General Announcement::Extension of time to submit proposal for resumption of trading

DESIGN STUDIO GROUP LTD.

(Incorporated in the Republic of Singapore)

(Co. Reg. No.: 199401553D)

EXTENSION OF TIME TO SUBMIT PROPOSAL FOR RESUMPTION OF TRADING

The board of directors (the "Board") of Design Studio Group Ltd (the "Company", and together with its subsidiaries, the "Group") wishes to announce that the Company has applied to the Singapore Exchange Securities Trading Limited (the "SGX-ST") for an extension of time of up to 31 October 2021 (the "Waiver") to submit its proposal for the resumption of trading of the Company's shares pursuant to Rule 1304(1) of the Mainboard Rules (the "Resumption Proposal"). On 2 August 2021, the SGX-ST granted the Company's application subject to the following conditions:

1. the Company announcing the Waiver granted, the reasons for seeking the Waiver, the conditions as required under Mainboard Listing Rule 107 and if the Waiver conditions have been satisfied; and
2. the Board confirming that the Waiver will not be in contravention of any laws and regulations governing the Company and its constitution.

The Board confirms that the Waiver will not cause the Company to contravene any of the laws and regulations governing the Company and its constitution.

On 20 January 2020, the Company requested a voluntary trading suspension of its shares in order to protect the interests of shareholders while the Group undertakes formal restructuring proceedings to enable the Group to continue its business as a going concern while working with key stakeholders and advisors to preserve value, restructure operations and reorganise the liabilities of the Group (the "Restructuring Exercise").

As announced on 9 June 2021, due to the objections of a dissenting creditor, the Group decided not to proceed with applying to the courts in Singapore and Malaysia for sanction of the nine (9) original schemes of arrangement, and instead proposed a new consolidated pre-pack scheme of arrangement (the "New Creditor Scheme") pursuant to Section 71 of the Insolvency, Restructuring and Dissolution Act 2018. After receiving the approval of the requisite majority of creditors, the Group applied to the High Court of the Republic of Singapore (the "Singapore Court") for sanction of the New Creditor Scheme. As announced on 29 July 2021, the Restructuring Exercise and proceedings in the courts of Singapore and Malaysia remain ongoing.

If sanctioned, the new Creditor Scheme will result in the full and final settlement of the unsecured debts owed to creditors of the Group's Singapore and Malaysia incorporated companies, and allow the Company to seek investment. In view of the ongoing Restructuring Exercise, the Company applied for the Waiver, which would allow the Company additional time to formulate and submit a Resumption Proposal to the SGX-ST after the outcome of the New Creditor Scheme becomes certain.

The Company will continue to keep its stakeholders updated and will make the appropriate announcements as and when there are any material updates or developments. Shareholders and potential investors of the Company are advised to read this announcement and any further announcements by the Company carefully and should exercise caution when dealing in the Company's securities. Shareholders and potential investors who are in doubt as to the action they should take should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisors.

By Order of the Board

Steven James Salo

Executive Director and Interim Chief Executive Officer

4 August 2021