We refer to the announcements dated 16 July 2020, 30 July 2020, 1 September 2020 and 19 January 2022 in relation to the HOA for the Proposals (“Announcements”). Unless otherwise defined, the abbreviations and definitions used in this announcement shall be the same as those previously defined in the Announcements.

Further to the Announcements, the Company wishes to announce that the HOA (as supplemented by the Supplemental HOA) expires and lapses on 15 April 2022 as the conditions in the Supplementary HOA has not been met, and no further extension of time of the Negotiation Period has been requested by the Vendors.

Upon expiry and lapse of the HOA (as supplemented by the Supplemental HOA), the Parties shall have no claims against each other under the HOA and Supplemental HOA, unless due to antecedent breaches.

Further, pursuant to the Offer to Purchase Agreement entered into between ALB and S7 (“OTP”), the Refundable Deposit of RM10,000,000 shall be refunded by S7 to ALB within 14 days from the date of receipt by S7 of written notice from ALB pursuant to the terms and conditions of the OTP. A written notice for refund of the Refundable Deposit within 14 days from the date of receipt of such notice was issued by ALB and served on S7 today.

This announcement is dated 15 April 2022.