Further to our announcements made by the Company on 18 May 2020, 27 May 2020, 29 June 2020, 26 August 2020, 25 November 2020, 25 February 2021, 28 May 2021 and 25 August 2021 pertaining to the Memorandum of Understanding entered into between PNE, ARZON SOLAR, LCC, SANICHI TECHNOLOGY BHD ("STB") AND AT SYSTEMATIZATION BERHAD ("ATS") for the purpose of collaboration for PNE, STB and ATS or any of their subsidiaries to form a joint venture company ("JVCo") among the parties to design, research and development and production of medical grade mechanical air ventilators and to be distributed and marketed globally ("MOU"), the Board of Directors of PNE wishes to inform that there is no material development to the MOU since the last announcement.

The Company will make the appropriate announcement on any new development to the MOU, if any.

This announcement is dated 22 November 2021.