Tranche Update on Hainan Jinpan Smart Technology Co., Ltd.'s Equity Buyback Plan announced on December 15, 2023.

Hainan Jinpan Smart Technology Co Ltd is a China-based company principally involved in the research and development, manufacturing and sales of power transmission and distribution and control equipment products. Its products mainly include dry-type transformers (including special dry-type transformers and standard dry-type transformers), dry-type reactors, medium and low- voltage switchgears, box-type substations and power electronic equipment, among others. The Company’s products are applied in the fields of new energy, high-end equipment, energy conservation and environmental protection, new infrastructure, industrial enterprise electrical support, traditional infrastructure, traditional power generation, power supply and others. The Company also engages in the development of industrial software and the provision of equipment installation services.