Burwill : UPDATE ON THE SCHEME OF ARRANGEMENT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Provisional Liquidators Appointed)

(Incorporated in Bermuda with limited liability)

(Stock Code: 24)

UPDATE ON THE SCHEME OF ARRANGEMENT

The announcement is made by Burwill Holdings Limited (Provisional Liquidators Appointed) (the "Company") pursuant to Rule 13.09(2) of the Listing Rules and the Inside Information Provisions (as defined under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the "SFO").

References are made to the Company's announcements dated 4 February 2021 (the "Announcement") in relation to, among other things, the Proposed Restructuring. Unless otherwise stated, terms used herein shall have the same meanings as defined in the Announcement.

The Company wishes to inform the shareholders and potential investors of the Company that, the Company filed originating summons (the "Originating Summons") to convene a creditors' meeting regarding a proposed scheme of arrangement (the "HK Scheme") with the High Court of the Hong Kong Special Administrative Region (the "HK Court") and the Supreme Court of Bermuda (the "Bermuda Court") on 25 February 2021 and 1 March 2021 respectively. Hearing dates of the Originating Summons have been scheduled to take place on 2 March 2021 (for the HK Court) and 5 March 2021 (for the Bermuda Court) respectively.

Further announcement(s) setting out the progress of the Scheme will be made by the Company as and when appropriate.

CONTINUED SUSPENSION OF TRADING IN THE SHARES

Trading in the shares of the Company on the Hong Kong Stock Exchange has been suspended since 19 August 2019 and will continue to be suspended until further notice.

Shareholders and potential investors should note that the Resumption is subject to various conditions which may or may not be fulfilled. There is no guarantee that the Resumption of trading will take place. Shareholders and potential investors are reminded to exercise caution when dealing in the Shares.

For and on behalf of

Burwill Holdings Limited (Provisional Liquidators Appointed)

So Man Chun

Jong Yat Kit

Joint and Several Provisional Liquidators Acting as agents of the Company without personal liability

Hong Kong, 1 March 2021

As at the date of this announcement, the Board comprises Mr. Huang Shenglan as non-executive director; and Mr. Chan Kai Nang and Mr. Wong Wai Keung, Frederick as independent nonexecutive directors.