On 18 October 2022, CMIC Ocean En-Tech Holding Co., Ltd. entered into the Master Vessels Chartering and Management Services Agreement with CM Industry, pursuant to which the Group will charter vessels from the CM Industry Group and provide Vessels Management Services to the CM Industry Group, effective from the Commencement Date to 31 December 2025. Pursuant to the Master Supply and Purchase Agreement, on a non-exclusive basis, (i) CM Industry (on behalf of itself and its subsidiaries) agrees to sell, and the Company (on behalf of itself and its subsidiaries) agrees to purchase, structural parts and other components; and (ii) the Company (on behalf of itself and its subsidiaries) agrees to sell, and CM Industry (on behalf of itself and its subsidiaries) agrees to purchase, the Products. It is agreed that each agreement for the sale and purchase of Products and/or structural parts and other components will be entered into and be performed separately by the respective subsidiaries of the Company and CM Industry under separate contracts, on terms to be mutually agreed in accordance with the terms and conditions of the Master Supply and Purchase Agreement.

Pursuant to the terms of the Master Supply and Purchase Agreement, the Sales and Procurement shall be conducted on normal commercial terms, in particular: (i) the Sales and Procurement will be on terms no less favourable to the Group than terms available to or from (as appropriate) independent third parties based on its internal control measures; (ii) the Sales and Procurement will be conducted in the ordinary and usual course of business of the Group and after arm's length negotiations; and (iii) the transaction amount under the Sales and Procurement will not exceed the Products Annual Caps and the Structural Parts Annual Caps (as the case may be) for the period from the Commencement Date to 31 December 2025.