General Announcement::PRESS RELEASE

Media Release

For Immediate Release

Darco's PV Vacuum partners Insect Feed Technologies and Republic Polytechnic in a technology-driven food waste management project

• This partnership enables Darco to capitalize on its Pneumatic Waste Conveyance System for greener and sustainable food management
• The objective is to construct a reliable and complete solution that recycles food waste into economically viable products

Singapore - 14 July 2021 - Mainboard-listed Darco Water Technologies Limited (the "Company" or "Darco" or the "Group") is pleased to announce that its wholly-ownedSingapore-based subsidiary, PV Vacuum Engineering Pte Ltd. ("PV Vacuum") has today signed a memorandum of understanding ("MOU") with Insect Feed Technologies ("Insect Feed") and Republic Polytechnic ("RP") to jointly develop a fully automated recycling solution to turn food waste into commercially valuable products

Combining PV Vacuum's Pneumatic Waste Conveyance System with Insect Feed's Hermetia IIlucens, also known as black soldier fly's technology, this project is aimed at providing an end-to-end automated food waste conveyance systems for districts and large commercial/industrial development. Intellectual Property rights of these technologies will be shared between Insect Feed and PV Vacuum only.

This project will see the three entities join forces on the research and testing of these technologies, whilst also providing new opportunities for RP's students including structured student placements, workshops and even collaborative projects.

This is an apt solution coming at a time when food waste accounts for one of the biggest waste streams in Singapore, having grown by around 20% over the past decade, according to the Ministry of Sustainability and the

Media Release

For Immediate Release

Environment1.

Commenting on this new partnership, Mr. Poh Kok Hong, Executive Director and CEO of the Group, said, "We are pleased to make more headway with our Pneumatic Waste Conveyance System with this new collaboration. This MOU will allow us to work closely with Insect Feed and Republic Polytechnic to explore greater innovation from waste management to recycling for sustainability, while ensuring knowledge transfer to the next generation."

About Insect Feed Technologies

A Singapore-based Biotechnology Company that strives to leverage proprietary processes and breakthrough technologies to introduce Black Soldier Fly into the global food supply chain to feed the world's population sustainably.

For more information, please refer tohttps://www.insectfeedtechnologies.com/

About Republic Polytechnic

Republic Polytechnic is an institution of higher learning in Woodlands, Singapore. Founded in 2002, it was the first school system in Singapore to use the problem-based learning pedagogy for all its diploma programmes.

For more information, please refer to https://www.rp.edu.sg/

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About Darco Water Technologies Limited

Established in 1999 and listed on SGX in 2002, Darco Water Technologies designs and delivers engineered solutions for water and wastewater systems for industrial and municipal customers. Its core management team has more than 19 years of experience in water treatment for a wide range of industries. Its markets include Mainland China and Southeast Asia.

For more information, please refer to www.darcowater.com

Issued for and on behalf of Darco Water Technologies Limited by Financial PR Pte Ltd

Romil SINGH,[e-mail]

Robin MOH,[e-mail]

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1 Singapore Food Waste https://www.towardszerowaste.gov.sg/foodwaste/