THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT.

APPENDIX III PROPERTY VALUATION REPORT

The following is the text of a letter, summary of values and valuation certificates, prepared for the purpose of incorporation in this document received from Laurelcap Sdn. Bhd., an independent valuer, in connection with its valuation as at 31 March 2020 of the properties held by our Group.

[REDACTED]

The Board of Directors MBV International Limited No. 58–66, Jalan Seroja 39 Taman Jaya, 81100 , Johor,

Dear Sirs,

VALUATION FOR TWO (2) PROPERTIES IDENTIFIED AS AN INTERMEDIATE THREE (3) STOREY TERRACED SHOP-OFFICE BEARING POSTAL ADDRESS NO. 155 JALAN NB2 2/2, TAMAN NUSA BESTARI 2, 81300 , JOHOR BAHRU, JOHOR DARUL TAKZIM AND AN INTERMEDIATE DOUBLE STOREY TERRACED FACTORY BEARING POSTAL ADDRESS NO. 8, JALAN SS 25/34, TAMAN MAYANG INDUSTRIAL PARK, 47301 PETALING JAYA, SELANGOR DARUL EHSAN (HEREIN REFERRED TO AS ‘‘SUBJECT PROPERTIES’’)

We refer to the instructions by MBV International Limited (‘‘Company’’, together with its subsidiaries, the ‘‘Group’’) to value the Subject Properties in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the ‘‘Listing Rules’’).

In accordance with your instructions to value the Subject Properties held by Group in Selangor Darul Ehsan and Johor Darul Takzim, Malaysia, we confirm that we have carried out inspections, made relevant enquiries and searches and obtained such further information as we consider necessary for the purpose of providing you with our opinion of the Market Values of the property interests as at 31 March 2020 (the ‘‘valuation date’’).

The valuation had been carried out in accordance with the Listing Rules (including but not limited to Chapter 5 — Valuation Report Requirements) issued by Hong Kong Stock Exchange Limited (the “HKEX”), International Valuation Standards (the ‘‘IVS’’)issuedbytheInternational Valuation Standards Council (the ‘‘IVSC’’) and the Malaysian Valuation Standards (the ‘‘MVS’’) issued by the Board of Valuers, Appraisers, Estate Agents and Property Managers Malaysia (the ‘‘BOVAEAPM’’) and with the necessary professional responsibility and due diligence.

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APPENDIX III PROPERTY VALUATION REPORT

The basis of valuation adopted is the Market Value which is defined by the MVS and IVS to be ‘‘the estimated amount for which an asset or liability should exchange on the date of valuation betweenawillingbuyerandawillingsellerinanarm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.’’

We have used two (2) approaches, namely the Comparison Approach and Investment Approach by way of ‘‘Term and Reversion Method’’, to determine the Market Value of the Subject Properties. The following are the detailed explanation of the Comparison Approach and Investment Approach:

(i) We have adopted the Comparison Approach as the primary approach in valuing the Subject Properties. This method involves comparing the Subject Properties with recently transacted properties of a similar nature or offers for sale/rental of similar properties in the area. Adjustments are then made for differences in location, size and shape of the lot, size, condition and design of the building, site facilities available, market conditions and other factors in order to arrive at a common basis for comparison; and

(ii) For the Investment Approach by way of ‘‘Term and Reversion Method’’, the capital value is derived from an estimate of the market rental for which the Subject Properties can reasonably to be let. Outgoings or operating expenses, such as repairs and maintenance, insurance and management are then deducted from the annual rental income. The net annual rental income is capitalised at an appropriate current market yield to arrive at its indicative capital value.

We have adopted the Comparison Approach as the primary method of valuation, due to the existence of latest transaction of shop/office and, factory buildings within the same vicinity. In addition, the comparables within the surrounding neighbourhood are abundant and similar in nature. Thus, the analysis and adjustment applied in the Comparison Approach enables the opinion of the value to be more accurate as the data and information are made available and disclosed in the market.

The Investment Approach is adopted as the secondary approach because of the rental rates adopted in the reversionary period are based on asking prices of similar properties within the vicinity, and not actual tenancies. Therefore, we have adopted Comparison Approach as the primary method in determining the Market Value of the Subject Properties.

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APPENDIX III PROPERTY VALUATION REPORT

We have been shown copies of various title documents including land title document, certificates of fitness for occupation and official plans relating to the property interests and have also made relevant enquiries. Where possible, we have examined the original documents to verify the existing title to the property interests in the countries and any material encumbrance that might be attached to the property interests or any tenancy amendment. We have reviewed and considered the legal opinions issued by the legal advisors of the relevant countries given by our Company’s legal advisors concerning the validity of the property interests in these countries.

We have carried out detailed measurements to verify the correctness of the areas in respect of the Subject Properties and we have verified that the areas shown on the title documents and official site plans handed to us are correct. All documents and contracts have been used as reference only and all dimensions, measurements and areas are approximations.

We have inspected the exterior and the interior of the Subject Properties. No structural survey has been made, but, in the course of our inspection, we did not note any serious defects. We are not, however, able to report whether the Subject Properties are free of rot, infestation or any other structural defect. No tests were carried out on any of the services.

Inspection of the Subject Properties were carried out on 31 March 2020 by the following Executive Director, Valuation Manager and Valuation Executives from Laurelcap Sdn. Bhd. and Laurelcap (JB) Sdn. Bhd.:

(i) Mr. Stanley Toh Kim Seng, an Executive Director of Laurelcap Sdn. Bhd. and a Registered Valuer of BOAVEAPM, a member of Royal Institution Surveyors Malaysia (RISM) and a member of Royal International Chartered Surveyors (RICS);

(ii) Ms. Penny Goh Pei Nei, a Valuation Manager of Laurelcap Sdn. Bhd., a Registered Valuer of Board of Appraisers, Valuers, Estate Agents, Property Manager (BOVAEAPM) and a member of Royal Institution Surveyors Malaysia (RISM) and a member of Royal International Chartered Surveyors (RICS);

(iii) Ms. Esther Lam Chooi Si, a Valuation Executive of Laurelcap Sdn. Bhd. (HQ);

(iv) Mr. Ee Chin Lun, a Valuation Executive of Laurelcap (JB) Sdn. Bhd.;

(v) Mr. Bryan Wong Jung Cheng, a Valuation Executive of Laurelcap Sdn Bhd (HQ);

(vi) Mr. Ngai Jun Xian, a Valuation Executive of Laurelcap Sdn Bhd (HQ); and

(vii) Ms. Leong Ka Mun, a Valuation Executive of Laurelcap Sdn Bhd (HQ).

We have no reason to doubt the truth and accuracy of the information provided to us by our Company. We have also sought confirmation from our Company that no material factors have been omitted from the information supplied. We consider that we have been provided with sufficient information to arrive an informed view, and we have no reason to suspect that any material information has been withheld.

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APPENDIX III PROPERTY VALUATION REPORT

Unless otherwise stated, all monetary figures stated in this report are in Ringgit Malaysia (RM).

Our valuation is summarized below and the valuation certificates are attached.

Yours faithfully, For and on behalf of Laurelcap Sdn. Bhd. Sr STANLEY TOH KIM SENG BSc (Hons) Estate Management, MRISM, MRICS, MPEPS, MMIPFM, ICVS, MBVAM Registered Valuer (V-927) Executive Director

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APPENDIX III PROPERTY VALUATION REPORT

SUMMARY OF VALUES

Property interests held by the Group for investment in Selangor Darul Ehsan and Johor Darul Takzim, Malaysia

Market Value Market Value in attributable to existing state Interest the Group Property as at attributable to as at No. (Title/Address) 31 March 2020 Purpose of Holding the Group 31 March 2020

1. Title No. GRN 131419, RM2,570,000.00 Sales office for 100% RM2,570,000.00 Lot No. 78712, Mukim Pulai, imprintable apparel District of Johor Bahru, on the ground floor State of Johor Darul Takzim and tenanted on the first and second No. 155 Jalan NB2 2/2, floors to Taman Nusa Bestari 2, Independent Third 81300 Skudai, Parties. Johor Bahru, Johor Darul Takzim

2. HS(M) 7250, Lot No. PT11776, RM2,800,000.00 Sales office for 100% RM2,800,000.00 Tempat Bt 9¾ Jalan Damansara, imprintable apparel Mukim of Sungai Buloh, District of Petaling and State of Selangor Darul Ehsan

No. 8, Jalan SS 25/34, Taman Mayang Industrial Park, 47301 Petaling Jaya, Selangor Darul Ehsan

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APPENDIX III PROPERTY VALUATION REPORT

VALUATION CERTIFICATE

Property interests held by the Group for investment in Johor Bahru, Johor Darul Takzim and Petaling Jaya, Selangor Darul Ehsan, Malaysia

Property interests held by the Group in Johor Bahru, Johor Darul Takzim, Malaysia.

Market Value in existing state as at No. Property Description and tenure Particulars of occupancy 31 March 2020

1. No. 155, Jalan NB2 2/ The Subject Property is an intermediate The Property is occupied by RM2,570,000.00 2, Taman Nusa Bestari three (3) storey terraced shop-office with a Oren Sport on the ground 2, 81300 Skudai, total land area of approximately 163.00 floor and tenanted on the 100% interest Johor Bahru, sq.m. and was completed in Year 2002. first and the second floor to attributable to the Johor Darul Takzim Independent Third Parties. Group: The 18 years old building has a total gross RM2,570,000.00 floor area of approximately 490.51 sq.m.

The building accommodations include ground floor shop area, first and second floor office area. Each floor is attached with a bathroom w/c.

The structures mainly include reinforced concrete framework with in-fill plastered brickwalls, reinforced concrete floors, reinforced concrete flat roof.

The physical terrain of the site is generally flat and lies slightly above the frontage road.

Infrastructure in the form of drainage, electricity, water, telephone lines and sewerage are readily available and connected to the Subject Property.

The building is fully completed and has obtained the Certificate of Fitness for Occupation.

The Subject Property is held under Title No. GRN 131419, Lot No. 78712, Mukim of Pulai, District of Johor Bahru, State of Johor Darul Takzim.

The Subject Property is Freehold in tenure.

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APPENDIX III PROPERTY VALUATION REPORT

Notes:

(1) Oren Sport Sdn. Bhd. is a subsidiary of our Company.

(2) The first floor and the second floor of the Subject Property are tenanted by two (2) Independent Third Parties.

(3) Pursuant to the Title Search, the registered proprietor of the property is Oren Sport Sdn. Bhd.

(4) PursuanttotheTenancyAgreementdatedon13March 2019, a Tenancy Agreement had been signed between Oren Sport (Landlord) and the tenant for the letting of the Subject Property as a curtain shop on the first floor (Unit No. 155–01) at a rental rate of RM1,500.00 per month. The rental period is for one (1) term of two (2) years commencing on 15 March 2019 to 14 February 2021 and with a renewal term of two (2) years at the prevailing market rate.

(5) Pursuant to the Tenancy Agreement dated on 20 January 2020, a Tenancy Agreement had been signed between Oren Sport (Landlord) and the tenant for the letting of the Subject Property as an office on the second floor (Unit No. 155B) at a rental rate of RM1,200.00 per month.

(6) The Subject Property has obtained the Certificate of Fitness and Occupation (CFO) bearing reference no. MDJBT (RP)6/6/95(55), dated on 1 December 2002 issued by (MBJB).

(7) In the valuation of this property, we have adopted as our basis of valuation the Market Value of the Subject Property as an intermediate three (3) storey terraced shop-office bearing postal address No. 155, Jalan NB2 2/ 2, Taman Nusa Bestari 2, 81300 Skudai, Johor Bahru, Johor Darul Takzim Held Under Title No. GRN 131419, Lot No. 78712, Mukim Pulai, District of Johor Bahru, State of Johor Darul Takzim, in its existing physical condition with vacant possession and subject to its title being free from encumbrances, good, marketable and registrable.

(8) As the property is the major asset held by the Group, we are of the view that the property is a material property.

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APPENDIX III PROPERTY VALUATION REPORT

Details of the material property:

(a) General description of location : The Subject Property is situated along Jalan NB2 2/2, within Taman of the property Nusa Bestari 2, Skudai, Johor Bahru, Johor Darul Takzim. It is approximately 17.7 kilometres north-west of Johor Bahru City Centre and about 3.0 kilometres north of respectively. The site of the Subject Property is rectangular in shape.

(b) Details of encumbrances, liens, : One charged to Alliance Islamic Bank Berhad vide Presentation No. pledges, mortgages against the 47841/2013 dated on 18 June 2013 property

(c) Environmental issue : No environmental study is carried out.

(d) Details of investigation, notices, :Nil pending litigation, breaches of law or title defects

(e) Future plans for construction, :Nil renovation, improvement or development of the property and estimated associated costs

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APPENDIX III PROPERTY VALUATION REPORT

VALUATION CERTIFICATE

Property interests held by the Group in Petaling Jaya, Selangor Darul Ehsan, Malaysia.

Market Value in existing state as at No. Property Description and tenure Particulars of occupancy 31 March 2020

2. No. 8, The Subject Property is an intermediate The property is tenanted by RM2,800,000.00 Jalan SS 25/34, Taman double storey terraced factory with a total Oren Sport (PJ) Sdn. Bhd. Mayang Industrial Park, land area of approximately 279.00 sq.m. and 100% interest 47301 Petaling Jaya, was completed in Year 1996. attributable to the Selangor Darul Ehsan Group: The 24 years old building has a total gross RM2,800,000.00 floor area of approximately 540.04 sq.m..

The building on the ground floor comprises verandah, shop area/warehouse area, storerooms; whilst on the first floor includes warehouse area and storeroom. Each floor is attached with two (2) bathroom w/cs.

The structures mainly include reinforced concrete framework with in-fill plastered brickwalls, reinforced concrete floors, reinforced concrete flat roof. The physical terrain of the site is generally flat and levelled with the frontage road.

Infrastructure in the form of drainage, electricity, water, telephone lines and sewerage are readily available and connected to the Subject Property.

The building is fully completed and has obtained the Certificate of Fitness and Occupation.

The Subject Property is held under Title No. HS(M) 7250, Lot No. PT11776, Tempat Batu9¾JalanDamansara,Mukimof Sungai Buloh, District of Petaling and State of Selangor Darul Ehsan.

The Subject Property is Freehold in tenure.

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APPENDIX III PROPERTY VALUATION REPORT

Notes:

(1) Oren Sport is a subsidiary of our Company.

(2) Pursuant to the Title Search, the registered proprietor of the property is Oren Sport Sdn. Bhd..

(3) Pursuant to a Tenancy Agreement on 8 August 2019, a Tenancy Agreement had been signed between Oren Sport Sdn. Bhd. (Landlord) and Oren Sport (PJ) Sdn Bhd (Tenant) for the letting of the Subject Property as a branch sales office for imprintable apparel and warehouses at a rental of RM9,500.00 per month. The rental period is for one (1) term of two (2) years commencing on 1 September 2019 with one (1) month renovation free period commencing on 1 August 2019 to 31 August 2019. The tenancy agreement is with a renewal term of one (1) year at the prevailing market rate.

(4) The Subject Property has obtained the Certificate of Fitness for Occupation (CFO) bearing reference no. 8742, 26 September 1996 issued by Petaling Jaya Municipal Council (MPPJ) or currently known as Petaling Jaya City Council (MBPJ).

(5) In the valuation of this Subject Property, we adopt as our basis of valuation the Market Value of the Subject Property bearing postal address No. 8, Jalan SS 25/34, Taman Mayang Industrial Park, 47301 Petaling Jaya, Selangor Darul Ehsan, held Under Title No. HS(M) 7250, Lot No. PT11776, Tempat Batu 9 ¾ Jalan Damansara, Mukim of Sungai Buloh, District of Petaling and State of Selangor Darul Ehsan, in its existing physical condition and subject to its title being free from encumbrances, good, marketable and registrable.

(6) As the property is the major asset held by the Group, we are of the view that the property is a material property.

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APPENDIX III PROPERTY VALUATION REPORT

Details of the material property:

(a) General description of location : The Subject Property is situated along Jalan SS25/34 within Taman of the property Mayang Industrial Park, 47301 Petaling Jaya, Selangor Darul Ehsan. It is located approximately 20.00 kilometres south-west of Kuala Lumpur city centre and about 9.30 kilometres north-west of Petaling Jaya new town. The site of the Subject Property is rectangular in shape.

(b) Details of encumbrances, liens, : One charged to HSBC Amanah Malaysia Berhad vide Presentation pledges, mortgages against the No. 1746/2018 dated on 25 June 2018 property

(c) Environmental issue : No environmental study is carried out.

(d) Details of investigation, notices, :Nil pending litigation, breaches of law or title defects

(e) Future plans for construction, :Nil renovation, improvement or development of the property and estimated associated costs

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