AEON Stores (Hong Kong) Co., Limited announced that on 30 March 2023, the Company and AEON Credit entered into the Licence Agreement pursuant to which the Company gives AEON Credit the right to use the Shop for a fixed term of one year from 1 April 2023 to 31 March 2024 at licence fees of HKD 244,581 per month exclusive of government rates and management fees. The Company has entered into a lease agreement with a landlord, which is an independent third party, to lease the Premises (in which the Shop is located) and has been given the express right to grant licences to licensees for the use of portions of the Premises including the Shop. Fixed term of one year from 1 April 2023 to 31 March 2024.

During the term of the licence, AEON Credit shall pay to the Company: (i) a licence fees of HKD 244,581 per month; (ii) the rates assessed or charged on the Shop, provided that if no separate assessment is made in respect of the Shop, at a sum equal to 5% of the licence fee per month, subject to adjustment at the Company's discretion on account of any change in the valuation of the Premises for the purpose of assessment on the ratable value of the Premises; (iii) all charges for utilities in respect of the Shop (unless separate account is maintained with the utility companies); (iv) a monthly management fees of HKD 11,578 or such other increased rate as the Company shall from time to time decide; and (v) pay to the Company a deposit of HKD 489,162. The licence fees and management fees were negotiated by the parties at arm's length and by reference to (i) the license fees and management fees which the Company charges to its other licensees, (ii) the business nature of AEON Credit and other licensees and (iii) the location of the Shop within the Premises.