On 25 March 2026, the Executive under the Hong Kong Code on Takeovers and Mergers disclosed that Morgan Stanley Capital Services LLC, classified as a Class (5) associate of the offeror in the ongoing privatisation of ENN Natural Gas Co., Ltd., conducted matched derivative transactions linked to the company’s A-shares on 24 March 2026.

The trades, carried out for Morgan Stanley Capital Services’ own account as “unsolicited client facilitation,” comprised:

• Purchases of 1,100, 4,300 and 9,400 reference shares maturing on 31 July 2026, 31 July 2026 and 31 August 2027, at reference prices of USD 22.7715, USD 22.9306 and USD 22.8432 respectively, for an aggregate consideration of USD 0.34 million.

• Corresponding sales in identical sizes, maturities and prices, generating identical aggregate proceeds of USD 0.34 million.

Because the purchase and sale volumes were identical—14,800 reference shares each—Morgan Stanley Capital Services ended the day with a resultant net position of zero in the relevant derivatives.

The entity is ultimately owned by Morgan Stanley and remains connected to the offeror in the proposed scheme-of-arrangement privatisation of ENN Natural Gas. No additional holdings or outstanding derivative positions were reported.