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DNeX meeting keytakes (Zoom)

Date: 17 Nov 2022

Management: TS Syed Zainal Abidin (CEO) and team

Key takeaways:

- Mgmt noted that DNEX still owns 60% of Silterra currently.
- Mgmt noted that there might be some misunderstanding on the acquisition – infact the funding was all from DNEX via internal funds, not ICPS.
- The issuance of ICPS – was the instrument for future funding.
- The reason of the arbitration – it could trigger a breach of the manufacturing license due to explanation in the announcement – and mgmt did so to protect the shareholders.
- Partner of CGP is of the different opinion, and mgmt did so to protect the interest the shareholders.
- But mgmt thinks this should NOT affect the operations and Dnex wants to make sure Silterra's expansion is on track.
- Next step of process: Unable to give the details at this juncture – as guided by the process of arbitration. Mgmt will continue to protect Silterra so that it will not breach the manufacturing license and protect the interest of shareholders.
- Arbitration taken this round is to resolve the different opinions from both parties.
- Manufacturing license is still intact; mgmt has checked with MITI on this.
- What will be the outcome? Cannot draw a conclusion as yet.

Q&A

- Accordingly to mgmt, both parties (DNEX & MIMAS) respect the process, and best way (maybe) is to go to arbitration.
- Alternative funding options if MITI does not approve CGP’s ICPS – mgmt thinks that there could be two parts of funding – Silterra (strong cash position) and group’s level (strong cash position)
- Impact of LTA? Mgmt thinks that the disagreement might not affect LTA just because of this issue – because all was done professionally from the beginning – with the customers.
- The ICPS has not been issued hence CGP has no right to subscribe the additional shares.
- Impact if worst case? Mgmt will try its very best to make sure that the manufacturing license to be intact.

Closing remarks

- DNex is still very much in control of the operation. And the manufacturing license is still intact, and will make sure the license will not be breached.
- Operation will not be affected – no concern on this
- Mgmt is confident that this will be resolved ultimately and the utmost priority will be to protect the interest of shareholders.

Thanks!

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