Vantage International (Holdings) Limited has approved and adopted a dividend policy on 18 March 2019 (the "Dividend Policy"). The Dividend Policy aims at enhancing transparency of the Company and facilitating the shareholders of the Company ("Shareholders") and investors to make informed investment decisions relating to the Company. Under the Dividend Policy, the Board may consider declaring and paying dividends to the Shareholders out of the Company's distributable reserves. Such declaration and payment of dividends shall remain to be determined at the sole discretion of the Board, subject to the requirements of all applicable laws and the Bye-laws of the Company. Under the Dividend Policy, in deciding whether to propose or declare a dividend and in determining the dividend amount and means of payment, the Board shall take into account, among others: the actual and expected financial performance of the Group; the Group's liquidity position; the capital and debt level of the Group; retained earnings and distributable reserves of the Company and major subsidiaries of the Group; and the working capital requirements, capital expenditure requirements and future development plans of the Group. The Board shall endeavor to strike a balance between providing immediate return to the Shareholders through the payment of dividends whilst retaining adequate reserves as the Group's working capital and for the Group's future growth. There can be no assurance that dividends will be proposed, declared or paid by the Company in any particular amount at any time or from time to time. The Board will from time to time review the Dividend Policy and may exercise at its absolute and sole discretion to update, amend and/or modify the Dividend Policy at any time as the Board deems fit and necessary.