Asset Acquisitions and Disposals::Completion of Acquisition of up to 40% of PT Matahari Department Store by Associated Company

OUE LIMITED

(Incorporated in the Republic of Singapore)

(Company Registration No. 196400050E)

VOLUNTARY TENDER OFFER BY AURIC DIGITAL RETAIL PTE. LTD. FOR THE ACQUISITION OF UP TO 40.0% OF THE ISSUED SHARE CAPITAL OF PT MATAHARI DEPARTMENT STORE TBK AND RELATED ACQUISITIONS - COMPLETION OF THE PROPOSED ACQUISITIONS

1. INTRODUCTION

The Board of Directors ("Board") of OUE Limited (the "Company") refers to its announcement dated 5 May 2021 (the "Announcement") in relation to, inter alia:

1. the establishment of a joint venture company, Auric Digital Retail Pte. Ltd. ("ADRPL") between Auric Bespoke I Pte. Ltd. and OUE Retail Holdings Pte. Ltd. (a wholly- owned subsidiary of the Company), which hold 60.0% and 40.0% of the issued share capital of ADRPL, respectively;
2. the proposed voluntary tender offer ("VTO") by ADRPL to acquire up to 40.0% of the total issued and fully paid-up shares (the "Target Shares") in the capital of PT Matahari Department Store Tbk (the "Target") in accordance with OJK Regulation No. 54/POJK.04/2015 dated 29 December 2015 on Voluntary Tender Offers (the "VTO Acquisition"); and
3. the proposed acquisition by ADRPL of all the Target Shares held by each of Greater Universal Limited ("GUL") and OUE Investments Pte. Ltd. (a wholly-owned subsidiary of the Company) ("OUE Investments"), representing approximately 5.32% and 4.8%, respectively, of the total issued Target Shares (the "Post-VTOPeriod Acquisition" and together with the VTO Acquisition, the "Proposed Acquisitions").

Unless otherwise defined herein, all capitalised terms used in this announcement shall have the same meaning ascribed to them in the Announcement.

2. ADRPL'S RESULTANT SHAREHOLDING IN THE TARGET

The Board wishes to announce that, following completion of the Proposed Acquisitions (as described in further detail below), ADRPL holds an interest in an aggregate of 840,776,696 Target Shares, representing approximately 32.0% of the total issued and paid-up capital of the Target. Accordingly, as announced by ADRPL today, ARDPL has emerged as the single largest and the controlling shareholder of the Target.

1. CLOSE OF VTO PERIOD AND FINAL LEVEL OF ACCEPTANCES
   Pursuant to the VTO, ADRPL has received valid acceptances in respect of an aggregate of 574,979,596 Target Shares, representing approximately 21.9% of the total issued share capital of the Target as at the close of the VTO period on 3 July 2021 (the "VTO Period").
2. COMPLETION OF THE POST-VTO PERIOD ACQUISITION
   In addition, as set out in paragraph 6.3(a) of the Announcement, completion of the Post- VTO Period Acquisition is conditional upon the VTO Statement becoming effective (pernyataan efektif) pursuant to OJK Regulation No. 54 and the expiry of the VTO Period (masa penawaran tender sukarela) in accordance therewith (the "Condition").
   Following the close of the VTO Period on 3 July 2021, the Condition has been satisfied. Accordingly, ADRPL has completed the purchase of the Post-VTO Period Sale Shares from GUL and OUE Investments, representing approximately 5.32% and 4.8%, respectively, of the total issued Target Shares.

By Order of the Board

Kelvin Chua

Company Secretary

15 July 2021