Equity Listing - Ordinary Shares::LISTING AND QUOTATION OF 251,468,017 NEW SHARES

Alset International Limited

(Incorporated in the Republic of Singapore)

(Company Registration Number 200916763W)

LISTING AND QUOTATION OF 251,468,017 NEW SHARES

PURSUANT TO THE EXERCISE OF 251,468,017 2017 WARRANTS

The Board of Directors (the "Board") of Alset International Limited (the "Company") wishes to announce that the number of ordinary shares in the capital of the Company ("Shares") has increased from 3,241,245,345 Shares to 3,492,713,362 Shares, following the allotment and issuance of 251,468,017 new ordinary shares in the capital of the Company (the "New Shares") at an exercise price of S$0.048 for each New Share on 17 December 2021 pursuant to the exercise of 251,468,017 unlisted warrants issued on 22 March 2017 (the "2017 Warrants").

The 251,468,017 New Shares shall rank pari passu in all respects with the existing Shares, save for any dividends, rights, allotments or other distributions, the record date for which falls before the date of allotment and issuance of the New Shares (i.e. 17 December 2021).

The 251,468,017 New Shares are expected to be listed and quoted on the Catalist Board of the SGX-ST on 21 December 2021 and trading of the 251,468,017 New Shares is expected to commence from 9.00 a.m. on the same date.

Following the exercise of 251,468,017 2017 Warrants into 251,468,017 New Shares, there are 30,850,000 2017 Warrants outstanding as at 17 December 2021.

By Order of the Board

Alset International Limited

Chan Tung Moe

Executive Director and Co-Chief Executive Officer

20 December 2021

This announcement has been reviewed by the Company's Sponsor, Hong Leong Finance Limited. It has not been examined or approved by the Exchange and the Exchange assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Ms Vera Leong, Vice President, Hong Leong Finance Limited, at 16 Raffles Quay, #01-05 Hong Leong Building, Singapore 048581, telephone [phone].