TERMINATION OF THE SUBSCRIPTION AGREEMENT DATED 15 SEPTEMBER 2021

BETWEEN THE COMPANY AND YAYUAN LIMITED

The Board of Directors (the "Board") of Raffles Infrastructure Holdings Limited (the "Company") and together with its subsidiaries, (the "Group") refers to the Company's announcements made on 15 September 2021 ("15 September Announcement"), 18 October 2021 and 16 November 2021 ("16 November 2021 Announcement") regarding the entry into of a Subscription Agreement with Yayuan Limited (the "Subscriber") and its subsequent application for the listing and quotation of the New Shares arising from the Subscription Agreement and its rejection by the SGX RegCo.

All defined terms used in this announcement have the same meanings given to them in the 15 September Announcement.

As the SGX RegCo has rejected the Company's appeal for the reconsideration of its ALA (as disclosed in the 16 November 2021 Announcement), under clause 4.4 of the Subscription Agreement, "If any of the Conditions is not satisfied or waived on or before the Cut-Off Day for any reason, this Subscription Agreement shall immediately lapse and cease to have further effect, and no Party shall have any claim against the other Party for loss, damages, compensation, costs and expenses incurred or otherwise, save for any antecedent breach of this Agreement, provided that the Company shall not be liable or deemed liable in the even the LQN is declined, unduly delayed by the SGX-ST due to reasons not attributable to the Company or contains conditions that are not acceptable to the Company".

Cut-Off Day is expressed as 45 calendar days from the day the Company submits an application to the SGX-ST for the listing and quotation of the New Shares, which was made on 1 October 2021.

Accordingly, the Company has today given notice to the Subscriber that arising from the rejection of its appeal to the SGX RegCo, Completion is, indeed, not able to take place, and in accordance with clause 4.4, the Subscription Agreement is terminated, and in accordance with clause 4.1.2, the Deposit will be refunded to the Subscriber.

Financial Impact

The Board has assessed that there is and will not be any adverse financial impact on the Company and its Group arising from the termination of the Subscription Agreement as the entire rationale for the Subscription Agreement was to go into a new area of investment and business and to establish a new revenue stream for the Group which does not affect the Group's current businesses.

Trading Caution

Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company. Shareholders are advised to read this announcement and any further announcement(s) by the Company carefully. Shareholders should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisers if they have any doubt about the actions they should take.

Raffles Infrastructure Holdings Limited

80 Robinson Road #02-00 Singapore 068898 | +65 6702 6066

By Order of the Board

Eric Choo Han Kiat

Executive Director and Chief Executive Officer

Wednesday, December 15, 2021

Raffles Infrastructure Holdings Limited

80 Robinson Road #02-00 Singapore 068898 | +65 6702 6066

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Raffles Infrastructure Holdings Ltd. published this content on 15 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 December 2021 10:08:05 UTC.