Shenzhen Investment Holdings Bay Area Development Company Limited announced that after certain open tender and bidding processes conducted through Guangzhou Public Resources Trading Center, on 3 April 2024, GSZ Company entered into the following Construction Works Agreements (TJ2-TJ5 Bid Sections) with the respective Contractors for the civil engineering construction works in connection with the Approved Road Section R&E Project: the Construction Works Agreement (TJ2 Bid Section) entered into with CR 12th Bureau with a contract price of approximately RMB 1,772,125,038; the Construction Works Agreement (TJ3 Bid Section) entered into with CCCC Second Highway with a contract price of approximately RMB 1,562,566,969; the Construction Works Agreement (TJ4 Bid Section) entered into with CR Major Bridge with a contract price of approximately RMB 1,044,195,888; and the Construction Works Agreement (TJ5 Bid Section) entered into with CCCC R&B with a contract price of approximately RMB 842,098,363. CR 12th Bureau (as the contractor) shall undertake the civil engineering construction works on road section starting from K8+800 and ending at K23+078 of the Approved Road Section with a total length of approximately 14.28k.m. and the road surface construction works on road section starting from K2+270 and ending at K23+078 of the Approved Road Section with a total length of approximately 20.81k.m. The contract price shall be approximately RMB 1,772,125,038, which may be adjusted subject to the actual construction works changes agreed to accept by GSZ Company, price fluctuation of construction materials and change in the relevant PRC laws, regulations and value- added tax. A premium quality award in an amount equivalent to 2% of a designated portion of the contract price will be paid to CR 12th Bureau if the particular conditions agreed in the Construction Works Agreement (TJ2 Bid Section) are satisfied.

CCCC Second Highway (as the contractor) shall undertake the construction works of the road section from K23+078 and ending at K29+449.5 of the Approved Road Section with a total length of approximately 6.38k.m. The contract price shall be approximately RMB 1,562,566,969, which may be adjusted subject to the actual construction works changes agreed to accept by GSZ Company, price fluctuation of construction materials and change in the relevant PRC laws, regulations and value- added tax. A premium quality award in an amount equivalent to 2% of a designated portion of the contract price will be paid to CCCC Second Highway if the particular conditions agreed in the Construction Works Agreement (TJ3 Bid Section) are satisfied. CR Major Bridge (as the contractor) shall undertake (i) the civil engineering construction works on road section starting from starting from K29+449.5 and ending at K34+792.5 of the Approved Road Section with a total length of approximately 5.34k.m., mainly including the construction of bridge and interchange, the mechanical and electrical maintenance, the relocation of pipeline and related construction transportation arrangements, etc.; (ii) the prefabricated beam construction works on road section starting from K29+449.5 and ending at K40+545 of the Approved Road Section; and (iii) the prefabricated pillar construction works and the beam covering construction works on road section starting from K23+078 and ending at K34+792.5 of the Approved Road Section.

The contract price shall be approximately RMB1,044,195,888, which may be adjusted subject to the actual construction works changes agreed to accept by GSZ Company, price fluctuation of construction materials and change in the relevant PRC laws, regulations and value- added tax. A premium quality award in an amount equivalent to 2% of a designated portion of the contract price will be paid to CR Major Bridge if the particular conditions agreed in the Construction Works Agreement (TJ4 Bid Section) are satisfied. CCCC R&B (as the contractor) shall undertake the construction works of the road section starting from K34+792.5 and ending at K40+545 of the Approved Road Section with a total length of approximately 5.75k.m. The contract price shall be approximately RMB 842,098,363, which may be adjusted subject to the actual construction works changes agreed to accept by GSZ Company, price fluctuation of construction materials and change in the relevant PRC laws, regulations and value- added tax.

A premium quality award in an amount equivalent to 2% of a designated portion of the contract price will be paid to CCCC R&B if the particular conditions agreed in the Construction Works Agreement (TJ5 Bid Section) are satisfied.