The Board of Directors of Renaissance United Limited announced the establishment of the following wholly owned subsidiary in the United States of America as part of its ongoing business development: Name: Renaissance United Washington, LLC (‘New Subsidiary'); Principal Activity: Real Estate; Initial Paid-up Capital: The Members shall make an initial Capital Contribution in the form of certain real property, which shall be conveyed to the New Subsidiary. The New Subsidiary will be 99% owned by Excellent Empire Ltd, a wholly owned subsidiary of the Company, and 1% owned directly by the Company collectively the members of the New Subsidiary. The establishment of the above subsidiary is not expected to have any material impact on the net tangible assets or earnings per share of the Company for the financial year ending 30 April 2023.