Fitch Affirms GEAR at 'B+'; Outlook Stable

MEDIA CONTACTS

Leslie Tan Singapore +65 6796 7234 leslie.tan@the tchgroup.com Peter Ho ich Singapore +65 6796 7229 peter.ho ich@the tchgroup.com

Additional information is available on www. tchratings.com

APPLICABLE CRITERIA

Parent and Subsidiary Rating Linkage (pub. 27 Sep 2019) Corporates Notching and Recovery Ratings Criteria (pub. 14 Oct 2019) (including rating assumption sensitivity) Country-Speci c Treatment of Recovery Ratings Rating Criteria (pub. 27 Feb 2020) Corporate Rating Criteria (pub. 02 May 2020) (including rating assumption sensitivity) Sector Navigators: Addendum to the Corporate Rating Criteria (pub. 02 May 2020)

APPLICABLE MODELS

Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).

Corporate Monitoring & Forecasting Model (COMFORT Model), v7.9.0 ( 1 )

ADDITIONAL DISCLOSURES

Dodd-Frank Rating Information Disclosure Form Solicitation Status Endorsement Policy

ENDORSEMENT STATUS

Golden Energy and Resources Limited

EU Endorsed