;Esq., Partner, Davis Polk&nbsp;&amp; Wardwell LLP<BR>
Howard Zhang,&nbsp;Esq., Partner, Davis Polk&nbsp;&amp; Wardwell LLP</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2135137d13_drsltrimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2135137d13_drsltrimg001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1"  ] )@# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#]_**YOXN_
M%WP[\"/AUJGBOQ7JD&CZ#H\7FW-S+DXY 5549+.S$*JJ"6)  )-?EA^T'_P7
M;^)?Q=\9MH7P;T$:#9W#F&RF>Q&HZQ>GGYECPT:9'\ 1R,?>K@QN94,+;VKU
M?1;GWW!/AKGO%,IRRRFE3A\52;Y81ZV;UN[:M)-I:O0_7.BOQAD^.W[>NA:=
M'KCV_P 5?L\K%AN\+)-MSDY:#[.2J\'[R #CU%?3_P#P2S_X*F^.OVG/C%=?
M#3XAZ%8KK5K93WB:G;Q-9RKY10-%/ <C=ENJ[,8QM[URT,[HU*BI2C*+>UT?
M49_X(YOEN75<SH8FAB:=)7G[*I=Q2W;32V\G?R/O^BBBO9/QD**** "BBB@
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M7Q'XZO84NWTJ$)96C.5^V74C!(HL@$@%B"3CA0Q[5^5O_!.'XE:O_P $ZO\
M@H[JOPU\4S>1I>N7W_"-:FS_ "1F7<38W8'/#%UQDX"7+$]*[G_@N_\ M#7?
MQE^/?A7X+^&M^H'0Y8IKNW@.3<ZI<_)##CIN2)QCWN&!Z5M'.)+ .I+^(O=^
M?]:_(\;%^#N'J<?4<!A%_P )U:*Q"DF[*CO)<V^_NIWO:46S[*_X)H_MR>*_
MV[O"?B+Q%J_@_3_"^A:5<QV-E-!=O.U_/MWR@;E7 13'SSDR?[)HKU3]D']G
M>R_95_9R\+>!K/RI'T:S47L\:X%W=O\ //+ZX:1FQGH,#M17N82-6-&*K.\N
MI^&\78G+:^<XBIDU)4\-S-4XJ[]U:)^\V[RMS.[T;ML?,'_!:/\ X)[W_P"T
M[X&LO'O@ZQDO?&?A.W:"XLH4!EU:QR7VH.K21L695'+!W !.T5\V?\$Y?^"S
M4G[-7A"T^'GQ0T_5-1T#1S]ET[4K9 UYI48./(EB8@O&G;!W(!MPP  _7ROG
M_P#::_X)C?!S]J[5IM5\1^&?L7B"X!\S5](F-G=S$@#=)@%)6&!AI$8C&,XX
MKS,7EM95_K6#E:3W3V9^G<(>)645,D7"O&.'E6PL7>G.'\2D_*[5UJ[:Z)M-
M25DN3O/^"UW[.-KI9N$\<W=Q*%S]FCT'4!*3Z9:$)G_@6*Y+]E#_ (*SC]M3
M]M"W\%^%M"ETCP9::5>7LES?[3?:C(AC"':I*Q(-S'&68\<K@J<'3_\ @WD^
M$%MJ"23^*?B)<P(VXPF[M$WC^Z6%OG'KC!],5]1_LV_L5_#/]DO3WB\#>%K+
M2[J=-EQ?R%KB^N!UPTSDOMSSM!"^U.BLSJ5(^VY8Q6]MW^9&=5O#+ 9?6CDL
M<1B<1.+C!U>51IMZ<VBA=KII+Y/4_,#_ (*6?#KQ5^P/_P %';3XPZ%9LVD:
MYJB:]87!C_<27!'^EVDA&<%\R$\ E)LCE21]U?"G_@LO\!/B-X+BU._\7+X6
MOA&&NM,U2UF$]N^.55D1DD&<X*$^X'2OH?XJ?"7PU\;_  1=^'/%NBV&O:)?
M#$UI=Q[T)'1E/57'4,I# \@BOC/Q7_P;Y_!K7-<FNM/UWQYHMM*<K9P7MO+%
M#[*TD+/C_>9CSU[5D\'C,+5E/!V<9.]GT9Z=+C+A#B?*L+@^,/:T<3A8JG&K
M22?/!;*2:;NO3>[OJXGR=_P4^_;K/_!1[XH>%/AY\+M,U35=$L+PFS_<%)];
MO9!L#K&>41%W %L'YW+  "ONSXM?\$^Y]4_X)61_!?2F@DU[1='AGM60!([G
M48I!<R =@)93*N3T\S)->@_LH?\ !.OX5_L;,;KPCH;RZX\7DR:UJ4OVF_=2
M,$!L!8PW<1J@/<=*]RK7"99-NI5Q;O*:L[;)=CRN*_$W!TX9?E?"5.5/"X&:
MJ1<]95*J=^>26EM].O,]$K)?CU_P21_X*5:1^QG#K?PS^)T6H:1H<NI/<V]Z
M;61Y-'NL".:&>( R!"8U^ZI*.&R,,2OV7^T)_P %I/@K\)/ -W>>'?$,/CCQ
M T1^P:9IT<H663 V^;,R!(T!(SR6QG"DC%=G^U?_ ,$O?A)^V!JKZMX@T>ZT
MGQ%(NU]8T:86MU-C&/,!5HY#P!N="V. 17D?P_\ ^" 7P5\)>(8[W5-0\:>)
MH(B"+&]OXH;>3_>\F))#^#COUKGIX?,\/#ZO2<7'HWNOZ^9]'F?$/AEQ!C?]
M8,VAB*->5G4HPY7"<EO:6]I=7>#>^CU?S3_P15^!?B/]HG]LC6_CAK\+?V?I
M%S?7CWFTJE[JMX'WH@[A4FD=N?E)CZYXQ?\ @X;_ .3TO#'_ &)-K_Z77]?K
M]X(\#:/\-?"EEH?A_3++1M'TV,16MG9PB*&!>N HXZY)/4DDGDU\^_ME?\$K
MOA]^W%\3['Q9XLUCQEI^HZ?I<>DQQZ3=VT4+1)+-*&(E@D;=NF?)W 8 XZDE
M?)YK ?5J3O)N[?F7D7C+@JO'BXDS.#I8:%)TJ<8KF<8KX5I;=MMVT5[=#YQ_
M;M_9LU?XZ?\ !'[X+:UH-K-?:CX$\,Z/J4UM$"SR6;Z;$DY51U*?NW/^RCTS
M_@EY_P %4/AAI_P)T+P#\2KBP\,:YX9@%A::A=6N;/4;9/\ 5;I I\N15PIW
MX!V@ALL5'Z$_"SX=V7PC^%_ASPEITES/IOAC2[;2+62Z96FDB@B6)#(555+%
M4&2% SG '2OF'X__ /!$KX)_'3Q1<:U;VNM^#-0O)#+<#0;F.*VG8]3Y,B.B
M9_Z9A!GG')SK6P&(IU8XG#6YK)-/9V/(RCCWAW,<MK\.<3*I&A[:=6C5IVYH
M.3;:DGT=V]GOLK)KG/VKO^"RWP:^!^D01>"XM+^(^O2S1[[>Q3RK2WAR"[-<
M%"I;;D*J!B#C=@=?JS]GOXG6'QK^#7A_Q?IFBW^@6?B2T2^BL[ZW6"XC5NA9
M5)&"!E3GYE*GH:^=O@!_P1*^"?P+\46^M7%KK?C/4+.02VXUZYCEMH&'0^3&
MB(^/^F@<9YQP,?7BJ$4    8 ':NS!0Q?,ZF):2Z)=/F?%\:XKA&.&HX'AJ-
M6<HMN=:J[<U]HJ"T26][)]-=S\R/^#@/]DQIK'0_C+HT!66S,>CZ\8Q@["?]
M&N#]&)C)Z_/$.U>7?\$4/@5JG[3_ .U_K7Q7\6RW6KQ^$6-\]W=DL;W5)]PC
M))&#Y:AWP#\I\KC!%>L?\'!/[5#66B^'?@]I$SFXU,IK6MK'WA5BMM">.=TB
MM(1G(\J,_P 5?7?_  3?_9<7]DC]DKPWX:G@6'7+R/\ M76R,9:\F"EU) Y\
MM0D0/I&*\98.G6S:4H?#&S?;F_K]3]EJ\88_)?">A0QG\?$\]*B_M+#W7,WU
MM]E6^S*#Z'NU%%%?5G\IA1110 4444 %%%% !1110 4444 %%%% !1110 5%
M?W7V&QFF\N6;R49_+B7<[X&<*.Y/85+10-;ZGY6?L^_L)?%G]I+_ (*5O\4/
MB]X.U+P_X>AU)]?"7LL3JYA*BRLQL<Y"8BSD8986!^]7ZIT45Q8+ PPT9*+;
J<G=M[GV7&G&^,XDK4:F)A&G"C!4X0A=1C%=DVW?N[[)=@HHHKM/C#__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
