The board of directors of MECOM Power and Construction Limited (MECOM) and the board of directors of GSS Energy (GSS Energy) announced that on 2 February 2023, MECOM and GSS Energy have entered into a non-binding memorandum of understanding (the MOU), pursuant to which MECOM and GSS Energy shall, subject to the Binding Documentation, form a strategic cooperation with each other in relation to the development of the EV Business in Singapore, Thailand, Indonesia and Malaysia for a term of 3 years commencing from the date of the MOU, unless otherwise terminated by agreement in writing between MECOM and GSS Energy during the Term. Subject to the terms of the definitive legally binding agreement(s) to be subsequently entered into between the relevant entities within the MECOM Group and the GSS Energy Group, the Strategic Cooperation between MECOM and GSS Energy shall include, but is not limited to, the following: the design, production, installation and maintenance of electric vehicle ("EV") charging systems; the sales and marketing of EV charging systems; the design, production, sales and marketing of EVs such as but not limited to electric 4-wheelers and/or electric motorcycles; the distribution of Giken Mobility Pte Ltd.'s (a wholly-owned subsidiary of GSS Energy) (GM), Iso-branded electric motorcycles in the Guangdong Greater Bay Area Region of the People's Republic of China; the manufacturing and production of battery packs, and related charging/swapping solutions, for EV 2-wheelers at GSS Energy Group's manufacturing facilities; and investing or procuring investments in the projects of the other party, where appropriate, in relation to development of EV, as well as EV charging systems, collectively, the "EV Business". In addition, subject to the terms of the Binding Documentation, MECOM and GSS Energy may designate one or more entity(ies), whether such entity(ies) is or are member(s) of the MECOM Group or the GSS Energy Group or form one or more new company(ies), corporation(s), or partnership(s) or use other means to form or designate the entity(ies) for the purpose of submitting the application(s) of any EV-related grant(s) launched by the respective government bodies in each of the Designated Locations or other tenders or applications launched by other departments of the governments of the Designated Locations to install EV charging points located in the Designated Locations and provide for EV charging services and the ancillary services.

Additionally, subject to the terms of the Binding Documentation, the MECOM Group may engage a member of the GSS Energy Group as the sole and exclusive distributor of a third-party brand EVs in the Designated Locations. During the Term, MECOM and GSS Energy shall use their respective best efforts to negotiate the Binding Documentation in relation to terms and conditions of each project under the Strategic Cooperation and each project under the Strategic Cooperation shall be carried out and conducted in accordance with the terms of the respective Binding Documentation within a period of 6 months from the signing of the MOU or extend to any date to be mutually agreed.