AGV : Extension Of Time To Submit Statement Of Proposals

AGV GROUP LIMITED

(Under Judicial Management)

(Company Registration No. 201536566H)

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

EXTENSION OF TIME TO SUBMIT STATEMENT OF PROPOSALS

Reference is made to the announcements (the "Announcements") by the Company on 5 May 2022 in relation to the judicial management order made by the High Court of Singapore on 4 May 2022 (the "JM Order"), and on 29 July 2022 in relation to filing by the Judicial Managers of an extension of time of 90 days until 31 October 2022 to comply with the requirements under Section 107(1) and 107(2) of the Insolvency, Restructuring and Dissolution Act 2018 (the "IRDA"). All capitalised terms not defined herein shall have the meanings ascribed to them in the Announcements.

The Judicial Managers wish to update that the High Court of Singapore had, on 1 August 2022, granted the Judicial Managers' request for an extension of time of 90 days until 31 October 2022 to comply with the requirements under Section 107(1) and 107(2) of the IRDA, i.e. to provide the Company's creditors and members with the Judicial Managers' statement of proposals for achieving one or more of the purposes stated in the JM Order for whose achievement the order was made and convene a meeting of the Company's creditors to consider the proposals.

The Judicial Managers will provide updates on material developments, if any, as and when appropriate.

Submitted by the Judicial Managers

For and on behalf of the Company

Mr. Leow Quek Shiong

Mr. Gary Loh Weng Fatt

BDO Advisory Pte Ltd

5 August 2022

This announcement has been prepared by the 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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