Minsheng Education Group Company Limited (as borrower) and DEG (as lender), a member of KfW Bankengruppe in Germany, entered into the Loan Agreement, pursuant to which DEG agreed to lend, and Minsheng Education agreed to borrow, a loan in an aggregate principal amount up to USD 28,240,000, the last repayment date of the Loan shall be 15 June 2028. The Loan shall be repayable in 11 semi-annual instalments commencing from 15 June 2023. Proceeds from the Loan will be used for, among others, business expansion and daily operation of the Group. The Directors are of the view that, the Company's success in securing a long term loan from a policy bank, which will benefit the Company to further strengthen its financing channel, optimizes its capital structure, enhances international reputation and provides good financial support for the Company's sustainable and healthy development in the future.