The Board of Directors of WSC wishes to refer to the Company’s announcements dated 5 January 2022 and 6 January 2022 respectively and wishes to announce that the Purchaser was unable to procure and obtain written approval from the Jurong Town Corporation following the rejection by the National Environment Agency (“NEA”) of Singapore on the intended use of the Property by the Purchaser via NEA’s letter to the Purchaser dated 19 August 2022 (“NEA Letter”). The NEA Letter was received by WSC on 2 September 2022.

Hence, WSEF and the Purchaser have mutually agreed to rescind the Option and the Deposit shall be refunded by WSEF to the Purchaser without any interest, subject to the terms and conditions as are stipulated in the Option. WSEF and the Purchaser shall bear their own expenses and solicitor’s costs and neither of them shall have any claim or demand against the other for damages, costs or otherwise in relation to the Option.

(For consistency, the abbreviations used throughout this announcement shall have the same meaning as defined in the announcements dated 5 January 2022 and 6 January 2022.)

This Announcement is dated 2 September 2022.