(Unless otherwise stated, all abbreviations and definitions used herein shall have the same meaning as those defined in the earlier announcements in relation to the Bonus Issue of Warrants)

On behalf of the Board, M&A Securities wishes to announce that the Board had resolved to fix the exercise price for the Warrants at RM2.00 per Warrant (?Exercise Price?).

The exercise price of the Warrants was determined by the Board after taking into consideration, amongst others, the following:

(i) the historical share price movement of SJC Shares;

(ii) the 5D-VWAMP of SJC Shares up to and including 27 September 2021 of RM2.4688, being the market day immediately preceding the date of this announcement;

(iii) the prevailing market conditions; and

(iii) the future funding requirements of the Group.

The Exercise Price represent a discount of 18.99% and 13.51% to the 5D-VWAMP of SJC Shares up to and including 27 September 2021 (being the market day immediately preceding the date of this announcement) of RM2.4688 and the theoretical ex-all price of SJC Shares of RM2.3125, respectively.

Premised on the above, the Board is of the view that the Exercise Price is fair.

This announcement is dated 28 September 2021.