Asset Acquisitions and Disposals::Proposed Acquisition of Property Located At 38 Joo Koon Road - Exercise of Option to Purchase

WONG FONG INDUSTRIES LIMITED

Company Registration No.: 201500186D

(Incorporated in the Republic of Singapore)

PROPOSED ACQUISITION OF PROPERTY LOCATED AT 38 JOO KOON ROAD (THE

"PROPOSED ACQUISITION")

• EXERCISE OF OPTION TO PURCHASE

Unless otherwise defined, all capitalised terms used herein shall have the same meanings as ascribed to them in the Company's announcement dated 24 June 2021 in relation to the Proposed Acquisition ("Announcement").

Further to the Announcement, the Board wishes to update shareholders that WFE had on, 6 September 2021, exercised the OTP. In accordance with the terms of the OTP, WFE had also paid a sum of S$259,520, being 4.0% of the Consideration, to the Vendor's solicitors.

The Company will make further announcements as and when there are material updates and developments in respect of the Proposed Acquisition.

Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company. In particular, shareholders and potential investors should note that completion of the Proposed Acquisition is subject to fulfilment of various conditions as set out in the OTP and there is no certainty or assurance that the Proposed Acquisition will be completed. Persons who are in doubt as to the action they should take should consult their stockbrokers, bank managers, solicitors or other professional advisers.

BY ORDER OF THE BOARD

Liew Ah Kuie

Co-Founder and Group Chief Executive Officer

06 September 2021

This announcement has been prepared by the Company and has been reviewed by the Company's sponsor, United Overseas Bank Limited (the "Sponsor"), for compliance with Rules 226(2) and 753(2) of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist. 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 Lim Hoon Khiat, Director, Equity Capital Markets, who can be contacted at 80 Raffles Place, #03-03 UOB Plaza 1, Singapore 048624, telephone: [phone].

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