Further to the Company's announcement dated 1 November 2022, the Board of Directors of PNE PCB Berhad ("PNE" or "the Company") wishes to provide the following additional information in connection with the extension on timeframe for the utilisation of proceeds raised from the private placement involving 129,357,000 new ordinary shares of PNE. The terms used hrein, unless the context otherwise states, shall bear the same meaning as those defined in the announcement mentioned above:

1. The reasons that the Company has yet to fully utilise the Private Placement Proceeds

The oversupply of gloves in the market has resulted the price of the gloves to be competitive.  A lot of the existing glove manufacturers has stopped / reduced their glove manufacturing. The Board of Directors of PNE has decided to defer this investment and will closely monitor the glove market condition before the next course of action.

2. The current status of the Glove Business.

As mentioned above, the Board of Directors of PNE has decided to defer this investment and will closely monitor the glove market condition before the next course of action.

3. The next 12 months’ plan for Glove Business.

Based on the Malaysian Rubber Glove Manufacturers Association (MARGMA); Malaysia is expected to have a 65% share of the global rubber glove market, followed by China (20%), Thailand (10%) and Indonesia (3%). For year 2023, expects global annual glove demand to grow between 12% and 15%. The Board of Directors of PNE will closely monitor the glove market condition before the next course of action. In the event that the Glove Business is not feasible in the next ten (10) months, the Company will find alternative uses for the proceeds raised and will seek for shareholders’ approval if required.

This announcement is dated 3 November 2022.