General Announcement::Incident at Sungei Kadut Office

ECOWISE HOLDINGS LIMITED (Company Registration No. 200209835C)

INCIDENT AT SUNGEI KADUT OFFICE

The board of directors (the "Board" or the "Directors") of ecoWise Holdings Limited (the "Company", and together with its subsidiaries, the "Group") refers to the Company's announcement made on 18 June 2021 in relation to the Company's request for a suspension of its securities, and wishes to provide further information to its shareholders.

On 14 June 2021, Mr Lee Thiam Seng ("Mr Lee"), the Executive Director and Chief Executive Officer ("CEO"), had in his capacity as the CEO engaged Stone Forest IT Pte Ltd ("Stone Forest") to provide professional services in respect of the takeover of the Company's information technology ("IT") infrastructure and IT peripherals (such as IT local administrator credentials, assets, and disabling of virtual private network access). The aforesaid appointment was made by Mr Lee without the prior knowledge or approval of the Board and the Company's Sponsor.

On 15 June 2021, a member of the Company's staff located at the Company's office at 5 Sungei Kadut Street 6, Singapore 728853 ("SK Office") reported to Mr Cao Shixuan ("Mr Cao"), the Executive Director and Deputy Chief Executive Officer, of a situation developing at the SK Office.

At or around 2.00 pm on 15 June 2021, Mr Lee, together with two persons whom Mr Cao has identified as a former staff of the Company and a candidate whom the Board was considering to appoint as the Company's Chief Operating Officer, as well as a few employees of Stone Forest ("Stone Forest Personnel") entered the SK Office. Thereafter, one of the Stone Forest Personnel forced open the door to the Company's server room ("Server Room") when Mr Lee could not contact the Company's IT manager. Subsequently, Mr Lee padlocked and secured the door of the Server Room.

Upon arrival at the SK Office, Mr Cao and Mr Lye Kar Choon ("Mr Lye") (Group Financial Controller and Company Secretary) discovered that two (2) of the Stone Forest Personnel were in the Server Room, apparently meddling with the Company's IT servers. The Stone Forest Personnel were reported to have prevented the staff access to the Server Room and were also seen to have entered another room used by the Company's finance department.

The Server Room is a highly restricted area of the Company, as it contains confidential data including finance, human resource ("HR") and customer-related information pertaining to the Company's business partners in Singapore, the People's Republic of China and Malaysia. The door of the Server Room is usually locked with access only to the IT assistant manager.

Mr Cao asked Mr Lee for evidence for the identification of, and authorisation for, the presence of the Stone Forest Personnel but this was not provided by Mr Lee. Mr Lee called the police and requested for Mr Cao and Mr Lye to leave the premises on the basis that he, as the CEO of the Company, had suspended Mr Cao and Mr Lye together with five other employees of the Company (collectively, the "Affected Staff") with effect from 14 June 2021. Mr Cao and Mr Lye complied and left the SK Office. Mr Cao subsequently made a police report on 16 June 2021.

Mr Lee subsequently went to the Company's main office located at 1 Commonwealth Lane, #07- 28 One Commonwealth, Singapore 149544 ("Main Office"), accompanied by a locksmith and changed the door locks of the Main Office for the purposes of securing access to another of the

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Company's IT servers located at the Main Office.

As a result of Mr Lee's actions and as at the date of this announcement, only selected employees (excluding the IT manager) have been given access to the Company's IT servers due to the password to the IT servers having been changed by the Stone Forest Personnel.

Mr Cao has reported to the Board that Mr Lee's actions have affected the Company's operations including the Company's ability to make payments to other parties such as government agencies and suppliers from 15 June 2021 to 20 June 2021. On 21 June 2021, three of the Affected Staff returned to work and have started processing the requisite payments. Mr Cao further reported that such inability to make payments during the said period is likely to significantly impact the Company's business, operations and relationships with various organisations and business partners.

In addition, based on the report from Mr Cao, due to the access by the Stone Forest Personnel of the Company's IT servers, confidential information of the Group's HR, finance and clients may have been compromised, which may result in leakage of important and key personal information during the period of access, creating security and data breaches which may affect the credibility of the Company and the Group.

The Company is in the midst of evaluating the actual loss, if any, resulting from such actions and will update shareholders in due course.

Mr Lee later explained to the Board that in the exercise of his authority as the CEO, to address his concerns about the continued management of the Company, he took immediate steps to secure the operations of the Group, as follows:

1. appointed a Chief Operating Officer of the Company to lead the management team; and
2. placed certain executives and senior staff on paid suspension of duties.

The Company will provide further updates on the above steps.

Mr Lee also explained that his engagement of Stone Forest was made on the basis that there is an urgent need to preserve the assets, evidence, books and records of the Company in order for him to investigate into various corporate governance and internal controls issues of the Group.

The Company is taking active and urgent steps to ensure the operations of the Group continue as usual. The Company will update its shareholders at the earliest possible opportunity.

This announcement has been approved for release by Mr Cao and Mr Er Kwong Wah (Lead Independent Director).

The shares in the Company have been suspended from trading on the Singapore Exchange Securities Trading Limited since 18 June 2021. Shareholders and potential investors of the Company are advised to read this announcement and further announcements by the Company carefully. In the event of any doubt, Shareholders should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisers.

By Order of the Board

ER KWONG WAH

Lead Independent Director

22 June 2021

This announcement has been prepared by ecoWise Holdings Limited ("Company") and its contents have been reviewed by the Company's sponsor, ZICO Capital Pte. Ltd. ("Sponsor"), in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing

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Manual Section B: Rules of Catalist.

This announcement 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 Ms. Alice Ng, Director of Continuing Sponsorship, ZICO Capital Pte. Ltd., at 8 Robinson Road, #09-00 ASO Building, Singapore 048544, telephone [phone].

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