FORM OF DISCLOSURE PURSUANT TO NOTE 2 ON SECTION 2 OF APPENDIX 1 OF THE SINGAPORE CODE ON TAKE- OVERS AND MERGERS
Warrants issued to the Columbia Concert Party Group
On 8 August 2011, euNetworks Group Limited (the "Company") had allotted and issued, and Columbia Capital Equity Partners V (QP) L.P., Columbia Capital Equity Partners V (Non-US) L.P., Columbia Capital Equity Partners V (Co-Invest) L.P. and Columbia Capital Equity Partners IV (QP) L.P. (collectively, the "Columbia Warrantholders") had subscribed for, an aggregate of 105,000,000 non-listed warrants (the "Warrants"), pursuant to a subscription agreement dated 30 June 2011 entered into between the Company and the Columbia Warrantholders (the "Warrant Subscription Agreement").
Each Warrant carries the right to subscribe for one new Share (each, a "Warrant Share") at the exercise price of S$0.02 (the "Warrant Exercise Price"). The Warrant Exercise Price and the number of Warrants held by a Warrantholder are subject to adjustments from time to time in accordance with the terms and conditions of the Warrants. The Warrants may be exercised in the numbers, and at any time during the periods commencing on and including the dates, as follows:
26,250,000 Warrants, 8 August 2011;
9,843,750 Warrants, 31 August 2011;
9,843,750 Warrants, 30 November 2011;
9,843,750 Warrants, 29 February 2012;
9,843,750 Warrants, 31 May 2012;
9,843,750 Warrants, 31 August 2012;
9,843,750 Warrants, 30 November 2012;
9,843,750 Warrants, 28 February 2013; and
9,843,750 Warrants, 31 May 2013,
in each case expiring at 5.00 p.m. on the date five years from the date of issue of the Warrants.
Details of the Whitewash Resolution
Prior to the issue of the Warrants, Shareholders independent of Columbia Capital V, LLC and parties acting in concert with it (the "Columbia Concert Party Group") had, at an extraordinary general meeting of the Company held on 5 August 2011, passed an Ordinary Resolution waiving their rights to receive a mandatory general offer from the Columbia Concert Party Group for all the Shares not already owned or controlled by them, in the event an obligation to extend such an offer is incurred pursuant to Rule 14 of the Singapore Code on Take-overs and Mergers ("Code"), as a result of the acquisition by the Columbia Concert Party Group of the Warrant Shares pursuant to the exercise of the Warrants (the "Whitewash Resolution").
For the purposes of the Whitewash Resolution, the acquisition of the Warrant Shares by the Columbia Concert Party Group upon the exercise of the Warrants must be completed within five years of the date of issue of the Warrants. Accordingly, the waiver pursuant to the Whitewash Resolution is valid, in relation to the exercise of the Warrants, from 8 August 2011 (being the date of the issue of the Warrants) to 8 August 2016 (being the date five years from the date of issue of the Warrants). Further details of the Warrants and the Whitewash Resolution are set out in the Company's circular dated 20 July 2011.
Holdings and Interests of the Columbia Concert Party Group
As at the date hereof, the Columbia Concert Party Group holds or is interested in:
• 8,591,598,538 Shares, representing 38.18 per cent of the 22,504,565,044 Shares in issue; and
• 105,000,000 Warrants
Save as disclosed, none of the Columbia Concert Party Group holds any voting rights in the Company and instruments convertible into, rights to subscribe for and options in respect of the Shares as at the date hereof.
Maximum Potential Interests of the Columbia Concert Party Group
The Columbia Concert Party Group would acquire a maximum potential interest of 38.46 per cent. in the Company's enlarged share capital of 22,609,565,044 Shares in issue assuming the Columbia Concert Party Group exercises and converts the Warrants (assuming no adjustments thereto) they hold in full and no other holders of instruments convertible into, rights to subscribe for and options in respect of the Shares exercise and convert such instruments, rights and options.
Cautionary Statement
Shareholders should note that, having approved the Whitewash Resolution, Shareholders have waived their rights to receive a general offer from the Columbia Concert Party Group at the highest price paid by the Columbia Concert Party Group for Shares in the past 6 months preceding the date of the offer.
Shareholders should also note that, having approved the Whitewash Resolution, Shareholders could be forgoing the opportunity to receive a general offer from another person who may be discouraged from making a general offer in view of the potential dilution effect of the Warrants.

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