Tower Group: Shareholders have received the decision of administrative supervision measures from the Guangdong Securities Regulatory Bureau and regulatory letters from the Shenzhen Stock Exchange.

Tower Group Announcement: Shareholders EMERGING ASIA EQUITY FUND, APG ASIA EX JAPAN FUND, FIDELITY EXJAP, HERMES CHINA EQUITY FUND, WOO HAY TONG ASIA EX JAPAN FUND, and their manager Hermes Investment Management Limited received a warning letter from the Guangdong Regulatory Bureau of the China Securities Regulatory Commission and a regulatory letter from the Shenzhen Stock Exchange on December 12, 2025. This is due to inconsistencies between the disclosure of APG ASIA EX JAPAN FUND as a concerted action party with other information disclosure obligations in the simplified equity change report submitted by the company on October 28, 2025, which violates relevant regulations.