On 10 June 2022 (after trading hours), BOE Varitronix Limited and Chengdu BOE entered into the Master Framework Agreement. The principal terms of the Master Framework Agreement are as follows: Pricing policy and payment terms: The Master Framework Agreement sets out the framework for (a) the Sale of Products and Materials; (b) the Purchase of Products and Materials; and (c) the Subcontracting Services between the Company (and its subsidiaries) and Chengdu BOE. (a) Sale of Products and Materials: The company has agreed to sell the Products and Materials to Chengdu BOE, and Chengdu BOE has agreed to pay within 60 days from the last day of each calendar month in respect of the Products and the Materials delivered during that calendar month.

The Company shall charge Chengdu BOE a fee based on its direct and necessary costs (including, among others, labor costs, electricity, utilities, equipment depreciation and management fees) plus a profit margin of 1% to 5% with reference to the complexity of the process and market practice. The Company shall also charge Chengdu BOE on an actual basis any expenses in relation to, among others, transportation, insurance and storage. The actual price will be determined with reference to various factors such as the supply and demand of materials, the complexity of the production process and the market price that changes from time to time.

(b) Purchase of Products and Materials: The company has agreed to purchase the Products and the Materials from Chengdu BOE, and the company has agreed to pay within 60 days from the last day of each calendar month in respect of the Products and the Materials delivered during that calendar month. The company shall pay Chengdu BOE a fee based on Chengdu BOE's direct and necessary costs (including, among others, labor costs, electricity, utilities, equipment depreciation and management fees) plus a profit margin of 1% to 5% with reference to the complexity of the process and market practice. The Company shall also pay Chengdu BOE on an actual basis any expenses in relation to, among others, packaging, transportation, insurance and storage.

The actual price will be determined with reference to various factors such as the supply and demand of materials, the complexity of the production process and the market price that changes from time to time. (c) Subcontracting Services: The company has agreed to provide subcontracting services of using its equipment and production technology to make the Materials into the Products according to Chengdu BOE's product specifications and requirements, and Chengdu BOE has agreed to pay within 60 days from the last day of each calendar month in respect of the Products delivered during that calendar month. The Company shall charge Chengdu BOE a fee based on the Company's direct and necessary costs (including, among others, labor costs, electricity, utilities, equipment depreciation and management fees) plus a profit margin of not less than 5%.

The company shall also charge Chengdu BOE on an actual basis any expenses in relation to, among others, materials, packaging, testing, transportation, after-sales service, insurance and storage. The actual price will be determined with reference to various factors such as the supply and demand of materials, the complexity of the production process and the market price that changes from time to time. The terms of the subcontracting services between the Company and Chengdu BOE shall be no less favourable than those with independent third parties under the same product specifications and requirements.