Reference is made to the earlier announcements dated 14 June 2023, 21 June 2023, 1 November 2023, 19 February 2024, 15 May 2024 and 14 October 2024 in respect of the JVA entered into between SEB and NS Corporation (“the Announcements”). Unless otherwise stated, all abbreviations used herein shall have the same meaning as defined in the Announcements.

The Board of Directors of SEB wishes to update that the respective prescribed timeline for the fulfilment/compliance of the Conditions Subsequent stipulated in Clauses 6A(a)(1), 6A(a)(2) and 6A(a)(3) of the JVA (“the subject Conditions Subsequent") has expired. Both SEB and NS Corporation have mutually agreed to have an fifth extension of time up until 12 October 2025 (“5th EOT”) to obtain the Conditions Subsequent.

Following the 5th EOT, the prescribed timeline for the fulfilment/compliance of the Conditions Subsequent stipulated in Clause 6A(a)(3A) to Clause 6A(a)(7) of the JVA which are dependent on the fulfilment/compliance of the subject Conditions Subsequent will consequently be extended.

This announcement is dated 21 May 2025.