Common use of LISTING RULE IMPLICATIONS Clause in Contracts

LISTING RULE IMPLICATIONS. As at the date of this announcement, Scud Stock is owned as to 70% by ▇▇. ▇▇▇▇, the controlling Shareholder. Scud Stock is therefore a connected person of the Company under the Listing Rules and accordingly, the Leases under the Lease Agreements constitute continuing connected transactions of the Company. Based on information available to the Company, ▇▇. ▇▇▇ ▇▇▇▇ (“▇▇. ▇▇▇”) and ▇▇. ▇▇▇▇ ▇▇▇▇ (“▇▇. ▇▇▇▇”) hold the remaining equity interests of Scud Stock as to 25% and 5% respectively. To the best of the Directors' knowledge, information and belief having made all reasonable enquiry, ▇▇. ▇▇▇ and ▇▇. ▇▇▇▇ are third parties independent of the Company and its connected persons. Based on the annual cap for the year ending 31 December 2023 as set out above, as one or more of the applicable percentage ratios in respect of the Leases are more than 0.1% and less than 5%, the Leases are only subject to the reporting, announcement and annual review requirements and exempt from the independent Shareholders’ approval requirement under Chapter 14A of the Listing Rules.

LISTING RULE IMPLICATIONS. As at the date of this announcement, Scud Stock is owned as to 70% by ▇▇. ▇▇▇▇, the controlling Shareholder. Scud Stock is therefore a connected person of the Company under the Listing Rules and accordingly, the Leases under the Lease Agreements constitute continuing connected transactions of the Company. Based on information available to the Company, ▇▇. ▇▇▇ ▇▇▇▇ (“▇▇. ▇▇▇”) and ▇▇. ▇▇▇▇ ▇▇▇▇ (“▇▇. ▇▇▇▇”) hold the remaining equity interests of Scud Stock as to 25% and 5% respectively. To the best of the Directors' knowledge, information and belief having made all reasonable enquiry, ▇▇. ▇▇▇ and ▇▇. ▇▇▇▇ are third parties independent of the Company and its connected persons. Based on the annual cap for the year ending 31 December 2023 2022 as set out above, as one or more of the applicable percentage ratios in respect of the Leases are more than 0.1% and less than 5%, the Leases are only subject to the reporting, announcement and annual review requirements and exempt from the independent Shareholders’ approval requirement under Chapter 14A of the Listing Rules.