Reference is made to the announcements dated 16 March 2015, 23 April 2015 and 19 January 2017 made by the Company in relation to the Proposed JV.

(Unless otherwise defined, the terms and abbreviations used herein shall have the same meanings as defined in the aforesaid announcements.)

The Board of Directors of the Company wishes to announce that in relation to the Proposed JV between the Company and Suria Capital to develop a parcel of land owned by Suria Capital measuring 6.28 acres forming part of the piece of master land of 23.25 acres situated at Jalan Tanjung Lipat, Kota Kinabalu, Sabah for the purpose of commercially developing the Development Land into a mixed development currently provisionally known as One Jesselton Waterfront had on 24 January 2020 entered into a Supplemental Agreement (“Supplemental Agreement”) with Suria Capital to vary certain terms of the Joint Venture Agreement.

Please refer to the attached file for details of the announcement.

This announcement is dated 24 January 2020.