The Board of Directors of Ageson (“Board”) wishes to announce that AHSB, a 75%-owned subsidiary of the Company, had on 4 January 2021, entered into a development rights agreement (“DRA”) with Menteri Besar Incorporated (Perak) (“MBI Perak”) for AHSB to develop a piece of land measuring approximately 475 acres located at Wilayah Sungai Kelian Baru, Mukim Batang Padang, Daerah Batang Padang, Perak (“Development Land”) into a mixed development project comprising government agencies and administration units, industrial, commercial and residential (“Proposed Development”).

AHSB and MBI Perak are collectively referred to as the “Parties”.

Further details of the DRA and the Proposed Development are set out in the ensuing sections of this announcement.

This announcement is dated 4 January 2021.