Reference made to the announcement made by Dagang NeXchange Berhad (“DNeX” or the “Company”) in relation to the Memorandum of Understanding (“MOU”) with Ajlan & Bros Holding Group [Registration No. 1010433031] on 27 June 2022, the Board of Directors (the “Board”) of DNeX wishes to announce that the Company had on 29 August 2022 entered into a Collaboration Framework Agreement with Ajlan & Bros Holding Group (collectively referred to as the “Parties” and each a “Party”) to establish a collaboration framework to govern the respective rights and obligation in relation to the following areas which the Parties wish to co-operate:

a) driving economic growth in high value areas such as Digital, Cloud, and Industry 4.0. in tandem with Kingdom of Saudi Arabia’s (“KSA”) vision of digital transformation by 2030;

b) deployment of home-grown technologies from DNeX and its subsidiaries and any other supplier suitable for the project from technology and cost perspective to assist in the transformation of KSA’s public services and private sector;

c) joint development of products and / or services to go-to-market by leveraging on DNeX and Ajlan & Bros Holding Group’s technologies and capabilities in the following areas, including but not limited to:

• Analytics / Big Data;

• Artificial Intelligence;

• Low Code Application Development;

• Cloud based ERP applications in digital and technology transformation of Human Resource, Finance and Supply Chain functions;

• DevOps with technology providing microservices capabilities; and/or

• Robotic Process Automation.

d) bringing together the respective domain expertise from each Party to expand the offerings to existing clients, specifically in digital and technology transformation of Human Resource, Finance and Supply Chain functions.

Notwithstanding the above, the MOU dated 27 June 2022 between the Parties will continue to be in effect as the Parties are continuously exploring the possibility to enter into join arrangements in the following areas:

a) Technology sector;

b) Software products and platforms for facilitating trade;

c) Oil and gas production and trade; and

d) Software development and system integration and consultation services.

Please refer to the attachment for further details.

This announcement is dated 29 August 2022.