The Board of Directors of AGV Group Limited refers to the announcements dated 1 July 2020, 2 July 2020, 7 July 2020, 7 August 2020, 8 September 2020 and 10 September 2020 (the "Announcements") in relation to an investigation by CAD and MAS. On September 14, 2020 the Board has received a notification from Mr. Albert Ang ("ED") stating that he is in the midst of seeking counsel on the Board's request for the ED to step down as an Executive Director of the Company, and he has indicated that he would revert by no later than 25 September 2020. The Board has agreed to the ED's request. In arriving at its decision, the Board took into consideration that the ED remains on a leave of absence and has not been involved in the running of the business and operations of the Group since 7 August 2020. The Board also highlight that the ED's leave of absence had earlier been announced and the Group's suppliers and customers had been informed of the same. Accordingly, the Board is of the view that there are adequate safeguards in place for the Board to grant him the additional two weeks to revert. As set out in the Announcements, the General Manager, Singapore, of the Group, has stepped in to fulfil the ED's duties and responsibilities to ensure the smooth running of the business and operations of the Group.