(Unless otherwise defined in this announcement, all terms used herein shall have the same meaning as those defined in the announcement dated 18 August 2022.)

Reference is made to the Company’s announcement made on 18 August 2022.

The Board of Directors (“the Board”) of Lambo wishes to update that the Company had on 25 August 2022 appointed Messrs Cheng + Kheng Hoe to assist the Company in relation to the investigation of Fujian Accsoft pursuant to an article published by the Ministry of Finance of the People’s Republic of China on 13 July 2022.

On 29 August 2022, the Company had sent the letters to the Ministry of Finance of the People's Republic of China to obtain further clarification and also the auditor of Fujian Accsoft to obtain explanations and documentations.

On 6 September 2022, the Company also had sent a letter to the previous auditors to obtain documentations that they possess for the purpose of the audit for financial year 2018.

The Company is also in the midst of negotiating with law firms in Hong Kong and China to engage them to assist the Company.

As of the date of this announcement, there was no material developments relating to the above matters and the Company is still pending the replies from the relevant parties.

The Company shall make the necessary announcement(s) as appropriate when there are further developments to this matter.

This announcement is dated 9 September 2022.