On 11 January 2022 Legend Strategy International Holdings Group Company Limited and Hazens Holdings Group (Shenzhen) Limited (Hazens) entered into the 2022 Consultancy Framework Agreement pursuant to which the Group will provide accommodation consultancy services to Hazens in respect of feasibility of accommodation business at the locations proposed by Hazens and the design of accommodation places for a term commencing from 1 January 2022 to 31 December 2022 (both days inclusive). The accommodation consultancy services will include, but not limited to: (i) seeking suitable location in relation to the accommodation business; (ii) performing market researchof the location of accommodation business proposed by Hazens; (iii) providing advice on certain interior and external design for the accommodation business; (iv) advising on estimated renovation cost and analysis on the financial forecast of the accommodation business; (v) preparing operation manual and quality manuals with reference to ISO standards; and (vi) assisting Hazens in seeking construction contractor for the accommodation business. The parties will enter into individual agreement for each transaction setting out specific terms of the services including, among others, scope of services, service fees, settlement method and payment arrangement.

Such terms will be consistent with the terms of the 2022 Consultancy Framework Agreement. Payment of service fees will be made according to the payment terms of the individual agreement for each transaction between the parties, which will be determined by arm's length negotiations between the parties with reference to, among others, the amount of service fees payable. The Company estimates the annual cap of HKD 8.8 million for the financial year ending 31 December 2022.

The annual cap is calculated based on the estimated demand of relevant services by Hazens under the 2022 Consultancy Framework Agreement and the prevailing price of similar services provided by the Group to its Independent Third Party customers.