General Announcement::CESSATION OF INFORMATION TECHNOLOGY BUSINESS

PLATO CAPITAL LIMITED

(Incorporated in the Republic of Singapore)

(Company Registration Number: 199907443M)

CESSATION OF INFORMATION TECHNOLOGY BUSINESS

1. INTRODUCTION
   The Board of Directors (the "Board") of Plato Capital Limited (the "Company" and together with its subsidiaries, the "Group") wishes to announce that a wholly-owned subsidiary, Plato Solutions Sdn. Bhd. ("Plato Solutions") shall cease ("Cessation") its information technology systems integration and distribution of software business ("IT Business") with effect from 1 January 2022.
2. RATIONALE OF THE CESSATION
   Over the preceding years, Plato Solutions had been faced with declining margins and lumpy revenue. Costs of operations had also been rising. As such, Plato Solutions has decided to cease its IT Business.
3. FUTURE PLANS
   With the Cessation, the Group would be able to channel and devote its resources to its other businesses. The Group intends to focus on:
4. 1. its hospitality portfolio, which includes the development and operation of hospitality assets under the Ormond banner. This will include opportunistic acquisitions, management deals and/or franchise activities;
   2. its education investment at Epsom College in Malaysia and expanding the programmes on offer at the school in order to broaden student enrollment; and
   3. exploring opportunities to release capital from its current asset base.
5. FINANCIAL EFFECTS OF THE CESSATION
   Following the Cessation, the information technology segment in the Group's financial statements will be presented as "discontinued operation".
   The Cessation is not expected to have any material impact on the Group's net tangible assets ("NTA") per share and earnings per share ("EPS") for the financial year ending 31 December 2021. The illustrative effects of the Cessation on the Group's NTA per share and EPS based on the unaudited consolidated financial results of the Group for the six months ended 30 June 2021, are as per the table below:

Group	For the six months	For the six months	Difference
	ended 30 June 2021	ended 30 June 2021
	- With IT Business	- Without IT Business
	S$	S$	S$
NTA per share	3.54	3.53	(0.01)
EPS/(loss per share)	(0.09)	(0.10)	0.01

5. INTERESTS OF DIRECTORS AND SUBSTANTIAL SHAREHOLDERS IN THE CESSATION

None of the directors or substantial shareholders of the Company have any interest, direct or indirect, in the Cessation, other than through their shareholding interest (if any), in the Company.

By Order of the Board

Plato Capital Limited

Gareth Lim Tze Xiang

Chief Executive Officer

3 December 2021

This announcement has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange 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 Jennifer Tan, 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, [e-mail].