The board of directors of Central Holding Group Co. Ltd. announced that on 8 May 2023, Zhonghuan Zhongqing (Anhui) New Energy Photovoltaic Technology Co. Ltd. (Zhong Huan Zhong Qing (An Hui)Xin Neng Yuan Guang Fu Ke Ji You Xian Gong Si) (Zhonghuan Zhongqing), an indirect wholly-owned subsidiary of the Company, Fengtai County People's Government (Feng Tai Xian Ren Min Zheng Fu) (Feng Tai XianRen Min Zheng Fu) (''Fengtai County People's Government) and further promote the establishment of long-term, effective and stable strategic cooperation and cooperation platforms for, among others, accomplishing the central government's mission of 'Emission Peak, Carbon Neutrality'', the Parties will, based on the principle of 'complementary advantages, mutual support, friendly cooperation and joint development'', actively carry out extensive and in-depth cooperation in the field of clean energy.

The Agreement will be valid for 1 year after signing of the Agreement. Mode of cooperation is set out below: Each Party will give priority to the other Parties to be its cooperation partners in Fengtai County to jointly carry out in-depth cooperation in photovoltaic equipment supply and photovoltaic power station construction. The Parties have agreed to make full use of their own advantages to comprehensively promote the collaboration, development, investment and construction of new energy projects, and to establish a stable, long-term and effective cooperation model.

While Zhongqing has invested in the construction of a manufacturing base for photovoltaic equipment and photovoltaic battery in Fengtai County, (the 'Zhonghuan ZhongQing Industrial Project'), Fengtai County People's government has formulated relevant policies in support. On the other hand, Zhonghuan ZhongQing has agreed to assist in promoting Huaihe Energy's construction of, among others, the 360,000KW photovoltaic power station project (the 'Huaihe Energy Project') in Fengtai County, in accordance with the requirements of such policies. According to the Several Opinions on the High-quality Development of Photovoltaic Manufacturing Industry issued by Fengtai County, subject to compliance with relevant national laws and rules as well as Huaihe Energy's internal management regulations, Huaihe Energy will give priority to purchase photovoltaic equipment products manufactured by Zhonghuan Zhongqing when procuring for the Huaihe Energy Project; and procure that priority will be given to purchase photovoltaic equipment products of not less than 720,000KW manufactured by Zhonghuan Zhongqing in other photovoltaic power station projects of its affiliated group (the Huaihe Energy Group'').

In addition, Huaihe Energy will fully support entry of Zhonghuan Zhongqing's photovoltaic equipment in the equipment procurement list of the Huaihe Energy Group. In this relation, Zhonghuan Zhongqing undertakes that its photovoltaic equipment products will meet the technical requirements of Huaihe Energy's product procurement. Fengtai County People's Government will, upon the same market conditions, give priority to support Huaihe Energy in utilising the coal mining subsidence area in Fengtai County to carry out project(s) under the mode of photovoltaic and coal mining subsidence area integrated management.

The Parties may jointly cooperate in new energy project(s) in Fengtai County and other areas within Huainan City during the 14th Five-Year Plan period, if they have such intention. Subject to compliance with national laws, rules and industrial policies, the project(s) will be constructed by Huaihe Energy in the form of holding investment. The Parties may further negotiate details of such cooperation.

If Huaihe Energy or any of its affiliated companies intends, and Zhonghuan Zhongqing agrees, before 30 June 2023, priority will be given to Huaihe Energy or its affiliated companies, upon the same market conditions, to invest in the Zhonghuan Zhongqing Industrial Project. Huaihe Energy and Zhonghuan Zhongqing may further negotiate details of such cooperation.