We wish to announce that PADINI-C1 had expired at 9.00 a.m. on 14 October 2019 ("Expiry Date") and the Cash Settlement Amount shall be calculated as set out below:

Cash Settlement Amount

= Number of PADINI-C1 exercised x (1/Exercise Ratio) x (Closing Price – Exercise Price)

= Number of PADINI-C1 exercised x (1/5.5) x (RM3.7200 - RM4.1800)

= Number of PADINI-C1 exercised x RM0.0000

The Closing Price of RM3.7200 is the average daily volume weighted average price (VWAP) of the ordinary shares of PADINI for the five (5) market days prior to and including the market day immediately before the Expiry Date. The PADINI-C1 is deemed to have been automatically exercised on the Expiry Date.

As the Cash Settlement Amount is less than Zero, warrantholders will not be entitled to receive any payment from us and all outstanding and unexercised PADINI-C1 will cease to be valid and all our obligations in respect to PADINI-C1 shall terminate absolutely.

This announcement is dated 14 October 2019.