JES International : Update On Company Matters

JES INTERNATIONAL HOLDINGS LIMITED

(Incorporated in the Republic of Singapore on 4 April 2006)

(Company Registration Number 200604831K)

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UPDATE ON COMPANY MATTERS _________________________________________________________________________________

The board of directors (the "Board") of JES International Holdings Limited (the "Company") refers to the Company's previous announcements dated 1 March 2017, 28 April 2017, 14 July 2017, 8 September 2017, 18 September 2017 and 20 October 2017 and 5 February 2018. Unless otherwise defined, capitalised terms in this announcement (the "Announcement") shall have the same meanings as ascribed to them in the aforementioned announcements.

• 1. PROPOSED RESTRUCTURING OF THE SHIPBUILDING SUBSIDIARIES

  The Company has been informed that the managers have had prospective investors, however no firm offer has been received yet. The Company has further informed the Managers of the compliance requirements of the Company to release announcements on any updates to the restructuring and that the Company's standing instructions to the managers are that the Company is to be immediately notified of any material updates.

• 2. PROPOSED DISPOSAL OF THE SHIPBUILDING SUBSIDIARIES

  The Company has been considering the commercial terms of the proposed disposal and will update shareholders as soon as the Company has come to a decision.

  In the event that the proposed disposal is unable to proceed, the Company will continue to be the legal and beneficial owner of the shipbuilding subsidiaries. Further and as previously announced, the Managers have been responsible for the management of the shipbuilding subsidiaries, and the Company has not and will not be liable for any outgoings of the shipbuilding subsidiaries.

• 3. ALLEGATIONS AGAINST JIN XIN

  The Company understands that since Jin Xin has been found guilty and sentenced on 24 January 2018 by the Jingjiang People's Court, Jiangsu Province, the Company has not received updates in relation to the matter. The Company is currently awaiting more information and will update the shareholders in due course.

  The Company's decision on whether to commence civil actions against Jin Xin shall be solely premised on whether the interests of shareholders and the Company has been adversely affected by any acts by Jin Xin.

• 4. CASH COMPANY STATUS

  In relation to the Company's classification as a cash company pursuant to Rule 1018 of the Listing Manual of the SGX-ST on 18 September 2017, the Company is currently considering its cash position in relation to all outstanding liabilities and cashflow forecasts. The Company is presently in the midst of looking for additional sources of funds and avenue streams, and will update shareholders as and when there are material developments on the same.

BY ORDER OF THE BOARD

JES INTERNATIONAL HOLDINGS LIMITED

JIN YU

Chief Executive Officer 18 April 2018