Further to the Company’s announcement dated 10 November 2023 on the Memorandum of Understanding entered into between Turbo-Mech Asia Pte Ltd, a wholly-owned subsidiary of the Company, Brook Crompton Service Technology Pte Ltd and Zhejiang iMotorLinx Technology Co., Ltd (collectively as “Parties” and any one of them as “Party”), the Board of Directors of Turbo wishes to announce that the Parties had on 1 December 2023 executed a joint venture agreement in respect of the joint venture (“JV”) contemplated under the MOU (“Proposed JV”).

Please refer to the attached file for further details of the Proposed JV.

This announcement is dated 4 December 2023.