The Board announces that on 31 March 2022, Beijing Media Corporation Limited entered into the BJAI Lease Contract and the Beijing Rural Exchange Lease Contract, respectively, with BJAI (as a lessee) and Beijing Rural Exchange, pursuant to which, the Company will lease the 23rd floor and the 19th floor of the BYDA Building the Company owns, respectively, to BJAI and Beijing Rural Exchange, both for a lease term of three years commencing from 1 April 2022 and until 31 March 2025. The major terms of the BJAI Lease Contract and the Beijing Rural Exchange Lease Contract are as follows: Date: March 31, 2022. Parties: BJAI Lease Contract; Leased properties: The 23rd floor of BYDA Building with a gross floor area of 680.98 square meters.

Parties: Beijing Rural Exchange (as a lessee). Leased properties: The 19th floor of BYDA Building with a gross floor area of 829.53 square meters. Without written consent of the Company, the lessees may not transfer, sub-lease or hand over the leased property or any part thereof, directly or indirectly, to others.

Usage: For office premises. Without prior written consent of the Company, the lessees may not change or expand the usage. Lease term: Three years commencing from 1 April 2022 and until 31 March 2025.

The lessees shall notify the Company in written forms before 90 days before expiry of the lease of their intention for renewal. Parties shall re-negotiate and sign new contract on conditions for lease based on prevailing market conditions. Under the same conditions as those available to other tenants, the lessees may have the priority to the renewal right to lease the property they have leased.

If the parties fail to reach a lease contract in 30 days before the expiry of the lease, the lessees will be deprived of the priority right to renew the lease. Rent rate: The rent for the first year will be RMB6/day/sq.m (VAT inclusive), comprising housing rent of RMB 5.2214/day/sq.m and property management fee of RMB0.7786/day/sq.m; from the second year, the housing rent in the rent will be increased at an annual growth rate of 2% and the property management fee remains unchanged. The rent-free period commences from 1 April 2022 to 30 June 2022.

During the rent-free period, the Company shall not charge the lessees any housing rent or other fees except for the property management fee and the water and electricity fees caused by lessees' decoration. If the lessees decorate their leased properties during the rent-free period, they shall comply with the relevant laws, regulations and rules and the requirements of the Company and/or the property management company. In the event that the decoration cannot be completed in the rent-free period due to the pandemic, government orders or other reasons, the rent-free period may be extended subject to written confirmation by the Company.

The company should deliver the leased properties to respective lessee before 31 March 2022. Within three days upon expiry or earlier termination of the Lease Contracts, the lessees shall empty and return to the Company the leased properties.