Hrc World Plc Company Description

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RDGA2R823! 8C1DB3a! 5!I73! 378C3H3! I)S! )PI7DG8I83H! HP0H3FP3CIAT! 23I3GB8C3! I7)I! I73! 3DBE)CT! H7DPA2! 03! 1A)HH85832! )H! )! G3H823CI! 3CI3GEG8H3X! CDCd 3! !7)G37DA23GH!R8AA!03!HP0931I!ID!)!!R8I77DA28C6!I)S!PEDC!28Q823C2H!E)T)0A3!0T!I73!3DBE)CT!)C2! 6)8CH!DC!I73!H)A3!D5!G28C)GT!!7)G3H!PC23G!I73! 3!%"!)Ra!'CT!HP17!I)S!B)T!G32P13!I73!G3IPGCH!DC! 8CQ3HIB3CI!8C!I73!G28C)GT!!7)G3Ha! ! $ 3DBE)CT!+3H1G8EI8DC! ! 8H@!/)1IDGH!c!)63!!! '2B8HH8DC!ID!)H2)F!/8GHI!DGI7X!+3CB)G@! ! 3!% +!3! ! sXu !!$ .+"C$"$".$+ ."$ ! @5"1$$D"( 4'$$8)91$ ! The price of the Company’s shares may decline due to general market sentiment as well as an imbalance between potential buyers and sellers of the Company’s H7)G3Ha! '228I8DC)AAT! )! A)1@! D5! )23FP)I3!A8FP828IT!8C!I73!B)G@3I!B)T!B3)C!I7)I!8CQ3HIDGH!)G3!PC)0A3!ID!28HEDH3!D5!I738G!H7)G3H!)I! 38I73G!I73!I8B3!DG!Q)AP3!I73T!H33@a! ! sXv = %+ (`C$= +"$ ! "78H!3DBE)CT!+3H1G8EI8DC!1DCI)8CH!5DGR)G2dADD@8C6!HI)I3B3CIHa!/DGR)G2dADD@8C6!HI)I3B3CIH!)G3!CDI! statements of historical facts but rather reflect the Company’s current expectations, estimates and EG3281I8DCH!)0DPI!5PIPG3!G3HPAIH!)C2!3Q3CIHa! ! "78H!3DBE)CT!+3H1G8EI8DC!PH3H!RDG2H!HP17!)H!p)CI818E)I3pX!p1DCI8CP3pX!p3HI8B)I3pX!p3SE31IpX!pEG3281IpX! 'may', 'will', 'project', 'should', 'assume', 'believe', 'plan', “intend”, and similar expressions to identify ! 5DGR)G2dADD@8C6! HI)I3B3CIHa!"73H3! HI)I3B3CIH! )G3! CDI! 6P)G)CI33H! D5! 5PIPG3! E3G5DGB)C13! )C2! )G3! HP0931I!ID!13GI)8C!G8H ks, uncertainties and other factors, many of which are beyond the Company’s )08A8IT!ID!1DCIGDA!DG!EG3281Ia!"78H!1DPA2!I73G35DG3!1)PH3!)1IP)A!G3HPAIH!ID!28553G!B)I3G8)AAT!5GDB!I7DH3! )CI818E)I32!8C!I73H3!5DGR)G2dADD@8C6!HI)I3B3CIHa! ! 'HHPBEI8DCH!G36)G28C6!5PIPG3!G3Q3CP3HX!)1FP8H8I8DCH!)C2!DI73G!1DBEDC3CIH!D5!)CT!EGD931I8DCH!)G3! C313HH)G8AT!HE31PA)I8Q3!8C!C)IPG3a!C!)228I8DCX!EGD931I8DCH!2D!CDI!)C2!1)CCDI!I)@3!8CID!)11DPCI!HP17! 5)1IDGH! )H! 63C3G)A!31DCDB81! 1DC28I8DCHX! PC5DG3H33C!G36PA)IDGT! )C2! A36)A!23Q3ADEB3CIH! )C2! DI73G! 5)1IDGH! 28H1PHH32! 8C! I78H! 8H@! /)1IDGH! H31I8DCX! )C2! 3AH3R73G3! 8C! I78H! 3DBE)CT! +3H1G8EI8DCa! "78H! includes the potential entry into the Company’s markets of significant additional competitors and DI73G!G8H@H!8C73G3CI!ID!I73!0PH8C3HH!D5!I73!3DBE)CTa!%78A3!I73!3DBE)CT!03A83Q3H!I7)I!)CT!5DGR)G2! looking statements herein reflect possible future results of the Company’s operations, such results ! 1)CCDI!03!6P)G)CI332a! !! 3DBE)CT!+3H1G8EI8DC! ! "73!3DBE)CT!c!)63!!! 8HI8C6!DC!)H2)F!/8GHI!DGI7X!+3CB)G@! ! 3!% +!3! tX ".$#+'$ ! ! ! ! ! ! ! ! ! tXr !#+ '$$ ! "73! 3DBE)CT! 8H! )! EP0A81! A8B8I32! 1DBE)CT! R8I7! G368HI3G32! CPB03G! a! I! R)H! 8C1DGEDG)I32!DC!!PC3!!)H!)!EP0A81!A8B8I32!1DBE)CT!8C!%C6A)C2!)C2!%)A3H!R8I7!I73! C)B3!)G2!'+'! 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6 C ACCOUNTANTS’ REPORT ON THE HISTORICAL FINANCIAL INFORMATION OF THE COMPANY $ $

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".!$"$".$=+#+$= +"$ $ rX C2B2F(@$B4CFA(H7CB$$ ! "73! 3DBE)CT!R)H!8C1DGEDG)I32! 8C!%C6A)C2!)C2!%)A3H! PC23G! I73! 3DBE)C83H! '1I! ! )H! )! EP0A81! A8B8I32!1DBE)CT!DC!!PC3!2017. The Company’s registered number is !)C2!8IH!G368HI3G32! D55813!8H!)I!!P8I3!'X!!DC2PG)H!!IG33IX!DC2DCX!#C8I32!8C62DBX!%3'!"a! ! The Company’s objective is to !)1I!)H!I73!E)G3CI!ID!)!6GDPE!3HI)0A8H732!ID!3SEAD8I!7867!FP)A8IT!5DD2!)C2! 03Q3G)63!DEEDGIPC8I83HX!8C8I8)AAT!8C!4G3)I3G!378C)!)C2!I73C!03TDC2a! ! "78H! 58C)C18)A! 8C5DGB)I8DC! 7)H! 033C! EG3E)G32! 8C! )11DG2)C13! R8I7! CI3GC)I8DC)A! /8C)C18)A! 3EDGI8C6! Standards as adopted by the European Union (“IFRS”) a!"73!HI)C2)G2H!7)Q3!033C!)EEA832!1DCH8HI3CIAT! e3S13EI!)H!DI73GR8H3!HI)I32fa! ! sX +00CIBH7B5$C@7072G$$ $ R 9)9$5&$68$6 8 @)54$ $ "73! EG8C18E)A! )11DPCI8C6! EDA8183H! )2DEI32! 0T! I73! 3DBE)CT! 8C! I73! EG3E)G)I8DC! D5! I73! 58C)C18)A! 8C5DGB)I8DC!)G3!H3I!DPI!03ADRa! ! "73! 58C)C18)A! 8C5DGB)I8DC! 7)H! 033C! EG3H3CI32! 8C! #C8I32! !I)I3H!+DAA)GH!e#!!tfX!038C6!I73!5PC1I8DC)A! 1PGG3C1T!D5!I73!3DBE)CTa! ! "73! 58C)C18)A! 8C5DGB)I8DC! 7)H! 033C! EG3E)G32! 8C! )11DG2)C13! R8I7! CI3GC)I8DC)A! /8C)C18)A! 3EDGI8C6! Standards as adopted by the European Union (“IFRS”), including interpretations mad 3! 0T! I73! CI3GC)I8DC)A! /8C)C18)A! 3EDGI8C6! CI3GEG3I)I8DCH! 3DBB8II33! e/ 3f! 8HHP32! 0T! I73! CI3GC)I8DC)A! '11DPCI8C6!!I)C2)G2H!9D)G2!e'!9fa!"73!HI)C2)G2H!7)Q3!033C!)EEA832!1DCH8HI3CIATa! ! =536 8 @)B$$&)'A8$9$ $ D! 1DBE)G)I8Q3! 586PG3H! 7)Q3! 033C! EG3H3CI32! )H! I73! 58C)C18)A! 8C5DGB)I8DC! 1DQ3GH! I73! E3G8D2! 5GDB! 8C1DGEDG)I8DCX!DC!!PC3!!ID!!PC3!a! ! @ 4# 8#9$ 4#$)4@$868$@ @)549$)99A$#$!A@$45@$E$@$ 662)$#$ ! '!CPB03G!D5!C3R!HI)C2)G2H!)C2!)B3C2B3CIH!ID!HI)C2)G2H!)C2!8CI3GEG3I)I8DCH!7)Q3!033C!8HHP32!0PI! )G3!CDI!T3I!35531I8Q3!)C2!8C!HDB3!1)H3H!7)Q3!CDI!T3I!033C!)2DEI32!0T!I73!%#a!! ! "73!28G31IDGH!2D!CDI!3SE31I!I7)I!I73!)2DEI8DC!D5!I73H3!HI)C2)G2H!R8AA!7)Q3!)!B)I3G8)A!8BE)1I!DC!I73! 58C)C18)A! HI)I3B3CIH! D5! I73! 1DBE)CT! 8C! 5PIPG3! E3G8D2HX! 3S13EI! I7)I! / !! ! R8AA! 8BE)1I! 0DI7! I73! B3)HPG3B3CI! )C2! 28H1ADHPG3H! D5! 58C)C18)A! 8CHIGPB3CIHX! / !! ! B)T! 7)Q3! )C! 8BE)1I! DC! G3Q3CP3! G31D6C8I8DC!)C2!G3A)I32!28H1ADHPG3H!)C2!/ !!!R8AA!7)Q3!)C!8BE)1I!DC!I73!G31D6C8I8DC!D5!DE3G)I8C6! A3)H3Ha! 'I! I78H! ED8CI! 8I! 8H! CDI! EG)1I81)0A3! 5DG! I73! 28G31IDGH! ID! EGDQ823! )! G3)HDC)0A3! 3HI8B)I3! D5! I73! 35531I!D5!I73H3!HI)C2)G2H!)H!I738G!23I)8A32!G3Q83R!D5!I73H3!HI)C2)G2H!8H!HI8AA!DC6D8C6a! ! L)4 4") 2$ 99$@9$ $ The Directors determine the classification of the Company’s financial assets at initial recognition. ! ! = 9($ 4#$" 9($$7A)B 2$4@9 ! ! "73! +8G31IDGH! D5! I73! 3DBE)CT! 1DCH823GH! )CT! 1)H7! DC! H7DGIdI3GB! 23EDH8IH! )C2! DI73G! H7DGIdI3GB! 8CQ3HIB3CIH!ID!03!1)H7!3FP8Q)A3CIHa $ 3DBE)CT!+3H1G8EI8DC! ! /8C)C18)A!C5DGB)I8DC!c!)63!!! 8HI8C6!DC!)H2)F!/8GHI!DGI7X!+3CB)G@! ! 3!% +!3! !

$"$)B !2$9 ! ! The Company has classified the receivables as ‘loans and receivables’. ! ! 9$$5&$ 99A36@)549$ 4#$$9@)3 @$9$ C!EG3E)G8C6!I73!58C)C18)A! 8C5DGB)I8DCX!I73!+8G31IDGH!7)Q3!ID!B)@3!9P26B3CIH!DC!7DR!ID!)EEAT!I73! Company’s accounting policies and make !3HI8B)I3H!)0DPI!I73!5PIPG3a!"73!+8G31IDGH!2D!CDI!1DCH823G! I73G3!ID!03!)CT!1G8I81)A!9P26B3CIH!I7)I!7)Q3!033C!B)23!8C!)GG8Q8C6!)I!I73!)BDPCIH!G31D6C8H32!8C!I73! 58C)C18)A!8C5DGB)I8DCa! $ tX Share capital $ ! C!!PC3!X!I73!3DBE)CT!R)H!8C1DGEDG)I32!)C2!DC!8C1DGEDG)I8DCX!I73!8HHP32!H7)G3!1)E8I)A!D5!I73! 3DBE)CT!R)H! €!1DBEG8H8C6!!DG28C)GT!H7)G3H!D5! €!3)17!R7817!R3G3!8HHP32!ID!I73!/DPC23GHa!! ! uX Earnings per share $ ! "73!1)A1PA)I8DC!5DG!3)GC8C6H!E3G!H7)G3!e0)H81!)C2!28API32f!5DG!I73!G3A3Q)CI!E3G8D2!8H!0)H32!DC!I73!EGD58I! )5I3G!8C1DB3!I)S!)IIG80PI)0A3!ID!3FP8IT!7DA23G!5DG!I73!E3G8D2!5GDB!8C1DGEDG)I8DC!DC!!PC3!!ID! !PC3!!)C2!8H!)H!5DAADRH`! ! ! GD58I!)IIG80PI)0A3!ID!3FP8IT!7DA23GH!e#!!tf! d! ! %3867I32!)Q3G)63!CPB03G!D5!H7)G3H! ! ! !! %)GC8C6H!E3G!H7)G3!e#!!tf! ! d! ! !! ! vX =7B(B07(@$BGHFIA2BHG$ –$F7G9$A(B(52A2BH$ $ "73!3DBE)CT!8H!3SEDH32!I7GDP67!8IH!DE3G)I8DCH!ID!1G328I!G8H@!)C2!A8FP828IT!G8H@a!C!1DBBDC!R8I7!)AA! DI73G!0PH8C3HH3HX!I73!3DBE)CT!8H!3SEDH32!ID!G8H@H!I7)I!)G8H3!5GDB!8IH!PH3!D5!58C)C18)A!8CHIGPB3CIHa!"78H! note describes the Company’s objectives, policies and processes for managing those risks and the B3I7D2H! PH32! ID! B3)HPG3! I73Ba! /PGI73G! FP)CI8I)I8Q3! 8C5DGB)I8DC! 8C! G3HE31I! D5! I73H3! G8H@H! 8H! EG3H3CI32!I7GDP67DPI!I78H!58C)C18)A!8C5DGB)I8DCa! ! L)4 4") 2$)49@8A3$4@9$ "73!1)GGT8C6!Q)AP3!D5!I73!58C)C18)A!8CHIGPB3CIH!D5!I73!3DBE)CT!)I!!PC3!!1DBEG8H3H!#!!t!D5! G3138Q)0A3Ha! ! %$4$8 2$5!0$"@)B$9G$652)")$9$ 4#$685"$99$9$ "73!+8G31IDGH!7)Q3!DQ3G)AA!G3HEDCH808A8IT!5DG!I73! determination of the Company’s risk management D0931I8Q3H!)C2!EDA8183Ha!/PGI73G!23I)8AH!G36)G28C6!I73H3!EDA8183H!)G3!H3I!DPI!03ADR`! $ =8$#)@$8)91$ "73!3DBE)CT!7)2!G3138Q)0A3H!D5!#!t!)I!!PC3!a!"73!B)S8BPB!3SEDHPG3!ID!1G328I!G8H@!)I!I73! 3C2!D5!3)17!G3EDGI8C6!E3G8D2!8H!I73!5)8G!Q)AP3!D5!3)17!1A)HH!D5!G3138Q)0A3H!H3I!DPI!)0DQ3a!"73!3DBE)CT! 73A2!CD!1DAA)I3G)A!)H!H31PG8ITa! ! )7A)#)@E$8)91$ Liquidity risk arises from the Directors’ management of working capital. It is the risk that the Company R8AA!3C1DPCI3G!285581PAIT!8C!B33I8C6!8IH!58C)C18)A!D0A86)I8DCH!)H!I73T!5)AA!2P3a! ! 3DBE)CT!+3H1G8EI8DC! ! /8C)C18)A!C5DGB)I8DC!c!)63! !! 8HI8C6!DC!)H2)F!/8GHI!DGI7X!+3CB)G@! ! 3!% +!3! !

The Directors’ policy is to ensure that the Company will always have sufficient cash to allow it to meet 8IH! A8)08A8I83H! R73C! I73T! 031DB3! 2P3a! "D! )1783Q3! I78H! )8BX! I73! +8G31IDGH! H33@! ID! B)8CI)8C! )! 1)H7! 0)A)C13!HP558183CI!ID!B33I!3SE31I32!G3FP8G3B3CIHa!"73!+8G31IDGH!7)Q3!EG3E)G32!1)H7!5ADR!EGD931I8DCH! DC! )! BDCI7AT! 0)H8H! I7GDP67! ID! ! +313B03G! a! 'I! I73! 3C2! D5! I73! E3G8D2! PC23G! G3Q83RX! I73H3! EGD931I8DCH! 8C281)I32! I7)I! I73! 3DBE)CT! 3SE31I32! ID! 7)Q3! HP558183CI! A8FP82! G3HDPG13H! ID! B33I! 8IH! D0A86)I8DCH!PC23G!)AA!G3)HDC)0AT!3SE31I32!18G1PBHI)C13Ha! ! wX #(D7H(@$F7G9$A(B(52A2BH$ The Directors’ objectives when managing capital are to safeguard the Company’s ability to continue )H!)!6D8C6!1DC13GC!8C!DG23G!ID!EGDQ823!G3IPGCH!5DG!!7)G37DA23GH!)C2!03C358IH!5DG!DI73G!HI)@37DA23GH! )C2!ID!B)8CI)8C!)C!DEI8B)A!1)E8I)A!HIGP1IPG3!ID!G32P13!I73!1DHI!D5!1)E8I)Aa!'I!I73!2)I3!D5!I78H!58C)C18)A! 8C5DGB)I8DCX! I73! 3DBE)CT! 7)2! 033C! 58C)C132! 0T! 3FP8ITa! C! I73! 5PIPG3X! I73! 1)E8I)A! HIGP1IPG3! D5! I73! 3DBE)CT! 8H! 3SE31I32! ID! 1DCH8HI! D5! 0DGGDR8C6H! )C2! 3FP8IT! )IIG80PI)0A3! ID! 3FP8IT! 7DA23GH! D5! I73! 3DBE)CTX!1DBEG8H8C6!8HHP32!H7)G3!1)E8I)A!)C2!G3H3GQ3H! ! xX !I)G2EI2BH$2P2BHG$ ! C! I7 !DQ3B03G!I73!3DBE)CT!17)C632!8IH!C)B3!ID! 3!%DGA2!A1a! ! C!!/30GP)GT!!I73!3DBE)CT!)1FP8G32!I73!3CI8G3!8HHP32!H7)G3!1)E8I)A!D5!'+'!DA28C6H!8B8I32a! ! On 7 July 2017 the Company issued a further 57,099 ordinary shares of €1 credited as fully paid increasing its issued share capital to 57,100 ordinary shares of € a!! ! On 24 November 2017 an ordinary resolution was passed pursuant to which each ordinary share of €1 was subdivided into 100 ordinary shares €0.01. ! ! C!!/30GP)GT!! 142,790,000 ordinary shares of €0.01 each were issued pursuant to the Share %S17)C63!'6G33B3CIa! ! ! yX (HIF2$C4$47B(B07(@$B4CFA(H7CB$ ! "73!58C)C18)A!8C5DGB)I8DC!EG3H3CI32!)0DQ3!2D3H!CDI!1DCHI8IPI3!HI)IPIDGT!)11DPCIH!5DG!I73!E3G8D2! PC23G!G3Q83Ra! ! ! ! ! !! 3DBE)CT!+3H1G8EI8DC! ! /8C)C18)A!C5DGB)I8DC!c!)63!!! 8HI8C6!DC!)H2)F!/8GHI!DGI7X!+3CB)G@! ! 3!% +!3! !

!+!! #+#(".($ $= +$!"+".."$=$."$+!!."!$+($.+ C!$=$".$C #$ 3GDR3!3A)G@!%78I378AA!! >7&6'"6".+A00)$*'&*'2 + 3B03G!D5!3GDR3!DGR)I7!CI3GC)I8DC)A! !I!9G823pH!DPH3! !!)A8H0PGT!!FP)G3! DC2DC!%3'!%X!#! "3A!!ef!!! 1 February 2018 /)S!!ef! !! +&`!!DC2DC!37)C13GT!)C3! The Directors RRRa1GDR31A)G@R78I378AAa1DaP@! HRC World Plc ! Suite A, 6 Honduras Street London EC1Y 0TH

The Directors Keswick Global AG Hoffingergasse 16/1/6 Wien 1120 Austria

Dear Sirs

We report on the unaudited pro forma consolidated net assets of HRC World Plc (the “ Company ) (the “Pro Forma Financial Information ) set out in this Part 6D of the company description dated 1 February 2018 of the Company and its subsidiaries (the “ Group ”) (the “ Company Description ”), which has been prepared on the basis described, for illustrative purposes only, to provide information about how the acquisition by the Company of the issued share capital of the Group might have affected the Statement of Net Assets at 30 June 2017 presented on the basis of the accounting policies adopted by the Group in preparing the financial information.

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It is the responsibility of the directors of the Company (the “ Directors ”) to prepare the Pro Forma Financial Information.

It is our responsibility to form an opinion as to the proper compilation of the Pro Forma Financial information and to report that opinion to you.

To the fullest extent permitted by law, we do not assume any responsibility and will not accept any liability to any person for any loss suffered by any such other person as a result of, arising out of, or in connection with this report or our statement consenting to its inclusion in the Company Description.

In providing this opinion we are not updating or refreshing any reports or opinions previously made by us on any financial information used in the compilation of the Pro Forma Financial Information, nor do we accept responsibility for such reports or opinions beyond that owed to those to whom those reports or opinions were addressed by us at the dates of their issue.

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We conducted our work in accordance with the Standards for Investment Reporting issued by the Auditing Practices Board in the United Kingdom. The work we performed for the purpose of making this report, which involved no independent examination of any of the underlying financial information, consisted primarily of comparing the unadjusted financial information with the source documents, considering the evidence supporting the adjustments and discussing the pro forma financial information with the Directors.

We planned and performed our work so as to obtain the information and explanations we considered necessary in order to provide us with reasonable assurance that the pro forma financial information 3DBE)CT!+3H1G8EI8DC! ! /8C)C18)A!C5DGB)I8DC!c!)63!!! 8HI8C6!DC!)H2)F!/8GHI!DGI7X!+3CB)G@! ! 3!% +!3! ! has been properly compiled on the basis stated and that such basis is consistent with the accounting policies of the Company.

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In our opinion:

a) the Pro Forma Financial Information has been properly complied on the basis stated b) such basis is consistent with the accounting policies of the Company and the Group

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We are responsible for this report as part of the Company Description and declare that we have taken all reasonable care to ensure that the information contained in this report is, to the best of our knowledge, in accordance with the facts and contains no omission likely to affect its import.

Yours faithfully

#FCQ2$#@(F9$%67H267@@$$ Chartered Accountants

Crowe Clark Whitehill LLP is a limited liability partnership registered in England and Wales with registered number 07372348 and its registered office at St. Bride’s House, 10 Salisbury Square, London, EC4Y 8EH, United Kingdom. Crowe Clark Whitehill LLP is the United Kingdom member firm of Crowe Horwa th International (“ CHI ”), a private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.crowehorwath.net for a detailed description of the legal structure of CHI and its member firms.

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1. Unaudited Pro Forma Statement of Net Assets

Set out below is an unaudited pro forma statement of aggregated net assets of the Group, which has been prepared on the basis of the Company’s audited financial information as at 3 0 June 2017,the audited financi al information of Ada Holdings Limited and its subsidiaries (the “ Operating Group”) as at 30 June 2017 and the net assets of HRCL (CC) Ltd (“HRCL CC ”) and Hard Rock Capital Limited (”HRCL”) as at incorporation on 16 March 2107., prepared for illustrative purposes only. Because of its nature, the pro forma financial information addresses a hypothetical situation and, therefore, does not represent the Company’s actual financial position.

The Operating HRCL and Pro forma Net placing Group Pro The Company Group HRCLCC adjustments proceeds forma 30 Jun e 20 17 30 Jun e 20 17 16 March 2017 net assets

(Unaudited) (Unaudited) (Unaudited) (Unaudited)

($'000) ($'000) ($'000) ($'000) ($'000) ($'000)

(Note 1) (Note 2) (Note 4) (Note 5) (Note 6)

Non -current assets

Property plant and equipment - 2,714 - - - 2,714 Intangible assets - 1,374 - - - 1,374

- 4,088 - - - 4,088

Current assets

Inventories - 211 - - - 211 Prepayments and other receivables - 1,125 - - - 1,125 Amount due from related company - 1,777 - - - 1,777 Cash and equivalents - 644 - - 1,470 1,470

- 3,757 - - 1,470 5,227

Current liabilities

Trade payables - 245 - - - 245 Interest payables - 4,271 - - - 4,271 Accruals and other payables - 417 - - - 417 Amount due to a shareholder - 7 - - - 7 Amount due to a director - 103 - - - 103 Intercompany payables - - - - -

- 5,043 - - - 5,043

Non-current liabilities

Loan from a shareholder - 9,069 - (9,069) - - - 9,069 - (9,069) - -

Net assets/(liabilities) - (6,267) - 9,069 1,470 4,271

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Notes:

The unaudited pro forma financial information has been prepared on the following basis:

1. The net assets of the Company have been extracted from the audited financial information on the Company as set out in Part 6 C of the Company Description and converted into USD from Euro using a third party exchange rate as at 29 January 2018 of €1.00:$1.24. No account has been taken of the activities of the Company subsequent to 30 June 2017.

2. The net assets of the Operating Group have been extracted from the unaudited interim consolidated financial statements of the Operating Group for the six month period to 30 June 2017 as set out in Part 6 B of the Company Description. No account has been taken of the activities of the AHL Group subsequent to 30 June 2017.

3. The net assets of HRCL and HRCLCC are stated at incorporation on 16 March 2017. No account has been taken of the activities of HRCL and HRCL subsequent to 16 March 2017.

4. The pro-forma adjustment reflects an adjustment to capitalise the shareholders’ loan at 30 June 2017 of US$9,069,000, out of a total capitalisation of US$13,748, on 5 September 2017.

5. The Company raised €1,500,000 (gross) from the P lacing. Associated costs of the Placing were approximately €3 15,000. The net proceeds of the Placing received by the Company were approximately €1,185,000. The net proceeds have been converted into USD from Euro using a third party exchange rate as at 29 January 2018 of €1.00:$1.24.

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The Company’s Accounting Reference date is 31 March and the first statutory accounting E3G8D2!R8AA!3C2!DC!!)G17!a! ! yXs !+ .!$$!!#.$$ ! "73!3DBE)CT!R)H!8C1DGEDG)I32!DC!!PC3!!R8I7!)C!8HHP32!H7)G3!1)E8I)A!D5!!DG28C)GT! H7)G3!R8I7!)!CDB8C)A!Q)AP3!D5!€1. ! ! On 7 July 2017 the Company issued a further 57,099 ordinary shares of €1 credited as fully E)82! increasing its issued share capital to 57,100 ordinary shares of €1 a!+ ! C!!DQ3B03G!!)C!DG28C)GT!G3HDAPI8DC!R)H!E)HH32!EPGHP)CI!ID!R7817!3)17!DG28C)GT! H7)G3!of €1 was subdivided into 100 ordinary shares €0.01 a! ! C! !/30GP)GT! !XX!DG28C)GT!shares of €0.01 each were issued pursuant to I73! !7)G3!%S17)C63!'6G33B3CIa! ! G8DG! ID! '2B8HH8DCX! I73G3! )G3! X X! 5PAAT! E)82! PE! G28C)GT! !7)G3H! D5! €a! 3)17! 8C! 8HHP3a! C! '2B8HH8DCX! )! 5PGI73G! X X! A)18C6! !7)G3H! R8AA! 03! 8HHP32! EPGHP)CI! ID! I73! A)18C6a! ! ! <=(2'(*# + 9*+A./(22()* + :)/(*&%+X&%$"+ :$/-"6+),+ :)/(*&%+X&%$"+ :$/-"6+),+ M€) + 96.(*&68+47&6"2+ M€) + 96.(*&68+47&6"2+ HHP32! )C2! 5PAAT! X X! X X ! X! X X! E)82dPE!

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C!'2B8HH8DCX! EPGHP)CI! ID! I73!A)18C6! )C2! I73! !7)G3! %S17)C63! '6G33B3CIX! I73! 3DBE)CT! R8AA!7)Q3! !!7)G37DA23GHa! ! yXt %. !$!" ##"# .$ ! /DAADR8C6!'2B8HH8DCX!I73!I3C!A)G63HI!7DA23GH!D5!G28C)GT!!7)G3H!8C!I73!3DBE)CT!R8AA!03`! ! !6(F26C@12F$ $C4$6C@17B5$ $39!3)E8I)A!!2C!972! a! DDGPH))2)7!98CI8!I7B)C! a! $39!'a4a! a! )C3)6A3!DA28C6H!93G7)2! a! %B3G68C6!!I)G!/PC2!! a! (PG817!%FP8IT!3DGEDG)I8DC!! a! !'H8)!! a! &8)B3C!GDE3GI83H!!2C!972! a! 3)E3!867I!CQ3HIB3CIH! a! I73GH! a! Total Issued Shares of €0.01 each $ rqqXqq$ ! $39!3)E8I)A!7DA2H!I73!!7)G3H!5DG!8IH!8CQ3HIDGHX!3)17!D5!R7DB!7DA2!A3HH!I7)C! !D5!I73!8HHP32! 3FP8IT!)I!'2B8HH8DCX!)C2!CDI!)H!03C35818)A!DRC3Ga! ! ! yXu C"!$"$+## .$!+ .!$ ! !"73!3DBE)CT!2D3H!CDI!7)Q3!)!H7)G3!DEI8DC!EA)C!5DG!I73!3BEADT33H!D5!I73!4GDPE!)AI7DP67! I73!+8G31IDGH!R8AA!68Q3!1DCH823G)I8DC!ID!8CIGD2P18C6!HP17!)!EA)C!8C!I73!5PIPG3!8C!DG23G!ID!)HH8HI! 8C!)IIG)1I8C6!)C2!G3I)8C8C6!@3T!HI)55a! ! !"73!3DBE)CT!7)H!3CI3G32!8CID!)!R)GG)CI!)6G33B3CI!R8I7!3HR81@!4AD0)A!'4X!8IH!33GI85832! '2Q8H3GX!PC23G!R7817!3HR81@!7)H!I73!G867I!ID!EPG17)H3!G28C)GT!!7)G3H!3FP8Q)A3CI!ID!!D5! I73! 8HHP32! H7)G3! 1)E8I)A! )I! '2B8HH8DCX! )I! )! EG813! E3G! H7)G3! 3FP8Q)A3CI! ID! I73! B82dB)G@3I! opening price of the Company’s Shares at Admission. The 6G)CI! 8H! 1DC28I8DC)A! DC! I73! 3DBE)CT! )1783Q8C6! '2B8HH8DCX! B)T! CDI! 03!3S3G18H32! 5DG! )! E3G8D2! D5! H8S!BDCI7H! 5DAADR8C6! '2B8HH8DC!)C2!A)EH3HX!85!CDI!3S3G18H32X!I7G33!T3)GH!)5I3G!'2B8HH8DCa! ! yXv = ..$=+"$ ! BB328)I3AT!5DAADR8C6!'2B8HH8DCX! % of the Company’s Ordinary Shares will be in public 7)C2Ha! ! yXw + "#.!$=$+!!#+"$ ! C!I78H!paragraph 8.5, “ !H(HIH2G ” means the UK Companies Act !)C2!3Q3GT!DI73G!HI)IPI3!DG! HI)IPIDGT! 8CHIGPB3CIX! GPA3X! DG23G! DG! G36PA)I8DC! 5GDB! I8B3! ID! I8B3! 8C! 5DG13! 1DC13GC8C6! 1DBE)C83H!HD!5)G!)H!I73T!)EEAT!ID!I73!3DBE)CTa! ! 3DBE)CT!+3H1G8EI8DC! ! !7)G3!3)E8I)A!r!RC3GH78E!!IGP1IPG3!c!)63!!! 8HI8C6!DC!)H2)F!/8GHI!DGI7X!+3CB)G@! ! 3!% +!3 !

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47&6"+?"&%(*#2+ ! "73!3DBE)CT!7)H!)2DEI32!)!1D23!5DG!23)A8C6H!8C!H7)G3H!0T!8IH!9D)G2!)C2!3BEADT33H!R7817!8H! )EEGDEG8)I3!5DG!)!1DBE)CT!R7DH3!H7)G3H!)G3!)2B8II32!ID!IG)28C6!DC!)H2)F!/8GHI!DGI7a!"73! Board will comply with this code and with the Market Rules relating to directors’ dealings )C2! R8AAX! 8C! )228I8DCX! I)@3! )AA! G3)HDC)0A3! HI eps to ensure compliance by the Group’s )EEA81)0A3!3BEADT33Ha! ! ! ! ! 3DBE)CT!+3H1G8EI8DC! ! 'EE3C28S!c!)63!!! 8HI8C6!DC!)H2)F!/8GHI!DGI7X+3CB)G@! ! 3!% +!3! rqX +.(&$ ! ! ! ! ! ! ! ! ! rqXr (.=.($". !$ ! C! I78H! 2D1PB3CIX! R73G3! I73! 1DCI3SI! E3GB8IHX! I73! I3GBH! H3I! DPI! 03ADR! H7)AA! 7)Q3! I73! 5DAADR8C6! B3)C8C6H`! ! “£” or “Sterling” $ ! EDPC2H!HI3GA8C6X!I73!A)R5PA!1PGG3C1T!D5!I73!#C8I32!8C62DB !

“¥” or “RMB” $ ! 3CB8C08X!I73!A)R5PA!1PGG3C1T!D5!378C)!

“€” or “Euro” $ ! %PGDX!I73!A)R5PA!1PGG3C1T!D5!I73!%PGDE3)C!#C8DC!

“Acquisition” $ ! I73!1DC28I8DC)A!)1FP8H8I8DC!D5!I73!3CI8G3!8HHP32!H7)G3!1)E8I)A!D5!)G2! D1@!3)E8I)A!0T!I73!3DBE)CT!PC23G!I73!I3GBH!D5!I73!!7)G3!%S17)C63! '6G33B3CI! e+(+e$ ! I73!'G3)!+3Q3ADEB3CI!'6G33B3CI!03IR33C!I73!/G)C178HDG!!)C2!I73! /G)C178H33!

“Admission” $ ! )2B8HH8DC!D5!I73!G28C)GT!!7)G3H!D5!I73!3DBE)CT!ID!IG)28C6!DC! )H2)F!/8GHI!DGI7!031DB8C6!35531I8Q3!8C!)11DG2)C13!R8I7!I73! )G@3I! PA3H!

“Articles” $ ! I73!)GI81A3H!D5!)HHD18)I8DC!D5!I73!3DBE)CT!

“ASEAN” $ ! "73!'HHD18)I8DC!D5!!DPI73)HI!'H8)C!)I8DCHX!1DBEG8H8C6!D5!9GPC38! +)GPHH)A)BX!T)CB)GX!3)B0D28)X!C2DC3H8)X! )DHX!)A)TH8)X! 78A8EE8C3HX!!8C6)EDG3X!"7)8A)C2!)C2!$83IC)B!

“China” or “PRC” $ ! People’s Republic of China and its Special Administrative Regions !

“Company” $ ! 3!%DGA2!EA1X!)!1DBE)CT!8C1DGEDG)I32!8C!%C6A)C2!)C2!%)A3H!R8I7! G368HIG)I8DC!CPB03G!!

“CREST” $ ! I73!1DBEPI3G!0)H32!HTHI3B!)C2!EGD132PG3H!R7817!3C)0A3!I8IA3!ID! H31PG8I83H!ID!03!3Q823C132!)C2!IG)CH53GG32!R8I7DPI!)!RG8II3C! 8CHIGPB3CIX!)2B8C8HI3G32!0T!%PGD1A3)G!#!r!G3A)C2!8B8I32!

“Directors” or ! I73!28G31IDGH!D5!I73!3DBE)CT!R7DH3!C)B3H!)G3!H3I!DPI!DC!!31I8DC! ! “Board” $ D5!I78H!2D1PB3CI!

! 3DBE)CT!+3H1G8EI8DC! ! 'EE3C28S!c!)63!!! 8HI8C6!DC!)H2)F!/8GHI!DGI7X!+3CB)G@! ! 3!% +!3! !

“EBITDA” $ ! 3)GC8C6H!035DG3!8CI3G3HIX!I)S3HX!23EG318)I8DC!)C2!)BDGI8H)I8DC!

“Far East Region” or ! 378C)X!'!%'!)C2!")8R)C! “Far East Regions” $

“FF&E” $ ! B3)CH!)AA!5PGC8IPG3X!5PGC8H78C6HX!3FP8EB3CIX!58SIPG3HX!)EE)G)IPHX!)C2! DI73G!I)C680A3!E3GHDC)A!EGDE3GIT!PH32!8CX!DG!73A2!8C!HIDG)63!5DG!PH3! 8C!eDGX!85!I73!1DCI3SI!HD!281I)I3HX!G3FP8G32!8C!1DCC31I8DC!R8I7fX!I73! DE3G)I8DC!D5!I73! 3HI)PG)CI!DI73G!I7)C!E3G)I8C6!%FP8EB3CI!)C2! E3G)I8C6!!PEEA83H!

“Food and Beverage” $ ! B3)CH!I7DH3X!)C2!DCAT!I7DH3X!8I3BH!D5!5DD2!)C2!03Q3G)63!8C1AP232! R8I78C! ’s approved menu, as the same may be amended, HPEEA3B3CI32X!DG!DI73GR8H3!BD285832!0T! !5GDB!I8B3!ID!I8B3!8C!8IH! HDA3!28H1G3I8DC a! The term “Food and Beverage” shall also include 5DD2!)C2!03Q3G)63!8I3BH!HE318581)AAT!)EEGDQ32!0T! !

“Franchisee ! B3)CH!I7DH3!13GI)8C!)G2! D1@!3)53!G3HI)PG)CI!3HI)0A8H7B3CIH! Restaurants” $ DE3G)I32!0T!I73!4GDPE!R8I7!I73!E3GB8HH8DC!D5! !

“Franchisee” $ ! H7)AA!G353G!ID!HE318581)AAT!ID!'+'!DA28C6H!8B8I32!DG!I73!4GDPE!8C! 63C3G)A!

“Franchisor” $ ! )G2! D1@!8B8I32!e3GH3Tf!

“Group” $ ! 3!%DGA2!EA1!)C2!8IH!HP0H828)G83H!e8C1AP28C6!)H!5GDB!'2B8HH8DCX! )G2! D1@!3)E8I)A!)C2!8IH!HP0H828)G83Hf!

“Hard Rock Capital” $ ! )G2! D1@!3)E8I)A!8B8I32X!)!1DBE)CT!8C1DGEDG)I32!8C!9G8I8H7!$8G68C! or “HRCL” $ HA)C2H!R8I7!G368HIG)I8DC!CPB03G!!

“HRCLCC” $ ! 3e33f!8B8I32X!)!1DBE)CT!8C1DGEDG)I32!8C!9G8I8H7!$8G68C!HA)C2H! R8I7!G368HIG)I8DC!CPB03G! !

“Hong Kong Dollar” $ ! I73!1PGG3C1T!D5!DC6!DC6!

“Hong Kong” $ ! DC6!DC6!!E318)A!'2B8C8HIG)I8Q3! 368DC!D5!I73! 3!

“HRC” $ ! )G2! D1@!3)54!8C1AP28C6!8IH!G3HI)PG)CI!)C2!B3G17)C28H3!28Q8H8DCH!

“HRI” $ ! )G2! D1@!8B8I32X!)!3GH3TX!37)CC3A!HA)C2H!1DGEDG)I8DC!R8I7!8IH! G368HI3G32!)22G3HH!)I!!r!X!%HEA)C)23!!IaX!3A83GX!3GH3T!%!9+X! 37)CC3A!HA)C2H!

“IAS” $ ! CI3GC)I8DC)A!'11DPCI8C6!!I)C2)G2H!

“IFRS” $ ! CI3GC)I8DC)A!/8C)C18)A! 3EDGI8C6!!I)C2)G2H! 3DBE)CT!+3H1G8EI8DC! ! 'EE3C28S!c!)63! !! 8HI8C6!DC!)H2)F!/8GHI!DGI7X!+3CB)G@! ! 3!% +!3! !

“License Agreement” $ ! H7)AA!B3)C!I73!A813CH3!)6G33B3CI!3CI3G32!8CID!03IR33C!/G)C178HDG! eDG!8IH!'558A8)I3!DPIH823!I73! 3f!)C2! 3HI)PG)CI!E3G)IDG!EPGHP)CI! ID!R7817! 3HI)PG)CI!E3G)IDG!8H!6G)CI32!)!A813CH3!ID!PH3!I73! CI3AA31IP)A!GDE3GIT!8C!I73!DE3G)I8DC!D5!I73! 3HI)PG)CI!8C!I73! %S1APH8Q3!'G3)!

“Licensed Marks” $ ! means the name and trademark “Hard Rock Cafe” (which shall be PI8A8U32!0T!/G)C178H33!DCA T!ID!I73!3SI3CI!EGDQ8232!5DG!8C!I73!813CH3 ! '6G33B3CIfX!)C2X!ID!I73!H)B3!3SI3CI!)AA!Q)G8)I8DCH!I73G3DC!)2DEI32! 0T!/G)C178HDG!DG!8IH!'558A8)I3H!5DG!PH3!8C!1DCC31I8DC!R8I7!/G)C178H33! 3HI)PG)CIHX!)C2!)AA!)HHD18)I32!IG)23B)G@HX!IG)23!C)B3HX!H3GQ813! B)G@HX!AD6 DHX!HAD6)CHX!IG)23!2G3HHX!1DBB3G18)A!HTB0DAHX!)C2!DI73G! 8CI3AA31IP)A!EGDE3GIT!G867IH!D5!/G)C178HDG!)C2!8IH!'558A8)I3H!PH32!DG! )Q)8A)0A3!5DG!PH3!8C!1DCC31I8DC!R8I7!)CT!/G)C178H33! 3HI)PG)CI!ID! I73!3SI3CI!)EEA81)0A3!ID!I73!AD1)A8IT!D5!I73! 3HI)PG)CI!DE3G)I32 !)I! I73!G3B8H3HX!8C1AP28C6X!R8I7DPI!A8B8I)I8DCX!I73!IG)23B)G@HX!IG)23! C)B3HX!H3GQ813!B)G@HX!AD6DHX!HAD6)CHX!IG)23!2G3HHX!1DBB3G18)A! HTB0DAHX!)C2!DI73G!8CI3AA31IP)A!EGDE3GIT!G867IH!H3I!5DGI7X! G3HE31I8Q3ATX!8C!%S7808I!'!)II)1732!73G3ID!)C2!8C1DGEDG)I32!73G3 8C! 0T!I78H!G353G3C13X!ID63I73G!R8I7!)CT!DI73G!IG)23B)G@X!IG)23!C)B3X! H3GQ813!B)G@X!AD6DX!HAD6)CX!IG)23!2G3HHX!1DBB3G18)A!HTB0DAX!DG!DI73G! 8CI3AA31IP)A!EGDE3GIT!G867I!e)C2!)AA!G368HIG)I8DCH!I73G35DGf!DRC32X!DG! I73!G867IH!ID!R7817!)G3!HP0H3FP3CIAT!)1FP8G32X! 0T!/G)C178HDG!DG!8IH! '558A8)I3HX!C313HH)GT!5DG!DG!G3A)I32!ID!I73!DE3G)I8DC!D5!I73! 3HI)PG)CI! operated at the Premises as contemplated herein. The “Licensed Marks” also include any distinctive trade dress used to identify a )G2! D1@!3)53!G3HI)PG)CI!DG!I73!3G17)C28H3!HDA2!)I!)!)G2! D1@! 3)53!G3HI)PG)CIX!R73I73G!CDR!8C!3S8HI3C13!DG!73G3)5I3G!1G3)I32a!

“Lock `in Agreement” $ ! I73!)6G33B3CI!03IR33C!I73!3DBE)CT!)C2!)G2! D1@!3)E8I)A! shareholders, as described in paragraph [•] of this document !

“Manuals” $ ! B3)CHX!1DAA31I8Q3ATX!)AA!DE3G)I8C6!B)CP)AHX!)AA!IG)8C8C6!B)CP)AHX!)C2! )AA!)11DBE)CT8C6!RDG@0DD@H!DRC32!0T! !

“Market Rules” $ ! I73!B)G@3I!GPA3H!D5!)H2)F!/8GHI!DGI7!EP0A8H732!0T!)H2)F! 3DE3C7)63C!'b!!5GDB!I8B3!ID!I8B3!

“Memorabilia Lease” $ ! B3)CH!3)17!3BDG)08A8)!3)H3!03IR33C!I73!4GDPE!)C2! X!DG!)C! )558A8)I3!D5! X!5DG!I73!HPEEAT!D5!GD1@!)C2!GDAA!B3BDG)08A8)!ID!3)17! 3HI)PG)CI!DE3G)I32!0T!!

“Merchandise” $ ! H7)AA!B3)C!I7DH3!8I3BH!03)G8C6!I73!813CH32!)G@H!DG!DI73GR8H3! )EEGDQ32!DG!HE3185832!0T! !5DG! sale in the Restaurant’s “Rock Shop” whether bearing the Licensed Marks or not. !

“Nasdaq First North” ! )H2)F!/8GHI!DGI7X+3CB)G@X!I73!B)G@3I!DE3G)I32!0T!)H2)F! or the “Market” or 3DE3C7)63C!'b!Y ! the “Exchange” $ 3DBE)CT!+3H1G8EI8DC! ! 'EE3C28S!c!)63!!! 8HI8C6!DC!)H2)F!/8GHI!DGI7X!+3CB)G@! ! 3!% +!3! !

$ ! !

“Operating ! B3)CH!)AA!178C)X!6A)HHR)G3X!A8C3CHX!H8AQ3GR)G3X!PC85DGBHX!)C2!H8B8A)G! Equipment” $ 8I3BHX!)H!23H1G8032!0T!I73!)CP)AHX!PH32!8CX!DG!73A2!8C!HIDG)63!5DG! PH3!8C!eDGX!85!I73!1DCI3SI!HD!281I)I3HX!G3FP8G32!8C!1DCC31I8DC!R8I7fX! I73!DE3G)I8DC!D5!I73! 3HI)PG)CI!8C!)11DG2)C13!R8I7!I73! G3FP8G3B3CIH!D5!I78H!I73! 3HI)PG)CI!/G)C178H3!'6G33B3CIa!

“Operating Group” $ ! '2)!DA28C6H!8B8I32!)C2!8IH!HP0H828)G83HX!G1!!7)C67)8!eDC6!DC6f! 8B8I32X!G1!)C6U7DP!eDC6!DC6f!8B8I32X!'2)!$3CIPG3H!378C)! 3)54!)C)63B3CI!r!"G)28C6!3D!8B8I32X!!7)C67)8!P !'P3!/DD2!'C2! 9)G!)C)63B3CI!3D!I2X!)C2!8)DH78!/DD2!)C2!9)G!)C)63B3CI! e)C6U7DPf!3D!I2a!

“Operating Supplies” $ ! B3)CH!)AA!1DCHPB)0A3!8I3BHX!)H!23H1G8032!8C!I73!)CP)AHX!PH32!8CX! DG!73A2!8C!HIDG)63!5DG!PH3!8C!eDGX!85!I73!1DCI3SI!HD!281I)I3HX!G3FP8G32! 8C!1DCC31I8DC!R8I7fX!I73!DE3G)I8DC!D5!I73! 3HI)PG)CI!

“Ordinary Shares” $ ! DG28C)GT!H7)G3H!D5! €0.01 3)17!8C!I73!1)E8I)A!D5!I73!3DBE)CT!

“p” or “pence” $ ! DC3!7PC2G32I7!D5!DC3!EDPC2!!I3GA8C6!

“PRC” $ ! B3)CH!the People’s Republic of China, and for the purpose of this '6G33B3CIX!3S1AP28C6 !")8R)CX!I73!!E318)A!'2B8C8HIG)I8Q3! 368DC!D5! DC6!DC6!)C2!I73!!E318)A!'2B8C8HIG)I8Q3! 368DC!D5!)1)P!

“Placing” $ ! I73!1DC28I8DC)A!EA)18C6!0T!EI8Q)!!31PG8I83H!8B8I32!D5!I73!A)18C6! !7)G3H!)I!I73!A)18C6!G813!)H!)63CI!5DG!I73!3DBE)CT! e@(07B5$F702e$$ ! €1.00 !E3G!A)18C6!!7)G3!

“Placing Shares” $ ! X X!G28C)GT!!7)G3H!ID!03!8HHP32!0T!I73!3DBE)CT!)C2! HP0H1G8032!5DG!EPGHP)CI!ID!I73!A)18C6!

“Premises” $ ! B3)CH!I73!G3)A!EGDE3GIT!PEDC!R7817!I73! 3HI)PG)CI!8H!AD1)I32X!)C2! 8C1AP23H!HP17!G3)A!EGDE3GITX!)AA!HIGP1IPG3H!AD1)I32!I73G3DCX!)AA!//r%X! )C2!)AA!)EEPGI3C)C13H!ID!)CT!D5!I73!5DG36D8C6X!ID63I73G!R8I7!)AA! 3)H3B3CIHX!3CIG)C13HX!3S8IHX!G867IH!D5!8C6G3HH!)C2!36G3HH!I73G3IDX! )C2!)AA!8BEGDQ3B3CIH!I73G3DC!DG!I73G3IDY!EGDQ8232X!7DR3Q3GX!I7)I! 8C!I73!3Q3CI!I73! 3HI)PG)CI!8H!AD1)I32!8C!)!H7DEE8C6!B)AAX!H7DEE8C6! 13CIG3X!DG!H8B8A)G!BPAI8 d3HI)0A8H7B3CI!AD1)I8DCX!I73C!G3B8H3H!H7)AA! CDI!3SI3C2!ID!)CT!HE)13 !R7817!8H!CDI!D11PE832!DG!PI8A8H32!0T!I73! 4GDPE!5DG!DG!8C!1DCC31I8DC!R8I7!I73!DE3G)I8DC!D5!I73! 3HI)PG)CI!

“Restaurant ! B3)CHX!)H!I73!1DCI3SI!G3FP8G3HX!3)17!)C2!)CT!)C2!)AA! 3HI)PG)CI! =F(B067G2$ /G)C178H3!'6G33B3CIH!3S31PI32!0T! !)C2!I73!4GDPE! E3GI)8C8C6!ID! Agreement” or “RFA” $ I73!DE3G)I8DC!D5! 3HI)PG)CIH!R8I78C!I73!)6G332!"3GG8IDG83H!

“Restaurant ! H7)AA!B3)C!)CT! 3!3GHDC!I7)I!I73!4GDPE!7)H!23H86C)I32!ID!DRC! Operator” $ )C2!DE3G)I3!)! 3HI)PG)CI! 3DBE)CT!+3H1G8EI8DC! ! 'EE3C28S!c!)63!!! 8HI8C6!DC!)H2)F!/8GHI!DGI7X!+3CB)G@! ! 3!% +!3! !

“Restaurant” $ ! H7)AA!B3)C!)!)G2! D1@!3)53!G3HI)PG)CI!)C2!3G17)C28H3!H)A3H! 3HI)0A8H7B3CI!DE3G)I32!DC!)!G3B8H3H!EPGHP)CI!ID!)! 3HI)PG)CI! /G)C178H3!'6G33B3CI!03IR33C! !)C2!I73!4GDPE!

“ROFO” $ ! 867IH!D5!/8GHI! 35PH)A!6G)CI32!0T!I73!/G)C178HDG!ID!'!

“Shanghai Disneyland $ ! H7)AA!B3)C!I73!63D6G)E781!)G3)!D11PE832!0T!!7)C67)8!+8HC3TA)C2! Park” $ )G@X!8C!I73!18IT!D5!!7)C67)8!D5!I73! 3! e!6(F2$.R06(B52$ ! I73!H7)G3!3S17)C63!)6G33B3CI!2)I32!!/30GP)GT!! G3A)I8C6!ID!I73! +5F22A2BHe $ 3DBE)CTpH!)1FP8H8I8DC!5GDB!I73!7DA23GH!D5!DG28C)GT!H7)G3H!8C!)G2! D1@!3)E8I)A!D5!I73!3CI8G3!8HHP32!H7)G3!1)E8I)A!8C!1DCH823G)I8DC!5DG! I73!8HHP3!ID!I73BX!8C!)66G36)I3X!D5!XX!DG28C)GT!H7)G3H!D5! €0.01 each in the capital of the Company !

“Shareholders” $ ! 7DA23GH!D5!G28C)GT!!7)G3H!

“System” $ ! H7)AA!7)Q3!I73!B3)C8C6!68Q3C!ID!HP17!I3GB!8C!I73! 3HI)PG)CI! /G)C178H3!'6G33B3CI!

“U.S.” $ ! I73!#C8I32!!I)I3H!D5!'B3G81)!

“UK Companies Act” $ ! I73!3DBE)C83H!'1I!X!)H!)B3C232!)C2!HPEEA3B3CI32!

“UK Corporate ! I73!#!3DGEDG)I3!4DQ3GC)C13!3D23!EP0A8H732!0T!I73!#!/8C)C18)A! Governance Code” $ 3EDGI8C6!3DPC18A!

“UK” or “United ! I73!#C8I32!8C62DB!D5!4G3)I!9G8I)8C!)C2!DGI73GC!G3A)C2! Kingdom” $

“VAT” $ ! e8f!R8I78C!I73!%#X!)CT!I)S!8BEDH32!0T!)CT!3B03G!!I)I3!8C! 1DC5DGB8IT!R8I7!I73!+8G31I8Q3!D5!I73!3DPC18A!D5!I73!%PGDE3)C!#C8DC! DC!I73!1DBBDC!HTHI3B!D5!Q)AP3!)2232!I)S!ebb%3fY!)C2!e88f! DPIH823!I73!%#X!)CT!I)S!1DGG3HEDC28C6!IDX!DG!HP0HI)CI8)AAT!H8B8A)G!IDX! I73!1DBBDC!HTHI3B!D5!Q)AP3!)2232!I)S!G353GG32!ID!8C!E)G)6G)E7!e8f! D5!I78H!2358C8I8DC!

“WFOE” $ ! %7DAAT!/DG386CdRC32!%CI3GEG8H3!8H! the Group’s city specific café 7DA28C6!1DBE)CT!DG!2DB3HI81! 8CQ3HIB3CI!Q3781A3!e5DG!B)8CA)C2! 378C) d0)H32!0PH8C3HH!DG!1)54HfX!8C1DGEDG)I32!)H!)!5DG386CdDRC32! A8B8I32!A8)08A8IT!1DBE)CTa!

C!I78H!2D1PB3CIX!)AA!G353G3C13H!ID!I8B3H!)C2!2)I3H!)G3!ID!DC2DCX!I8B3H!)C2!2)I3Ha!