SUBSIDIARY INTENDS TO SUBSCRIBE FOR Suntrust's ISSUANCE OF 8.6325 BILLION PHILIPPINE PESOS CONVERTIBLE BONDS

SUMMIT ASCENT (00102) announces that on April 16, 2025, SA Investments (a wholly-owned subsidiary of the company) (as subscriber) entered into a subscription agreement with Suntrust (a non-wholly-owned subsidiary of LET) (as issuer), whereby Suntrust conditionally agrees to issue and SA Investments conditionally agrees to subscribe in cash, in installments, up to a maximum aggregate principal amount of 8.6325 billion Philippine pesos (equivalent to approximately 1.17 billion Hong Kong dollars) of convertible bonds. Subject to the satisfaction of certain conditions precedent, the subscriber may, at its discretion, from time to time, submit subscription details to the company for the subscription of convertible bonds in one or more installments. The total principal amount of all convertible bonds subscribed under the subscription agreement by the subscriber shall not exceed the subscription amount, and the subscriber is not obligated to fully subscribe to the subscription amount. Upon issuing the convertible bonds and convertible shares to the subscriber, the convertible bonds and convertible shares will be pledged to the lender as collateral for secured obligations under the loan financing agreement (which includes a security agreement). Pursuant to a subordination agreement entered into by the subscriber as a lender, the subscriber has irrevocably subordinated all existing and future debts, liabilities, or obligations (subordinated debt) to Suntrust arising from any advances or loans provided to Suntrust, and in respect of payment towards secured obligations, on a subordinate basis. The subordinated debt will encompass all amounts due to the subscriber under the convertible bonds issued to the subscriber.