Unless otherwise stated, the exchange rate of USD1.00: RM4.1535, being Bank Negara Malaysia’s middle rate as at 5.00 p.m. on 4 November 2019, is used in this announcement for purposes of translation of USD into RM.

The Board of Directors of GENM (“Board”) refers to the announcements dated 6 August 2019, 15 August 2019 and 20 August 2019 (“Announcements”) in respect of the Proposed Transactions. The definitions used throughout this announcement, unless stated otherwise, shall have the same meaning(s) as those used in the Announcements.

The Board wishes to announce that pursuant to the previously announced Proposed Acquisition, on 4 November 2019 (United States Eastern date/time), Genting (USA) Limited (“GenUSA”) purchased 13,200,000 shares of Empire’s Common Stock from KH at a price of USD9.74 per share. Following the Proposed Acquisition, GenUSA now holds a 38.3% equity stake in Empire on an undiluted basis and 33.3% on a fully diluted basis assuming full conversion of all preferred stock currently outstanding into Empire’s Common Stock. The obligation of GenUSA and KH to consummate the Proposed Acquisition is independent of, and not conditional upon, the Proposed Merger.

The Proposed Merger is described in Empire’s Proxy Statement, dated 11 October 2019 (as thereafter amended from time to time), a copy of which can be found here: https://www.sec.gov/cgi-bin/browse-edgar?CIK=NYNY&owner=exclude&action=getcompany&Find=Search

This announcement is dated 5 November 2019.