The Board announces that on 15 March 2024, Parkson Retail Group Limited entered into the Loan Agreement about a syndicated loan facility in an aggregate amount of up to RMB 2,500,000,000 with a syndicate of banks, as lenders. The Loan Facility has a term of 36 months commencing from the first drawdown date. The Loan Facility is to refinance the existing loans of the Group.

Pursuant to the Loan Agreement, Tan Sri Cheng Heng Jem (together with his wife, Puan Sri Chan Chau Ha alias Chan Chow Har, who is deemed to be interested in Tan Sri Cheng Heng Jem's interest in the Company) shall remain the single largest ultimate beneficial owner of the Company. In the event that Tan Sri Cheng Heng Jem (together with his wife, Puan Sri Chan Chau Ha alias Chan Chow Har) ceases to be the single largest ultimate beneficial owner of the Company, all outstanding advances and all interests accumulated thereon, and all or any other sums payable by the Company under the Loan Agreement will be declared as immediately due and payable, and the total commitment under the Loan Agreement will be cancelled.