AVALON TECHNOLOGIES : ESTABLISHES JOINT VENTURE WITH ZOLLNER ELEKTRONIK AG

• Joint Venture Agreement (JVA) executed between Avalon Technologies Limited and Zollner Elektronik AG. • To establish a long-term India-based manufacturing and services platform for printed circuit board assembly, box-build and system integration, testing, validation, industrialization support, sourcing, supply-chain coordination, logistics and related after-sales services. • The joint venture company will be incorporated as "Zollner Avalon Private Limited", with Zollner holding 51% and Avalon 49% initially. • Avalon may elect to acquire an incremental 2% stake within two years after the company's third anniversary of commencing commercial production. • 51% shareholder to appoint 3 directors, 49% shareholder to appoint 2 directors. • The transaction does not constitute a related party transaction.

Avalon Technologies Limited

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