(Unless otherwise defined in this announcement, all terms used herein shall have the same meaning as those defined in the announcement dated 16 June 2020.)

Reference is made to the Company’s announcement dated 16 June 2020 in relation to the Joint Venture Agreement (“JVA”) entered between XOX Media Sdn. Bhd. (“XOX Media”), a wholly-owned subsidiary of the Company, and DGB Networks Sdn. Bhd. (“DGB Networks”), a wholly-owned subsidiary of DGB Asia Berhad (“DGB”) to form a 50/50 net profit sharing partnership for the media management and advertising platform that will result from the national deployment of DGB Networks' next generation AI Vending Machines.

The Board of Directors of XOX Bhd (“XOX” or “the Company”) wishes to announce that XOX Media had on 28 December 2020 entered into a Supplemental Letter to the JVA with DGB Networks (“Supplemental Letter”), whereby the Parties have acknowledged and agreed that the JVA shall be amended and varied in the manner as set out below and the Supplemental Letter shall be construed as one with the JVA :

Amendment: Insertion of new Clause 3A after Clause 3:

"Clause 3A          Joint Venture Company

3A.1   The Parties intend to form and incorporate a private limited company to undertake the matters contemplated under this joint venture agreement ("Joint Venture Company").

3A.2   The Parties shall after the date of this letter proceed to discuss the terms and conditions relating to their participation as shareholders of the Joint Venture Company and  thereafter enter into a Shareholders' Agreement for the purpose of setting out the terms governing their relationship and obligations as shareholders of the Joint Venture Company as well as for the purpose of regulating the aspects of the affairs and dealings of the joint venture and the Joint Venture Company."

This announcement is dated 28 December 2020.