Mr. Kenny Choi reports

EV TECHNOLOGY GROUP: NOTICE OF POTENTIAL DEFAULT

EV Technology Group Ltd. anticipates that it may be delayed in filing its audited annual financial statements for its financial year ended Dec. 31, 2023, and the related management's discussion and analysis and certifications by the chief executive officer and chief financial officer (collectively the required filings). Under National Instrument 51-102 of the Canadian Securities Administrators, the required filings are required to be made not later than April 1, 2024 (the deadline). While every effort is being made to make the required filings as soon as possible, the issuer is concerned that the required filings may not be made by the deadline.

Out of an abundance of caution in the event that the company is unable to make the required filings by the deadline, the company applied to the Ontario Securities Commission (the principal regulator), British Columbia Securities Commission and Alberta Securities Commission pursuant to Part 3 of National Policy 12-203 for a management cease trade order (MCTO) as an alternative to a general cease trade order in connection with the possible late filing (the default) of the required filings. In the event that the MCTO is granted, it will remain in effect until the default is remedied. The issuance of a management cease trade order generally does not affect the ability of persons who have not been directors, officers or insiders of the company to trade in their securities.

The delays are a direct consequence of delays in payment of interest receivable, due and payable quarterly, from Moke International Ltd. (MIL) pursuant to a $5-million (U.S.) loan outstanding, which has resulted in a working capital deficit, leaving the issuer unable to pay its auditor, McGovern Hurley LLP. Consequently, the company requires additional time for its auditor to complete the audit and release its audit report on the statements. The company is working on all alternatives to improve its working capital position, including raising external capital, debt financing and pursuing debt collection efforts against MIL. The company anticipates that the auditor will be able to complete the audit and the company will be able to complete the required filings within the next 90 calendar days.

The company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing biweekly default status reports in the form of news releases for so long as it remains in default of the filing requirements described herein.

The company has not taken any steps toward any insolvency proceeding and the company confirms that there is no material information relating to its affairs that has not been generally disclosed.

The MCTO prohibits trading in securities of the company, whether direct or indirect, by:

1. The company's chief executive officer;
2. The company's chief financial officer;
3. The members of the board of directors of the company or other persons or companies who had, or may have had, access directly or indirectly to any material fact or material change with respect to the company that has not been generally disclosed.

Should the company fail to make its required filings on or before April 1, 2024, the principal regulator can impose a cease trade order that all trading in securities of the company cease for such period of time as the principal regulator may deem appropriate.

We seek Safe Harbor.