We refer to the Company's announcement dated 28 May 2021 in relation to the announcement made to the Singapore Exchange Securities Trading Limited ("SGX-ST") by Parkson Retail Asia Limited ("PRA"), a 67.96% owned subsidiary of Parkson Holdings Berhad ("PHB" or the "Company") listed on the SGX-ST, in respect of the legal proceedings involving Parkson Unlimited Beauty Sdn Bhd ("PUB"), an indirect wholly-owned subsidiary of PRA, and the landlord of its leased premises in Berjaya Times Square, Kuala Lumpur ("Landlord") ("Announcement").

Unless otherwise stated, the terms used throughout this announcement shall have the same meaning as defined in the Announcement.

On 20 May 2022, PRA had announced that following a series of lengthy negotiations with the Landlord, PUB and the Landlord have agreed to a full and final settlement of all amounts owing by PUB to the Landlord at an aggregate sum of RM103,740 ("Settlement") ("PRA Announcement"). This amount had been fully paid by PUB on 5 May 2022, and the Landlord had agreed to release and discharge PUB from all obligations, liabilities, claims and suits which the Landlord had previously brought against PUB. A copy of the PRA Announcement is attached herewith.

The Settlement would not have a material financial impact on the PRA Group as well as the earnings of the PHB Group for the financial year ending 31 December 2022 and the net assets of the PHB Group based on the audited consolidated statement of financial position of the Company as at 31 December 2021.