On behalf of the Board of Directors of Spring Art (“Board”), M&A Securities Sdn Bhd (“M&A Securities”) wishes to announce that Spring Art proposes to undertake the proposed bonus issue of 166,274,800 free warrants (“Warrants”) on the basis of 2 Warrants for every 5 existing ordinary shares in Spring Art (“Spring Art Share(s)” or “Share(s)”) held by the entitled shareholders on an entitlement date to be determined and announced later (“Entitled Shareholders”) (“Entitlement Date”) (“Proposed Bonus Issue of Warrants”).

Please refer to the attachment for further details on the Proposed Bonus Issue of Warrants.

This announcement is dated 10 November 2020.