Change - Change in Corporate Information::Update on Striking Off of a Dormant Subsidiary

SBI Offshore Limited

(In Members' Voluntary Liquidation)

(Incorporated in the Republic of Singapore on 1 October 1994)

(Company Registration Number: 199407121D)

UPDATE ON STRIKING OFF OF A DORMANT SUBSIDIARY

The board of directors (the "Board" or "Directors") and the liquidator of SBI Offshore Limited (the "Company") refer to the Company's announcement dated 4 June 2021 in relation to the application of Solar Energy Investments Pte. Ltd. ("SEI"), a wholly-owned subsidiary of the Company, to Accounting and Corporate Regulatory Authority ("ACRA") for its name to be struck off the register of companies ("Register") pursuant to Section 344A of the Companies Act, Chapter 50 of Singapore.

The Board and the liquidator wish to update shareholders that SEI has received a letter from ACRA that the name of SEI has been struck off from the Register on 6 September 2021.

For and on behalf of the Company (In Members' Voluntary Liquidation)

Don Ho Mun-Tuke

Liquidator

23 September 2021

This announcement has been prepared by SBI Offshore Limited (the "Company") and its contents have

been reviewed by the Company's sponsor, ZICO Capital Pte. Ltd. (the "Sponsor"), in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B:

Rules of Catalist.

This announcement 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 Ms. Alice Ng, Director of Continuing Sponsorship, ZICO Capital Pte. Ltd. at 8 Robinson Road, #09-00 ASO Building, Singapore 048544, telephone (65) 6636 4201.