DARCO WATER TECHNOLOGIES LIMITED

(Company Registration No. 200106732C)

(Incorporated in the Republic of Singapore)

WUHAN KAIDI WATER SERVICE COMPANY

RE: RECEIPT OF WHISTLEBLOWER REPORT

AND FOLLOW-UP ACTION TAKEN BY THE GROUP

• UPDATE ON LATEST DEVELOPMENTS: (1) FINDINGS FROM AGREED-UPON PROCEDURES CONDUCTED ON WUHAN KAIDI WATER SERVICE COMPANY (2) APPOINTMENT OF NEW FINANCE MANAGER OF WUHAN KAIDI WATER SERVICE COMPANY

1. BACKGROUND
   The board of directors (the "Board" or "Directors") of Darco Water Technologies Limited (the "Company", and together with its subsidiaries, the "Group") refers to the Company's previous announcement on 24 June 2021 in relation to the receipt of a whistleblower report concerning the Company's subsidiary in China, Wuhan Kaidi Water Service Company ("WHKD"), and the follow- up action taken by the Group (the "Previous Announcement"), as well as the responses to the queries raised by the Singapore Exchange Regulation in relation to this matter published on 16 August 2021 and 24 September 2021.
   Unless otherwise defined, all terms and references used herein shall bear the same meanings ascribed to them in the Previous Announcement.
2. FINDINGS FROM AGREED-UPON PROCEDURES

1. In the Previous Announcement, it was noted that as part of the follow up action to be taken by the
   Group, "the Company is to determine, in consultation with its external auditor, the scope of an agreed-upon procedure for the purposes of undertaking the following checks and...

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