The Board of Directors of Olive Tree Estates Limited announced the entry into a non-binding heads of agreement to establish a joint-venture company to develop a giving for impact platform. The Board wishes to announce that on 31 January 2022, the Company has entered into a subscription agreement with Providence MetaVentures Pte Ltd. ("PMetaVentures"). Pursuant to the terms of the Subscription Agreement, the Company and PMetaVentures (collectively, the "Parties") have agreed to establish a joint-venture company, Agathos Investments Pte Ltd. ("AIPL").

AIPL has been established to add capacity and redefine the `giving-for-impact' eco-system through the design and development of an innovative crowd-funding platform which increases the effectiveness of giving for both donors and donees through leveraging the benefits of blockchain technology (the "Platform"). The Platform will boast a number of novel features to increase its attractiveness and utility to donors and range/speed of impact to those seeking urgent funding for immediate relief or financing for humanitarian projects. AIPL will own and operate the Platform.

It is also envisaged that AIPL will mint a cryptocurrency token which shall serve as both a store of value as well as a means of exchange for donors, donees and the Platform's community of stakeholders. The afore-mentioned tokens, when issued, shall comply with all relevant legislation, including the Securities and Futures Act. AIPL has commenced discussions with third-party service providers to make preparations for the Platform's beta-version application to be launched as soon as practicable and will be partnering with non-profit organizations and other suitable entities to use the Platform as anchor donees when it is fully functional.