SAI.TECH Global Corporation announces the execution of the Supplementary Agreements, dated August 1, 2022, which terminate its Service Agreement, dated as of July 18, 2021, with Better Tech Limited relating to the Phase II 90 MW power supply cooperation in Kazakhstan, and its Bitcoin Mining Hosting Service Agreement, dated as of July 16, 2021, with E2M Technology Limited relating to the rendering of Phase II 90 MW hosting services in Kazakhstan. As previously disclosed in the Company's Form 20-F, filed with SEC on May 31, 2022, SAI.TECH received concerns from its power partners and hosting customers regarding the Company's operation stability and cost uncertainties as they relate to the developments in Kazakhstan during the first half of 2022. These power partners and hosting customers also expressed their intention to suspend their services under the originally agreed Service Agreement and Bitcoin Mining Hosting Service Agreement in the amount of 90MW in Phase II, which had already been delayed due to the national riots in Kazakhstan which commenced on January 2022.

SAI.TECH recently reached a mutual understanding with Better Tech and E2M on the force majeure events that occurred during the first half of 2022 and agreed to a waiver of liabilities. All parties agreed to continue the execution of the Phase I 15 MW cryptocurrency mining operation, which started on August 2021, based on the terms of the Service Agreement and Bitcoin Mining Hosting Service Agreement.