Italic Bdit 90 (Continued) 03 H3 04 H4

Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

字元樣式：仲量聯行企業評估及諮詢有限公司香港英皇道979號太古坊一座7樓 Regular 電話 +852 2846 5000 傳真 +852 2169 6001 公司牌照號碼: C-030171 Bold

ItalicThe Board of Directors Bdit 80China Eng ZhongDiQuot Mark Dairy Holdings Company Limited 9010th (Continued) Floor, Block A, Times Fortune Compound No. A6, Shuguang Xili ------Chaoyang District 段落樣式：Beijing [The基本段落 PRC ] 00 Body Text 01 H1 18 January 2021 02 H2 Dear Sirs, 03 H3 04 H4In accordance with your instructions to value the properties in which China ZhongDi 05Dairy H5 Holdings Company Limited (the “Company”) and its subsidiaries (hereinafter together 10referred Notes Text to as the “Group”) have interests in the People’s Republic of China (the “PRC”), we 11confirm NH1 that we have carried out inspections, made relevant enquiries and searches and 12obtained NH2 such further information as we consider necessary for the purpose of providing you 13with NH3 our opinion on the market values of the property interests as at 31 October 2020 (the 14“valuation NH4 date”). 50 Table Text 51 NotesOur Table valuation Text is carried out on a market value basis. Market value is defined as “the estimated amount for which an asset or liability should exchange on the valuation date between 96 Dash1 Lin98 a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and 97where Dash2 the Line parties had each acted knowledgeably, prudently and without compulsion”. 98 Line 99 Line Margin Notes

Sidemark ------儲存格樣式： 50 Table Cell 51 Note Table Cell 96 Dash1 Cell 97 Dash2 Cell 98 Cell 99 Cell Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

Due to the nature of the completed仲量聯行企業評估及諮詢有限公司 buildings and structures of the properties in Group I 979 7 which are held and occupied by the Group香港英皇道 in the PRC號太古坊一座 and the particular樓 location in which they 電話 +852 2846 5000 傳真 +852 2169 6001 are situated, there are unlikely to be relevant公司牌照號碼 market: C-030171 comparable sales readily available, the property interests in Group I have been valued by the cost approach with reference to their depreciatedThe Board ofreplacement Directors cost.

ChinaDepreciated ZhongDi Dairy replacement Holdings cost Company is defined Limited as “the current cost of replacing an asset with its modern10th Floor, equivalent Block A, asset Times less Fortune deductions Compound for physical deterioration and all relevant forms of obsolescenceNo. A6, Shuguang and optimization”. Xili It is based on an estimate of the market value for the existing useChaoyang of the land,District plus the current cost of replacement of the improvements, less deductions for physicalBeijing deterioration and all relevant forms of obsolescence and optimization. In arriving at theThe value PRC of the land portion, reference has been made to the sales evidence as available in the locality. The depreciated replacement cost of the property interest is subject to adequate potential profitability of the concerned business. In our valuation, it applies to18 the January whole of 2021 the complex or development as a unique interest, and no piecemeal transaction of the complex or developmentDear Sirs, is assumed.

WeIn accordance have valued with the property your instructions interests in to Group value IIthe which properties are held in for which future China development ZhongDi byDairy the Holdings Group by Company the comparison Limited (theapproach “Company assuming”) and sale its of subsidiaries the property (hereinafter interests together in their existingreferred to states as the with “Group the benefit”) have of interests immediate in the vacant People’s possession Republic and of by China making (the “referencePRC”), we to comparableconfirm that sales we transactionshave carried as out available inspections, in the made relevant relevant market. enquiries This approach and searches rests on and the wideobtained acceptance such further of the information market transactions as we consider as the best necessary indicator for and the pre-supposes purpose of providing that evidence you ofwith relevant our opinion transactions on the in market the market values can of the be property extrapolated interests to similar as at 31 properties, October subject 2020 (the to allowances“valuation fordate variable”). factors.

WeOur have valuation attributed is carried no commercial out on a market value to value the property basis. Market interests value in Groups is defined III asand “the IV whichestimated are amountleased by for the which Group an in asset the or PRC liability and Hong should Kong, exchange due either on the to valuation the nature date of the between lease ora willing the prohibition buyer and against a willing assignment seller in or an sub-letting arm’s length or otherwisetransaction, due after to the proper lack marketing of substantial and profitwhere rent. the parties had each acted knowledgeably, prudently and without compulsion”.

Our valuation has been made on the assumption that the seller sells the property interests in the market without the benefit of a deferred term contract, leaseback, joint venture, management agreement or any similar arrangement, which could serve to affect the values of the property interests.

No allowance has been made in our report for any charge, mortgage or amount owing on any of the property interests valued nor for any expense or taxation which may be incurred in effecting a sale. Unless otherwise stated, it is assumed that the properties are free from encumbrances, restrictions and outgoings of an onerous nature, which could affect their values.

In valuing the property interests, we have complied with all requirements contained in Chapter 5 and Practice Note 12 of the Rules Governing the Listing of Securities issued by The Stock Exchange of Hong Kong Limited; Rule 11 of the Code on Takeovers and Mergers and Share Buy-Backs issued by Securities and Futures Commission; the RICS Valuation – Global

–2– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

Standards published by the Royal Institution仲量聯行企業評估及諮詢有限公司 of Chartered Surveyors; the HKIS Valuation 979 7 Standards published by the Hong Kong香港英皇道 Institute of號太古坊一座 Surveyors, and樓 the International Valuation 電話 +852 2846 5000 傳真 +852 2169 6001 Standards issued by the International Valuation公司牌照號碼 Standards: C-030171 Council.

The BoardWe have of relied Directors to a very considerable extent on the information given by the Group and have accepted advice given to us on such matters as tenure, planning approvals, statutory Chinanotices, ZhongDi easements, Dairy particulars Holdings of Companyoccupancy, Limited and all other relevant matters. 10th Floor, Block A, Times Fortune Compound No. A6,We Shuguang have been Xili shown copies of title documents including State-owned Land Use Rights ChaoyangCertificates, District Real Estate Title Certificate, and other official plans relating to the property Beijinginterests and have made relevant enquiries. Where possible, we have examined the original Thedocuments PRC to verify the existing title to the property interests in the PRC and any material encumbrance that might be attached to the property interests or any tenancy amendment. We have relied considerably on the PRC legal opinion given by the Company’s PRC18 legalJanuary advisers 2021 – Beijing Fuding Law Firm, concerning the validity of the property interests in the PRC. Dear Sirs, We have not carried out detailed measurements to verify the correctness of the areas in respectIn of accordance the property with but your have instructions assumed that to the value areas the shown properties on the in title which documents China ZhongDi handed toDairy us Holdingsare correct. Company All documents Limited (the and “ contractsCompany have”) and been its subsidiaries used as reference (hereinafter only together and all dimensions,referred to as measurements the “Group”) and have areas interests are approximations. in the People’s Republic No on-site of China measurement (the “PRC has”), been we taken.confirm that we have carried out inspections, made relevant enquiries and searches and obtained such further information as we consider necessary for the purpose of providing you withWe our opinionhave inspected on the market the exterior values and, of the where property possible, interests the as interior at 31 October of the properties. 2020 (the However,“valuation we date have”). not carried out investigation to determine the suitability of the ground conditions and services for any development thereon. Our valuation has been prepared on the assumptionOur valuation that these is aspects carried areout satisfactory on a market and value that basis. no unexpected Market value cost is and defined delay aswill “the be incurredestimated during amount construction. for which an Moreover, asset or liability no structural should survey exchange has on been the made, valuation but datein the between course ofa willing our inspection, buyer and we a willing did not seller note in any an serious arm’s length defect. transaction, We are not, after however, proper marketing able to report and whetherwhere the the parties properties had each are free acted of knowledgeably, rot, infestation or prudently any other and structural without defect. compulsion”. No tests were carried out on any of the services.

Inspection of the properties was carried out in October 2020 by Gloria Wang, Owen Zhang, Silvia Ma and Yige Yang. Gloria Wang and Owen Zhang are China Certified Real Estate Appraisers and have more than 10 years’ experience in the property valuation in the PRC. Silvia Ma and Yige Yang have 3 years’ and 1 year’s experience in the property valuation in the PRC.

We have had no reason to doubt the truth and accuracy of the information provided to us the Group. We have also sought confirmation from the Group that no material factors have been omitted from the information supplied. We consider that we have been provided with sufficient information to arrive an informed view, and we have no reason to suspect that any material information has been withheld.

–3–

We are instructed to provide our opinion of value as per the valuation date only. It is based on economic, market and other conditions as they exist on, and information made available to us as of the valuation date. In particular, the outbreak of the Novel Coronavirus (COVID-19) since declared Global Pandemic on the 11 March 2020 has caused much disruption to economic activities around the world. As of the report date, China’s economy is experiencing gradual recovery and it is anticipated that disruption to business activities will steadily reduce. We also note that market activity and market sentiment in this market sector remain stable. However, we remain cautious due to uncertainty for the pace of global economic recovery in the midst of the outbreak which may have future impact on the real estate market. Therefore, we recommend that you keep the valuation of these properties under frequent review.

Unless otherwise stated, all monetary figures stated in this report are in Renminbi (RMB).

Our summary of values and valuation certificates are attached below for your attention.

Pursuant to the relevant rules and regulations of tax laws in the PRC, the potential tax liabilities which would arise if the property interests of the Group specified in this report were to be sold mainly include value added tax (5% of the capital gains for properties purchased before 30 April 2016; 9% of the transaction amount for properties purchased after 30 April 2016), land appreciation tax (30% to 60% of appreciated amount), income tax (25% of the capital gains after deducting the potential tax fee in effecting the sales), and stamp duty (0.05% of the transaction amount). As advised by the Company, they have no intention to sell the properties as those properties are mainly occupied for production. Therefore, the possibility of incurrence of such tax liabilities is very remote.

Yours faithfully, For and on behalf of Jones Lang LaSalle Corporate Appraisal and Advisory Limited

Eddie T. W. Yiu MRICS MHKIS RPS (GP) Senior Director

Note: Eddie T.W. Yiu is a Chartered Surveyor who has 27 years’ experience in the valuation of properties in Hong Kong and the PRC as well as relevant experience in the Asia-Pacific region.

– 4 – Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

SUMMARY仲量聯行企業評估及諮詢有限公司 OF VALUES 香港英皇道979號太古坊一座7樓電話 +852 2846 5000 傳真 +852 2169 6001 Group I – Property interests held and公司牌照號碼 occupied: C-030171 by the Group in the PRC

The Board of Directors Market value in existing state as at ChinaNo. Property ZhongDi Dairy Holdings Company Limited valuation date 10th Floor, Block A, Times Fortune Compound RMB No. A6, Shuguang Xili 1.Chaoyang Ningxia District Farm 15,288,000 Beijinglocated at the eastern side of Aiyi River The PRCHongguang Town Helan County Yinchuan City 18 January 2021 Ningxia Hui Autonomous Region DearThe Sirs, PRC

2. AIn parcel accordance of land, with 7 buildings your instructions and various to value structures the properties in which China244,467,000 ZhongDi Dairylocated Holdings at theCompany southern Limited side of (the 512 “Company National”) Highway and its subsidiaries (hereinafter together referredErshilipu to as the Village “Group”) have interests in the People’s Republic of China (the “PRC”), we confirmSalipu that Town we have carried out inspections, made relevant enquiries and searches and obtainedTianzhen such further County information as we consider necessary for the purpose of providing you withDatong our opinion City on the market values of the property interests as at 31 October 2020 (the “valuationShanxi date Province”). The PRC Our valuation is carried out on a market value basis. Market value is defined as “the 3.estimated A parcel amount of land for which and an an office asset or building liability should exchange on the valuationNo date commercial between a willingNo. buyer100 Longyin and a willing Road seller in an arm’s length transaction, after proper marketingvalue and whereZhaojiayu the parties Village had each acted knowledgeably, prudently and without compulsion”. Dasungezhuang Town Shunyi District Beijing The PRC

Sub-total: 259,755,000

–5– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

Group II – Property interests held for仲量聯行企業評估及諮詢有限公司 future development by the Group in the PRC 香港英皇道979號太古坊一座7樓電話 +852 2846 5000 傳真 +852 2169 6001 公司牌照號碼: C-030171 Market value in existing state as at TheNo. Board Property of Directors valuation date RMB China ZhongDi Dairy Holdings Company Limited 4.10th Floor,A parcel Block of land A, Times Fortune Compound 14,909,000 No. A6,located Shuguang at the Xili eastern side of Aiyi River Chaoyangand the District western side of Gaorong Village BeijingHongguang Town The PRCHelan County Yinchuan City Ningxia Hui Autonomous Region 18 January 2021 The PRC Dear Sirs, 5. 2 parcels of land 32,127,000 No.In accordance 1 Fuchang with Road your instructions to value the properties in which China ZhongDi DairyHalal Holdings Food Company Park Limited (the “Company”) and its subsidiaries (hereinafter together referredDesheng to as the Industrial “Group Area”) have interests in the People’s Republic of China (the “PRC”), we confirmHelan that County we have carried out inspections, made relevant enquiries and searches and obtainedYinchuan such further City information as we consider necessary for the purpose of providing you withNingxia our opinion Hui on Autonomous the market Region values of the property interests as at 31 October 2020 (the “valuationThe PRC date”).

6. AOur parcel valuation of land is carried out on a market value basis. Market value is defined3,669,000 as “the estimatedlocated amount at the for southern which an side asset of or 512 liability National should Highway exchange on the valuation date between a willingErshilipu buyer Village and a willing seller in an arm’s length transaction, after proper marketing and whereSalipu the parties Town had each acted knowledgeably, prudently and without compulsion”. Tianzhen County Datong City Shanxi Province The PRC

7. A parcel of land 20,938,000 located at Sunjia Village Wulongbei Town Zhen’an District Dandong City Liaoning Province The PRC

Sub-total: 71,643,000

–6– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

Group III – Property interests leased仲量聯行企業評估及諮詢有限公司 by the Group in the PRC 香港英皇道979號太古坊一座7樓電話 +852 2846 5000 傳真 +852 2169 6001 公司牌照號碼: C-030171 Market value in existing state as at TheNo. Board Property of Directors valuation date RMB China ZhongDi Dairy Holdings Company Limited 8.10th Floor,Helan BlockFarm A, Times Fortune Compound No commercial No. A6,located Shuguang at Gaorong Xili Village Hongguang Town value ChaoyangHelan District County BeijingYinchuan City The PRCNingxia Hui Autonomous Region The PRC 18 January 2021 9. 13 leased office units of Time International Building No commercial DearNo. Sirs, Jia 6 Shuguang Xili value Chaoyang District BeijingIn accordance with your instructions to value the properties in which China ZhongDi DairyThe Holdings PRC Company Limited (the “Company”) and its subsidiaries (hereinafter together referred to as the “Group”) have interests in the People’s Republic of China (the “PRC”), we 10.confirm A parcel that we of leased have carried land, 9 outbuildings inspections, and various made structures relevant enquiries andNo searches commercial and obtainedlocated such at further Chongwangmiao information Village as we consider necessary for the purpose of providingvalue you withZhang our opinion Town on the market values of the property interests as at 31 October 2020 (the “valuationShunyi date District”). Beijing TheOur PRCvaluation is carried out on a market value basis. Market value is defined as “the estimated amount for which an asset or liability should exchange on the valuation date between 11. 2 parcels of leased land, 3 buildings and various structures No commercial a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and under construction value where the parties had each acted knowledgeably, prudently and without compulsion”. located at the northern side of Changhong Rubber Factory Yinan County Linyi City Shandong Province The PRC

12. 3 parcels of leased land No commercial located at the southern side of 512 National Highway value Ershilipu Village Salipu Town Tianzhen County Datong City Shanxi Province The PRC

–7– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

14. 7 parcels of leased land, 9 buildings and various structures 18No January commercial 2021 located at Douzhuangzi Village value DearTaiping Sirs, Town Binhai New District TianjinIn accordance with your instructions to value the properties in which China ZhongDi DairyThe Holdings PRC Company Limited (the “Company”) and its subsidiaries (hereinafter together referred to as the “Group”) have interests in the People’s Republic of China (the “PRC”), we 15.confirm 2 parcels that we of leasedhave carried land, 14 out buildings inspections, and various made relevant structures enquiries andNo searches commercial and obtainedlocated such at further Taiping information Village as we consider necessary for the purpose of providingvalue you withQingyishan our opinion Town on the market values of the property interests as at 31 October 2020 (the “valuationKuandian date Manchu”). Autonomous County Dandong City LiaoningOur valuation Province is carried out on a market value basis. Market value is defined as “the estimatedThe PRCamount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and 16. 11 parcels of leased land, 13 buildings and various structures No commercial where the parties had each acted knowledgeably, prudently and without compulsion”. located at Liujiaying Village value Tanli Town Wen’an County Langfang City Hebei Province The PRC

17. 3 parcels of leased land, 3 buildings and various structures No commercial located at Tuzhuang Village value Pachigang Town Luannan County Tangshan City Hebei Province The PRC

–8– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

仲量聯行企業評估及諮詢有限公司 Market value in 979 7 香港英皇道號太古坊一座樓 existing state as at 電話 +852 2846 5000 傳真 +852 2169 6001 No. Property 公司牌照號碼: C-030171 valuation date RMB The Board of Directors 18. 4 parcels of leased land, 6 buildings, various structures and No commercial China14 ZhongDi ancillary Dairy facilities Holdings under construction Company Limited value 10th Floor,located Block at Xifangzi A, Times Village Fortune Compound No. A6,Qitai Shuguang Town Xili ChaoyangShangdu District County BeijingWulanchabu City The PRCInner Mongolia Autonomous Regions The PRC 18 January 2021 19. A parcel of leased grassland No commercial Dearlocated Sirs, at Hanjia Village Xiaohaizi Town value Shangdu County WulanchabuIn accordance City with your instructions to value the properties in which China ZhongDi DairyInner Holdings Mongolia Company Autonomous Limited (theRegions “Company”) and its subsidiaries (hereinafter together referredThe to PRC as the “Group”) have interests in the People’s Republic of China (the “PRC”), we confirm that we have carried out inspections, made relevant enquiries and searches and 20.obtained A parcel such furtherof leased information land, 8 buildings as we consider and various necessary facilities for the purpose ofNo providing commercial you withunder our opinion construction on the market values of the property interests as at 31 October 2020value (the “valuationlocated date at Songjia”). Village Xiaohaizi Town Shangdu County WulanchabuOur valuation City is carried out on a market value basis. Market value is defined as “the estimatedInner amount Mongolia for whichAutonomous an asset Regions or liability should exchange on the valuation date between a willingThe buyer PRC and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”. 21. 5 parcels of leased grassland No commercial located at Heshao Village and Bianjia Village value Dakulian Town Xinghe County Wulanchabu City Inner Mongolia Autonomous Regions The PRC

Sub-total: Nil

–9– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

Group IV – Property interest leased仲量聯行企業評估及諮詢有限公司 by the Group in Hong Kong 香港英皇道979號太古坊一座7樓電話 +852 2846 5000 傳真 +852 2169 6001 公司牌照號碼: C-030171 Market value in existing state as at TheNo. Board Property of Directors valuation date RMB China ZhongDi Dairy Holdings Company Limited 22.10th Floor,The whole Block of A, 20th Times floor Fortune of Continental Compound Place No commercial No. A6,No. Shuguang 238 Des Voeux Xili Road Central value ChaoyangHong District Kong Beijing The PRCSub-total: Nil

Grand total: 18 January331,398,000 2021

Dear Sirs,

In accordance with your instructions to value the properties in which China ZhongDi Dairy Holdings Company Limited (the “Company”) and its subsidiaries (hereinafter together referred to as the “Group”) have interests in the People’s Republic of China (the “PRC”), we confirm that we have carried out inspections, made relevant enquiries and searches and obtained such further information as we consider necessary for the purpose of providing you with our opinion on the market values of the property interests as at 31 October 2020 (the “valuation date”).

Our valuation is carried out on a market value basis. Market value is defined as “the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”.

–10– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

VALUATION仲量聯行企業評估及諮詢有限公司 CERTIFICATE 香港英皇道979號太古坊一座7樓電話 +852 2846 5000 傳真 +852 2169 6001 Group I – Property interests held and公司牌照號碼 occupied: C-030171 by the Group in the PRC

Market value in The Board of Directors Particulars existing state as at No. Property Description and tenure of occupancy valuation date RMB China ZhongDi Dairy Holdings Company Limited 1.10th Floor,Ningxia Block Farm located A, TimesThe Fortune property can Compound be divided into As at the valuation 15,288,000 at the eastern side of two parts (Part A and Part B) date, Part A of the No. A6,Aiyi Shuguang River Xili considering its land type and property was held and ChaoyangHongguang District Town usage. occupied by the Helan County Group for cattle BeijingYinchuan City Part A of the property comprises pasture and ancillary The PRCNingxia Hui 3 parcels of land with contracting purposes, and Part B Autonomous Region rights having a total site area of of the property was The PRC approximately 638,804.08 sq.m., vacant land for future and 7 buildings and various development. structures erected thereon which 18 January 2021 were completed in various stages between 2013 and 2016. Dear Sirs, The 7 buildings have a total gross floor area of approximately In accordance with3,440.52 your instructions sq.m., which toinclude value a the properties in which China ZhongDi canteen, a dormitory building, a Dairy Holdings Companyguard Limited room (the and 4 “ ancillaryCompany”) and its subsidiaries (hereinafter together referred to as the “Groupbuildings.”) have interests The structures in the mainly People’s Republic of China (the “PRC”), we include cowsheds, boundary confirm that we have carriedwalls, roads out and inspections, hay sheds. made relevant enquiries and searches and obtained such further information as we consider necessary for the purpose of providing you Part A of the property also with our opinion on thecomprises market values various ofstructures the property interests as at 31 October 2020 (the “valuation date”). which were under construction as at the valuation date (the “CIP”).

As advised by the Group, the Our valuation is carriedCIP is outscheduled on a to market be completed value basis. Market value is defined as “the estimated amount for whichin December an asset 2020.or liability The estimated should exchange on the valuation date between construction cost of the CIP is a willing buyer and a willingapproximately seller in RMB21,786,000, an arm’s length transaction, after proper marketing and where the parties had eachof which acted approximately knowledgeably, prudently and without compulsion”. RMB14,161,000 had been paid up to the valuation date.

Part B of the property comprises a parcel of land with a site area of approximately 98,631.00 sq.m., which was a vacant land as at the valuation date.

The land use rights of Part A of the property are held by the Group under land contracted rights for terms expiring on 1 October 2033 and 1 October 2056 for agricultural use.

The land use rights of Part B of the property have been granted to the Group for a term expiring on 28 December 2064 for industrial use.

–11– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

Notes: 仲量聯行企業評估及諮詢有限公司香港英皇道979號太古坊一座7樓 1. Pursuant to 3 State-owned Land Use Rights電話 Certificates+852 2846 – 5000 He Guo傳真 Yong+852 (2013) 2169 6001 Di Nos. 60197, 60199 and 60200, the land use rights of 3 parcels of land公司牌照號碼 of Part A: of C-030171 the property with a total site area of approximately 638,804.08 sq.m. are held by Helan ZhongDi Farming Co., Ltd. (賀蘭中地生態牧場有限公司,“Helan ZhongDi”, a wholly-owned subsidiary of the Company) under land contracted rights for terms expiring on 1 The BoardOctober of2033 Directors and 1 October 2056 for agricultural use.

2.China Pursuant ZhongDi to a Real Dairy Estate Holdings Title Certificate Company – Ning (2018)Limited He Lan Xian Bu Dong Chan Quan Di No. H0014991, the land use rights of a parcel of land of Part B of the property with a site area of approximately 98,631.00 10th Floor,sq.m. have Block been A, granted Times to Helan Fortune ZhongDi Compound for a term expiring on 28 December 2064 for industrial use. No. A6, Shuguang Xili 3.Chaoyang As advised District by the Company, 7 buildings, various structures and the CIP of Part A of the property were constructed and occupied by Ningxia ZhongDi Livestock Breeding Co., Ltd. (寧夏中地畜牧養殖有限公司, Beijing“Ningxia ZhongDi”, a wholly-owned subsidiary of the Company). We have not been provided with any title The PRCdocuments or construction permits for the buildings, structures and the CIP.

4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: 18 January 2021

a. Helan ZhongDi has legally obtained the land use rights of the 3 parcels of land mentioned in note 1 and Dear Sirs, is entitled to occupy, use and lease the land parcels before the expiry date of the land use term stated on the State-owned Land Use Rights Certificate; In accordance with your instructions to value the properties in which China ZhongDi b. Helan ZhongDi has legally obtained the land use rights of the parcel of land mentioned in note 2 and Dairy Holdingsis entitled Company to occupy, Limited use, lease, (the transfer “Company and dispose”) of and the its land subsidiaries parcel before the (hereinafter expiry date of together the land referred touse as termthe “ statedGroup on”) the have Real interestsEstate Title in Certificate; the People’s and Republic of China (the “PRC”), we confirm that we have carried out inspections, made relevant enquiries and searches and c. Helan ZhongDi has not obtained any title certificates for the buildings and structures of the property. obtained suchHowever, further Helan information ZhongDi has as the we legal consider rights to necessary own, use and for receive the purpose income from of theproviding buildings you and with our opinionstructures on for the agricultural market and values cattleof breeding the property uses. interests as at 31 October 2020 (the

“5.valuation In the valuation date”). of this property, we have attributed no commercial value to the whole Part A of the property due to the nature of the land contracted rights and lack of building ownership certificates/construction permits. OurHowever, valuation for reference is carried purpose, out we are on of a the market opinion value that the basis. depreciated Market replacement value is cost defined of the 7 buildings as “the and the CIP of Part A of the property as at the valuation date would be RMB259,562,000 and RMB14,161,000 estimatedrespectively. amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”.

–12– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

VALUATION仲量聯行企業評估及諮詢有限公司 CERTIFICATE 香港英皇道979號太古坊一座7樓電話 +852 2846 5000 傳真 +852 2169 6001 Market value in 公司牌照號碼: C-030171 Particulars existing state as at No. Property Description and tenure of occupancy valuation date The Board of Directors RMB

2. A parcel of land, The property comprises a parcel As at the valuation 244,467,000 China7 buildings ZhongDi and Dairy Holdingsof land with Company a site area of Limited date, the property was 10th Floor,various structuresBlock A, Timesapproximately Fortune Compound 23,674.00 sq.m., occupied by the located at the and 7 buildings and various Group for cattle No. A6,southern Shuguang side of Xili structures erected thereon which pasture and ancillary Chaoyang512 National District Highway were completed in various stages purposes. Ershilipu Village between 2014 and 2019. Beijing Salipu Town Tianzhen The PRCCounty Datong City The 7 buildings have a total Shanxi Province gross floor area of approximately The PRC 7,868.41 sq.m. which include 2 dormitories, a canteen, a 18 January 2021 dressing room, an office building Dear Sirs, and 2 ancillary buildings. The structures mainly include cowsheds, hay sheds, roads, In accordance withpools your and instructions wells. to value the properties in which China ZhongDi Dairy Holdings Company Limited (the “Company”) and its subsidiaries (hereinafter together The land use rights of the referred to as the “Groupproperty”) have have interests been granted in the for People’s a Republic of China (the “PRC”), we confirm that we have carriedterm expiring out inspections, on 28 July 2064 made relevant enquiries and searches and for industrial use. obtained such further information as we consider necessary for the purpose of providing you Notes:with our opinion on the market values of the property interests as at 31 October 2020 (the “valuation date”). 1. Pursuant to a Real Estate Title Certificate – Jin (2018) Tian Zhen Xian Bu Dong Chan Quan Di No. 0000076, the land use rights of a parcel of land with a site area of approximately 23,674.00 sq.m. have been granted to TianzhenOur valuation Zhongdi is Farming carried Co., out Ltd. on (天鎮中地生態牧場有限公司 a market value basis.,“ MarketZhongdi value Tianzhen is defined”, a wholly-owned as “the estimatedsubsidiary amount of the for Company) which an for asset a term or expiring liability on should 28 July 2064 exchange for industrial on the use. valuation date between

2.a willing For the buyer 7 buildings and a of willing the property, seller we in have an arm’s not been length provided transaction, with any title after certificates. proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. Zhongdi Tianzhen has legally obtained the land use rights of the parcel of land mentioned in note 1 and is entitled to occupy, use, lease, transfer and dispose of the land use rights before the expiry date of the land use term stated on the Real Estate Title Certificate; and

b. Zhongdi Tianzhen has not obtained any title certificates for the buildings and structures of the property. However, ZhongDi Tianzhen has the legal rights to own, use and receive income from the buildings and structures for agricultural and cattle breeding uses.

4. In the valuation of this property, we have attributed no commercial value to the 7 buildings of the property which have not obtained any proper title certificates. However, for reference purpose, we are of the opinion that the depreciated replacement cost of the 7 buildings (excluding the land element) of the property as at the valuation date would be RMB19,330,000.

–13– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

3. A parcel of land and The property comprises a parcel As at the valuation No commercial value Chinaan ZhongDi office building Dairy Holdingsof land with Company a site area of Limited date, the property was 10th Floor,No. 100 Block Longyin A, Timesapproximately Fortune Compound 21,894.98 sq.m. occupied by the Road and an office building erected Group for office No. A6,Zhaojiayu Shuguang Village Xili thereon which was completed in purpose. ChaoyangDasungezhuang District Town 2010. Shunyi District Beijing Beijing The office building has a gross The PRCThe PRC floor area of approximately 4,262.20 sq.m.

The land use rights of the 18 January 2021 property are collectively-owned Dear Sirs, by the Group for industrial use.

Notes: In accordance with your instructions to value the properties in which China ZhongDi 1.Dairy Pursuant Holdings to a Company Collectively-owned Limited Land (the Use “Company Rights Certificate”) and – itsJing subsidiaries Shun Ji Yong (2012)(hereinafter Di No. 00065, together the land use rights of a parcel of land of the property with a site area of approximately 21,894.98 sq.m. have been referredallocated to as tothe Beijing “Group Zhongdi”) have Livestock interests Technology in the People’s Co., Ltd Republic (北京中地畜牧科技有限公司 of China (the “PRC,“Zhongdi”), we confirmTechnology that we”, a have wholly-owned carried subsidiary out inspections, of the Company) made for relevant industrial enquiriesuse. and searches and obtained such further information as we consider necessary for the purpose of providing you 2. For the office building of the property, we have not been provided with any title certificate. with our opinion on the market values of the property interests as at 31 October 2020 (the 3.“valuation We have date been”). provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a.Our valuation Zhongdi Technology is carried has out legally on obtained a market the land value use basis. rights of Market the parcel value of land is mentioned defined inas note “the 1 estimated amountand is entitled for which to occupy, an assetuse and or lease liability the land should parcel beforeexchange the expiry on the date valuation of the land date use term between stated on the Collectively-owned Land Use Rights Certificate; and a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and whereb. the Zhongdiparties hadTechnology each acted has not knowledgeably, obtained any title prudently certificates and for the without buildings compulsion”. and structures of the property. However, Zhongdi Technology has the legal rights to own, use and receive income from the buildings and structures for agricultural and cattle breeding uses.

4. In the valuation of this property, we have attributed no commercial value to the property due to the collectively-owned land nature of the property. However, for reference purpose, we are of the opinion that the depreciated replacement cost of the office building of the property as at the valuation date would be RMB6,030,000.

–14– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

VALUATION仲量聯行企業評估及諮詢有限公司 CERTIFICATE 香港英皇道979號太古坊一座7樓電話 +852 2846 5000 傳真 +852 2169 6001 Group II – Property interests held for公司牌照號碼 future development: C-030171 by the Group in the PRC

Market value in The Board of Directors Particulars existing state as at No. Property Description and tenure of occupancy valuation date China ZhongDi Dairy Holdings Company Limited RMB

4.10th Floor,A parcel Block of land A, TimesThe Fortune property comprises Compound a parcel As at the valuation 14,909,000 No. A6,located Shuguang at the eastern Xili of land with a site area of date, the property was Chaoyangside of District Aiyi River and approximately 96,190 sq.m. vacant land for future the western side of development. BeijingGaorong Village As confirmed by the Group, as at The PRCHongguang Town the valuation date, they had not Helan County obtained any necessary consents Yinchuan City or approvals for the development Ningxia Hui of the land parcel and the land 18 January 2021 Autonomous Region had no immediate development The PRC potential. In addition, they have Dear Sirs, no specific development plan in respect of such land parcel in the In accordance withimmediate your instructions future. to value the properties in which China ZhongDi

Dairy Holdings CompanyThe Limited land use (the rights “Company the property”) and its subsidiaries (hereinafter together referred to as the “Grouphave”) have been interests granted to in the the Group People’s Republic of China (the “PRC”), we confirm that we have carriedfor a term out expiring inspections, on made relevant enquiries and searches and 28 December 2064 for industrial obtained such further informationuse. as we consider necessary for the purpose of providing you with our opinion on the market values of the property interests as at 31 October 2020 (the Notes: “valuation date”). 1. Pursuant to a Real Estate Title Certificate – Ning (2018) He Lan Xian Bu Dong Chan Quan Di No. H0016265, theOur land valuation use rights is of carrieda parcel of out land on with a amarket site area value of approximately basis. Market 96,190.00 value sq.m. is have defined been granted as “the to Ningxia ZhongDi Feed Co., Ltd. (寧夏中地飼料有限公司,“ZhongDi Feed”, a wholly-owned subsidiary of the estimatedCompany) amount for a for term which expiring an on asset 28 December or liability 2064 should for industrial exchange use. on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and 2.where We the have parties been provided had each with acted a legal knowledgeably, opinion regarding prudently the property and interest without by the compulsion”. Company’s PRC legal advisers that ZhongDi Feed has legally obtained the land use rights of the parcel of land mentioned in note 1 and is entitled to occupy, use, lease, transfer and dispose of the land parcel before the expiry date of the land use term stated on the Real Estate Title Certificate.

3. We have made reference to sales prices of land within the locality which have the similar characteristics comparable to the property. The prices of these comparable land sites range from about RMB140 to RMB185 per sq.m. for industrial use. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at the assumed unit rate.

–15– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

5. 2 parcels of land The property comprises 2 parcels As at the valuation 32,127,000 ChinaNo. ZhongDi 1 Fuchang Dairy Road Holdingsof land with Company a total site Limitedarea of date, the property was 10th Floor,Halal Food Block Park A, Timesapproximately Fortune Compound 205,025 sq.m. vacant land for future Desheng Industrial development. No. A6,Area Shuguang Xili As confirmed by the Group, as at ChaoyangHelan CountyDistrict the valuation date, they had not Yinchuan City obtained any necessary consents Beijing Ningxia Hui or approvals for the development The PRCAutonomous Region of the land parcels and the land The PRC had no immediate development potential. In addition, they have no specific development plan in 18 January 2021 respect of such land parcels in Dear Sirs, the immediate future.

The land use rights the property In accordance withhave your been instructions granted to the to Group value the properties in which China ZhongDi Dairy Holdings Companyfor Limited terms expiring (the “Company on 4 May ”) and its subsidiaries (hereinafter together 2066 and 6 May 2068 for referred to as the “Groupindustrial”) have use.interests in the People’s Republic of China (the “PRC”), we confirm that we have carried out inspections, made relevant enquiries and searches and Notes: obtained such further information as we consider necessary for the purpose of providing you 1.with Pursuantour opinion to 2 Real on Estate themarket Title Certificates values – of Ning the (2019) property He Lan interests Xian Bu Dong as at Chan 31 Quan October Di Nos. 2020 H0005213 (the “valuationand H005215, date”). the land use rights of 2 parcels of land of the property with a total site area of approximately 205,025 sq.m. have been granted to Ningxia ZhongDi Infant FormulaR&DCenter (寧夏中地嬰幼兒配方奶粉研發中心,“ZhongDi Infant Formula”, a wholly-owned subsidiary of the Company) for terms expiring on 4Our May valuation 2066 and 6 is May carried 2068 for out industrial on a market use. value basis. Market value is defined as “the estimated amount for which an asset or liability should exchange on the valuation date between 2. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal a willingadvisers buyer that and ZhongDi a willing Infant seller Formula in has an arm’s legally length obtained transaction, the land use after rights proper of the 2 marketing parcels of andland wherementioned the parties in note had 1 and each is entitledacted knowledgeably, to occupy, use, lease, prudently transfer and and dispose without of the compulsion”. land parcels before the expiry date of the land use term stated on the Real Estate Title Certificates.

–16– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

6. A parcel of land The property comprises a parcel As at the valuation 3,669,000 Chinalocated ZhongDi at the Dairy Holdingsof land with Company a site area of Limited date, the property was 10th Floor,southern Block side of A, Timesapproximately Fortune Compound 36,688 sq.m. vacant land for future 512 National Highway development. No. A6,Ershilipu Shuguang Village Xili As confirmed by the Group, as at ChaoyangSalipu District Town the valuation date, they had not Tianzhen County obtained any necessary consents Beijing Datong City or approvals for the development The PRCShanxi Province of the land parcel and the land The PRC had no immediate development potential. In addition, they have no specific development plan in 18 January 2021 respect of such land parcel in the Dear Sirs, immediate future.

The land use rights of the In accordance withproperty your instructions have been granted to value for a the properties in which China ZhongDi Dairy Holdings Companyterm Limited expiring (the on“ 28Company July 2064 ”) and its subsidiaries (hereinafter together for industrial use. referred to as the “Group”) have interests in the People’s Republic of China (the “PRC”), we Notes:confirm that we have carried out inspections, made relevant enquiries and searches and obtained such further information as we consider necessary for the purpose of providing you 1. Pursuant to a State-owned Land Use Rights Transfer Contract dated 22 November 2018, the land use rights of witha our parcel opinion of land on with the a site market area of values approximately of the 36,688 property sq.m. wereinterests transferred as at to 31 Shanxi October Zhongdi 2020 Feed (the Co., “valuationLtd. (山西中地飼料有限公司 date”). ,“Shanxi Zhongdi Feed”, a wholly-owned subsidiary of the Company) for a term of 50 years for industrial use. The land consideration was RMB3,282,100. As advised by the Company, the land consideration had been fully paid. Our valuation is carried out on a market value basis. Market value is defined as “the 2.estimated Pursuant amount to a Real for Estate which Title an Certificate asset or liability – Jin (2018) should Tian Zhen exchange Xian Bu on Dong the Chan valuation Quan Di date No. between 0000077, the land parcel of the property with a site area of approximately 36,688 sq.m. have been granted to Shanxi a willingZhongdi buyer Feed and for aterm willing expiring seller on in 28 an July arm’s 2064 for length industrial transaction, use. after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers that Shanxi Zhongdi Feed has legally obtained the land use rights of the parcel of land mentioned in note 1 and is entitled to occupy, use, lease, transfer and dispose of the land parcel before the expiry date of the land use term stated on the Real Estate Title Certificate.

4. We have made reference to sales prices of land within the locality which have the similar characteristics comparable to the property. The prices of these comparable land sites range from about RMB95 to RMB110 per sq.m. for industrial use. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at the assumed unit rate.

–17– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

7. A parcel of land The property comprises a parcel As at the valuation 20,938,000 Chinalocated ZhongDi at Sunjia Dairy Holdingsof land with Company a site area of Limited date, the property was 10th Floor,Village Wulongbei Block A, Timesapproximately Fortune Compound 164,863.33 sq.m. vacant land for future Town Zhen’an District development. No. A6,Dandong Shuguang City Xili As confirmed by the Group, as at ChaoyangLiaoning District Province the valuation date, they had not The PRC obtained any necessary consents Beijing or approvals for the development The PRC of the land parcel and the land had no immediate development potential. In addition, they have no specific development plan in 18 January 2021 respect of such land parcel in the Dear Sirs, immediate future.

The land use rights of the In accordance withproperty your instructions have been granted to value to the the properties in which China ZhongDi Dairy Holdings CompanyGroup Limited for a (the term “ expiringCompany on ”) and its subsidiaries (hereinafter together 24 September 2068 for industrial referred to as the “Groupuse.”) have interests in the People’s Republic of China (the “PRC”), we confirm that we have carried out inspections, made relevant enquiries and searches and Notes: obtained such further information as we consider necessary for the purpose of providing you 1.with Pursuantour opinion to a State-owned on the market Land Use values Rights Grant of the Contract property – No. interests 2106042018A0005 as at 31 dated October 19 September 2020 2018, (the “valuationthe land date use rights”). of a parcel of land with a site area of approximately 164,863.33 sq.m. were contracted to be granted to ZhongDi Dairy (Liaoning) Co., Ltd. (中地乳業(遼寧)有限公司,“ZhongDi Dairy (Liaoning)”, a wholly-owned subsidiary of the Company) for a term of 50 years for industrial use. The land consideration wasOur RMB19,783,200. valuation is carried As advised out by on the a Group, market the valueland consideration basis. Market had been value fully is paid. defined as “the estimated amount for which an asset or liability should exchange on the valuation date between 2. Pursuant to a Construction Land Planning Permit – Di Zi Di No. Dan An Gui 210604201800003, permission a willingtowards buyer the planning and a willing of the land seller parcel in of an the arm’s property length has been transaction, granted to after ZhongDi proper Dairy marketing (Liaoning). and where the parties had each acted knowledgeably, prudently and without compulsion”. 3. Pursuant to a Real Estate Title Certificate (Land) – Liao (2018) Dan Dong Shi Bu Dong Chan Quan Di No. 0050683, the land use rights of the land parcel of the property with a site area of approximately 164,863.33 sq.m. have been granted to ZhongDi Dairy (Liaoning) for a term expiring on 24 September 2068 for industrial use.

4. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers that ZhongDi Dairy (Liaoning) has legally obtained the land use rights of the parcel of land mentioned in note 3 and is entitled to occupy, use, lease, transfer and dispose of the land parcel before the expiry date of the land use term stated on the Real Estate Title Certificate.

5. We have made reference to sales prices of land within the locality which have the similar characteristics comparable to the property. The prices of these comparable land sites range from about RMB120 to RMB185 per sq.m. for industrial use. Appropriate adjustments and analysis are considered to the differences in location, size and other characters between the comparable properties and the property to arrive at the assumed unit rate.

–18– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

VALUATION仲量聯行企業評估及諮詢有限公司 CERTIFICATE 香港英皇道979號太古坊一座7樓電話 +852 2846 5000 傳真 +852 2169 6001 Group III – Property interests leased公司牌照號碼 by the Group: C-030171 in the PRC

Market value in The Board of Directors Particulars existing state as at No. Property Description and tenure of occupancy valuation date China ZhongDi Dairy Holdings Company Limited RMB

8.10th Floor,Helan Farm Block located A, TimesThe Fortune property comprises Compound As at the valuation No commercial value No. A6,at Gaorong Shuguang Village Xili 25 parcels of leased land with date, the property was ChaoyangHongguang District Town a total site area of approximately leased and occupied Helan County 30,904,827.86 sq.m. and by the Group for BeijingYinchuan City 5 buildings and various structures cattle pasture and The PRCNingxia Hui erected thereon which were ancillary purposes. Autonomous Region completed in various stages The PRC between 2013 and 2019. 18 January 2021 The 5 buildings have a total gross floor area of approximately Dear Sirs, 9,593.93 sq.m., which include a milking parlor, a guard room, In accordance witha your canteen instructions and 2 ancillary to value the properties in which China ZhongDi buildings. The structures mainly Dairy Holdings Companyinclude Limited cowsheds, (the “Company boundary ”) and its subsidiaries (hereinafter together referred to as the “Groupwalls,”) have roads interests and hay inshed. the People’s Republic of China (the “PRC”), we confirm that we have carried out inspections, made relevant enquiries and searches and Notes: obtained such further information as we consider necessary for the purpose of providing you 1. Pursuant to a State-owned Land Using Contracts dated 4 February 2012 entered into between Helan ZhongDi withFarming our opinion Co., Ltd. on the (賀蘭中地生態牧場有限公司 market values of the,“ propertyHelan ZhongDi interests”, a as wholly-owned at 31 October subsidiary 2020 of (the the “valuationCompany) date and”). State-owned Land Resources Bureau of Helan County, a parcel of land with a site area of 3,390 mu (equal to approximately 2,260,011.30 sq.m.) were leased to Helan ZhongDi for a term of 40 years expiring on 3 February 2052 at a total rental of approximately RMB6,780,000.

2. PursuantOur valuation to a State-owned is carried Land out Leasing on Contracts a market dated value 4 February basis. 2012 Market entered value into between is defined Helan ZhongDias “the estimatedand Management amount for Bureau which of Aiyi an asset River or Ningxia liability Hui Autonomous should exchange Region, theon land the valuationuse rights of date a parcel between of land with a site area of 356 mu (equal to approximately 243,334.55 sq.m.) were leased to Helan ZhongDi for a term a willingof 15 buyer years expiring and a willing on 31 December seller in 2030 an at arm’s an annual length rental transaction, of approximately after RMB96,120. proper marketing and

3.where Pursuant the parties to 23 Rural had each Land Leasing acted knowledgeably, Contracts dated from prudently 2012 to 2017 and entered without into compulsion”. between Helan ZhongDi and the Committee of various Villages in Hongguang Town Helan County, the land use rights of 23 parcels of land with a total site area of approximately 28,401,482.01 sq.m. were leased to Helan ZhongDi for terms expiring on various stages between 31 December 2026 and 25 February 2052 at a total annual rental of approximately RMB31,091,684.

4. As advised by the Group, the buildings and structures of the property were constructed by Helan ZhongDi on the leased land parcels mentioned in notes 1 to 3, of which we have not been provided with any title certificates.

5. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. the form and content of the Land Using/Leasing Contracts mentioned in note 1 to 3 meet the requirements of the PRC laws and regulations and they are legal, valid and binding on the relevant parties and Helan ZhongDi can legally use the land parcels before the expiry date of the land using/leasing term; and

b. Helan ZhongDi has not obtained any title certificates for the buildings and structures of the property. However, Helan ZhongDi has the legal rights to own, use and receive income from the buildings and structures for agricultural and cattle breeding uses.

6. In the valuation of this property, we have attributed no commercial value to the property due to the leased land nature. However, for reference purpose, we are of the opinion that the depreciated replacement cost of the 5 buildings and structures of the property as at the valuation date would be RMB252,062,000.

–19– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

9. 13 leased office units The property comprises 13 leased As at the valuation No commercial value Chinaof ZhongDi Time International Dairy Holdingsoffice units Company on Levels 9 Limited to 10 of date, the property was 10th Floor,Building Block A, Timesa 32-storey Fortune building Compound named Time leased and occupied No. Jia 6 Shuguang international Building which was by the Group for No. A6,Xili Shuguang Chaoyang Xili completed in 2005. office purpose. ChaoyangDistrict District Beijing The PRC The property has a lettable area Beijing of approximately 2,232.06 sq.m. The PRC Notes:

1. Pursuant to 2 Building Leasing Contracts entered into between ZhongDi Dairy Group Co.,18 Ltd. January (中地乳業集 2021 團有限公司,“Dairy Group”, a wholly-owned subsidiary of the Company) and SinoFarm Genetics & Seeds Dear(Group) Sirs, Co., Ltd. (中地種業集團有限公司, a connected party of the Company), the property with a lettable area of approximately 2,232.06 sq.m. was leased to Dairy Group for a term expiring on 21 June 2021 at a total annual rental of approximately RMB6,599,085. In accordance with your instructions to value the properties in which China ZhongDi 2.Dairy According Holdings to Company the information Limited provided (the by “theCompany Group, the”) details and itsof lettable subsidiaries area of the (hereinafter property are together set out as below: referred to as the “Group”) have interests in the People’s Republic of China (the “PRC”), we confirmLevel that we Unit have No. carried out inspections, made relevant enquiriesLettable area and searchesUsage and (sq.m.) obtained such further information as we consider necessary for the purpose of providing you with9F our opinion Nos. on 901, the 902, market 903, 905, values 906 of the property interests as at 31850.38 October 2020Office (the “valuation10F date Nos.”). 1001, 1002, 1003, 1005,1006, 1007, 1008, 1009 1,381.68 Office

Total:Our valuation is carried out on a market value basis. Market value2,232.06 is defined as “the

3.estimated We have amount been provided for which with an a asset legal oropinion liability regarding should the exchange property interest on the by valuation the Company’s date PRC between legal a willingadvisers, buyer which and contains, a willing inter seller alia, the in following: an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”. a. the form and content of the Building Leasing Contracts mentioned in note 1 meet the requirements of the PRC laws and regulations; and

b. the Building Leasing Contracts are legal, valid and binding on the relevant parties and Dairy Group can legally occupy and use the building before the expiry date of the leasing term.

–20– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

10. A parcel of leased The property comprises a parcel As at the valuation No commercial value Chinaland, ZhongDi 9 buildings Dairy and Holdingsof land with Company a site area of Limited date, the property was 10th Floor,various structuresBlock A, Timesapproximately Fortune Compound 89,333.33 sq.m. leased and occupied located at and 9 buildings and various by the Group for No. A6,Chongwangmiao Shuguang Xili structures erected thereon which cattle pasture and ChaoyangVillage District were completed in various stages ancillary purposes. Zhang Town between 2009 and 2013. Beijing Shunyi District The PRCBeijing The 9 buildings have a total The PRC gross floor area of approximately 2,288.35 sq.m. which include 3 dormitories, 2 dressing rooms, 18 January 2021 a canteen, an office building and Dear Sirs, 2 ancillary buildings.

The structures mainly include In accordance withcowsheds, your instructions hay sheds, roads, to value the properties in which China ZhongDi Dairy Holdings Companyboundary Limited walls, (the pools “Company and wells.”) and its subsidiaries (hereinafter together Notes:referred to as the “Group”) have interests in the People’s Republic of China (the “PRC”), we confirm that we have carried out inspections, made relevant enquiries and searches and 1. Pursuant to a Land Leasing Contract dated 28 December 2012 entered into between Beijing Shunyi District obtained such further information as we consider necessary for the purpose of providing you Zhang Town Chongwangmiao Village Co-operation (北京市順義區張鎮蟲王廟村經濟合作社) and Beijing withZhongdi our opinion Stud Livestock on the market Joint Stock values Co., Ltdof the (北京中地種畜股份有限公司 property interests as,“ atZhongdi 31 October Beijing”, 2020 a wholly- (the “valuationowned subsidiary date”). of the Company), a parcel of land with a site area of approximately 89,333.33 sq.m., on which the property is erected, was leased to Zhongdi Beijing for a term of 30 years expiring on 17 August 2030 at an annual rental of approximately RMB77,385. Our valuation is carried out on a market value basis. Market value is defined as “the 2.estimated As advised amount by the for Group, which the an buildings asset or and liability structures should of the property exchange were on constructed the valuation by Zhongdi date Beijing between on the leased land mentioned in note 1, of which we have not been provided with any title certificates. a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and 3.where We the have parties been provided had each with acted a legal knowledgeably, opinion regarding prudently the property and interest without by the compulsion”. Company’s PRC legal advisers, which contains, inter alia, the following:

a. the form and content of the Land Leasing Contract mentioned in note 1 meet the requirements of the PRC laws and regulations and it is legal, valid and binding on the relevant parties and Zhongdi Beijing can legally use the land parcel before the expiry date of the land leasing term; and

b. Zhongdi Beijing has not obtained any title certificates for the buildings and structures of the property. However, Zhongdi Beijing has the legal rights to own, use and receive income from the buildings and structures for agricultural and cattle breeding uses.

4. In the valuation of this property, we have attributed no commercial value to the property due to the leased land nature. However, for reference purpose, we are of the opinion that the depreciated replacement cost of the 9 buildings and the structures of the property as at the valuation date would be RMB6,532,000.

–21– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

11. 2 parcels of leased The property comprises 2 As at the valuation No commercial value Chinaland, ZhongDi 3 buildings Dairy and Holdingsparcels of leased Company land with Limited a date, the land parcels 10th Floor,various structuresBlock A, Timestotal Fortune site area ofCompound approximately of the property were under construction 6,598,666.66 sq.m. and leased to the Group No. A6,located Shuguang at the northern Xili 3 buildings and various structures and the CIP was Chaoyangside of District Changhong under construction erected under construction. Rubber Factory thereon (the “CIP”). Beijing Yinan County The PRCLinyi City As advised by the Group, the Shandong Province CIP is scheduled to be completed The PRC in December 2020. Upon completion, the 3 buildings 18 January 2021 (including a dormitory, a canteen Dear Sirs, and a dressing room) of the CIP will have a total planned gross floor area of approximately In accordance with5,658.00 your instructions sq.m. The structures to value of the properties in which China ZhongDi Dairy Holdings Companythe Limited CIP mainly (the include “Company”) and its subsidiaries (hereinafter together cowsheds, hay sheds, pools, referred to as the “Groupboundary”) have wallsinterests and roads. in the People’s Republic of China (the “PRC”), we confirm that we have carried out inspections, made relevant enquiries and searches and As advised by the Group, obtained such further information as we consider necessary for the purpose of providing you the estimated construction cost with our opinion on theof market the CIP values is approximately of the property interests as at 31 October 2020 (the “valuation date”). RMB489,490,000, of which approximately RMB355,882,000 had been paid up to the valuation Our valuation is carrieddate. out on a market value basis. Market value is defined as “the estimated amount for which an asset or liability should exchange on the valuation date between Notes: a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and 1.where Pursuant the parties to 2 Rural had Land each Leasing acted Contracts knowledgeably, – YNMY20190002 prudently and and YNMY20190003 without compulsion”. dated 29 January 2019 entered into between Yinan County Xingyi Agriculture Development Co., Ltd (沂南縣興沂農業開發有限公司) and Yinan Zhongdi Dairy Farm Co., Ltd (沂南中地牧業有限公司,“Yinan Zhongdi”, a wholly-owned subsidiary of the Company, 2 parcels of land with a total site area of approximately 6,598,666.66 sq.m. were leased to Yinan Zhongdi for a term of 40 years and 11 months expiring on 31 December 2059 at an annual rental of approximately RMB7,918,400.

2. As advised by the Group, the CIP of the property was constructed by Yinan Zhongdi on the leased land mentioned in note 1, of which we have not been provided with any construction permits.

3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. the form and content of the Land Leasing Contracts mentioned in note 1 meet the requirements of the PRC laws and regulations and they are legal, valid and binding on the relevant parties and Yinan Zhongdi can legally use the land parcels before the expiry date of the land leasing term; and

b. Yinan Zhongdi has not obtained any title certificates for the buildings and structures of the property. However, Yinan Zhongdi has the legal rights to own, use and receive income from the buildings and structures for agricultural and cattle breeding uses.

4. In the valuation of this property, we have attributed no commercial value to the property due to the leased land nature. However, for reference purpose, we are of the opinion that the replacement cost of the CIP of the property as at the valuation date would be RMB376,919,000.

–22– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

12. 3 parcels of leased The property comprises 3 parcels As at the valuation No commercial value Chinaland ZhongDi located at Dairy the Holdingsof leased land Company with a total Limited site date, the property was 10th Floor,southern Block side of A, Timesarea Fortune of approximately Compound leased to the Group 512 National Highway 9,671,955.02 sq.m. for planting feed No. A6,Ershilipu Shuguang Village Xili purpose. ChaoyangSalipu District Town Tianzhen County Beijing Datong City The PRCShanxi Province The PRC

Notes: 18 January 2021

1.Dear Pursuant Sirs, to 2 Rural Land Leasing Contracts dated 10 May 2016 and 10 July 2017 entered into between Tianzhen County Piaoxiangyan Ecology Agriculture Cooperative (天鎮縣飄香岩生態農業專業合作社) and Tianzhen Zhongdi Farming Co., Ltd. (天鎮中地生態牧場有限公司,“Zhongdi Tianzhen”, a wholly-owned subsidiaryIn accordance of the Company), with your 2 parcels instructions of land with to avalue total site the area properties of approximately in which 6,767,807.17 China ZhongDisq.m. were Dairyleased Holdings to Zhongdi Company Tianzhen Limited for a term (the expiring “Company on 31 December”) and 2024 its subsidiaries at a total annual (hereinafter rental of approximately together RMB5,870,498. referred to as the “Group”) have interests in the People’s Republic of China (the “PRC”), we 2.confirm Pursuant that to we a Rural have Land carried Leasingout Contract inspections, dated 23 August made 2017 relevant entered into enquiries between Tianzhen and searches County Youde and Planting Cooperative (天鎮縣有德種植專業合作社) and Zhongdi Tianzhen, a parcel of land with a site area of obtained such further information as we consider necessary for the purpose of providing you approximately 2,904,147.85 sq.m. was leased to Zhongdi Tianzhen for a term expiring on 31 December 2024 withat our an opinion annual rental on ofthe approximately market values RMB2,696,220. of the property interests as at 31 October 2020 (the “valuation date”). 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers that the form and content of the Land Leasing Contracts mentioned in notes 1 and 2 meet the requirementsOur valuation of the is PRC carried laws and out regulations on a market and they value are legal, basis. valid Market and binding value on the is relevant defined parties as “the and estimatedZhongdi amount Tianzhen for can which legally an use asset the or land liability parcels beforeshould the exchange expiry date on of the the valuation land leasing date term. between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”.

–23– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

13. 4 parcels of leased The property comprises 4 parcels As at the valuation No commercial value Chinaland, ZhongDi 4 buildings Dairy and Holdingsof land with Company a total site Limitedarea of date, the property was 10th Floor,various structuresBlock A, Timesapproximately Fortune Compound 773,697.21 sq.m. leased and occupied No.100 Longyin Road and 4 buildings and various by the Group for No. A6,Zhaojiayu Shuguang Village Xili structures erected thereon which cattle pasture and ChaoyangDa Sungezhuang District were completed in various stages ancillary purposes. Town between 2010 and 2019. Beijing Shunyi District The PRCBeijing The 4 buildings have a total The PRC gross floor area of approximately 6,174.00 sq.m. which include 3 milking halls and an ancillary 18 January 2021 building. The structures mainly Dear Sirs, include cowsheds, hay sheds, pools and wells.

Notes:In accordance with your instructions to value the properties in which China ZhongDi Dairy Holdings Company Limited (the “Company”) and its subsidiaries (hereinafter together 1. Pursuant to 2 Land Leasing Contracts dated 12 May 2010 and 18 July 2012 entered into between Beijing referredShunyi to as District the “ DaGroup Sungezhuang”) have Town interests Zhaojiayu in the Village People’s Co-operation Republic (北京市順義區大孫各莊鎮趙家峪村經 of China (the “PRC”), we confirm濟合作社 that) we and have Beijing carried Zhongdi out Livestock inspections, Technology made Co., relevant Ltd (北京中地畜牧科技有限公司 enquiries and searches,“Zhongdi and Technology”, a wholly-owned subsidiary of the Company), 2 parcels of land with a total site area of obtainedapproximately such further 174,494.21 information sq.m. were as leased we consider to Zhongdi necessary Technology for a the term purpose expiring on of 31 providing December 2029 you withat our a total opinion annual on rental the of market approximately values RMB325,914. of the property interests as at 31 October 2020 (the “valuation date”). 2. Pursuant to a Land Leasing Contract dated 13 March 2020 entered into between Beijing Shunyi District Da Sungezhuang Town Zhaojiayu Village Co-operation and Zhongdi Technology, a parcel of land with a site area ofOur approximately valuation 330,668.32 is carried sq.m. out was on leaseda market to Zhongdi value Technology basis. Market for a term value expiring is defined on 30 September as “the estimated2022 atamount an annual for rental which of anapproximately asset or liability RMB496,000. should exchange on the valuation date between

3.a willing Pursuant buyer to a and Land a Leasing willing Contract seller indated an 13 arm’s March length 2020 entered transaction, into between after Beijing proper Shunyi marketing District and Da whereSungezhuang the parties Town had Xiexinzhuang each acted Village knowledgeably, Co-operation prudently (北京市順義區大孫各莊鎮謝辛莊村經濟合作社 and without compulsion”. ) and Zhongdi Technology, a parcel of land with a site area of approximately 268,534.68 sq.m. was leased to Zhongdi Technology for a term expiring on 30 September 2022 at an annual rental of approximately RMB402,800.

4. As advised by the Group, the buildings and structures of the property were constructed by Zhongdi Technology on the leased land mentioned in notes 1 to 3, of which we have not been provided with any title certificates.

5. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. the form and content of the Land Leasing Contracts mentioned in notes 1 to 3 meet the requirements of the PRC laws and regulations and they are legal, valid and binding on the relevant parties and Zhongdi Technology can legally use the land parcels before the expiry date of the land leasing term; and

b. Zhongdi Technology has not obtained any title certificates for the buildings and structures of the property. However, Zhongdi Technology has the legal rights to own, use and receive income from the buildings and structures for agricultural and cattle breeding uses.

6. In the valuation of this property, we have attributed no commercial value to the property due to the leased land nature. However, for reference purpose, we are of the opinion that the depreciated replacement cost of the 4 buildings and the structures of the property as at the valuation date would be RMB71,006,000.

–24– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

14. 7 parcels of leased The property comprises 7 parcels As at the valuation No commercial value Chinaland, ZhongDi 9 buildings Dairy and Holdingsof leased land Company with a total Limited site date, the property was 10th Floor,various structuresBlock A, Timesarea Fortune of approximately Compound leased and occupied located at 7,282,116.41 sq.m., and by the Group for No. A6,Douzhuangzi Shuguang Village Xili 9 buildings and various structures cattle pasture and ChaoyangTaiping District Town erected thereon which were ancillary purposes. Binhai New District completed in various stages Beijing Tianjin between 2016 and 2019. The PRCThe PRC The 9 buildings have a total gross floor area of approximately 4,115.06 sq.m., mainly including 18 January 2021 a guard room, various workshops Dear Sirs, and ancillary buildings. The structures mainly include cowsheds, warehouses, boundary In accordance withwalls, your roads instructions and hay sheds. to value the properties in which China ZhongDi Dairy Holdings Company Limited (the “Company”) and its subsidiaries (hereinafter together Notes: referred to as the “Group”) have interests in the People’s Republic of China (the “PRC”), we 1.confirm Pursuant that to we 7 Rural have Land carried Leasing out Contracts inspections, dated 26made April relevant 2012 entered enquiries into among and Tianjin searches ZhongDi and Livestock Breeding Co., Ltd. (天津中地畜牧養殖有限公司,“ZhongDi Tianjin”, a wholly-owned subsidiary of obtained such further information as we consider necessary for the purpose of providing you the Company), the Committee of Douzhuangzi Village and the Government of Taiping Town, Binhai New withDistrict our opinion of Tianjin, on 7 the parcels market of land values with a oftotal the site property area of approximately interests as 7,282,116.41 at 31 October sq.m. were 2020 leased (the to “valuationZhongDi date Tianjin”). for terms with the expiry dates between 31 December 2026 and 31 December 2027 at a total annual rental of approximately RMB7,114,619.80.

2. AsOur advised valuation by the is Group, carried the buildings out on anda market structures value of the basis. property Market were constructed value is by defined ZhongDi as Tianjin “the estimatedon the amount leased land for mentioned which an in asset note 1,or of liability which we should have not exchange been provided on the with valuation any title certificates.date between

3.a willing We have buyer been and provided a willing with seller a legal in opinion an arm’s regarding length the transaction, property interest after by theproper Company’s marketing PRC legal and whereadvisers, the parties which had contains, each inter acted alia, knowledgeably, the following: prudently and without compulsion”.

a. the form and content of the Land Leasing Contracts mentioned in note 1 meet the requirements of the PRC laws and regulations and they are legal, valid and binding on the relevant parties and ZhongDi Tianjin can legally use the land parcels before the expiry date of the land leasing term; and

b. ZhongDi Tianjin has not obtained any title certificates for the buildings and structures of the property. However, ZhongDi Tianjin has the legal rights to own, use and receive income from the buildings and structures for agricultural and cattle breeding uses.

–25– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

15. 2 parcels of leased The property comprises 2 parcels As at the valuation No commercial value Chinaland, ZhongDi 14 buildings Dairy and Holdingsof leased land Company with a total Limited site date, the property was 10th Floor,various structuresBlock A, Timesarea Fortune of approximately Compound leased and occupied located at Taiping 1,373,394.10 sq.m., 14 buildings by the Group for No. A6,Village Shuguang Xili and various structures erected cattle pasture and ChaoyangQingyishan District Town thereon which were completed in ancillary purposes. Kuandian Manchu various stages between 2017 and Beijing Autonomous County 2020. The PRCDandong City Liaoning Province The 14 buildings have a total The PRC gross floor area of approximately 12,538.45 sq.m., mainly 18 January 2021 including 2 guard rooms, various Dear Sirs, workshops and ancillary buildings. The structures mainly include cowsheds, warehouses, In accordance withboundary your instructions walls, roads andto value hay the properties in which China ZhongDi Dairy Holdings Companysheds. Limited (the “Company”) and its subsidiaries (hereinafter together Notes:referred to as the “Group”) have interests in the People’s Republic of China (the “PRC”), we confirm that we have carried out inspections, made relevant enquiries and searches and 1. Pursuant to a State-owned Land Leasing Contract dated 23 May 2014 entered into between Liaoning Kuandian obtained such further information as we consider necessary for the purpose of providing you Fine Breed Milk Cow Development Co., Ltd. (遼寧寬甸良種奶牛發展有限公司) which is the former name of withKuandian our opinion ZhongDi on theFarming market Co., Ltd. values (寬甸中地生態牧場有限公司 of the property interests,“ZhongDi as at Kuandian 31 October”, a wholly-owned 2020 (the “valuationsubsidiary date of the”). Company). and Kuandian Manchu Autonomous County Urban Development and Construction Investment Co., Ltd., 2 parcels of land with a total site area of approximately 1,373,394.10 sq.m. were leased to Zhongdi Kuandian for a term expiring on 31 July 2054 at an annual rental of approximately RMB141,267.60.Our valuation is carried out on a market value basis. Market value is defined as “the estimated amount for which an asset or liability should exchange on the valuation date between 2. As advised by the Group, the buildings and structures of the property were constructed by Zhongdi Kuandian a willingon the buyer 2 leased and land a parcels willing mentioned seller in in annote arm’s 1, of which length we transaction,have not been provided after proper with any marketing title documents and whereor the construction parties hadpermits. each acted knowledgeably, prudently and without compulsion”.

3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. the form and content of the Land Leasing Contract mentioned in note 1 meet the requirements of the PRC laws and regulations and it is legal, valid and binding on the relevant parties and ZhongDi Kuandian can legally use the land parcels before the expiry date of the land leasing term; and

b. Zhongdi Kuandian has not obtained any title certificates for the buildings and structures of the property. However, ZhongDi Kuandian has the legal rights to own, use and receive income from the buildings and structures for agricultural and cattle breeding uses.

4. In the valuation of this property, we have attributed no commercial value to the property due to the leased land nature. However, for reference purpose, we are of the opinion that the depreciated replacement cost of the 14 buildings and the structures of the property as at the valuation date would be RMB206,738,000.

–26– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

16. 11 parcels of leased The property comprises As at the valuation No commercial value Chinaland, ZhongDi 13 buildings Dairy and Holdings11 parcels ofCompany leased land Limited with a date, the property was 10th Floor,various structuresBlock A, Timestotal Fortune site area ofCompound approximately leased and occupied located at Liujiaying 4,071,691.39 sq.m., and by the Group for No. A6,Village Shuguang Tanli Town Xili 13 buildings and various cattle pasture and ChaoyangWen’an District County structures erected thereon which ancillary purposes. Langfang City were completed in various stages Beijing Hebei Province between 2014 and 2019. The PRCThe PRC The 13 buildings have a total gross floor area of approximately 11,952.09 sq.m., mainly 18 January 2021 including a guard room, various Dear Sirs, workshops and ancillary buildings. The structures mainly include various cowsheds, In accordance withwarehouses, your instructions boundary towalls, value the properties in which China ZhongDi Dairy Holdings Companyroads Limited and hay (the sheds. “Company”) and its subsidiaries (hereinafter together Notes:referred to as the “Group”) have interests in the People’s Republic of China (the “PRC”), we confirm that we have carried out inspections, made relevant enquiries and searches and 1. Pursuant to 11 Land Leasing Contracts dated 6 February 2013 and 11 supplemental attachments entered into obtained such further information as we consider necessary for the purpose of providing you among Langfang ZhongDi Farming Co., Ltd. (廊坊中地生態牧場有限公司,“ZhongDi Langfang”, a wholly- withowned our opinion subsidiary on of the the market Company), values various of local the village property committees interests and asthe atGovernment 31 October of Tanli 2020 Town (the of “valuationWen’an dateCounty,”). 11 parcels of land with a total site area of approximately 4,071,691.39 sq.m. were leased to ZhongDi Langfang for terms with the expiry dates between 31 December 2029 and 28 February 2043 at a total annual rental of approximately RMB4,147,076.55. Our valuation is carried out on a market value basis. Market value is defined as “the 2.estimated As advised amount by the for Group, which the an buildings asset or and liability structures should of the exchangeproperty were on constructed the valuation by Zhongdi date between Langfang on the 11 land parcels mentioned in note 1, of which we have not been provided with any title documents or a willingconstruction buyer permits.and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”. 3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. the form and content of the Land Leasing Contracts mentioned in note 1 meet the requirements of the PRC laws and regulations and they are legal, valid and binding on the relevant parties and ZhongDi Langfang can legally use the land parcels before the expiry date of the land leasing term; and

b. ZhongDi Langfang has not obtained any title certificates for the buildings and structures of the property. However, ZhongDi Langfang has the legal rights to own, use and receive income from the buildings and structures for agricultural and cattle breeding uses.

4. In the valuation of this property, we have attributed no commercial value to the property due to the leased land nature. However, for reference purpose, we are of the opinion that the depreciated replacement cost of the 13 buildings and the structures of the property as at the valuation date would be RMB263,601,000.

–27– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

17. 3 parcels of leased The property comprises 3 parcels As at the valuation No commercial value Chinaland, ZhongDi 3 buildings Dairy and Holdingsof leased land Company with a total Limited site date, the property was 10th Floor,various structuresBlock A, Timesarea Fortune of 77 mu Compound (equal to leased and occupied located at Tuzhuang approximately 51,333.34 sq.m.), by the Group for No. A6,Village Shuguang Xili 3 buildings and various structures cattle pasture, ChaoyangPachigang District Town erected thereon which were planting feed and Luannan County completed in various stages ancillary purposes. Beijing Tangshan City between 2011 and 2015. The PRCHebei Province The PRC The 3 buildings have a total gross floor area of approximately 1,104 sq.m., which include an 18 January 2021 office building, a guard room and Dear Sirs, a dormitory. The structures mainly include cowsheds, ancillary purposes, boundary In accordance withwalls, your roads instructions and hay sheds. to value the properties in which China ZhongDi Dairy Holdings Company Limited (the “Company”) and its subsidiaries (hereinafter together Notes: referred to as the “Group”) have interests in the People’s Republic of China (the “PRC”), we 1.confirm Pursuant that to we 3 Land have Leasing carried Contracts out dated inspections, 1 April 2009 made entered relevant into among enquiries Luannan Huayuan and searches Livestock andCo., Ltd (灤南華元畜牧養殖有限公司,“Luannan Huayuan”, a wholly-owned subsidiary of the Company), the obtained such further information as we consider necessary for the purpose of providing you Luannan County Guoying Tree Farm and the Committee of Tujiazhuang Village, Pachigang Town, of Luannan withCounty, our opinion 3 parcels on of the land market with a total values site area of of the 77 propertymu (equal to interests approximately as at 51,333.34 31 October sq.m.) 2020 were leased (the “valuationto Luannan date Huayuan”). for terms with the expiry dates between 9 January 2034 and 1 April 2039 at a total rental of approximately RMB649,625.

2. AsOur advised valuation by the isGroup, carried the buildings out on and a market structures value of the basis. property Market were constructed value is by defined Luannan asHuayuan “the estimatedon the amount leased land for mentionedwhich an in asset note or 1, liability of which weshould have exchange not been provided on the with valuation any title date documents between or construction permits. a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and 3.where We the have parties been provided had each with acted a legal knowledgeably, opinion regarding prudently the property and interest without by the compulsion”. Company’s PRC legal advisers, which contains, inter alia, the following:

a. the form and content of the Land Leasing Contracts mentioned in note 1 meet the requirements of the PRC laws and regulations and they are legal, valid and binding on the relevant parties and Luannan Huayuan can legally use the land parcels before the expiry date of the land leasing term; and

b. Luannan Huayuan has not obtained any title certificates for the buildings and structures of the property. However, Luannan Huayuan has the legal rights to own, use and receive income from the buildings and structures for agricultural and cattle breeding uses.

4. In the valuation of this property, we have attributed no commercial value to the property due to the leased land nature. However, for reference purpose, we are of the opinion that the depreciated replacement cost of the 3 buildings and the structures of the property as at the valuation date would be RMB18,872,000.

–28– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

18. 4 parcels of leased The property comprises 4 parcels As at the valuation No commercial value Chinaland, ZhongDi 6 buildings, Dairy Holdingsof leased land Company with a total Limited site date, the property was 10th Floor,various structuresBlock A, and Timesarea Fortune of 1,486.9 Compound mu (equal to leased and occupied 14 ancillary facilities approximately 991,272 sq.m.), by the Group for No. A6,under Shuguang construction Xili and 6 buildings and various cattle pasture, Chaoyanglocated District at Xifangzi structures erected thereon which planting feed and Village were completed in various stages ancillary purposes Beijing Qitai Town between 2005 and 2015. except for the CIP The PRCShangdu County which was under Wulanchabu City The 6 buildings have a total construction. Inner Mongolia gross floor area of approximately Autonomous Regions 11,426.70 sq.m., which include 18 January 2021 The PRC an office building, a dormitory Dear Sirs, building, a guard room, a boiler room and 2 calf houses. The structures mainly include In accordance withcowsheds, your instructions boundary walls, to value roads, the properties in which China ZhongDi Dairy Holdings Companyancillary Limited purposes (the “Company and hay sheds.”) and its subsidiaries (hereinafter together referred to as the “GroupThe”) have property interests also comprises in the People’s14 Republic of China (the “PRC”), we confirm that we have carriedstructures out which inspections, were under made relevant enquiries and searches and construction as at the valuation obtained such further information as we consider necessary for the purpose of providing you date (the “CIP”). with our opinion on the market values of the property interests as at 31 October 2020 (the “valuation date”). As advised by the Group, the CIP is scheduled to be completed in December 2020. Our valuation is carriedThe estimated out on construction a market cost value basis. Market value is defined as “the estimated amount for whichof the an CIPasset is orapproximately liability should exchange on the valuation date between RMB90,816,000, of which a willing buyer and a willingapproximately seller in RMB33,600,700 an arm’s length transaction, after proper marketing and where the parties had eachhad acted been paid knowledgeably, up to the valuation prudently and without compulsion”. date.

Notes:

1. Pursuant to a Land Leasing Contract dated 15 May 2003 entered into between Inner Mongolia Zhonggu Liangzhong Dairy Co. Ltd. (內蒙古中谷良種奶牛有限公司, the former name of Inner Mongolia Zhongdi Dairy Co. Ltd, “Inner Mongolia Zhongdi” a wholly-owned subsidiary of the Company) and the Committee of Xifangzi Village, a parcel of land with a site area of 905.6 mu (equal to approximately 603,736 sq.m.), was leased to Inner Mongolia Zhongdi for a term expiring on 15 May 2033 at a total rental of approximately RMB250,000.

2. Pursuant to 2 Land Leasing Contracts dated 1 April 2012 entered into between Inner Mongolia Zhongdi and Shangdu County Qitai Township Municipal Peoples Government (商都縣七台鎮人民政府), 2 parcels of land with a total site area of 579.4 mu (equal to approximately 386,269 sq.m.) were leased to Inner Mongolia Zhongdi for terms expiring on 1 April 2042 at a total rental of approximately RMB4,361,200.

3. Pursuant to a Land Leasing Contract dated 1 May 2016 entered into between Inner Mongolia Zhongdi and a villager, a parcel of land with a site area of approximately 1.9 mu (equal to approximately 1,267 sq.m.) was leased to Inner Mongolia Zhongdi for a term expiring on 1 May 2026 at a total rental of approximately RMB6,080.

–29– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

4. As advised by the Group, the buildings,仲量聯行企業評估及諮詢有限公司 structures and the CIP of the property were constructed by Inner Mongolia Zhongdi on the leased land parcel香港英皇道 mentioned979 in號太古坊一座 note 1, of which7樓 we have not been provided with any title documents or construction permits.電話 +852 2846 5000 傳真 +852 2169 6001 公司牌照號碼: C-030171 5. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following: The Board of Directors a. the form and content of the Land Leasing Contracts mentioned in notes 1 to 3 meet the requirements China ZhongDiof the PRC Dairy laws Holdings and regulations Company and they are Limited legal, valid and binding on the relevant parties and Inner Mongolia Zhongdi can legally use the land parcels before the expiry date of the land leasing term; and 10th Floor, Block A, Times Fortune Compound No. A6,b. Shuguang Inner Mongolia Xili Zhongdi has not obtained any title certificates for the buildings and structures of the Chaoyangproperty. District However, Inner Mongolia Zhongdi has the legal rights to own, use and receive income from the buildings and structures for agricultural and cattle breeding uses. Beijing The6. PRC In the valuation of this property, we have attributed no commercial value to the property due to the leased land nature. However, for reference purpose, we are of the opinion that the depreciated replacement cost of the 6 buildings and the structures and the replacement cost of the CIP of the property as at the valuation date would be RMB138,228,000 and RMB33,664,000 respectively. 18 January 2021

Dear Sirs,

–30– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

19. A parcel of leased The property comprises a parcel As at the valuation No commercial value Chinagrassland ZhongDi located Dairy at Holdingsof leased grassland Company with Limited a site date, the property was 10th Floor,Hanjia Village Block A, Timesarea Fortune of 3,973 mu Compound (equal to leased by the Group Xiaohaizi Town approximately 2,648,680 sq.m.). for planting feed use. No. A6,Shangdu Shuguang County Xili ChaoyangWulanchabu District City Inner Mongolia Beijing Autonomous The PRCRegions The PRC

Notes: 18 January 2021

1.Dear Pursuant Sirs, to a Land Leasing Contract dated July 2008 entered into between Inner Mongolia Zhonggu Liangzhong Dairy Co. Ltd (內蒙古中谷良種奶牛有限公司, the former name of Inner Mongolia Zhongdi Dairy Co. Ltd, “Inner Mongolia Zhongdi”, a wholly-owned subsidiary of the Company) and Inner Mongolia ShangduIn accordance County Bureau withof your Husbandry, instructions a parcel to of valueland with the a site properties area of 3,973 in which mu (equal China to approximately ZhongDi Dairy2,648,680 Holdings sq.m.) Company was leased Limited to Inner (the Mongolia “Company Zhongdi”) for and a term its of subsidiaries 40 years expiring (hereinafter on July 2048 together at a total rental of approximately RMB3,178,400. referred to as the “Group”) have interests in the People’s Republic of China (the “PRC”), we 2.confirm We have that been we provided have carried with a legal out opinioninspections, regarding made the property relevant interest enquiries by the Company’s and searches PRC legal and advisers that that the form and content of the Land Leasing Contract mentioned in note 1 meet the requirements obtained such further information as we consider necessary for the purpose of providing you of the PRC laws and regulations and they are legal, valid and binding on the relevant parties and Inner withMongolia our opinion Zhongdi on can the legally market use values the land of parcel the before property the expiry interests date of as the at land 31 leasingOctober term. 2020 (the “valuation date”).

–31– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

20. A parcel of leased The property comprises a parcel As at the valuation No commercial value Chinaland, ZhongDi 8 buildings Dairy and Holdingsof leased land Company with a site Limited area of date, the land parcel 10th Floor,various facilitiesBlock A, Timesapproximately Fortune Compound 2,288.49 mu of the property was under construction (equal to approximately leased by the Group No. A6,located Shuguang at Songjia Xili 1,525,667 sq.m.), and 8 buildings and the CIP was ChaoyangVillage District and various facilities under under construction. Xiaohaizi Town construction erected thereon Beijing Shangdu County (the “CIP”). The PRCWulanchabu City Inner Mongolia As advised by the Group, the Autonomous CIP is scheduled to be completed Regions in December 2021. Upon 18 January 2021 The PRC completion, the 8 buildings of Dear Sirs, the CIP will have a total planned gross floor area of approximately 3,545 sq.m. The estimated In accordance withconstruction your instructions cost of the to CIP value is the properties in which China ZhongDi Dairy Holdings Companyapproximately Limited (the RMB159,362,500, “Company”) and its subsidiaries (hereinafter together of which approximately referred to as the “GroupRMB126,745,000”) have interests had in been the paid People’s Republic of China (the “PRC”), we confirm that we have carriedup to the out valuation inspections, date. made relevant enquiries and searches and

Notes:obtained such further information as we consider necessary for the purpose of providing you with our opinion on the market values of the property interests as at 31 October 2020 (the 1.“valuation Pursuant date to a”). Land Leasing Contract dated 1 July 2015 entered into between Shangdu Zhongdi Farming Co. Ltd. (商都中地生態牧場有限公司, Shangdu Zhongdi, a wholly-owned subsidiary of the Company) and the Government of Xiaohaizi Town, a parcel of land with a site area of 2,288.49 mu (equal to approximately 1,525,667Our valuation sq.m.) was is carried leased to out Shangdu on a Zhongdi market for value a term basis. of 50 years Market expiring value on 30 is June defined 2065 atas a “the total estimatedrental amount of approximately for which RMB2,986,668. an asset or liability should exchange on the valuation date between

2.a willing As advised buyer by and the a Group, willing the seller CIP of in the an property arm’s was length constructed transaction, by Shangdu after Zhongdi proper on marketing the leased andland whereparcel the partiesmentioned had in note each 1, acted of which knowledgeably, we have not been prudently provided with and any without construction compulsion”. permits.

3. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal advisers, which contains, inter alia, the following:

a. the form and content of the Land Leasing Contract mentioned in note 1 meet the requirements of the PRC laws and regulations and they are legal, valid and binding on the relevant parties and Shangdu Zhongdi can legally use the land parcel before the expiry date of the land leasing term; and

b. Shangdu Zhongdi has not obtained any title certificates for the buildings and structures of the property. However, Shangdu Zhongdi has the legal rights to own, use and receive income from the buildings and structures for agricultural and cattle breeding uses.

4. In the valuation of this property, we have attributed no commercial value to the property due to the leased land nature. However, for reference purpose, we are of the opinion that the replacement cost of the CIP of the property as at the valuation date would be RMB130,662,000.

–32– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

21. 5 parcels of leased The property comprises 5 parcels As at the valuation No commercial value Chinagrassland ZhongDi located Dairy at Holdingsof leased grassland Company with Limited a total date, the property was 10th Floor,Heshao VillageBlock andA, TimessiteFortune area of approximately Compound leased by the Group Bianjia Village 2,576.7 mu (equal to for planting feed use. No. A6,Dakulian Shuguang Town Xili approximately 1,717,809 sq.m.). ChaoyangXinghe District County Wulanchabu City Beijing Inner Mongolia The PRCAutonomous Regions The PRC 18 January 2021 Notes: Dear Sirs, 1. Pursuant to 5 Land Leasing Contracts dated 1 April 2008 entered into between Inner Mongolia Xinghe Zhonggu Grass Co. Ltd, (內蒙古興和縣中谷草業有限公司, the former name of Wulanchabu Zhongdi Farming Co.In accordance Ltd, “Wulanchabu with Zhongdi your instructions” a wholly-owned to value subsidiary the of properties the Company) in and which Xinghe China County ZhongDi Dakulian DairyTown Holdings Heshao Company Village and Limited Xingzheng (the Village, “Company 5 parcels”) and of land its subsidiaries with a total site(hereinafter area of 2,576.7 together mu (approximately 1,717,809 sq.m.) were leased to Wulanchabu Zhongdi for a term expiring on 1 April 2023 at referreda total to annualas the rental “Group of approximately”) have interests RMB515,340. in the People’s Republic of China (the “PRC”), we confirm that we have carried out inspections, made relevant enquiries and searches and 2. We have been provided with a legal opinion regarding the property interest by the Company’s PRC legal obtained such further information as we consider necessary for the purpose of providing you advisers that the form and content of the Land Leasing Contracts mentioned in note 1 meet the requirements withof our the opinion PRC laws on and the regulations market and values they are of legal, the validproperty and binding interests on the as relevant at 31 parties October and Wulanchabu 2020 (the “valuationZhongdi date can legally”). use the land parcels before the expiry date of the land leasing term.

–33– Jones Lang LaSalle Corporate Appraisal and Advisory Limited 7th Floor, One Taikoo Place 979 King’s Road, Hong Kong tel +852 2846 5000 fax +852 2169 6001 Company Licence No.: C-030171

VALUATION仲量聯行企業評估及諮詢有限公司 CERTIFICATE 香港英皇道979號太古坊一座7樓電話 +852 2846 5000 傳真 +852 2169 6001 Group IV – Property interest leased公司牌照號碼 by the Group: C-030171 in Hong Kong

Market value in The Board of Directors Particulars existing state as at No. Property Description and tenure of occupancy valuation date China ZhongDi Dairy Holdings Company Limited RMB 22.10th Floor,The whole Block of 20th A, TimesThe Fortune property comprises Compound the As at the valuation No commercial value No. A6,floor Shuguang of Continental Xili whole 20th floor of Continental date, the property was Place, No. 238 Des Place which is a 29-storey office leased and occupied ChaoyangVoeux District Road building completed in 2016. The by the Group for BeijingCentral property has a total lettable area office use. The PRCHong Kong of approximately 1,780 square feet.

Note: 18 January 2021

1. Pursuant to a Tenancy Agreement dated 1 February 2018 entered into between China Zhongdi Dairy Holdings DearCompany Sirs, Limited (中國中地乳業控股有限公司, China Zhongdi Dairy) and Well Friendship Investment Limited (an independent party of the Company), the property with a total lettable area of approximately 1,780 square feet was leased to China Zhongdi Dairy for a term of 3 years expiring on 31 January 2021 at a monthly In accordance with your instructions to value the properties in which China ZhongDi rental of HK$117,480. Dairy Holdings Company Limited (the “Company”) and its subsidiaries (hereinafter together referred to as the “Group”) have interests in the People’s Republic of China (the “PRC”), we confirm that we have carried out inspections, made relevant enquiries and searches and obtained such further information as we consider necessary for the purpose of providing you with our opinion on the market values of the property interests as at 31 October 2020 (the “valuation date”).

–34–