Reference is made to the Company's announcement dated 7 May 2021.

The Liquidators wish to inform shareholders that the Court of Appeal heard the oral submissions from the respective counsels for Raintree and the Liquidators on 6 October 2021, as well as the counsels for the Securities Commission (“SC”) who appeared as amicus curiae. The Appeal was allowed, and the Order of the High Court dated 2 March 2020 granted in Motion No. WA-28PW-626-11/2019 (“Motion 626”) (wherein the High Court dismissed Raintree’s application to intervene) was set aside.

Pursuant to the above, Raintree is granted leave to intervene in the High Court proceedings in Motion No. WA-28PW-382-05/2019 (“Motion 382”). The matter will be remitted to the High Court, for the High Court to determine Motion 626, namely, Raintree’s application to set aside or vary the Order of the High Court dated 14 October 2019 granted in Motion 382, wherein the High Court would be hearing submissions from the respective counsels for the Liquidators, Raintree and SC. Any other shareholder who wishes to be heard before the High Court is hereby informed to be present, either personally or through counsel, on the hearing date of Motion 626 (to be fixed).

The Court of Appeal further directed that Motion 626 be fixed for case management on 20 October 2021.

Further update will be provided in due course.

This announcement is dated 7 October 2021.