Financial Statements and Related Announcement::Auditor's Comments of Accounts

SMI VANTAGE LIMITED

(Incorporated in Singapore)

(Company Registration No. 200505764Z)

DISCLAIMER OF OPINION BY INDEPENDENT AUDITOR ON THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2021

Pursuant to Rule 704(5) of the Listing Manual of the Singapore Exchange Securities Trading Limited, the Board of Directors (the "Board") of SMI Vantage Limited (the "Company" and together with its subsidiaries, the "Group") wishes to announce that the Company's independent auditor, RSM Chio Lim LLP ("Auditors"), has issued a disclaimer of opinion (the "Disclaimer of Opinion") in its Independent Auditor's Report dated 30 November 2021 (the "Independent Auditor's Report") in relation to the Group's financial statements for the financial year ended 31 March 2021 ("FY2021") (the "Financial Statements").

In the past year, the Company has experienced unprecedented challenges and difficulties presented by covid19 pandemic and the political situation in Myanmar. While the Company has strived to provide the necessary information, supporting documentation, forecast and assumptions, due to significant uncertainties surrounding the nature of the assumptions and estimates in particular the date of the re-opening of the Yangon International Airport, this has resulted in the issue of the Disclaimer Opinion as the Auditors was unable to obtain sufficient appropriate evidence to independently support, substantiate and verify these assumptions and estimates.

The Independent Auditor's Report is set out in the Company's Annual Report for the financial year ended 31 March 2021 ("Annual Report 2021") to be released on SGXNET and the Company's website at http://sin-mi.listedcompany.com/newsroom.htmlon 30 November 2021. An extract of the Independent Auditor's Report, together with an extract of the relevant notes to the Financial Statements are annexed to this announcement.

BY ORDER OF THE BOARD

Ho Kwok Wai

Non-Executive Chairman

30 November 2021