UPDATE ON THE MAJOR AND CONNECTED TRANSACTIONS

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.EXCELLENCE COMMERCIAL PROPERTY & FACILITIES MANAGEMENT GROUP LIMITED卓越商企服务集团有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 6989) UPDATE ON THE MAJOR AND CONNECTED TRANSACTIONS Reference is made to (i) the announcement dated 14 May 2024 and circular (the “Circular”)dated 3 June 2024 of the Company in relation to the framework agreement (the “FrameworkAgreement”) dated 13 May 2024; and (ii) the announcement of the Company dated 28 June 2024 in relation to the poll voting result of the extraordinary general meeting (the “EGM”) held on 28 June 2024 by the Company to approve the Framework Agreement. Unless the content otherwise requires capitalized terms used in this announcement shall have the same meanings as those defined in the Circular.The Board is pleased to announce that as the Framework Agreement has been approved by Independent Shareholders at the EGM Shenzhen Zhuoyue Property Management Co. Ltd. (深 圳市卓越物业管理有限责任公司) a wholly-owned subsidiary of the Company has separately entered into 11 right of use transfer agreements (the “Individual Agreements”) with the relevant Entities to effect the assignment of the right of use in the Parking Spaces. Details of the consideration and payment terms under the Individual Agreements are summarized as below: No. Project name Consideration and payment term 1. 1063 parking spaces of The total consideration will be RMB24365910 among Zhuoyue Weigang which RMB19150464 shall be settled in cash while the (卓越维港项目) remaining RMB5215446 shall be offset against trade receivables owed by Excellence Group to the Group 2. 1360 parking spaces of The total consideration will be RMB39548933 among Zhuoyue Huanghou Road which RMB31083609 shall be settled in cash while the (卓越皇后道) remaining RMB8465323 shall be offset against trade receivables owed by Excellence Group to the Group – 1 –3. 970 parking spaces of The total consideration will be RMB153673301 among Huanggang business which RMB120780020 shall be settled in cash while center (皇岗商务中心) the remaining RMB32893282 shall be offset against trade receivables owed by Excellence Group to the Group 4. 472 parking spaces of The total consideration will be RMB60829523 among Qianhai Zhuoyue Shidai which RMB47809157 shall be settled in cash while the Square (Phase I) (前海 remaining RMB13020366 shall be offset against trade 卓越时代广场（一期）) receivables owed by Excellence Group to the Group 5. 253 parking spaces of The total consideration will be RMB29805817 among Qianhai Zhuoyue Shidai which RMB23425976 shall be settled in cash while the Square (Phase II) (前海 remaining RMB6379840 shall be offset against trade 卓越时代广场（二期）) receivables owed by Excellence Group to the Group 6. 564 parking spaces of The total consideration will be RMB42415033 among Zhuoyue City (Phase I) which RMB33336230 shall be settled in cash while the (卓越城（一期）) remaining RMB9078803 shall be offset against trade receivables owed by Excellence Group to the Group 7. 400 parking spaces The total consideration will be RMB26858524 among of Zhuoyue Houhai which RMB21109542 shall be settled in cash while the Financial Centre remaining RMB5748982 shall be offset against trade (卓越后海金融中心) receivables owed by Excellence Group to the Group 8. 1738 parking spaces of The total consideration will be RMB115683267 among Zhuoyue Qianhai Yihao which RMB90921631 shall be settled in cash while the (卓越前海壹号) remaining RMB24761636 shall be offset against trade receivables owed by Excellence Group to the Group 9. 700 parking spaces of The total consideration will be RMB39760034 among Qianhai Zhuoyue Shidai which RMB31249525 shall be settled in cash while the Square (前海卓越时代 remaining RMB8510509 shall be offset against trade 广场) receivables owed by Excellence Group to the Group 10. 604 parking spaces of The total consideration will be RMB16230408 among Zhuoyue Midun Road which RMB12756341 shall be settled in cash while the (卓越弥敦道) remaining RMB3474067 shall be offset against trade receivables owed by Excellence Group to the Group 11. 2177 parking spaces of The total consideration will be RMB48829251 among Zhuoyue Yulong which RMB38377505 shall be settled in cash while the (卓越誉珑) remaining RMB10451746 shall be offset against trade receivables owed by Excellence Group to the Group – 2 –The Company confirms that all terms of the Individual Agreements are entered into pursuant to the principles mechanisms and terms and conditions of the Framework Agreement.By Order of the Board Excellence Commercial Property & Facilities Management Group Limited Li Xiaoping Chairman Hong Kong 28 June 2024 As at the date of this announcement the executive Directors are Mr. Li Xiaoping and Mr.Yang Zhidong; the non-executive Directors are Ms. Guo Ying and Mr. Wang Yinhu; and the independent non-executive Directors are Professor Cui Haitao Mr. Kam Chi Sing and Ms.Liu Xiaolan.–3–