AGV : Monthly Update Pursuant To Catalist Rule 704(22)

AGV GROUP LIMITED

(Under Interim Judicial Management)

(Company Registration No. 201536566H)

(Incorporated in the Republic of Singapore on 2 October 2015)

MONTHLY UPDATE PURSUANT TO CATALIST RULE 704(22)

Capitalised terms not defined herein shall have the meanings ascribed to them in the Company's announcements dated 20 January 2022, 21 January 2022 and 24 January 2022 (the "Announcements") in relation to the appointment of Mr Leow Quek Shiong and Mr Gary Loh Weng Fatt as joint and several Interim Judicial Managers of the Company pursuant to the interim judicial management order made by the High Court of Singapore on 24 January 2022.

Pursuant to Catalist Rule 704(22), the Interim Judicial Managers would like to provide an update on the following:

1. The state of any negotiations between the Company and its principal creditors
   Pending the court hearing on the JM Application to be held in due course, the Interim Judicial
   Managers have not carried out any negotiations with the Company's principal creditors. The Interim Judicial Managers envisage that any proposals will only be circulated for consideration after the court hearing on the JM Application, subject to the court ordering that the Company be placed under judicial management; and
2. The Company's future direction, or other material development that may have a significant impact on the Company's financial position.
   Since their appointment, the Interim Judicial Managers have, amongst others, carried out the following tasks:
3. 1. worked with the management of the Group to facilitate the subsidiaries' continued operations in accordance with the interim judicial management order, including discussions with the stakeholders of the Company to understand and maintain the ongoing business operations of the Group.
   2. met with parties who have expressed interest to invest in the Group. As of to-date, the Interim Judicial Managers have received expressions of interest from three potential investors and are in the midst of signing non-disclosure agreements with the said potential investors before they begin preliminary due diligence work and engage in further discussions.

Further announcements will be released as and when there are material developments on the above.

Submitted by the Interim Judicial Managers

For and on behalf of the Company

Mr. Leow Quek Shiong

Mr. Gary Loh Weng Fatt

BDO Advisory Pte Ltd

28 February 2022

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This announcement has been prepared by the Interim Judicial Managers for and on behalf of the Company and its contents have been reviewed by the Company's Sponsor, Hong Leong Finance Limited. It has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made, or reports contained in this announcement.

The contact person for the Sponsor is Mr Kaeson Chui, Vice President, at 16 Raffles Quay, #01-05 Hong Leong Building, Singapore 048581, Telephone [phone].

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