Further to the Company's announcements made on 1 August 2023 and 3 November 2023, the Board of Directors of EPMB wishes to update the status of the Memorandum of Understanding (“MOU”) dated 31 July 2023 between BAIC International Development Co., Ltd and the Company. The parties have agreed to extend the validity period until 1 March 2024, whilst both parties are finalising on the definitive agreement. The Company will make the appropriate announcement on new development of the MOU, if any.

This announcement is dated 2 January 2024.