Rexit : Outsourcing Services Agreement ("The Agreement")

(Unless stated otherwise, definitions used in this announcement shall carry the same meanings as defined in the announcement dated 25 March 2019).

Further to the announcement dated 25 March 2019 pertaining to the aforesaid subject matter, the Board of Directors of Rexit wishes to announce that it had on 29 July 2020 entered into an Addendum to the Agreement to amend and vary certain terms and conditions of the Agreement including but not limited to comply with the requirements imposed by the Regulatory Authority and amending the eligibility of individuals that qualifies under mySalam.

The key variation is highlighted as follows:-

1. The Agreement shall be for a five (5) year term arrangement but the term will be subjected to the period approved by the Regulatory Authority. The Regulatory Authority has approved the initial term which shall commence from 1 January 2019 until 31 December 2020 unless otherwise terminated in accordance with the terms herein. This Agreement may, subject to the Regulatory Authority approval, be extended for a further period of two (2) years or any such period as approved by the Regulatory Authority.

This announcement is dated 29 July 2020.