Unless otherwise stated, all definitions used in this announcement shall have the same meanings as defined in the announcements dated 12 February 2020, 24 February 2020, 28 February 2020, 2 April 2020 and 10 April 2020.

The Board wishes to announce that TAG has received a letter dated 6 May 2020 from TA Securities, on behalf of the board of directors of TAE, that the board of directors of TAE has resolved to seek the SC’s prior written consent to withdraw the Offer after taking into consideration, amongst others, the adverse impact of the COVID-19 pandemic to the financial performance of TAG and its subsidiaries (“TAG Group”) during financial year ending 31 December 2020 following the temporary suspension of operations of several hotels of TAG Group in the months of March 2020 and April 2020 as announced by the Board on 13 April 2020.  The Board of TAE is of the view that the ripple effects of COVID-19 are still unfolding and the full impact of this pandemic can only be determined until the situation stabilises.

As such, TAE had on 6 May 2020 submitted an application to the SC pursuant to Paragraph 9.11 of the Rules to seek the SC’s prior written consent in relation to the withdrawal of the Offer. Upon receipt of the SC’s prior written consent, the Offer shall cease and TAE will be released from any obligation arising from the Offer with immediate effect.

This announcement is dated 6 May 2020.