A Brown Company, Inc. announced further to its disclosure on February 21, 2023, that the corporation's board of directors approved on December 12, 2023, some proposed amendments to the Joint Venture Agreement with GET Philippines, Inc. (GET) to create, promote, operate and manage the ABC Electric Shuttle Service as a clean, efficient, modern and green mass transport system in Cagayan de Oro (the Project). As previously disclosed, GET will incorporate and set up a new company (JV Co.) to be jointly owned with ABCI for the purpose of initially owning ten Community Optimized Managed Electric Transport (COMET) electric vehicles that will be deployed for the Project. The following terms of the Joint Venture Agreement will be amended: 1.) The JV Co.

will now have an authorized capital stock of PHP 30,000,000.00 divided into 30,000,000 shares with par value of PHP 1.00, instead of the previously planned authorized capital stock of PHP 100,000,000.00; 2.) Upon incorporation, the initial subscription to JV Co.'s shares shall be PHP 10,000,000.00, which is a reduction from the initial planned subscription of PHP 45,000,000.00; 3.) GET will no longer be the sole initial subscriber to the JV Co.'s authorized capital stock upon incorporation with a subsequent transfer of fifty percent (50%) of its shareholdings to ABCI, as originally planned; 4.) Thus, upon incorporation, each of GET and ABCI will now initially subscribe to 5,000,000 shares each at a subscription price of PHP 22,500,000,00. The additional paid-in capital ("APIC") in the amount of PHP17,500,000,00 shall be paid into JV Co. either upon incorporation or immediately after its incorporation.

The JV Co. will be owned upfront by GET and ABCI in equal shares of fifty percent (50%) each; 5.) GET has an option to make its equity contribution in the JV Co. in the form of new COMET electric vehicles in lieu of cash; 6.) Upon incorporation, the fifth member of the Board shall initially be vacant and the Board seat shall be reserved to be filled by an independent director, as defined under Title III Section 22 of the Revised Corporation Code, who shall be jointly nominated by ABCI and GET after incorporation.

The reduction in the capitalization of the JV Co. at incorporation has been agreed upon by ABCI and GET to reduce the filing fees and the documentary stamp taxes.