The Board of Directors of MPay wishes to announce that MPay International had on 30 November 2015 accepted a Letter of Intent from OCBC dated 25 November 2015 (“LOI”) to negotiate in good faith a proposed arrangement, whereby MPay International will be appointed by OCBC as its vendor for the “OCBC MPOS PinPad Terminal Program for Bank Leased Merchant and Merchant Leased Merchant” (the “Project”). Under the Project, MPay International will be appointed to provide certain services to OCBC, including the following:-

(a) renting of the MPOS PinPad Terminal to the relevant merchants (“the Merchants”); and

(b) provision of installation/deployment services and maintenance services to the Merchants.

SCOPE

Both OCBC and MPay International (collectively referred to as “Parties”) agree, subject to contract, to enter into business arrangements with respect to the Project on the basis of the terms to be discussed and finalised between the Parties.

MPay International undertakes to OCBC that MPay International will not at any time during the period of ninety (90) days from the date of the LOI, enter into negotiations with or conclude any agreement or arrangement with any third party with a view to provide such similar services in Singapore.

INVESTMENT REQUIRED

MPay International is required to set up the production data centre and equipment setup in Singapore and the disaster recovery data centre and equipment setup in Malaysia. The investment cost will be borne by MPay International.

Further announcement will be made of any development on this matter.

This announcement is dated 30 November 2015.