China Overseas Grand Oceans Group Limited has been leasing various office premises in the Properties to the COLI Group, among which certain leases will expire on 31 October 2023. Such existing leases constituted continuing connected transactions of the Company, which in aggregate was de minimis. As the number of premises available for lease by the Group to the COLI Group and the total rent payable under such leases are expected to increase, on 31 October 2023, the Company and COLI entered into the Lease Framework Agreement, pursuant to which members of the COLI Group (as lessee) may lease Properties from members of the Group (as lessor) during the term of three years, commencing from 1 November 2023 and ending on 31 October 2026 (both dates inclusive), subject to the terms of the Lease Framework Agreement and the Caps.

Pursuant to the Lease Framework Agreement, it is agreed that: the Company and COLI may enter into, or procure members of the Group (as lessor) and members of the COLI Group (as lessee) respectively to enter into, the Leasing Transactions in relation to the Properties in the ordinary and usual course of their respective businesses within the limit of the Caps; and during the term of the Lease Framework Agreement, any member of the Group and any member of the COLI Group may from time to time enter into separate definitive leasing agreement(s) in relation to any Leasing Transactions, which shall set out the particular terms and conditions of the Leasing Transaction(s) (including the payment terms) and be in compliance with the terms of the Lease Framework Agreement, in particular: the fees and terms of the definitive leasing agreement(s) shall be determined in the ordinary course of business, on normal commercial terms, negotiated on an arm's length basis, and shall be no more favourable to the COLI Group than those offered to the independent third parties by the Group; and the fees for the Leasing Transactions shall be based on the pricing basis under the Lease Framework Agreement, which is set out in the paragraph headed "Pricing Basis" below. In assessing the fees for the Leasing Transactions in relation to the Properties, members of the Group will take into account of, among others, (i) the location, size, usage, nature and conditions of the Properties; (ii) the qualifications and performance of contractual obligations of the potential tenants; (iii) the term of the leases; and (iv) the prevailing market fees of comparable properties within the proximity.