General Announcement::Joint Venture Agreement with Mingfa Jinzhai

ZHONGMIN BAIHUI RETAIL GROUP LTD.

(Incorporated in the Republic of Singapore)

(Company Registration No.: 200411929C)

JOINT VENTURE AGREEMENT WITH MINGFA GROUP ANHUI JINZHAI CITY DEVELOPMENT CO., LTD. IN THE PEOPLE'S REPUBLIC OF CHINA

The Board of Directors of Zhongmin Baihui Retail Group Ltd. (the "Company" and together with its subsidiary, the "Group") (the "Board") wishes to announce that the Zhongmin Baihui (China) Retail Group Co., Ltd ("ZMBH China"), a wholly-owned subsidiary of the Group, and 明发集团安徽金寨城市 开发有限公司 Mingfa Group Anhui Jinzhai City Development Co., Ltd. ("Mingfa Jinzhai") have, on 30 April 2021, signed an agreement to form a joint venture company with respective shareholding of 20% and 80%, and with a registered share capital of RMB 3 million. The joint venture company will market, operate and manage 53,633 sqm of retail space in Jinzhai Mingfa City Square, Jinzhai County, Hefei, Anhui Province, for a period of 20 years starting from 1 May 2021.

The transaction will be funded through the internal resources of the Group and is not expected to have any material financial effect on the earnings and net tangible assets of the Group for the financial year ending 31 December 2021.

None of the Directors of the Company, as well as their respective associates, have any interest, direct or indirect, in the abovementioned transaction (other than through their interests in the shares of the Company).

By Order of the Board

Lee Swee Keng

Executive Chairman

9 June 2021