On August 15, 2018, Gulf International Holding Pte. Ltd. (“GIH”), a subsidiary registered in Singapore in which the Company indirectly holds 99.99% of shares, entered into a Share Purchase Agreement and Shareholders’ Agreement with Ms. Huynh Bich Ngoc, an entrepreneur investing in various large-scale businesses in Vietnam such as real estate and energy businesses. Under the SPA and SHA, GIH will hold approximately 49.0% and Ms. Huynh Bich Ngoc will hold approximately 51.0% of shares to develop and operate a wind farm project and a solar farm project, with an aggregate installed capacity of approximately 340 megawatts and total project cost of approximately US$ 650 million. Details of the projects are set forth below.

1) Offshore wind farm project with a total installed capacity of around 310 megawatts located in Binh Dai district, Ben Tre province, Vietnam: The project has been approved by the Ministry of Industry and Trade of Vietnam to generate and sell electricity to Vietnam Electricity (EVN). The development is divided into two phases:

1.1) Phase I – 30 megawatts, expected Scheduled Commercial Operation Date in 2020
1.2) Phase II – 280 megawatts, expected Scheduled Commercial Operation Date in 2023
2) Solar farm project with an installed capacity of around 30 megawatts, located in Binh Dai district, Ben Tre province, Vietnam: expected Scheduled Commercial Operation Date in June 2019.

The aforementioned projects were approved by the Company’s Board of Directors’ Meeting dated August 10, 2018 in accordance with the Company’s business expansion plan in Vietnam following its initial investment in two solar power projects, namely TTCIZ-01 and TTCIZ-02, with Thanh Thanh Cong Group in April and May 2018, respectively.