The board of directors of Smart City Development Holdings Limited announced that, after the trading hours on 11 March 2024, Yellow River Consultants Services Limited, an indirect wholly-owned subsidiary of the Company, as the lender, entered into a supplemental agreement to the loan agreement dated 15 February 2023 with Volcano Spring International Holdings Limited as the borrower, pursuant to which the Lender agreed to renew the loan in the principal amount of HKD 8,000,000 granted to the Borrower to be repayable on 15 August 2025 at an interest rate of 12% per annum. The principal terms of the Loan under loan agreement dated 15 February 2023 and the Supplemental Loan Agreement are summarised as below: Loan period: Initially, 12 months, from 15 February 2023 to 15 February 2024. Renewal: Upon renewal, 18 months, from 15 February 2024 to 15 August 2025.

Interest: Initially under the Loan Agreement, 7% per annum and payable half yearly. Upon renewal, under the Supplemental Loan Agreement, 12% per annum and payable half yearly. Repayment: Subject to as otherwise provided in the Loan Agreement and the Supplemental Loan Agreement, the Borrower shall repay the Loan on the maturity date of the Loan.

Prepayment: The Borrower may at any time prepay all or part of the Loan and the accrued interests by giving prior written notice to the Lender.