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Exchange Procedure

Marwyn Value Investors Limited (the 'Company'), together with the Marwyn Value Investors LP (the 'Master Fund'), Marwyn Value Investors (Pte) Limited (the 'Unlisted Fund' - a new unlisted company incorporated in the Cayman Islands), Marwyn General Partner Limited (the 'General Partner') and Axio Capital Solutions Limited (the 'Exchange Administrator'), have put in place an innovative procedure to enable Investors to move between the Company and the Master and Unlisted Funds.


The Company, the Unlisted Fund, the Master Fund, the General Partner and the Exchange Administrator have entered into a Framework and Exchange Agreement pursuant to which the parties have agreed to effect exchanges in accordance with the procedure detailed below.


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