Reference is made to the Company's announcements made on 20 January 2022, 23 February 2022, 26 May 2022, 29 August 2022 and 29 November 2022 pertaining to the Memorandum of Understanding ("MOU") between Solarvest, Anora Agency Sdn. Bhd ("Anora") and QBE Insurance (Malaysia) Berhad ("QBE Insurance") with the intention to collaborate with each other for the purpose of maximising the benefits in their respective business.

The Board of Directors of the Company wishes to announce that there is no conclusion on the negotiations between the parties as at the expiry date of the MOU and thus the MOU had expired and lapsed ("MOU expiry").

Upon the MOU expiry, neither party shall have any claim against the other, save and except for any antecedent claim.

The MOU expiry will not have any material financial impact on Solarest and its subsidiaries.

This announcement is dated 20 January 2023