We refer to our announcements made on 22 January 2019 and 29 March 2019 (“Earlier Announcements”). Unless otherwise stated, the definitions used throughout this announcement shall have the same meaning as defined in the Earlier Announcements.

Further to the Earlier Announcements, the Board of Directors of RCE wishes to announce that RCE Credit, a wholly-owned subsidiary of RCE, has terminated the Subscription Agreement due to non-fulfilment of the conditions precedent provided therein.

Accordingly, the Call Option Agreements shall cease to be in force.

The termination of the Subscription Agreement and Call Option Agreements are not expected to have any material effect on the earnings per share and net assets per share of RCE for the financial year ending 31 March 2020.

This announcement is dated 25 April 2019.