Top Education Group Ltd — Capital/Financing Update 2021

Sep 7, 2021

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TOP EDUCATION GROUP LTD

澳洲成峰高教集團有限公司

(Registered in New South Wales, Australia with limited liability)

(ACN 098 139 176) (Stock code: 1752)

VOLUNTARY ANNOUNCEMENT

SCOTS ENGLISH COLLEGE PTY LTD RECEIVED INNOVATION FUND

This announcement is made by Top Education Group Ltd (the “ Company ” or “ TOP ”, together with its subsidiary, the “ Group ”) on a voluntary basis.

The board (the “ Board ”) of directors (the “ Directors ”) of the Company is pleased to announce that having successfully met the eligibility requirements of the Program Administrator (English Australia) for the Innovation Fund, on 27 July 2021, Scots English College Pty Ltd (“ SCOTS ”), a subsidiary of the Company, a private English Language Intensive Courses for Overseas Students (“ ELICOS ”) provider, has been approved and will receive a grant of AUD$149,500 from the Innovation Fund.

The Innovation Fund was established by the Australian Government Department of Education, Skills and Employment allowing eligible private education providers to apply for funding up to AUD$150,000, to support product innovation and investment in infrastructure, curriculum design, digital teaching solutions and staff expertise.

The Innovation Fund can support SCOTS to expand the student base offshore, enhance the students' online experience and thus build long-term relationships with them. To fulfil that aim, SCOTS has commenced to invest the funds in the development of a self-study English program consisting of 4 levels of proficiency: A2 (Pre-intermediate), B1 (Intermediate), B2 (Upper-intermediate), C1 (Advanced). SCOTS will also re-imagine and redesign its learning management system (“ LMS ”) platform to cater for the students' various needs.

A team of teachers has been recruited to begin developing the units' content and approximately 20% of the work has already been produced. The e-learning design has been assigned to create a prototype

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unit from each level. Furthermore, discussions of the new LMS' User Interface and Users Experience are underway.

By order of the Board Top Education Group Ltd Sumeng Cao Chairperson of the Board

Sydney, Australia, 7 September 2021

As at the date of this announcement, the executive Director is Ms. Sumeng Cao, the non-executive Directors are Mr. Amen Kwai Ping Lee, Mr. Thomas Richard Seymour (Mr. Kai Zhang as his alternate), Mr. Yi Dai and Mr. Edward Chiang, and the independent non-executive Directors are Professor Weiping Wang, Professor Brian James Stoddart, Mr. Tianye Wang and Professor Steven Schwartz.

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