The Board of Directors of ARB wishes to announce that the Company had on 31 March 2022 received a notice in writing dated 31 March 2022 given pursuant to Section 281(1) of the Companies Act 2016 (“CA 2016”) from Messrs. BDO PLT ("BDO") on their resignation as Auditors of the Company. Pursuant to Section 281(2) of the CA 2016, BDO's term of office will end after twenty-one days from 31 March 2022. The resignation of BDO is a voluntary resignation as we could not reach a consensus on the proposed increase of the audit fees covering the financial statements for the 18 months ending 30 June 2022 of the Company and some of its subsidiaries.

The Board also wishes to announce that Messrs. SBY Partners PLT which has given its consent to act as Auditors of the Company pursuant to Section 264(5) of the CA 2016 via its letter dated 1 April 2022, has been appointed as the Auditors of the Company.

Save for the above, the Board is not aware of any matters that need to be brought to the attention of the shareholders of the Company.

This announcement is dated 1 April 2022.