General Announcement::UPDATE ON BUSINESS OPERATIONS

ASPEN (GROUP) HOLDINGS LIMITED

Company Registration No.: 201634750K

(Incorporated in the Republic of Singapore)

UPDATE ON BUSINESS OPERATIONS FOLLOWING THE IMPOSITION OF PHASE TWO (HEIGHTENED ALERT) AND FULL MOVEMENT CONTROL ORDER IN SINGAPORE AND MALAYSIA RESPECTIVELY

The Board of Directors (the "Board") of Aspen (Group) Holdings Limited (the "Company" and together with its subsidiaries, the "Group") refers to Singapore's Multi-Ministry Taskforce ("MMT") announcement of Phase Two (Heightened Alert) ("P2HA") period from 16 May 2021 to 13 June 2021 ("P2HA Period") and the recent imposition of a 14-day Full Movement Control Order ("FMCO") by the Government of Malaysia, effective from 1 June 2021 to 14 June 2021 ("FMCO Period") following the resurgence of Covid-19 cases, in Singapore and Malaysia respectively, and wishes to provide shareholders of the Company with an update in relation to the various implications the P2HA and FMCO may have on the Group's operations and financial performance.

Property Development Sector

During the FMCO Period, all economic sectors are not allowed to operate except for essential economic and services sectors listed by the National Security Council of Malaysia.

In compliance with the FMCO, the Group's headquarters and property sales galleries in Malaysia will be closed and the Company's co-workers will continue to work from home.

As previously announced on 17 May 2021, the Group had started to welcome the homeowners of Vertu Resort in stages to collect their keys to their homes. This process has now been put on hold until the FMCO is lifted.

Beacon Executive Suites has obtained the Certificate of Completion and Compliance ("CCC") on 24 May 2021, however, the process of handing over the keys to the unit owners can only be carried out once the FMCO is lifted.

Despite having to postpone the process for handing over the keys for Vertu Resort and Beacon Executive Suites until the FMCO is lifted, the Group has already fulfilled its contractual obligations by obtaining the CCC and issuing the notice of vacant possession ("VP") to the purchasers within the stipulated timeline for delivery of VP.

Construction works for the Group's ongoing projects, namely Vivo Executive Apartment and Viluxe, will also cease during the FMCO Period. The temporary halt of the construction works of these projects during the FMCO Period is not expected to have any material adverse effect on the Group's ability to fulfill its contractual obligations.

The Group will continue to leverage on social media and e-commerce platforms to actively disseminate information and marketing promotion relating to the Group's projects during the FMCO Period to ensure business continuity.

Healthcare Sector

The Company's subsidiary, Aspen Glove Sdn. Bhd. ("AGSB"), which falls under the essential economic and services sectors has received approval from Malaysia's Ministry of International Trade and Industry to continue operations during the FMCO Period subject to, inter alia, compliance with Covid-19 Standard Operating Procedure ("SOP") issued by the Malaysian Government. Adhering to the SOP, AGSB is currently operating with only 60% of its overall manpower capacity on a 24/7 basis using 3 teams working 8-hour shifts. The reduction of AGSB's manpower capacity is not expected to have any material adverse effect on its ability to fulfill its contractual obligations.

AGSB had earlier, on 29 May 2021, achieved another significant milestone by successfully shipping out its first shipment of gloves under Phase 1(a) to California, United States of America.

Food and Beverage ("F&B") Sector

During the P2HA Period, all dining-in at F&B establishments are disallowed. F&B establishments are only allowed to offer take-out and delivery options.

In compliance with the P2HA, the Company's subsidiary, Kanada-Ya SG Pte. Ltd. has limited its services by only providing take-out and delivery options through its four existing KANADA-YA outlets. During the P2HA Period, Kanada-Ya has doubled its advertising and promotional efforts through online platforms to boost take-out and delivery sales.

Business Outlook

The Group will resume its operations in full as soon as the P2HA Period and the FMCO Period expires, subject to any further directives from Singapore's MMT and the Government of Malaysia, respectively.

Given the continued fluidity of the Covid-19 situation in Singapore and Malaysia, the Company is unable to quantify the extent of the financial impact of the P2HA and FMCO on the earnings per share and net asset value per share of the Group for the financial year ending 31 December 2021.

The Company will make further announcements to update shareholders when there are material updates as may be necessary or appropriate.

Shareholders and potential investors are advised to exercise caution when dealing or trading in the shares of the Company. Shareholders and potential investors are advised to read this announcement and any further announcements by the Company carefully. When in doubt as to the action they should take, shareholders and potential investors should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisers.

BY ORDER OF THE BOARD

Aspen (Group) Holdings Limited

Dato' Murly Manokharan

President and Group Chief Executive Officer

7 June 2021