Asset Acquisitions and Disposals::INCORPORATION OF A NEW SUBSIDIARY

JASON MARINE GROUP LIMITED

(Company Registration No.: 200716601W)

(Incorporated in the Republic of Singapore)

INCORPORATION OF A NEW SUBSIDIARY

The board of directors (the "Board") of Jason Marine Group Limited (the "Company", and together with its subsidiaries, the "Group") is pleased to announce that the Group has incorporated a wholly- owned subsidiary in Spain, Jason Marine Electronics Spain, S.L. ("JMES") with an initial issued and paid- up share capital of EUR250,000 comprising 250 ordinary shares, held by the Company's wholly-owned subsidiary, Jason Venture Pte. Ltd..

The principal activities of JMES are those of providing marine electronics equipment and related services to vessels. The incorporation of JMES is funded through internal resources and is not expected to have any material impact on the earnings per share or net tangible assets per share of the Group for the current financial year ending 31 March 2022.

None of the Directors, substantial shareholders or controlling shareholders of the Company has any interest, direct or indirect, in the incorporation of JMES, other than through their respective interests in the Company (if any).

By Order of the Board

Foo Chew Tuck

Executive Chairman and CEO

23 September 2021

This announcement has been reveiwed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). 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 Mr. David Yeong (Telephone no.: (65) 6232 3210) at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.

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