Flex Ltd. (NasdaqGS:FLEX) commences share repurchases in August 2023, under the program mandated by the shareholders in the Annual General Meeting held on August 2, 2023. As per the mandate, the company is authorized to repurchase up to 88,702,699 shares, representing 20% of its issued share capital. In case of on market repurchases, the maximum price that will be paid by the company for repurchases will be the highest independent bid or the last independent transaction price, whichever is higher, of our Ordinary Shares quoted or reported on Nasdaq or, as the case may be, any other stock exchange on which our Ordinary Shares may at that time be listed and quoted, or shall not exceed any volume weighted average price, or other price determined under any pricing mechanism, permitted under SEC Rule 10b-18, at the time the purchase is effected.

While in case of off-market repurchases, the maximum price that will be paid by the company for repurchases will be 105% of the average of the closing price per Ordinary Share over the five consecutive trading days on which our Ordinary Shares are traded on the Nasdaq Global Select Market, or, as the case may be, any other stock exchange on which our Ordinary Shares are at the time listed and quoted, immediately preceding the date on which we effect the off-market purchase. The repurchased shares will be used as consideration for the acquisition, share scheme for employee or directors or cancelled or sold for cash. The repurchases will be made from internal sources of funds and/or borrowed funds.

The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is varied or revoked in a General Meeting. As of August 2, 2023, the company had 443,513,496 shares in issue.