The board of directors of Hatcher Group Limited announced that on 22 March 2023, VBG Asia Limited entered into a memorandum of understanding on cooperation with Smart Auto Australia Limited. Pursuant to the MOU, VBG and Smart Auto intend to collaborate with each other so as to bring mutual benefits to each other, and the collaboration may be in form of, including but not limited to: Smart Auto and VBG become business partners and VBG shall support Smart Auto and advise on proposed cross border merger and acquisition activities to be conducted by Smart Auto (the "Proposed Transaction"); VBG shall assist Smart Auto in identifying suitable target(s) for the Proposed Transaction; VBG shall assist Smart Auto In fund raising activities in the secondary market to raise expansion capital of approximately HKD 15,000,000 on a best effort basis; and by pooling of relevant resources of VBG and Smart Auto, to establish other cooperative model(s) which aims to maximize each party's benefits. Term.

The MOU shall be effective for a period of one year commencing from the date of the execution of the MOU, unless terminated by not less than 3 months' prior written notice to the other party prior to the expiration of the term of the MOU. Non-legally binding effect. Save for certain clauses regarding, among others, confidentiality, costs and expenses and governing law, the MOU is not legally binding on VBG and Smart Auto.

The parties to the MOU shall enter into formal written agreements to set out the terms and conditions of the collaboration between VBG and Smart Auto.