General Announcement::UPDATE ON SUBSIDIARIES UNDER VOLUNTARY ADMINISTRATION IN AUSTRALIA

OXLEY HOLDINGS LIMITED

(Incorporated in the Republic of Singapore under Registration No. 201005612G)

UPDATE ON SUBSIDIARIES UNDER VOLUNTARY ADMINISTRATION IN AUSTRALIA

The Board of Directors of Oxley Holdings Limited (the "Company", and together with its subsidiaries, the "Group") refers to the announcements on 18 May 2021, 16 June 2021, 16 July 2021, 29 July 2021, 16 August 2021 and 16 September 2021 relating to the appointment of voluntary administrators by the Group's wholly-owned subsidiary in Australia, Pindan Group Pty Ltd, and certain of its wholly-owned subsidiaries (collectively, the "Pindan Companies").

As announced previously, the Company had provided corporate guarantees to secure up to A$12.5 million of insurance bonds issued for the benefit of Pindan Group Pty Ltd and its subsidiaries. Of these insurance bonds, approximately A$6.3 million and A$2.7 million had been paid by the Company to the insurance bond issuer in June 2021 and October 2021, respectively, and approximately A$3.5 million of the bonds had been returned. The Company is in the process of reviewing the status of the projects relating to the bonds which have not been returned to the bond issuer.

The Company will provide further updates to shareholders if there are any material developments in the administration of the Pindan Companies.

In the meantime, shareholders of the Company are advised to exercise caution when dealing in the Company's shares and to refrain from taking any action in respect of their shares which may be prejudicial to their interests. If in doubt, shareholders and potential investors are advised to consult their financial, tax or other advisers.

By order of the Board

Ching Chiat Kwong

Executive Chairman and CEO

15 October 2021