The Board of Directors of RCE wishes to announce that RCE had on 22 January 2019 entered into a term sheet ("Term Sheet") with Credit Culture Pte. Ltd. ("CC") for the proposed subscription of private debt securities of up to the nominal value of SGD40.0 million (equivalent to approximately RM121.4 million) to be issued by CC in different tranches from time to time ("Proposed Investment"). As part of the Proposed Investment, CC will grant call options to RCE to subscribe for up to 30% equity stake in CC on an enlarged basis.

Further details on the Term Sheet are set out in the attachment.

This announcement is dated 22 January 2019.