General Announcement::GLOBAL SETTLEMENT WITH THE DIRECTOR GENERAL OF INLAND REVENUE BOARD OF MALAYSIA

ASPEN (GROUP) HOLDINGS LIMITED

Company Registration No.: 201634750K

(Incorporated in the Republic of Singapore)

GLOBAL SETTLEMENT WITH THE DIRECTOR GENERAL ("DG") OF INLAND REVENUE BOARD OF MALAYSIA ("IRB")

Unless otherwise defined, all capitalised terms used in this announcement shall bear the same meanings as ascribed to them in the Company's earlier announcements dated 28 August 2021 and 6 September 2021.

The Board of Directors (the "Board") of Aspen (Group) Holdings Limited (the "Company" and together with its subsidiaries, the "Group") wishes to update shareholders and potential investors of the Company that, in relation to the Notice, Aspen Vision Land Sdn. Bhd. ("AVL") and three other subsidiaries of the Group has on 5 October 2021 entered into composite agreements ("Agreements") with the DG of IRB pursuant to Section 96A(1) of the Income Tax Act 1967 for a sum of RM56,397,000.00 ("Total Tax Liability") as full and final global settlement of all potential additional tax claim for the year of assessment 2014 to 2020 ("Settlement").

Out of the Total Tax Liability, RM19,625,311.00 has been paid to the IRB upon signing of the Agreements. This resulted in a balance of tax payable of RM36,771,689.00 which will be settled via instalment payment over 6 years as follows:-

Year of payment	Tax instalment payment at the end of each year (RM)
2021	1,840,000.00
2022	7,485,599.16
2023	7,656,000.00
2024	7,494,090.00
2025	6,960,000.00
2026	5,336,000.00
Total:	36,771,689.16

The Settlement is not expected to have a material financial impact on the Company's current financial year ending 31 December 2021 as the IRB has agreed on a consolidated basis at a group level that RM40,729,523.81 from the Total Tax Liability attributable to AVL will be allowed to be treated and claimable as a tax credit in Aspen Vision City development for past, current and future projects together with unsold inventory on hand.

In view of the out of court Settlement, AVL will withdraw its application to the High Court for leave to commence judicial review to challenge the Notice. The Board would like to emphasise that the Settlement with the IRB is not an admission of liability or that the Group had carried out tax evasion or concealment of information to the IRB. The Settlement is undertaken because the Company does not wish to be engaged in a protracted litigation with the IRB and wishes to resolve the matter amicably and expeditiously.

BY ORDER OF THE BOARD

Aspen (Group) Holdings Limited

Dato' Murly Manokharan

President and Group Chief Executive Officer

6 October 2021