HKBN Ltd. — Director's Dealing 2025

May 15, 2025

SECURITIES AND

FUTURES COMMISSION

證券及期貨事務監察委員會

Public Disclosure Form

15 May 2025

Possible voluntary general offer

Disclosure of dealings in the shares of HKBN Ltd.

The Executive received the following disclosure of securities dealings pursuant to Rule 22 of the Hong Kong Code on Takeovers and Mergers:

Party	Date	Description of relevant securities	Description of products	Nature of dealings	Number of reference securities to which the derivatives relate	Maturity date / closing out date	Reference price	Total amount paid / received	Resultant balance (including those of any person with whom there is an agreement or understanding)
Morgan Stanley & Co., International plc	14 May 2025	Derivatives	Other types of products	Unsolicited client facilitation - Sale	32,111	29 May 2026	$5.0904	$163,458.3803	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	6,146	30 December 2025	$5.0905	$31,286.3175	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	43,153	22 December 2025	$5.0904	$219,666.0312	0
		Derivatives	Other types of products	Unsolicited client facilitation - Sale	18,437	24 October 2025	$5.0904	$93,851.8523	0

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SFC

證監會

Public Disclosure Form

	Derivatives	Other types of products	Unsolicited client facilitation - Sale	11,984	24 October 2025	$5.0905	$61,004.3507	0
	Derivatives	Other types of products	Unsolicited client facilitation - Sale	3,841	24 October 2025	$5.0905	$19,552.6758	0
	Derivatives	Other types of products	Unsolicited client facilitation - Sale	13,828	2 October 2026	$5.0904	$70,390.6596	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	500	28 November 2025	$5.1000	$2,550.0000	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	3,000	24 July 2028	$5.0950	$15,285.0000	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	1,500	28 November 2025	$5.0900	$7,634.9900	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	1,500	31 July 2026	$5.0900	$7,634.9900	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	2,000	30 November 2026	$5.0900	$10,180.0000	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	19,000	30 September 2026	$5.0800	$96,520.2850	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	25,113	27 October 2025	$5.0840	$127,674.4870	0
	Derivatives	Other types of products	Unsolicited client facilitation - Purchase	23,887	2 February 2026	$5.0840	$121,441.5080	0

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SFC
證監會
Public Disclosure Form

		Derivatives	Other types of products	Unsolicited client facilitation - Purchase	37,000	13 November 2026	$5.0876	$188,240.0160	0

End

Note:
Morgan Stanley & Co., International plc is a Class (5) associate connected with the Offeree company.
Dealings were made for its own account.
Morgan Stanley & Co., International plc is ultimately owned by Morgan Stanley.