We wish to announce that BYD-C23 had expired at 9.00 a.m. on 15 July 2024 ("Expiry Date") and the Cash Settlement Amount shall be calculated as set out below:

Cash Settlement Amount
= Number of BYD-C23 exercised x (1/Exercise Ratio) x (Closing Price - Exercise Price) x Settlement Exchange Rate
= Number of BYD-C23 exercised x (1/200) x (HKD239.3196 - HKD300.0000) x RM/HKD0.5991
= Number of BYD-C23 exercised x RM0.0000 

The Closing Price of HKD239.3196 is the average daily volume weighted average price (VWAP) of the ordinary shares of BYD on The Stock Exchange of Hong Kong Limited for the five (5) market days prior to and including the market day immediately before the Expiry Date. The BYD-C23 is deemed to have been automatically exercised on the Expiry Date.

As the Cash Settlement Amount is less than Zero, warrantholders will not be entitled to receive any payment from us and all outstanding and unexercised BYD-C23 will cease to be valid and all our obligations in respect to BYD-C23 shall terminate absolutely.

This announcement is dated 15 July 2024.