The Board of Zhuzhou CRRC Times Electric Co., Ltd. (the Company) announce that, on 2 March 2020, the Company further entered into the Supplemental JV Agreement with CRRC Nanjing Puzhen, CRRC Sifang and CRRC Qishuyan Institute, pursuant to which the parties agreed, among other things, to make additional capital contributions to the JV Company in proportion to their respective equity interests in the JV Company. Pursuant to the JV Agreement, the parties agreed to jointly establish the JV Company in India. The JV Company was incorporated on 17 December 2019 under the laws of India. The term of operation of the JV Company shall be 99 years. The business cope of the JV Company is the manufacturing and repairing of rolling stock and related components and the provision of relevant technical consultancy services. The registered capital of the JV Company is INR 50.0 million. Each of the JV Shareholders, namely the Company, CRRC Nanjing Puzhen, CRRC Sifang and CRRC Qishuyan Institute, agreed to contribute to the registered capital of the JV Company in cash in the amount of INR 7.5 million, INR 35.0 million, INR 5.0 million and INR 2.5 million, respectively. The registered address of the JV Company was "Noida, Uttar Pradesh, India" as originally set out in the JV Agreement.