The Board of Directors of ASL Marine Holdings Ltd. refers to the trust deed dated 7 May 2008, as supplemented by a supplemental trust deed dated 21 March 2014, and as amended and restated by the amendment and restatement trust deed dated 31 January 2017, and as further amended and supplemented by the supplemental trust deed dated 1 February 2019, in each case between the Company, as issuer, and the Trustee, as trustee (the "Trust Deed"). Capitalised terms used but not defined in this Announcement shall have the meanings ascribed to such terms in the Trust Deed (as amended from time to time) relating to the Notes. Pursuant to Condition 5(k) of the Notes, the Company is redeeming SGD 500,000 of the outstanding principal amount of the Notes on a pro rata basis, together with interest accrued, but unpaid, on the amount to be redeemed up to and excluding the date fixed for redemption, on 28 September 2022 (the "Redemption Date").

The Company is providing the following additional information in relation to such redemption: immediately prior to the redemption referred to above, (i) the outstanding principal amount of each SGD 250,000 Denomination Amount of Notes is SGD 222,500 and (ii) the number of SGD 250,000 Denomination Amount of Notes outstanding is 400; the amount to be redeemed for each SGD 250,000 Denomination Amount of Notes is SGD 1,250, the outstanding principal amount of each SGD 250,000 Denomination Amount of Notes after such partial redemption is SGD 221,250, the record date for the purposes of the redemption shall be 21 September 2022; and trading and transfers of the Notes will be suspended from the record date until such time the redemption is effected by the Depository and the Notes being redeemed shall be debited from the Depository securities account or sub-account of the relevant holder of such Notes on the Redemption Date.