Infinity Logistics and Transport Ventures Limited announced 2022 Master Supply Agreement. Parties: (i) Infinity Logistics and Transport Ventures Limited as supplier; (ii) Qingdao Infinity as purchaser. Term: Three years from 1 January 2022 to 31 December 2024.

Subject and price determination: Pursuant to the 2022 Master Supply Agreement (1), the Company supplies packaging materials to Qingdao Infinity on a non-exclusive basis. There was no long-term agreement between Qingdao Infinity and the Company. Instead, Qingdao Infinity places purchase orders with the Company at the agreed purchase price after arm's length negotiation.

Under the 2022 Master Supply Agreement (1), Qingdao Infinity can from time to time place purchase orders to the Company, which shall set out, inter alia, the quantity, description of the products and the purchase price. The purchase price shall be determined after arm's length negotiation between Qingdao Infinity and the Company from time to time with reference to the prevailing market price of similar products, and in any event shall be no less favorable than the price that the Company charges independent third-party customers for similar products. Parties: (i) the Company as supplier; (ii) Lite Bulk as purchaser.

Term: Three years from 1 January 2022 to 31 December 2024. Subject and price determination: Pursuant to the 2022 Master Supply Agreement (2), the Company provides freight forwarding services to Lite Bulk on a non-exclusive basis. There was no long-term agreement between Lite Bulk and the Company.

Instead, Lite Bulk places service orders with the Company at the agreed service fee after arm's length negotiation. Under the 2022 Master Supply Agreement (2), Lite Bulk can from time to time place service orders to the Company, which shall set out, inter alia, description of the services required, the service fee and term of payment. The service fee shall be determined after arm's length negotiation between Lite Bulk and the Company from time to time with reference to the prevailing market price of similar services, and in any event shall be no less favorable than the price that the Company charges independent third-party customers for similar services.