Scheme of Arrangement - Corporate Debt Restructuring::SCHEME MEETING

FALCON ENERGY GROUP LIMITED

(Company Registration No.: 200403817G)

(Incorporated in the Republic of Singapore)

SCHEME MEETING

Unless otherwise defined, all capitalised terms used in this announcement shall bear the same meanings in its previous announcements (the "Previous Announcements") dated 9 January 2021, 18 January 2021, 4 February 2021, 10 February 2021, 3 May 2021, 4 May 2021, 13 May 2021, 1 June 2021, 7 June 2021 and 16 June 2021.

The Board of Directors of Falcon Energy Group Limited (the "Company") refers to (a) its Previous Announcement dated 1 June 2021 in relation to the passing of the 2nd Adjournment Resolution at the Lenders' Scheme Meeting and Unsecured Creditors' Scheme Meeting; and (b) its Previous Announcement dated 16 June 2021 in relation to the Court granting the Company's 2nd Extension Application to extend the time for convening the Lenders' Scheme Meeting and the Unsecured Creditors' Scheme Meeting as provided for in paragraph 1 of Annex A of the Order of Court dated 3 February 2021 made in HC/OS 32/2021 to 29 June 2021.

The Board of Directors wishes to announce that, during the Lenders' Scheme Meeting and Unsecured Creditors' Scheme Meeting convened on 22 June 2021, the Company proposed a resolution to adjourn the Lenders' Scheme Meeting and Unsecured Scheme Meeting to 29 June 2021 at the same time via Video-Conference (the "3rd Adjournment Resolution").

The purpose of the 3rd Adjournment Resolution is to give more time for the proposed sale of Keppel FELS Limited's claim against the Company to a third party investor, as well as for the satisfaction of certain conditions in relation to the sale of 2 vessels which CIMB Bank Berhad holds security over.

The 3rd Adjournment Resolution was passed by a majority in number representing three-fourths in value of the Scheme Creditors present and voting (in person or by proxy) at the Lenders' Scheme Meeting and Unsecured Creditors' Scheme Meeting respectively in accordance with section 210(3) of the Act ("Requisite Majority"). Further details of the voting results are set out below.

Lenders Scheme Meeting :

Unsecured Creditors Scheme Meeting :

The Company will make further announcements as appropriate or when there are further developments. Shareholders and noteholders are advised to read this announcement and any further announcements by the Company carefully. Shareholders and noteholders should consult their stock brokers, bank managers, solicitors or other professional advisors if they have any doubt about the actions they should take.

BY ORDER OF THE BOARD

Tan Pong Tyea

Chairman and Chief Executive Officer

23 June 2021