Silk Road Logistics : Announcements and Notices - VOLUNTARY ANNOUNCEMENT - BUSINESS UPDATE

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Silk Road Logistics Holdings Limited

絲路物流控股有限公司

(Incorporated in Bermuda with limited liability)

(Stock Code: 988)

VOLUNTARY ANNOUNCEMENT

BUSINESS UPDATE

This announcement is made by Silk Road Logistics Holdings Limited (the "Company" together with its subsidiaries the "Group") on voluntary basis to provide the shareholders of the Company and potential investors an update on the latest business development of the Group.

References are made to the announcements of the Company dated 4 March 2021, 23 March 2021, 30 April 2021, 31 May 2021 and 30 June 2021 respectively and circular (the "Circular") of the Company dated 11 June 2021 in relation to the Drag-along Right. Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as those defined in the Circular.

The Board announces that recently the Company received a notice (the "Drag-alongNotice") from RockEast notifying that RockEast Majority Shareholders, being holders of 60% or more of the RockEast Share(s), have received and have accepted an offer (the "Offer") from an independent third party purchaser (the "Potential Purchaser") to purchase all of the outstanding class A voting common share(s) in RockEast at the offer price of CAD1.00 per RockEast Share. The closing of the Offer shall occur on or before 31 March 2022 or such other date as may agree upon by RockEast and the Potential Purchaser. As at the date of this announcement, Useful Light, an indirect wholly-owned subsidiary of the Company, is holding 9,406,500 RockEast Shares, representing approximately 29.95% of all the outstanding shares in RockEast.

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Pursuant to the Drag-along Right under the 2016 RockEast Shareholders' Agreement, the Useful Light is mandatorily required to accept the Offer and the Drag-along Right had been approved by the shareholders of the Company by ordinary resolutions passed at the extraordinary general meeting of the Company held on 30 June 2021.

As the closing of the Offer is subject to the fulfilment and/or waiver of the conditions set out in the sale and purchase agreement to the Offer, the closing may or may not proceed. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company.

By order of the Board

Silk Road Logistics Holdings Limited

Cheung Ngai Lam

Executive Director

Hong Kong, 4 January 2022

As at the date of this announcement, the Board comprises two executive Directors, namely Mr. Cheung Ngai Lam and Mr. Chung Wai Man; a non-executive Director, namely Mr. Ouyang Nong; and four independent non-executive Directors, namely Ms. Choy So Yuk, Mr. Wu Zhao, Chen Wai Chung Edmund and Ang Mei Lee Mary.

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