Legend : CONTINUING CONNECTED TRANSACTIONS BETWEEN LENOVO GROUP LIMITED, A SUBSIDIARY OF THE COMPANY, AND NEC

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聯想控股股份有限公司

Legend Holdings Corporation

(A joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 03396)

ANNOUNCEMENT

CONTINUING CONNECTED TRANSACTIONS

BETWEEN

LENOVO GROUP LIMITED, A SUBSIDIARY OF THE COMPANY, AND NEC

THE CONTINUING CONNECTED TRANSACTIONS

Reference is made to the Announcements of Lenovo in relation to, amongst others, the continuing connected transactions under the Products and Brand Agreements, the Transitional Services Agreement and the annual caps for the transactions contemplated under the Products and Brand Agreements and the Transitional Services Agreement for the periods from May 25, 2017 to March 31, 2020.

The Products and Brand Agreements and the Transitional Services Agreement are renewed to facilitate the operation of the joint venture business of the JVCo in Japan and are consistent with the established business relationship between Lenovo and NEC and the mutual business development needs and goals. Accordingly, the Lenovo Directors set the Proposed Annual Caps 2021-2023.

LISTING RULES IMPLICATIONS

As NEC, NEC Fielding and NESIC are connected persons of Lenovo at its subsidiary level, they are also connected persons of Legend Holdings. Accordingly, the transactions contemplated under the Products and Brand Agreements and the Transitional Services Agreement are connected transactions between Legend Holdings and connected persons at the subsidiary level.

Accordingly, pursuant to Rule 14A.101 of the Listing Rules, the Continuing Connected Transactions are subject to annual review, reporting and announcement requirements but are exempt from the circular, independent financial advice and the Shareholders' approval requirements.

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INTRODUCTION

Reference is made to the Announcements of Lenovo in relation to, amongst others, the continuing connected transactions under the Products and Brand Agreements, the Transitional Services Agreement and the annual caps for the transactions contemplated under the Products and Brand Agreements and the Transitional Services Agreement for the periods from May 25, 2017 to March 31, 2020.

The Products and Brand Agreements and the Transitional Services Agreement are renewed to facilitate the operation of the joint venture business of the JVCo in Japan and are consistent with the established business relationship between Lenovo and NEC and the mutual business development needs and goals. Accordingly, the Lenovo Directors set the Proposed Annual Caps 2021-2023.

CONTINUING CONNECTED TRANSACTIONS

Set out below is a summary of the material terms of the Products and Brand Agreements (including the Supply Agreement, the NEC Fielding Agreement, the NESIC Agreement and the NEC Newco Brand Licence Agreement) and the Transitional Services Agreement:

1. Supply Agreement Parties
2. 1. NEC;
   2. NECP (the rights and obligations of which were transferred to NEC Newco on and following July 1, 2011); and
   3. NEC Newco (as a party to the Supply Amendment Agreement).

Scope

Under the Supply Agreement, NEC must submit quarterly orders for certain "NEC" branded personal computer products to NEC Newco, a wholly-owned subsidiary of JVCo. Based on those orders, the parties will determine the details (including quantity, unit price, quality level and delivery arrangements and other terms and obligations) of such Products delivered to NEC and conclude an individual agreement for each specific order.

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Pricing

NEC and NEC Newco shall discuss in good faith and agree on an arms' length basis the price of Products every quarter. The standard pricing of Products shall be a specified discount to the prospective average sales price of the Product sold by NEC for the relevant quarter, determined with reference to: (i) the change in the average sales price of the Product in the same quarter of the previous year; (ii) the change in the average sales price of personal computer products equivalent to the Product in the Japanese market with respect to the same quarter of the preceding year; (iii) the change in the average sales prices in the immediately preceding quarter; (iv) the expected number of units of the Products for the relevant quarter required by NEC; (v) the average exchange rate between Japanese Yen and US dollars during the immediately preceding quarter; and (vi) NEC's achievement ratio against the quarterly purchase volume targets.

Term

The Supply Agreement commenced from July 1, 2011 and continues until the earlier of the final date of the Joint Venture Period or the fifth anniversary of July 1, 2011, subject to Automatic Renewal thereafter.

1. NEC Fielding Agreement Parties
2. 1. NEC Fielding; and
   2. NECP (the rights and obligations of which were transferred to NEC Newco on and following July 1, 2011).

Scope

Pursuant to the NEC Fielding Agreement, NEC Fielding agrees to provide NEC Newco with maintenance and other services for the following products: (i) computer equipment and other ancillary equipment and facilities that are sold or leased by NEC Newco; and (ii) computer equipment, communication facilities, network facilities and other ancillary equipment and facilities that are used by NEC Newco. The service fees are separately agreed in writing between the parties on normal commercial terms.

Pricing

The service fees are determined principally by arm's length commercial negotiations according to the principles of fairness and reasonableness between the relevant parties with reference to the costs of such services from time to time and the operating costs (including administrative costs and labour costs, etc.) incurred by NEC Fielding for supplying the services.

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In considering the quotations of the service fees, Lenovo Group makes reference to fees of similar services with comparable nature, scale or scope offered normally by two or three independent third parties. Lenovo Group also makes reference to the service fees offered by NEC Fielding to other customers. If the service fees offered by NEC Fielding are higher than fees offered by independent third parties, Lenovo Group is not obliged to engage NEC Fielding in providing the relevant services.

The service department of Lenovo Group regularly supervises and monitors (i) the fees of similar services to ensure that such fees are no less favourable to Lenovo Group than those provided to independent third parties in comparable transactions; and (ii) the transactions under the NEC Fielding Agreement are conducted in accordance with their respective terms on normal commercial terms and will not be prejudicial to the interests of Lenovo and its shareholders as a whole.

Term

The NEC Fielding Agreement commenced from November 1, 2003 and ended on March 31, 2004, subsequent to which the term of the NEC Fielding Agreement has been automatically renewed for an additional year until the fifth anniversary of July 1, 2011, subject to Automatic Renewal thereafter.

1. NESIC Agreement Parties
2. 1. NESIC; and
   2. NECP (the rights and obligations of which were transferred to NEC Newco on and following July 1, 2011).

Scope

Under the NESIC Agreement, NESIC agrees to provide NEC Newco with operation and maintenance services for intranet and other internal communication systems of NEC Newco. Detail terms of the sale of products, such as price, quantity, date and place of delivery shall be determined under individual agreements to be separately entered into between the parties on normal commercial terms.

Pricing

The service fees are determined principally by arm's length commercial negotiations according to the principles of fairness and reasonableness between the relevant parties with reference to the costs of such services from time to time and the operating costs (including administrative costs and labour costs, etc.) incurred by NESIC for supplying the services.

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In considering the quotations of the service fees, Lenovo Group makes reference to fees of similar services with comparable nature, scale or scope offered normally by two or three independent third parties. Lenovo Group also makes reference to the service fees offered by NESIC to other customers. If the fees offered by NESIC are higher than fees offered by independent third parties, Lenovo Group is not obliged to engage NESIC in providing the relevant services.

The IT department of Lenovo Group regularly supervises and monitors (i) the fees of similar services to ensure that such fees are no less favourable to Lenovo Group than those provided to independent third parties in comparable transactions; and (ii) the transactions under the NESIC Agreement are conducted in accordance with their respective terms on normal commercial terms and will not be prejudicial to the interests of Lenovo and its shareholders as a whole.

Term

The NESIC Agreement commenced from August 18, 2003 and ended on March 31, 2004, subsequent to which the term of the NESIC Agreement has been automatically renewed for an additional year until the fifth anniversary of July 1, 2011, subject to Automatic Renewal thereafter.

IV. NEC Newco Brand Licence Agreement

Parties

1. NEC; and
2. NEC Newco.

Scope

Under the NEC Newco Brand Licence Agreement, NEC agrees to grant NEC Newco a licence to use "NEC" as part of its trade and company name, to use the "NEC" logo as a company logo for NEC Newco, and to use "NEC" logos on the NEC Newco Licensed Products.

Pricing

NEC Newco agrees to pay NEC a royalty based on an agreed formula, being the sum of:

1. 0.21% of the total gross sales amount of NEC Newco; and
2. 0.21% of the gross sales amount of NEC Newco to customers other than NEC and/or NEC's consolidated subsidiaries.

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The royalty rates are determined with reference to the rates which NEC charges its Affiliates and are no less favourable than the rates charged by other licensors to Lenovo Group for similar transactions.

If some of those products are provided by NEC Newco without using the "NEC" name, NEC Newco shall notify NEC in advance, and both parties shall discuss in good faith as to the treatment of gross sales of those products in calculating the amount of the royalty payable by NEC Newco to NEC.

Term

The NEC Newco Brand Licence Agreement commenced from July 1, 2011 to June 30, 2018, and subject to Automatic Renewal until June 30, 2026.

1. Transitional Services Agreement Parties
2. 1. Lenovo; and
   2. NEC.

Scope

Pursuant to the Transitional Services Agreement, NEC agrees to provide (or cause to be provided) certain services to JVCo, and Lenovo agrees to provide (or cause to be provided) certain services to the NEC Group. The services include business infrastructure related services, development and production services, sales related services, maintenance and support services, real estate services and information technology services. Such services shall be provided substantially in the same manner and on the same terms and at the same costs as the services provided between members of the NEC Group in respect of NEC's personal computer business in Japan prior to July 1, 2011 (i.e. the date of completion of the transfer of NEC Newco to JVCo by NEC and certain ancillary transactions, in accordance with the Business Combination Agreement).

Pricing

The costs for the services provided under the Transitional Services Agreement shall be calculated on the same basis as they were prior to July 1, 2011 and shall not be calculated in a manner which is less favourable to the provider and/or recipient of the services than the manner in which they were calculated prior to July 1, 2011.

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The existing services are provided at a cost in line with historical cost, i.e. the base charging rate is consistent with the applicable rate prior to July 1, 2011. For new services, such services will be provided on market competitive rates proposed by the provider of the services and the service department of Lenovo Group regularly supervises and monitors the fees of similar services to ensure that such fees are no less favourable to Lenovo Group than those provided to independent third parties in comparable transactions.

Term

The Transitional Services Agreement commenced on July 1, 2011 and expired after June 30, 2016. In light of the mutual development needs and goals, Lenovo and NEC had extended the Transitional Services Agreement by entering into the TSA Side Letter on June 30, 2016 to extend the term of the Transitional Services Agreement for one year until June 30, 2017, subject to Automatic Renewal thereafter.

ANNUAL CAPS

Historical Transaction Amounts

The historical transaction amounts of the Continuing Connected Transactions were as follows:

	Financial year ended March 31,	For 8 months ended
	2018	2019	November 30, 2019
	(JPY million)	(JPY million)	(JPY million)
Revenue generated from sale of Products to	75,538	95,347	93,796
NEC pursuant to the Supply Agreement	(approximately	(approximately	(approximately
	US$687,396,000)	US$867,659,000)	US$853,544,000)
Expenses incurred from use of services	1,245	874	795
provided by NEC Fielding pursuant to	(approximately	(approximately	(approximately
the NEC Fielding Agreement	US$11,330,000)	US$7,953,000)	US$7,235,000)
Expenses incurred from use of services	102	71	36
provided by NESIC pursuant to	(approximately	(approximately	(approximately
the NESIC Agreement	US$928,000)	US$646,000)	US$328,000)
Royalty paid pursuant to the NEC Newco	198	215	261
Brand Licence Agreement	(approximately	(approximately	(approximately
	US$1,802,000)	US$1,957,000)	US$2,375,000)
Expenses incurred from use of services	12,717	11,977	8,889
provided by NEC Group pursuant to	(approximately	(approximately	(approximately
the Transitional Services Agreement	US$115,725,000)	US$108,991,000)	US$80,890,000)
Revenue generated from provision of	527	656	420
services to NEC Group pursuant to	(approximately	(approximately	(approximately
the Transitional Services Agreement	US$4,796,000)	US$5,970,000)	US$3,822,000)

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Proposed Annual Caps

The Proposed Annual Caps 2021-2023 are as follows:

	Financial year ending March 31,
	2021	2022	2023
	(JPY million)	(JPY million)	(JPY million)
Revenue to be generated from sale of Products to	167,606	167,606	167,606
NEC pursuant to the Supply Agreement	(approximately	(approximately	(approximately
	US$1,525,216,000)	US$1,525,216,000)	US$1,525,216,000)
Expenses to be incurred from use of services to	3,009	3,009	3,009
be provided by NEC Fielding pursuant to	(approximately	(approximately	(approximately
the NEC Fielding Agreement	US$27,382,000)	US$27,382,000)	US$27,382,000)
Expenses to be incurred from use of services to	123	123	123
be provided by NESIC pursuant to	(approximately	(approximately	(approximately
the NESIC Agreement	US$1,119,000)	US$1,119,000)	US$1,119,000)
Royalty to be paid pursuant to the NEC	338	338	338
Newco Brand Licence Agreement	(approximately	(approximately	(approximately
	US$3,076,000)	US$3,076,000)	US$3,076,000)
Expenses to be incurred from use of services to	17,779	17,779	17,779
be provided by NEC Group pursuant to	(approximately	(approximately	(approximately
the Transitional Services Agreement	US$161,789,000)	US$161,789,000)	US$161,789,000)
Revenue to be generated from provision of	824	824	824
services to NEC Group pursuant to	(approximately	(approximately	(approximately
the Transitional Services Agreement	US$7,498,000)	US$7,498,000)	US$7,498,000)

Basis for the Proposed Annual Caps 2021-2023

In determining the Proposed Annual Caps 2021-2023, the Lenovo Directors took into account the following factors:

1. the increasing scale of Lenovo Group's operation in Japan;
2. the historical transaction amounts of the Continuing Connected Transactions for the two financial years ended March 31, 2018 and 2019 and the eight months ended November 30, 2019 and the utilization of the annual caps for the periods from May 25, 2017 to March 31, 2020;
3. the anticipated increase in the sales of the Products to NEC pursuant to the Supply Agreement in the next few years;

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1. the potential spike in the provision of maintenance and other services under the NEC Fielding Agreement due to epidemic failure incidents, for example, expenses of JPY2,295 million were incurred under the NEC Fielding Agreement in the financial year ended March
   31, 2015 primarily as a result of such irregular incidents;
2. a cyclic maintenance and investment pattern of two to three years has been recognized in the provision of operation and maintenance services for NEC Newco under the NESIC Agreement, in particular to take into consideration the actual transaction amount under
   NESIC Agreement in financial year ended March 31, 2018;
3. Lenovo continues to reduce NEC Newco's dependency on services provided by NEC Group, as a result, the volume of services to be provided by NEC Group to NEC Newco under the Transitional Services Agreement is expected to remain stable, amidst growing scale of operation and recovering personal computer market in Japan; and
4. a 25% buffer to allow further flexibility to effectively and efficiently carrying out the Continuing Connected Transactions, and to account for unforeseeable factors and future events (such as emergence of new operating software(s), upgrade or migration of computer operating system and launch of new products embedded with new technology) or any change to the business environment which may potentially cause a significant growth in sales of products as well as the demand for supporting services from the parties to cope with the growth of business.

REASONS FOR AND BENEFITS OF THE TRANSACTIONS

Based on the established business relationship between Lenovo and NEC, and the fact that the parties to the Products and Brand Agreements and the Transitional Services Agreement have the necessary expertise and efficiency to provide the relevant services and products, the Lenovo Directors believe that the Continuing Connected Transactions can ensure the smooth operation of the joint venture with NEC, hence beneficial to the growth of the business of the joint venture and Lenovo. Accordingly, the entering into the Continuing Connected Transactions are in the interests of Legend Holdings and the Shareholders.

INFORMATION OF LEGEND HOLDINGS AND LENOVO

Legend Holdings is a leading diversified investment holding group in China and has developed an innovative, two-wheel-driven synergy business model by "strategic investments + financial investments" with synergy between its two-wheel-drive businesses. Its strategic investments arm with diversified business in five segments: IT, financial services, innovative consumption and services, agriculture and food, and new materials. Its financial investments arm with business primarily consists of angel investments, venture capital investments, private equity investments and other investments which cover all stages. As at the date of this announcement, the single

largest shareholder of the Company, Chinese Academy of Sciences Holdings Co., Ltd. (中國科學 院控股有限公司) holds 29.04% interests in the Company.

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Lenovo is a limited liability company incorporated in Hong Kong and shares of which have been listed on the Stock Exchange since 1994. It is a subsidiary of the Company. The principal activities of Lenovo and its subsidiaries are the sales and manufacture of personal computers, tablets, smartphones, servers and related information technology products and the provision of advanced information services across the world.

INFORMATION OF NEC, NEC FIELDING AND NESIC

NEC is a leader in the integration of IT and network technologies that benefit businesses and people around the world. By providing a combination of products and solutions that cross utilize its experience and global resources, NEC's advanced technologies meet the complex and ever- changing needs of its customers. NEC brings more than 100 years of expertise in technological innovation to empower people, businesses and society. NEC is a company incorporated under the laws of Japan and shares of which have been listed on the Tokyo Stock Exchange since 1949.

NEC Fielding is primarily engaged in the provision of computer network system support services and is a subsidiary of NEC.

NESIC engages in the provision of information and communications technology services for enterprises, telecommunication carriers and government agencies. The shares of NESIC have been listed on the Tokyo Stock Exchange since 1983 and it is currently held as to 38.49% by NEC.

As at the date of this announcement, the single largest shareholder of NEC is The Master Trust Bank of Japan, Ltd., which holds approximately 7.88% of NEC and is principally engaged in the asset administration business.

LISTING RULES IMPLICATIONS

Lenovo (through its indirect wholly-owned subsidiary, Lenovo BV) owns 66.6% of the issued share capital of JVCo and NEC owns 33.4% of the issued share capital of JVCo. As NEC is a substantial shareholder of JVCo, which in turn is an indirect subsidiary of Lenovo, hence NEC and its associates (as defined under the Listing Rules) are connected persons of Lenovo. Since Lenovo is a subsidiary of the Company, NEC and its associates are also connected persons of Legend Holdings at the subsidiary level. Accordingly, the transactions contemplated under the Products and Brand Agreements and the Transitional Services Agreement also constitute continuing connected transactions of Legend Holdings under Chapter 14A of the Listing Rules.

As NEC, NEC Fielding and NESIC are connected persons of Legend Holdings at the subsidiary level, the transactions contemplated under the Products and Brand Agreements and the Transitional Services Agreement are connected transactions between Legend Holdings and connected persons at the subsidiary level.

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The Board (including the independent non-executive Directors) has approved the Continuing Connected Transactions and the Proposed Annual Caps 2021-2023 and confirmed that (i) the Products and Brand Agreements, the Transitional Services Agreement and the transactions contemplated thereunder have been entered into in the ordinary and usual course of business of Legend Holdings and its subsidiary and are on normal commercial terms, and the terms thereof are fair and reasonable and in the interests of Legend Holdings and the Shareholders as a whole; and

1. the Proposed Annual Caps 2021-2023 are fair and reasonable and in the interests of Legend Holdings and its subsidiaries and the Shareholders as a whole. As none of the Directors had a material interest in the above transactions, none of them was required to abstain from voting on the relevant resolutions approving the above transactions.

Accordingly, pursuant to Rule 14A.101 of the Listing Rules, the Continuing Connected Transactions are subject to annual review, reporting and announcement requirements but are exempt from the circular, independent financial advice and the Shareholders' approval requirements.

DEFINITIONS

In this announcement, unless the context otherwise requires, the following expressions shall have the following meanings when used herein:

"Affiliate"	any direct or indirect subsidiary or parent company of a company and
	any direct or indirect subsidiary of any such parent company, in each
	case from time to time
"Announcements of	the announcements of the Lenovo dated April 21, 2011, October 7,
Lenovo"	2014 and May 25, 2017
"Automatic Renewal"	subject to compliance with the Listing Rules (if applicable) at the
	relevant time, the automatic renewal of the term of the relevant
	agreement for an additional year until a prescribed date or unless
	either party gives notice to the other of its intention to terminate such
	relevant agreements at a prescribed time prior to the expiry of the
	term
"Board"	the board of Directors of the Company
"Business Combination	the business combination agreement entered into between the
Agreement"	Lenovo, Lenovo BV, NEC and NECP on January 27, 2011 (the
	rights and obligations of NECP thereunder were transferred to NEC
	Newco on and following July 1, 2011), as amended by an amendment
	agreement entered into between Lenovo, Lenovo BV, NEC and NEC
	Newco on October 7, 2014
"Company" or "Legend	Legend Holdings Corporation, a joint-stock company incorporated
Holdings"	under the laws of the PRC with limited liability, the H shares of
	which are listed on the main board of the Stock Exchange

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"connected person(s)"	has the meaning ascribed to it under the Listing Rules
"Continuing Connected	transactions contemplated under the Products and Brand Agreements
Transactions"	and the Transitional Services Agreement
"Director(s)"	the director(s) of the Company
"Hong Kong"	Hong Kong Special Administrative Region of the People's Republic
	of China
"IT"	information technology
"Joint Venture Period"	the period from July 1, 2011 until the date on which NEC no longer
	holds any shares in JVC
"JPY"	Japanese Yen, the lawful currency of Japan
"JVCo"	Lenovo NEC Holdings B.V., an indirect non wholly-owned
	subsidiary of Lenovo, a subsidiary of the Company, incorporated
	pursuant to the Business Combination Agreement
"Lenovo"	Lenovo Group Limited, a company incorporated with limited liability
	under the laws of Hong Kong, the ordinary shares of which are listed
	on the Stock Exchange. It is a subsidiary of the Company
"Lenovo BV"	Lenovo International Coöperatief U.A. (formerly known as Lenovo
	(International) B.V.), a wholly-owned subsidiary of Lenovo,
	incorporated under the laws of The Netherlands
"Lenovo Directors"	The directors of Lenovo
"Lenovo Group"	Lenovo and its subsidiaries subsisting from time to time
"Listing Rules"	The Rules Governing the Listing of Securities on the Stock Exchange
"NEC"	NEC Corporation, a company incorporated under the laws of Japan
	(TSE: 6701)
"NEC Fielding"	NEC Fielding, Ltd. a subsidiary of NEC incorporated under the laws
	of Japan
"NEC Fielding	the agreement for the supply of services between NEC Fielding and
Agreement"	NECP dated January 15, 2004 (the rights and obligations of NECP
	thereunder were transferred to NEC Newco on and following July 1,
	2011)

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"NEC Group"	NEC and its Affiliates from time to time
"NEC Newco"	NEC Personal Computers, Ltd., a company incorporated under the
	laws of Japan and a wholly-owned subsidiary of JVCo
"NEC Newco Brand	the brand licence agreement between NEC and NEC Newco dated
Licence Agreement"	July 1, 2011, as amended by an amendment agreement dated October
	7, 2014
"NEC Newco Licensed	certain products and/or services of NEC's personal computer business
Products"	in Japan bearing the "NEC" brand and subject to the brand licensing
	arrangements under the NEC Newco Brand Licence Agreement
"NECP"	NEC Embedded Products, Ltd. (formerly known as NEC Personal
	Products, Ltd. before July1, 2011), a wholly-owned subsidiary of
	NEC incorporated under the laws of Japan
"NESIC"	NEC Networks & System Integration Corporation, an associate of
	NEC incorporated under the laws of Japan
"NESIC Agreement"	the agreement for the supply of operation and maintenance services
	for intranet and other internal communication systems of NECP
	between NESIC and NECP dated August 18, 2003 (the rights and
	obligations of NECP thereunder were transferred to NEC Newco on
	and following July 1, 2011)
"Products"	certain "NEC" branded personal computer products to be supplied to
	NEC under the Supply Agreement
"Products and Brand	the Supply Agreement, the NEC Fielding Agreement, the NESIC
Agreements"	Agreement and the NEC Newco Brand Licence Agreement
"Proposed Annual Caps	the annual caps for the Continuing Connected Transactions during
2021-2023"	the three financial years ending March 31, 2021, 2022 and 2023
"Shareholders"	shareholders of the Company
"Stock Exchange"	The Stock Exchange of Hong Kong Limited
"Supply Agreement"	the supply agreement entered into between NEC and NECP on
	February 28, 2011 (the rights and obligations of NECP thereunder
	were transferred to NEC Newco on and following July 1, 2011), as
	amended by the Supply Amendment Agreement

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"Supply Amendment	the amendment agreement entered into between NEC and NEC
Agreement"	Newco on October 7, 2014 in relation to amendments to the Supply
	Agreement
"Transitional Services	the transitional services agreement entered into between Lenovo and
Agreement"	NEC on July 1, 2011, as amended by the TSA Side Letter
"TSA Side Letter"	the side letter entered into between Lenovo and NEC on June
	30, 2016 in relation to amendments to the Transitional Services
	Agreement
"US$"	United States dollars, the lawful currency of the United States of
	America
"%"	per cent.

For the purpose of this announcement, the translation of Japanese Yen into United States dollars is based on the exchange rate of JPY1.00 to US$0.0091. Such translation should not be construed as representations that the relevant amounts have been, could have been, or could be, converted at these or any other rates or at all.

By Order of the Board of

Legend Holdings Corporation

NING Min

Chairman

February 21, 2020

As at the date of this announcement, the Executive Directors of the Company are Mr. NING Min and Mr. LI Peng; the Non-executive Directors of the Company are Mr. ZHU Linan, Mr. ZHAO John Huan, Mr. WU Lebin, Mr. SUO Jishuan and Mr. WANG Yusuo; and the Independent Nonexecutive Directors of the Company are Mr. MA Weihua, Mr. ZHANG Xuebing, Ms. HAO Quan and Mr. YIN Jian'an.

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