Asia Wealth Group Holdings Ltd - AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

8 August 2024 Asia Wealth Group Holdings Limited ("Asia Wealth", the "Group" or the "Company") AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024 Chairman's Statement The Board is pleased to report the audited results of the Company for the Financial Year from 1 March 2023 to 29 February 2024. The audited accounts will shortly be available on the Company's website, www.asiawealthgroup.com. The Company reports a consolidated loss of US$108,301 (2023: US$188,250). The Company continues to search for new areas of business expansion opportunities in South East Asia and in Europe, where it is has identified and engaged in meaningful discussions.  The Company's main source of income continued to be through Meyer Asset Management Ltd, a wholly owned subsidiary of the Company. The Board remains focused on further acquisitions and partnerships in Asia and Europe as well as the south-east Asian region. The Board has a cash surplus to seek further acquisitions and is currently in active discussions with businesses in the wealth management and clean energy space. I would again like to thank the Company's staff for their hard work throughout the year and shareholders for their support and we look forward to taking advantage of the opportunities which we expect to encounter in the forthcoming year. The Directors do not recommend the payment of a dividend for the year ended 29 February 2024. Richard Cayne Chairman Extract from audit opinion: "Basis for Qualified Opinion - Due from director On 29 February 2024, the Group transferred its investment in private equity of $32,857, which was valued using valuation techniques, to one of its Directors, payment for which remained outstanding. We were unable to obtain sufficient audit evidence as to whether the transfer value that it was carried at in the Group's financial statements represented its fair market value. As a result, we were unable to determine whether any adjustments would be necessary with regards to the resulting receivable from one of its Directors in the consolidated statement of financial position, and the related consolidated statement of comprehensive income." In a related party transaction, Richard Cayne, bought the 180,000 Class A common shares of BRM Agri Cambodia Limited for an amount of $32,857 on 29 February 2024. The independent directors of the Company, having exercised reasonable care, skill and diligence believe that the sale of the 180,000 A Class common shares is fair and reasonable as far as the shareholders of the Company are concerned. BRM Agri Cambodia Limited was acquired by the Company in August 2021. The Directors of the Company accept responsibility for the content of this announcement. Contacts: Richard Cayne (Chairman and CEO) Asia Wealth Group Holdings Limited, +66 (0) 2611-2561 Corporate Advisers Peterhouse Capital Limited, +44 (0) 20 7469 0930 www.asiawealthgroup.com ASIA WEALTH GROUP HOLDINGS LIMITED Consolidated Statement of Financial Position At 29 February 2024 Expressed in U.S. Dollars  2024  2023 Non-current assets Fixed assets 5,185 4,635 Investment 586,991 600,214 property 592,176 604,849 Current assets Cash and cash 1,122,962 1,139,598 equivalents Trade receivables (net of allowance for doubtful accounts of 109,609 92,672 $8,572 (2021: $8,572)) Financial - 210,594 assets at fair value through profit or loss Loans and 27,891 49,459 other receivables Due from 438,858 421,217 director Prepaid tax 844 672 Prepayments 73,388 63,719 and other assets 1,773,552 1,977,931 Total assets $ 2,365,728 $ 2,582,780 Equity Share capital 913,496 913,496 Treasury (318,162) (318,162) shares Consolidation 391,793 391,793 reserve Translation 13,937 23,582 reserve Retained 272,776 381,077 earnings Total equity 1,273,840 1,391,786 Current liabilities Trade 1,044,686 1,139,577 payables Tax payable - - Other 47,202 51,417 payables and accrued expenses Total 1,091,888 1,190,994 liabilities Total equity $ 2,365,728 $ 2,582,780 and liabilities ASIA WEALTH GROUP HOLDINGS LIMITED Consolidated Statement of Comprehensive Income For the year ended 29 February 2024 Expressed in U.S. Dollars  2024  2023 Revenue Commission income 1,022,085 1,353,957 1,022,085 1,353,957 Expenses Commission expense 369,114 563,811 Directors' fees 301,959 303,230 Professional fees 237,466 252,935 Travel and entertainment 52,492 60,084 Salaries and wages 42,319 43,017 Office expenses 40,520 42,135 Insurance expense 25,120 21,275 Rent 16,711 17,949 Marketing 5,623 7,625 Depreciation 1,840 424 Impairment losses - 22,250 Other expenses 21,732 22,960 1,114,896 1,357,695 Net income/(loss) from (92,811) (3,738) operations Other income/(expenses) Net foreign exchange (40,568) (205,143) loss Net (loss)/gain from (4,080) 655 investments Other income 29,475 20,265 (15,173) (184,223) Net income before (107,984) (187,961) taxation Taxation 317 289 Total comprehensive $ (108,301) $ (188,250) income Total comprehensive income attributable to equity holders of the Parent $ (108,301) $ (188,250) Company Earnings per share attributable to the equity holders of the Parent Company: Basic earnings per share $ (0.00975) $ (0.01694) Diluted earnings per $ (0.00975) $ (0.01694) share ASIA WEALTH GROUP HOLDINGS LIMITED Consolidated Statement of Cash Flows For the year ended 29 February 2024 Expressed in U.S. Dollars 2024 2023 Operating activities Net loss (107,984) (187,961) before taxation Adjustments for: Net foreign exchange loss 205,143 190,939 Impairment losses - 22,250 Depreciation 1,840 424 Net loss/(gain) from investments 4,080 (655) Interest income (8,843) (189) Net 94,236 24,808 operating income before changes in operating assets and liabilities Changes in operating assets and liabilities: (Increase)/decrease in trade (16,937) 5,130 receivables Decrease in loans and other 26,695 11,510 receivables Increase in prepaid tax (489) (846) (Increase)/decrease in prepayments (9,669) 5,398 and other assets Decrease in trade payables (94,891) (85,502) Decrease in other payables and (4,215) (1,451) accrued expenses Net cash (5,270) (40,953) flows used in operations Interest income received 3,716 189 Net cash (1,554) (40,764) flows used in operating activities Investing activities Proceeds 173,657 73,385 from sale of financial assets at fair value through profit or loss Acquisition (2,390) (858) of fixed assets Net cash 171,267 72,527 flows from investing activities Financing activities Net advances 15,216 43,911 from director Cash flows 15,216 43,911 from financing activities Net increase 184,929 75,674 in cash and cash equivalents Effects of (201,565) (152,833) exchange rate fluctuations on cash and cash equivalents Cash and 1,139,598 1,216,757 cash equivalents at beginning of year Cash and $ 1,122,962 $ 1,139,598 cash equivalents at end of year Cash and cash equivalents comprise cash at banks. 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Asia Wealth Group Holdings Ltd