The Company is proposing to carry out a renounceable underwritten rights issue of up to 1,523,974,852 new ordinary shares in the capital of the Company (the Rights Shares) at an issue price of S$0.15 for each Rights Share (the Issue Price), with up to 304,794,970 free detachable warrants (the Warrants), each Warrant carrying the right to subscribe for one (1) new ordinary share in the capital of the Company (the New Share) at an exercise price of S$0.23 for each New Share (the Exercise Price), on the basis of one (1) Rights Share for every one (1) existing ordinary share in the capital of the Company (the Shares) held by the Entitled Shareholders (as defined below) as at a time and date to be determined and announced by the Board of Directors for the purpose of determining Shareholders (as defined below) entitlements under the Rights Issue (the Books Closure Date), and one (1) Warrant for every five (5) Rights Shares subscribed, fractional entitlements to be disregarded (the Rights Issue);

subscribed, fractional entitlements to be disregarded (the "

IssueRights Shares") at an issue price of S$0.15 forIssue Price"), with up to 304,794,970 freeWarrants"), each Warrant carrying the rightNew Share") at an exercise price of S$0.23 for eachExercise Price"), on the basis of one (1) Rights ShareShares") held by the Entitled Shareholders (as defined below) asBooks Closure"), and one (1) Warrant for every five (5) Rights SharesRights")