Pursuant to Rule 9.19(38) of the ACE Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of PUC wishes to announce that the Company’s External Auditors, Messrs UHY had expressed a “Basis for Qualified Opinion” on the Company’s audited financial statements for the financial year ended 31 December 2021 in respect of Pictureworks Holdings Sdn Bhd (“PWHQ”), an associated company of the Company, due to the matters described in Note 8 to the financial statements, extracted as follows:

"8.         Investment in Associates (cont’d)

The audit of PWHQ for the financial year ended 31 December 2021 has not been completed as of the date of this report due to the lockdown of the Shanghai area by the Government of China preventing the completion of the audit of PWHQ’s subsidiary, Pictureworks Shanghai. The net assets of this subsidiary account for 12% of the net assets of PWHQ and 6% of its loss for the financial year ended 31 December 2021."

The Company’s External Auditors has further opined that except for the possible effects of the matter described in the Basis for Qualified Opinion section of their report, the financial statements accompanying the Independent Auditors’ Report give a true and fair view of the financial position of the Group and of the Company as at 31 December 2021, and of their financial performance and of their cash flows for the financial year then ended in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act, 2016 in Malaysia.

The details of the External Auditors’ opinion together with the Key Audit Matters as disclosed in the Independent Auditors’ Report are attached herewith.

None of the Key Audit Matters disclosed in the Independent Auditors' Report relates to the qualified opinion referred thereto.

Please refer to the attachment for further details.

This announcement is dated 29 April 2022.