Unless otherwise defined, the definitions set out in the previous announcements in relation to the Proposals shall apply herein.

On behalf of the Board, M&A Securities wishes to announce that Bursa Securities has, vide its letter dated 17 March 2023, approved the following:

1.Proposed Share Consolidation:

2.Listing and quotation of up to 197,962,511 Consolidated Shares (assuming all of the outstanding convertible securities are exercised into new Vsolar Shares prior to the implementation of the Proposed Share Consolidation;

3.Listing and quotation of up to 27,382,050 Warrants B (assuming none of the 821,461,526 outstanding Warrants B are exercised prior to the implementation of the Proposed Share Consolidation);

4.Admission to the Official List and listing and quotation of up to 395,925,022 Warrants C to be issued pursuant to the Proposed Rights Issue with Warrants;

5.Listing and quotation of up to 791,850,044 Rights Shares to be issued pursuant to the Proposed Rights Issue with Warrants;

6.Listing and quotation of up to 395,925,022 new VSolar Shares to be issued arising from the exercise of the Warrants C;

7.Listing and quotation of up to 12,826,782 additional consolidated Warrants B (“Additional Warrants B”) to be issued arising from the adjustments pursuant to the Proposed Rights Issue with Warrants; and

8.Listing and quotation of up to 12,826,782 new VSolar Shares to be issued arising from the exercise of the Additional Warrants B.

The approval granted by Bursa Securities for the Proposed Rights Issue with Warrants is subject to the following conditions:-

1.Vsolar and M&A Securities must fully comply with the relevant provisions under the Listing Requirements pertaining to the implementation of the Proposed Rights Issue with Warrants;

2.Vsolar and M&A Securities to inform Bursa Securities upon the completion of the Proposed Rights Issue with Warrants;

3.Vsolar to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the Proposed Rights Issue with Warrants is completed;

4.Vsolar to furnish Bursa Securities on a quarterly basis a summary of the total number of shares listed pursuant to the exercise of Warrants C as at the end of each quarter together with a detailed computation of listing fees payable; and

5.Vsolar to provide quarterly updates via Bursa LINK (simultaneously with the submission of Quarterly Report and in the form of General Announcement for PLC) on the following:

• The status of each of the event, project or purpose for which the total proceeds raised from the Proposed Rights Issue with Warrants are utilised for, including but not limited to, the percentages of completion of the projects/initiatives;

• The status of each of the event, project or purpose for which the total proceeds raised from the Company's Private Placement November 2020, Private Placement January 2021 and Private Placement June 2021 (as defined in the draft circular) are utilised for, including but not limited to, the percentages of completion of the projects/initiatives; and

• Where relevant, details on where the balance of proceeds raised is being placed (pending utilisation). If it is parked with asset management company /fund manager, to disclose the name of the asset management company /fund manager.

This announcement is dated 17 March 2023.