The Board of Directors of Renaissance United Limited (the "Company", and together with its subsidiaries, the "Group") refers to the announcement made on 30 May 2024 in which it informed shareholders that Renaissance United Washington, LLC (RUW) had entered into a non-binding MOU with Maxstar, under which the parties proposed to enter into a definitive agreement whereby RUW would be appointed Maxstar's sole and exclusive agent to market and distribute certain of Maxstar's kitchen cabinetry and other customised flatpack furniture (the "Products") to the United States of America ("USA"), where the Group has a real estate development and sale business. The Company to update shareholders that on 28 June 2024, the parties signed an exclusive marketing representative agreement ("Exclusive Marketing Agreement"). The Exclusive Marketing Agreement: appointed RUW as Maxstar's exclusive representative in the USA for the marketing and distributions of the Products for an initial term of eight (8) years.

Maxstar shall be responsible to supply the Products pursuant to orders obtained by RUW directly to the customers in the USA. Maxstar shall be responsible for providing all product information and documentation, product warranty and liability for Products sold to the customers in the USA. RUW will provide marketing services to promote the Products in the USA, including but not limited to customary duties and obligations undertaken by an exclusive marketing representative.

RUW will receive a standard rate commission reserved by Maxstar for its exclusive marketing representatives ("Commission") for all sales made to customers in the USA, commencing from 1 July 2024. The Commission is payable whether or not a confirmed order was received directly through RUW, so long as the order is made by a customer in the USA. In consideration of the exclusive appointment, a sum of USD 1,200,000 (considering any previous amount already paid) is payable by RUW ("Exclusivity Fee"), which must be paid by 31 December 2024.

The Exclusivity Fee is refundable in full if shareholders' approval for a proposed geographical expansion and a proposed diversification of the Group real estate development and sale business is not received at an extraordinary general meeting to be held by 30 September 2024.