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

AGV GROUP LIMITED

(Under 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, 24 January 2022, 18 March 2022 and 5 May 2022 (the "Announcement") in relation to the appointment of Mr Leow Quek Shiong and Mr Gary Loh Weng Fatt as joint and several Judicial Managers of the Company pursuant to the judicial management order made by the High Court of Singapore on 4 May 2022.

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

1. The state of any negotiations between the Company and its principal creditors
   As stated in the Company's previous monthly update dated 31 May 2022, following discussions between AGV Galvanizing (Singapore) Pte. Ltd. ("AGVS") and its institutional lenders, AGVS may make reduced payments to its lenders for the quarters ending March 2022 and June 2022 so as to allow the Group to concentrate its efforts in sourcing for investors and/or disposing certain property(ies), as part of its debt restructuring efforts.
   The Judicial Managers are in the process of formulating the statement of proposal to be tabled for creditors' consideration upon the finalisation of the term sheet on the proposed investment in the Company from potential investor(s).
2. The Company's future direction, or other material development that may have a significant impact on the Company's financial position.
   The Judicial Managers have, amongst others, continued to carry out the following tasks:
3. 1. worked with the management of the Group to facilitate the subsidiaries' continued operations in accordance with the judicial management order, including discussions with the stakeholders of the Company to understand and maintain the ongoing business operations of the Group; and
   2. met with parties who have expressed interest to invest in the Group. As of to-date, the Judicial Managers have received expressions of interest from eleven potential investors and have signed non-disclosure agreements with nine of them to begin due diligence work and engage in further discussions. Of the nine potential investors who have signed non- disclosure agreements, two have followed up on their firm interest with indicative term sheets which are subject to contract. The Judicial Managers are engaging in discussions with the aforesaid investors on the terms of the investment and are currently working towards finalising a term sheet with one of the investors as soon as practicable.

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

Submitted by the Judicial Managers

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For and on behalf of the Company

Mr. Leow Quek Shiong

Mr. Gary Loh Weng Fatt

BDO Advisory Pte Ltd

30 June 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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