(All abbreviations used in this announcement are defined in the announcement dated 10 November 2020)

Reference is made to the announcements dated 10 November 2020 and 11 December 2020. On behalf of the Board, M&A Securities is pleased to announce that Bursa Securities had vide its letter dated 6 January 2021, resolved to approve the following:

(i) Admission to the Official List and listing and quotation for 166,274,800 Warrants to be issued pursuant to the Proposed Bonus Issue of Warrants; and

(ii) Listing and quotation for up to 166,274,800 new Spring Art Shares to be issued arising from exercise of the Warrants.

The approval granted by Bursa Securities for the Proposed Bonus Issue of Warrants is subject to the following conditions:

(i) Spring Art and M&A Securities must fully comply with the relevant provisions under the ACE Market Listing Requirements of Bursa Securities (“ACE LR”) pertaining to the implementation of the Proposed Bonus Issue of Warrants;

(ii) Spring Art and M&A Securities to inform Bursa Securities upon the completion of the Proposed Bonus Issue of Warrants;

(iii) Spring Art to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the Proposed Bonus Issue of Warrants is completed; and

(iv) Spring Art to furnish Bursa Securities on a quarterly basis a summary of the total number of shares listed pursuant to the exercise of Warrants as at the end of each quarter together with a detailed computation of listing fees payables.

Spring Art is required to ensure full compliance of all the requirements as provided under the ACE LR at all times.

This announcement is dated 6 January 2021.