Crocodile Garments Limited (Stock Code: 122) published an announcement dated 21 November 2025 regarding a proposed rights issue on the basis of one rights share for every two existing shares held on the record date, with a subscription price of HK$1.50 per rights share. Shareholders are to pay in full upon acceptance by 4:00 p.m. on 5 December 2025 (subject to possible extension in case of bad weather). The provisional allotment letter states key details such as procedures for acceptance, transfer, splittable allotments, and the timetable. It also clarifies that the rights issue is non-underwritten and that nil-paid rights will be traded between 25 November 2025 and 2 December 2025. If the conditions are fulfilled, fully-paid rights shares are expected to be allotted and despatched on or before 15 December 2025.
Below is the complete official announcement document, provided in full as released:
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To be valid, the whole of this document must be returned. 本文件必須整份交還，方為有效。
IMPORTANT 重要提示
Reference is made to the prospectus issued by CROCODILE GARMENTS LIMITED (the “Company”) dated 21 November 2025 in relation to the Rights Issue (the “Prospectus”). Terms defined in the Prospectus shall have the same meanings when used herein unless the context otherwise requires. 茲提述鱷魚恤有限公司（「本公司」）所刊發日期為二零二五年十一月二十一日內容有關供股的章程（「章程」）。除文義另有 所指外，本通知書所用詞彙與章程所界定者具有相同涵義。
THIS PROVISIONAL ALLOTMENT LETTER (“PAL”) IS VALUABLE AND TRANSFERABLE AND REQUIRES YOUR IMMEDIATE ATTENTION. THE OFFER CONTAINED IN THIS PAL AND THE ACCOMPANYING EXCESS APPLICATION FORM (“EAF”) EXPIRES AT 4:00 P.M. ON FRIDAY, 5 DECEMBER 2025 (OR, SUCH LATER DATE AND/OR TIME AS MENTIONED IN THE PARAGRAPH HEADED “EFFECT OF BAD WEATHER” BELOW). 本暫定配額通知書（「暫定配額通知書」）具有價值及可轉讓，並應即時處理。本暫定配額通知書及隨附的額外申請表格 （「額外申請表格」）所載要約將於二零二五年十二月五日（星期五）下午四時正（或下文「惡劣天氣的影響」一段所述的較後 日期及╱或時間）屆滿。
IF YOU ARE IN ANY DOUBT AS TO THE CONTENTS OF THIS PAL OR AS TO THE ACTION TO BE TAKEN, YOU SHOULD CONSULT YOUR STOCKBROKER OR OTHER LICENSED SECURITIES DEALER, BANK MANAGER, SOLICITOR, PROFESSIONAL ACCOUNTANT OR OTHER PROFESSIONAL ADVISER. IF YOU HAVE SOLD OR TRANSFERRED ALL YOUR SHARES OF THE COMPANY, YOU SHOULD AT ONCE HAND THE PROSPECTUS AND THIS PAL AND THE ACCOMPANYING EAF TO THE PURCHASER(S) OR THE TRANSFEREE(S) OR TO THE BANK, LICENSED SECURITIES DEALER OR OTHER AGENT THROUGH WHOM THE SALE OR TRANSFER WAS EFFECTED FOR TRANSMISSION TO THE PURCHASER(S) OR THE TRANSFEREE(S). 閣下如對本暫定配額通知書的內容或將予採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他持牌證券交易商、銀 行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下本公司所有股份出售或轉讓，應立即將章程及暫定配額通 知書以及隨附的額外申請表格交予買主或承讓人，或經手出售或轉讓的銀行、持牌證券交易商或其他代理商，以便轉交 買主或承讓人。
A copy of each of the other Prospectus Documents, together with the documents specified in the section headed “DOCUMENTS DELIVERED TO THE REGISTRAR OF COMPANIES” in Appendix III to the Prospectus, have been registered with the Registrar of Companies in Hong Kong pursuant to Section 38D of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong). Neither the Stock Exchange, the Securities and Futures Commission of Hong Kong nor the Registrar of Companies in Hong Kong takes any responsibility as to the contents of any of these documents. 一套各份其他章程文件連同章程附錄三「送呈公司註冊處處長之文件」一節所指定的文件，均已根據香港法例第32章公司 （清盤及雜項條文）條例第38D條向香港公司註冊處處長登記。聯交所、香港證券及期貨事務監察委員會及香港公司註冊 處處長對此等文件的內容概不負責。
Hong Kong Exchanges and Clearing Limited, the Stock Exchange and HKSCC take no responsibility for the contents of this PAL, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this PAL. 香港交易及結算所有限公司、聯交所及香港結算對本暫定配額通知書的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示概不就因本暫定配額通知書全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。
Subject to the granting of the listing of, and permission to deal in, the Rights Shares in both their nil-paid and fully-paid forms on the Stock Exchange as well as compliance with the stock admission requirements of HKSCC, the Rights Shares in both their nil- paid and fully-paid forms will be accepted as eligible securities by HKSCC for deposit, clearance and settlement in CCASS with effect from the respective commencement dates of dealings in the Rights Shares in both their nil-paid and fully-paid forms on the Stock Exchange or such other dates as determined by HKSCC. Settlement of transactions between participants of the Stock Exchange on any trading day is required to take place in CCASS on the second trading day thereafter. All activities under CCASS are subject to the General Rules of HKSCC and HKSCC Operational Procedures in effect from time to time. 待未繳股款及繳足股款供股股份獲准於聯交所上市及買賣並符合香港結算的股份收納規定後，未繳股款及繳足股款供股 股份將獲香港結算接納為合資格證券，可自未繳股款及繳足股款供股股份各自於聯交所開始買賣的日期或香港結算釐定 的其他日期起，在中央結算系統內寄存、結算及交收。聯交所參與者之間於任何交易日進行的交易須於其後第二個交易 日在中央結算系統內交收。所有中央結算系統的活動均須依據不時生效的香港結算一般規則及香港結算運作程序規則進 行。PAL-2
Crocodile Garments Limited (Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司） （股份代號: 122） (Stock Code: 122)
RIGHTS ISSUE ON THE BASIS OF ONE (1) RIGHTS SHARE FOR EVERY TWO (2) EXISTING SHARES HELD ON THE RECORD DATE BY THE QUALIFYING SHAREHOLDERS AT THE SUBSCRIPTION PRICE OF HK$1.50 PER RIGHTS SHARE 按合資格股東於記錄日期 每持有兩(2)股現有股份可獲發一(1)股供股股份之基準 以認購價每股供股股份1.50港元 進行供股
PAYABLE IN FULL ON ACCEPTANCE BY NOT LATER THAN 4:00 P.M. ON FRIDAY, 5 DECEMBER 2025 股款須不遲於二零二五年十二月五日（星期五）下午四時正 接納時悉數繳足
PROVISIONAL ALLOTMENT LETTER 暫定配額通知書
Registered Office and Principal Offer: 註冊辦事處╱主要辦事處: 25/F, Crocodile Center 79 Hoi Yuen Road Kwun Tong Kowloon Hong Kong
香港 九龍 觀塘 開源道七十九號 鱷魚恤中心二十五樓
21 November 2025 二零二五年十一月二十一日
Name(s) and address of the Qualifying Shareholder(s) 合資格股東的姓名╱名稱及地址
Form A 表格甲
Share registrar and transfer office: Tricor Investor Services Limited 17/F, Far East Finance Centre 16 Harcourt Road Hong Kong
股份過戶登記處 : 卓佳證券登記有限公司 香港 夏慤道16號 遠東金融中心17樓
Number of Shares registered in your name(s) on Thursday, 20 November 2025 於二零二五年十一月二十日（星期四）登記於 閣下名下的股 份數目
BOX A 甲欄
Number of Rights Shares provisionally allotted to you subject to payment in full on acceptance by not later than 4:00 p.m. on Friday, 5 December 2025 暫定配發予 閣下的供股股份數目，股款須不遲於二零 二五年十二月五日（星期五）下午四時正接納時悉數繳足
BOX B 乙欄
Total subscription monies payable in full upon acceptance 須於接納時悉數繳足的認購股款總額
BOX C 丙欄 HK$ 港元
Provisional Allotment Letter No. 暫定配額通知書編號
Contact Telephone No.: 聯絡電話號碼：
Name of bank on which cheque/cashier’s order is drawn: 支票╱銀行本票之付款銀行名稱：
Cheque/cashier’s order number: 支票╱銀行本票號碼：PAL-3
IN THE EVENT OF A TRANSFER OF RIGHT(S) TO SUBSCRIBE FOR RIGHTS SHARE(S), HONG KONG AD VALOREM STAMP DUTY IS PAYABLE ON EACH SALE AND EACH PURCHASE. A GIFT OR A TRANSFER OF BENEFICIAL INTEREST OTHER THAN BY WAY OF SALE IS ALSO LIABLE TO HONG KONG AD VALOREM STAMP DUTY. EVIDENCE OF PAYMENT OF HONG KONG AD VALOREM STAMP DUTY WILL BE REQUIRED BEFORE REGISTRATION OF ANY TRANSFER OF THE RIGHT(S) TO SUBSCRIBE FOR THE RIGHTS SHARE(S) REPRESENTED BY THIS DOCUMENT. 於轉讓供股股份認購權時，每項買賣均須繳付香港從價印花稅。實益權益的饋贈或轉讓（而非出售）亦須繳付香港從價印花稅。在登記任何轉讓本文件所代 表的供股股份認購權前，須出示已繳付香港從價印花稅的憑證。
FORM OF TRANSFER AND NOMINATION 轉讓及提名表格 (To be completed and signed only by the Qualifying Shareholder(s) who wish(es) to transfer all of his/her/its/their right(s) to subscribe for the Rights Share(s) comprised herein) （僅供擬悉數轉讓其╱彼等於本暫定配額通知書所列的供股股份認購權的合資格股東填寫及簽署）
To: The Directors Crocodile Garments Limited
致： 鱷魚恤有限公司 列位董事
Dear Sir/Madam,
I/We hereby transfer all of my/our right(s) to subscribe for the Rights Share(s) comprised in this PAL to the person(s) accepting the same and signing the registration application form (Form C) below. 敬啟者： 本人╱吾等謹將本人╱吾等於本暫定配額通知書所列的供股股份認購權悉數轉讓予接納此權利並簽署下列登記申請表格（表格丙）的人士。
1. 2. 3. 4.
Signature(s) of Shareholder(s)(all joint Shareholders must sign) 股東簽署（所有聯名股東均須簽署）
Date: 2025 日期：二零二五年 月 日
Hong Kong Ad Valorem Stamp Duty is payable by the transferor(s) and the transferee(s) in connection with the transfer of rights to subscribe for the Rights Shares if this form is completed. 此表格一經填妥，轉讓人及承讓人須就轉讓供股股份認購權繳付香港從價印花稅。
REGISTRATION APPLICATION FORM 登記申請表格 (To be completed and signed only by the person(s) to whom the rights to subscribe for the Rights Share(s) are being transferred) （僅供承讓認購供股股份權利的人士填寫及簽署）
To: The Directors Crocodile Garments Limited
致： 鱷魚恤有限公司 列位董事
Dear Sir/Madam,
I/We request you to register the number of Rights Shares mentioned in Box B of Form A in my/our name(s). I/We agree to accept the same on the terms embodied in this PAL and the Prospectus and subject to the articles of association of the Company. 敬啟者： 本人╱吾等謹請 閣下將表格甲內乙欄所列的供股股份數目登記於本人╱吾等名下。本人╱吾等同意按照本暫定配額通知書及章程所載條款，以及在 貴公司 組織章程細則的規限下，接納此等供股股份。
Existing Shareholder(s) Please mark “X” in this box 現有股東 請在本欄內填上「X」號
To be completed in BLOCK letters in ENGLISH. Joint applicants should give the address of the first-named applicant only. 請用英文正楷填寫。聯名申請人僅須填上排名首位的申請人地址。
Name in English 英文姓名╱名稱 Family name or Company name 姓氏或公司名稱 Other names 名字
Name in Chinese 中文姓名
Name(s) of joint applicant(s) (if any) 聯名申請人姓名╱名稱（如有）
Address in English (joint applicants should give the address of first- named applicant only) 英文地址（聯名申請人 僅須填上排名首位申請人的地址）
Occupation 職業
Telephone No. 電話號碼
Dividend Instructions 股息指示
Name and address of bank 銀行名稱及地址
Bank account number 銀行賬戶號碼
Account type 賬戶類別
For office use only 公司專用
1. 2. 3. 4.
Signature(s) of applicant(s) (all joint applicant(s) must sign) 申請人簽署（所有聯名申請人均須簽署）
Date: 2025 日期：二零二五年 月 日
Hong Kong ad valorem stamp duty is payable in connection with the acceptance of your rights to subscribe for the Rights Shares. 接納供股股份認購權須繳付香港從價印花稅。
Form B 表格乙
Form C 表格丙
PAL-4
TO ACCEPT THIS PROVISIONAL ALLOTMENT OF THE RIGHTS SHARES AS SPECIFIED IN THIS PAL IN FULL, YOU MUST LODGE THIS PAL INTACT IN ACCORDANCE WITH THE INSTRUCTIONS PRINTED HEREIN WITH THE REGISTRAR, TRICOR INVESTOR SERVICES LIMITED AT 17/F, FAR EAST FINANCE CENTRE, 16 HARCOURT ROAD, HONG KONG TOGETHER WITH A REMITTANCE, BY CHEQUE OR CASHIER’S ORDER, IN HONG KONG DOLLARS FOR THE FULL AMOUNT SHOWN IN BOX C OF FORM A SO AS TO BE RECEIVED BY THE REGISTRAR NOT LATER THAN 4:00 P.M. ON FRIDAY, 5 DECEMBER 2025 (OR, UNDER BAD WEATHER, SUCH LATER DATE AND/OR TIME AS MENTIONED IN THE PARAGRAPH HEADED “EFFECT OF BAD WEATHER” BELOW). ALL REMITTANCES MUST BE MADE IN HONG KONG DOLLARS AND CHEQUES MUST BE DRAWN ON AN ACCOUNT WITH, OR CASHIER’S ORDERS MUST BE ISSUED BY, A LICENSED BANK IN HONG KONG AND MADE PAYABLE TO “CROCODILE GARMENTS LIMITED – RIGHTS ISSUE ACCOUNT” AND CROSSED “ACCOUNT PAYEE ONLY”. SUCH PAYMENT WILL CONSTITUTE ACCEPTANCE OF THE PROVISIONAL ALLOTMENT OF RIGHTS SHARES ON THE TERMS OF THIS PAL AND THE PROSPECTUS AND SUBJECT TO THE ARTICLES OF ASSOCIATION OF THE COMPANY. INSTRUCTIONS ON TRANSFER AND SPLITTING OF ENTITLEMENTS TO RIGHTS SHARES ARE ALSO SET OUT IN AN ENCLOSED SHEET. NO RECEIPT WILL BE GIVEN FOR SUCH REMITTANCE.
閣下如悉數接納本暫定配額通知書所列明的供股股份暫定配額，必須將本暫定配額通知書連同繳付表格甲內丙欄所示 全部金額的港元支票或銀行本票按照其上印備的指示於二零二五年十二月五日（星期五）下午四時正（或在惡劣天氣下， 於下文「惡劣天氣的影響」一段所述的較後日期及╱或時間）前送達過戶登記處卓佳證券登記有限公司，地址為香港夏慤 道16號遠東金融中心17樓。所有股款必須以港元繳付，並須以香港持牌銀行戶口開出的支票或香港持牌銀行發出的銀行 本票支付，註明抬頭人為「CROCODILE GARMENTS LIMITED – RIGHTS ISSUE ACCOUNT」及以「只准入抬頭人賬 戶」方式劃線開出。支付有關款項後，將表示根據本暫定配額通知書及章程的條款，並在本公司的公司組織章程細則規 限下，接納供股股份暫定配額。有關轉讓及分拆供股股份配額的指示亦載於隨附表格內。所有繳款均不獲發收據。
The Rights Issue is conditional upon the fulfilment of the conditions set out under the paragraph headed “Conditions of the Rights Issue” in the “Letter from the Board” in the Prospectus. 供股須待章程內「董事會函件」下「供股之條件」一段所載條件達成後，方可作實。
The Rights Issue will proceed on a non-underwritten basis irrespective of the level of acceptance of provisionally allotted Rights Shares. In the event that the provisional allotments for the Rights Issue are not fully subscribed, any Rights Shares not taken up by the Qualifying Shareholders together with the Rights Shares not provisionally allotted to the Non-Qualifying Shareholders and aggregated fractions of Rights Shares will be made available for excess application under the EAFs. There is no minimum subscription level or minimum amount to be raised under the Rights Issue. 不論暫定配發之供股股份之接納水平，供股均會以非包銷基準進行。倘供股之暫定配發未獲全數認購，未獲合資格股東 承購之任何供股股份連同未暫時配發予不合資格股東之供股股份及彙集零碎供股股份，可供以額外申請表格提出額外 申請。供股不設最低認購水平或最低集資額。
The Shares have been dealt with on an ex-rights basis from Wednesday, 12 November 2025. Dealings in the Rights Shares in their nil-paid form will take place from Tuesday, 25 November 2025 to Tuesday, 2 December 2025 (both days inclusive). 股份已自二零二五年十一月十二日（星期三）起按除權基準買賣。未繳股款供股股份將於二零二五年十一月二十五日（星 期二）至二零二五年十二月二日（星期二）（包括首尾兩日）買賣。
Accordingly, any persons contemplating dealings in the Shares up to the date when the conditions of the Rights Issue are fulfilled and any dealings in the nil-paid Rights Shares from Tuesday, 25 November 2025 to Tuesday, 2 December 2025 (both days inclusive) shall bear the risk that the Rights Issue may not become unconditional or may not proceed. Any Shareholder or other person contemplating any dealings in the Shares and/or nil-paid Rights Shares are recommended to consult their own professional advisers and exercise caution. 因此，任何擬於供股的條件達成當日前買賣股份的人士，以及任何於二零二五年十一月二十五日（星期二）至二零二五 年十二月二日（星期二）（包括首尾兩日）期間買賣未繳股款供股股份的人士，將承擔供股可能不會成為無條件或可能 不會進行的風險。任何擬買賣股份及╱或未繳股款供股股份的股東或其他人士務請諮詢彼等本身的專業顧問並審慎行 事。
Each person accepting the provisional allotment specified in this PAL confirms that he/she/it has read the terms and conditions and acceptance procedures set out in the enclosed sheet and in the Prospectus and agrees to be bound by them. 接納本暫定配額通知書所列明暫定配額的人士各自確認，彼已閱讀隨附表格及章程所載的條款及條件以及接納程序， 並同意受其約束。
A SEPARATE CHEQUE OR CASHIER’S ORDER MUST ACCOMPANY EACH APPLICATION NO RECEIPT WILL BE GIVEN FOR REMITTANCE 每份申請均須隨附獨立開出的支票或銀行本票 所有繳款均不獲發收據
PAL-5
Crocodile Garments Limited (Incorporated in Hong Kong with limited liability) (Stock Code: 122)
21 November 2025
Dear Qualifying Shareholder(s),
INTRODUCTION Reference is made to the prospectus of Crocodile Garments Limited (the “Company”) dated 21 November 2025 in relation to the Rights Issue (the “Prospectus”). Capitalised terms used herein shall have the same meanings as those defined in the Prospectus unless the context otherwise requires. In accordance with and subject to the terms and conditions as set out in the Prospectus, the Directors have provisionally allotted to you a number of Rights Shares on the basis of one (1) Rights Share for every two (2) existing Shares in issue and registered in your name(s) in the register of members of the Company on Thursday, 20 November 2025. Your holding of the Shares on the Record Date is set out in Box A in Form A and the number of Rights Shares provisionally allotted to you is set out in Box B in Form A of this PAL.
The Prospectus Documents will not be registered in any jurisdiction other than Hong Kong. Distribution of the Prospectus Documents (including this PAL) into jurisdictions other than Hong Kong may be restricted by law. You are cautioned to note the notices described in the section headed “Notices” and the restrictions described in the paragraph headed “The Overseas Shareholders” in the section headed “Letter from the Board” in the Prospectus. Persons into whose possession the Prospectus Documents come should inform themselves of and observe such restrictions. No person (including without limitation, any custodian, nominee and trustee) who receives a copy of the Prospectus Documents (including this PAL) in any jurisdiction outside Hong Kong may treat it as an offer or invitation to apply for Rights Shares unless in the relevant jurisdiction such an offer or invitation could lawfully be made without compliance with any registration or other legal and/or regulatory requirements. Any person (including, without limitation, any custodian, nominee and trustee outside Hong Kong) wishing to take up the Rights Shares (in nil-paid or fully-paid form) under the Rights Issue must satisfy himself/herself/itself as to the full observance of the applicable laws of any relevant territory including obtaining any requisite governmental or other consents, observing any other requisite formalities and paying any issue, transfer or other taxes due in such territories.
The Company reserves the right to refuse to accept any application for Rights Shares where it believes that doing so would violate the applicable securities or other laws or regulations of any jurisdiction. This PAL, and the Rights Shares, in both their nil-paid and fully-paid forms, have not been and will not be registered under the applicable securities laws of any jurisdictions other than Hong Kong.
No provisional allotment of Rights Shares has been or will be made to the Non-Qualifying Shareholders and no PAL or EAF will be sent to them. The Company will only despatch the Prospectus Documents to the Qualifying Shareholders. Any Rights Shares provisionally allotted but not accepted, will be made available for excess application by the Qualifying Shareholders under the EAF(s).
When allotted, issued and fully-paid, the Rights Shares will rank pari passu in all respects with the existing Shares then in issue.
PROCEDURE FOR ACCEPTANCE To accept this provisional allotment of the Rights Shares as specified in this PAL in full, you must lodge this PAL intact in accordance with the instructions printed herein with the Registrar, Tricor Investor Services Limited at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong together with a remittance, by cheque or cashier’s order, in Hong Kong dollars for the full amount shown in Box C of Form A so as to be received by the Registrar not later than 4:00 p.m. on Friday, 5 December 2025 (or, under bad weather, such later date and/or time as mentioned in the paragraph headed “EFFECT OF BAD WEATHER” below). All remittances must be made in Hong Kong dollars and cheques must be drawn on an account with, or cashier’s orders must be issued by, a licensed bank in Hong Kong and made payable to “CROCODILE GARMENTS LIMITED – RIGHTS ISSUE ACCOUNT” and crossed “Account Payee Only”. Such payment will constitute acceptance of the provisional allotment of Rights Shares on the terms of this PAL and the prospectus and subject to the articles of association of the Company. Instructions on transfer and splitting of entitlements to Rights Shares are also set out in an enclosed sheet. No receipt will be given for such remittance.
It should be noted that unless this PAL, duly completed and together with the appropriate remittance for the amount shown in Box C of Form A, has been received as described above by no later than 4:00 p.m. on Friday, 5 December 2025 (or under bad weather conditions, such later time or date as mentioned in the section headed “EFFECT OF BAD WEATHER” below), whether by the original allottee or any person to whom the rights have been validly transferred, this provisional allotment and all rights hereunder will be deemed to have been declined and will be cancelled. The Company is not obliged to treat but may at its absolute discretion treat a PAL as valid and binding on the person(s) by whom or on whose behalf it is lodged even if such PAL is not completed in accordance with the relevant instructions.
EXCESS RIGHTS SHARES If you are a Qualifying Shareholder and wish to apply for any Rights Shares in addition to those provisionally allotted to you hereunder, you should complete and sign the accompanying EAF as indicated therein and lodge it, together with a separate remittance for the full amount payable on application in respect of the excess Rights Shares applied for, with the Registrar, Tricor Investor Services Limited at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong so as to be received by the Registrar by no later than 4:00 p.m. on Friday, 5 December 2025 (or under bad weather conditions, such later time or date as mentioned in the section headed “EFFECT OF BAD WEATHER” below). All remittances must be made in Hong Kong dollars. Cheques must be drawn on an account with, and cashier’s orders must be issued by, a licensed bank in Hong Kong and made payable to “CROCODILE GARMENTS LIMITED – EXCESS APPLICATION ACCOUNT” and crossed “Account Payee Only”.
The Company will allocate the Excess Rights Shares at its discretion on a fair and equitable basis as far as practicable on the following principles:
(1) if there are insufficient Excess Rights Shares to satisfy all EAFs, Excess Rights Shares will be allocated on a pro rata basis by reference to the number of Excess Rights Shares applied for in the relevant EAFs by the relevant Qualifying Shareholders;
(2) otherwise (i.e. if the aggregate number of Rights Shares not taken up by the Qualifying Shareholders and/or transferees of nil-paid Rights Shares under the PALs is greater than the aggregate number of Excess Rights Shares applied for through the EAFs), Excess Rights Shares will be allocated in full in accordance with the EAFs to each Qualifying Shareholder who applies for Excess Rights Shares.
For the avoidance of doubt, in applying the principles above, reference will only be made to the number of Excess Rights Shares being applied for in the relevant EAFs, and no reference will be made to the Rights Shares comprised in applications through PAL or the existing number of Shares held by the relevant Qualifying Shareholders.
TRANSFER If you wish to transfer all of your rights to subscribe for the Rights Shares provisionally allotted to you hereunder, you must complete and sign the form of transfer and nomination (Form B) and hand this PAL to the transferee(s) to or through whom you are transferring such rights hereunder. The transferee(s) must then complete and sign the registration application form (Form C) and lodge this PAL intact together with a remittance for the full amount payable on acceptance as set out in Box C with the Registrar, Tricor Investor Services Limited at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong by no later than 4:00 p.m. on Friday, 5 December 2025 (or under bad weather conditions, such later time or date as mentioned in the section headed “EFFECT OF BAD WEATHER” below). It should be noted that Hong Kong stamp duty is payable in connection with the transfer of your rights to subscribe for the relevant Rights Shares and the acceptance by the transferee(s) of such rights.
SPLITTING If you wish to accept only part of your provisional allotment and/or transfer part of your rights to subscribe for the Rights Shares provisionally allotted hereunder, or to transfer part of your rights to subscribe for the Rights Shares provisionally allotted hereunder to more than one person, this PAL must be surrendered and lodged for cancellation by no later than 4:30 p.m. on Thursday, 27 November 2025 with the Registrar, Tricor Investor Services Limited at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong, who will cancel this original PAL and issue new PALs in the denominations required, which will be available for collection at the Registrar after 9:00 a.m. on the second business day after the surrender of this original PAL.
FRACTIONAL ENTITLEMENTS The Company will not provisionally allot fractions of Rights Shares in nil-paid form. No odd-lot matching services will be provided. All fractions of Rights Shares will be aggregated (rounded down to the nearest whole number) and will be made available for excess application by the Qualifying Shareholders under the EAF(s).
CHEQUES OR CASHIER’S ORDERS All cheques and cashier’s orders will be presented for payment immediately following receipt and all interest earned on such monies will be retained for the benefit of the Company. Any PAL in respect of which the accompanying cheque or cashier’s order is not honoured on first presentation is liable to be rejected, and in that event the provisional allotment and all rights given pursuant to it will be deemed to have been declined and will be cancelled. Completion and return of this PAL together with a cheque or cashier’s order in payment for the Rights Shares provisionally allotted hereunder will constitute a warranty by the applicant(s) that the cheque or cashier’s order will be honoured on first presentation.
SHARE CERTIFICATES Subject to the fulfillment of the conditions of Rights Issue, share certificates for the fully-paid Rights Shares are expected to be despatched to you by the Registrar by ordinary post at your own risk on or before Monday, 15 December 2025. You, except HKSCC Nominees Limited, will receive one share certificate for all the Rights Shares issued to you.
EFFECT OF BAD WEATHER If there is a tropical cyclone warning signal no. 8 or above, a “black” rainstorm warning signal and/or extreme conditions caused by a super typhoon (“Bad Weather”) at any local time before 12:00 noon and no longer in force after 12:00 noon on Friday, 5 December 2025, the latest time for acceptance of and payment for the Rights Shares and for the application for excess Rights Shares will be extended to 5:00 p.m. on the same business day. If there is Bad Weather in force in Hong Kong at any local time between 12:00 noon and 4:00 p.m. on Friday, 5 December 2025, the latest time for acceptance of and payment for the Rights Shares and for application for excess Rights Shares will be rescheduled to 4:00 p.m. on the following business day which does not have either of those warnings in force at any time between 9:00 a.m. and 4:00 p.m.
GENERAL Completion and return of this PAL will constitute a warranty and representation from you to the Company that all registration, legal and regulatory requirements of all relevant jurisdictions in connection with this PAL and any acceptance of it have been, or will be, duly complied with. For the avoidance of doubt, neither HKSCC nor HKSCC Nominees Limited will give, or be subject to, any of the above warranty and representation. Lodgment of this PAL with, where relevant, the form of transfer and nomination (Form B) purporting to have been signed by the person(s) in whose favour this PAL has been issued shall be conclusive evidence of the title of the party or parties lodging it to deal with the same and to receive split PALs and/or certificates for Rights Shares. This PAL and any acceptance of the offer contained in it shall be governed by and construed in accordance with the laws of Hong Kong. Further copies of the Prospectus giving details of the Rights Issue are available from the Registrar, Tricor Investor Services Limited at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong during normal business hours from Friday, 21 November 2025 to Friday, 5 December 2025.
PERSONAL DATA COLLECTION – PAL By completing, signing and submitting this PAL and/or the forms accompanying this PAL, you agree to disclose to the Company, the Registrar and/or their respective advisers and agents personal data and any information which they require about you or the person(s) for whose benefit you have made the acceptance of the provisional allotment of Rights Shares. The Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) provides the holders of securities with rights to ascertain whether the Company or the Registrar holds their personal data, to obtain a copy of that data, and to correct any data that is inaccurate. In accordance with the Personal Data (Privacy) Ordinance, the Company and the Registrar have the right to charge a reasonable fee for the processing of any data access request. All requests for access to data or correction of data or for information regarding policies and practices and the kinds of data held should be addressed to the Company, at its registered office at 25/F, Crocodile Center, 79 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong or as notified from time to time in accordance with the applicable law, for the attention of the Company Secretary of the Company, or (as the case may be) to the Registrar, Tricor Investor Services Limited at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong for the attention of Personal Data Privacy Officer.
Yours faithfully, By order of the Board of Crocodile Garments Limited Lam Wai Shan, Vanessa Chairman, Executive Director and Chief Executive Officer
PAL-6
The Rights Issue is conditional upon the fulfilment of the conditions set out under the paragraph headed “Conditions of the Rights Issue” in the “Letter from the Board” in the Prospectus.
PAL-7
PERSONAL DATA COLLECTION – PAL By completing, signing and submitting this PAL and/or the forms accompanying this PAL, you agree to disclose to the Company, the Registrar and/or their respective advisers and agents personal data and any information which they require about you or the person(s) for whose benefit you have made the acceptance of the provisional allotment of Rights Shares. The Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) provides the holders of securities with rights to ascertain whether the Company or the Registrar holds their personal data, to obtain a copy of that data, and to correct any data that is inaccurate. In accordance with the Personal Data (Privacy) Ordinance, the Company and the Registrar have the right to charge a reasonable fee for the processing of any data access request. All requests for access to data or correction of data or for information regarding policies and practices and the kinds of data held should be addressed to the Company, at its registered office at 25/F, Crocodile Center, 79 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong or as notified from time to time in accordance with the applicable law, for the attention of the Company Secretary of the Company, or (as the case may be) to the Registrar, Tricor Investor Services Limited at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong for the attention of Personal Data Privacy Officer.
Yours faithfully, By order of the Board of Crocodile Garments Limited Lam Wai Shan, Vanessa Chairman, Executive Director and Chief Executive Officer
PAL-8
鱷魚恤有限公司 （於香港註冊成立之有限公司） (股份代號: 122)
敬啟者：
緒言 茲提述鱷魚恤有限公司（「本公司」）日期為二零二五年十一月二十一日內容有關供股之章程（「章程」）。除文義另有所指外，本通知書 所用詞彙與章程所界定者具有相同涵義。根據章程所載的條款及條件以及受其條款及條件規限，董事已暫定向 閣下配發若干供股股 份，基準為於二零二五年十一月二十日（星期四）每持有兩(2)股已發行及以 閣下名義登記於本公司股東名冊的現有股份獲發一(1)股 供股股份。 閣下於記錄日期持有的股份載於本暫定配額通知書表格甲內甲欄，而暫定配發予 閣下的供股股份數目載於表格甲內乙 欄。
章程文件不會於香港境外的任何司法權區登記。在香港境外的司法權區派發章程文件（包括本暫定配額通知書），或會受法例所 限。 閣下務請注意章程文件「注意事項」一節所述的注意事項及「董事會函件」一節中「海外股東」一段所述的限制。管有章程文件的人 士應知悉並遵循有關限制。任何人士（包括但不限於任何託管人、代名人及受託人）如在香港境外任何司法權區收到章程文件（包括本 暫定配額通知書），不應視此為申請供股股份的要約或邀請，除非有關要約或邀請在有關司法權區可以合法進行而無須遵守任何登記 或其他法律及╱或監管規定，則作別論。供股項下任何人士（包括但不限於香港境外的任何託管人、代名人及受託人）有意接納供股股 份（未繳股款或繳足股款）必須確保其全面遵守任何相關地區的適用法例，包括獲取任何必須的政府或其他同意，遵守任何其他必要手 續以及繳納該等地區的任何發行、轉讓或其他稅項。
本公司保留權利拒絕接納本公司相信會違反任何司法權區的適用證券或其他法例或法規的任何供股股份的申請。本暫定配額通知書 及供股股份（未繳股款及繳足股款）不會及將不會根據香港境外任何司法權區的適用證券法例登記。
不合資格股東並未亦將不會獲暫定配發供股股份，且將不會獲寄暫定配額通知書或額外申請表格。本公司將僅向合資格股東寄發章程 文件。任何暫定配發但未獲接納的供股股份，將可供合資格股東以額外申請表格額外申請認購。
供股股份於配發、發行及繳足股款後，將與當時之已發行現有股份在各方面均享有同等權益。
接納手續 閣下如悉數接納本暫定配額通知書所列明的本供股股份暫定配額，必須將本暫定配額通知書整份連同繳付表格甲內丙欄所示全部金 額的港元支票或銀行本票按照其上印備的指示於二零二五年十二月五日（星期五）下午四時正（或在惡劣天氣下，於下文「惡劣天氣 的影響」一段所述的有關較後日期及╱或時間）前送達登記處卓佳證券登記有限公司，地址為香港夏慤道16號遠東金融中心17樓。所 有股款必須以港元繳付，並須以香港持牌銀行戶口開出的支票或香港持牌銀行發出的銀行本票支付，註明抬頭人為「CROCODILE GARMENTS LIMITED – RIGHTS ISSUE ACCOUNT」及以「只准入抬頭人賬戶」方式劃線開出。支付有關款項後，將表示根據本暫定 配額通知書及章程的條款，並在本公司的組織章程細則規限下，接納供股股份暫定配額。有關轉讓及分拆供股股份配額的指示亦載於 隨附表格內。所有繳款均不獲發收據。
敬請注意，除非如上文所述於二零二五年十二月五日（星期五）下午四時正前（在惡劣天氣情況下，於下文「惡劣天氣的影響」一節所述 的有關較後日期或時間）接獲原承配人或已獲有效轉讓有關權利的任何人士所遞交經填妥的本暫定配額通知書連同表格甲內丙欄所示 金額的適當股款，否則是項暫定配額及其項下一切權利將被視作已遭放棄而將予註銷。即使暫定配額通知書並未根據有關指示填妥， 本公司亦毋須但可全權酌情視暫定配額通知書為有效及對親身或由代表遞交的人士具有約束力。
額外供股股份 倘 閣下為合資格股東，且有意申請 閣下據此獲暫定配發以外的任何供股股份，則應按隨附的額外申請表格所示填妥及簽署表格， 並於二零二五年十二月五日（星期五）下午四時正前（在惡劣天氣情況下，於下文「惡劣天氣的影響」一節所述的有關較後日期或時間） 將該表格連同就所申請額外供股股份於申請時應獨立支付的全數股款送達登記處卓佳證券登記有限公司，地址為香港夏慤道16號遠 東金融中心17樓。所有股款必須以港元繳付。須以香港持牌銀行戶口開出的支票及香港持牌銀行發出的銀行本票支付，註明抬頭人為 「CROCODILE GARMENTS LIMITED – EXCESS APPLICATION ACCOUNT」及以「只准入抬頭人賬戶」方式劃線開出。
本公司將以公平公正基準盡可能在實際可行情況下根據下列原則酌情分配額外供股股份：
(1) 倘並無充足額外供股股份滿足所有額外申請表格，額外供股股份將參照相關合資格股東在相關額外申請表格中所申請額外供 股股份之數量按比例予以分配；
(2) 否則（即倘合資格股東及╱或未繳股款供股股份之承讓人沒有根據暫定配額通知書承購之供股股份總數大於透過額外申請表格 申請之額外供股股份總數），額外供股股份將按照額外申請表格悉數分配予申請認購額外供股股份之每位合資格股東。
為免生疑慮，於應用上述原則時，僅參考有關額外申請表格中所申請之額外供股股份數目，並且不會參考透過暫定配額通知書申請認 購之供股股份或有關合資格股東所持現有股份數目。
轉讓 閣下如欲轉讓本暫定配額通知書所述認購 閣下獲暫定配發的供股股份全部權利，必須填妥及簽署轉讓及提名表格（表格乙），並將本 暫定配額通知書送交承讓人或據此經手轉讓 閣下權利的人士。其後，承讓人須填妥及簽署登記申請表格（表格丙），並於二零二五年 十二月五日（星期五）下午四時正前（在惡劣天氣情況下，於下文「惡劣天氣的影響」一節所述的有關較後日期或時間）將本暫定配額通知 書整份連同丙欄所載須於接納時繳足的全部股款送達登記處卓佳證券登記有限公司，地址為香港夏慤道16號遠東金融中心17樓。敬請 注意，轉讓 閣下認購有關供股股份的權利及承讓人接納該等權利時，須繳付香港印花稅。
分拆 倘 閣下僅擬接納部分暫定配額及╱或轉讓 閣下據此獲暫定配發供股股份的部分認購權利，或將 閣下據此獲暫定配發供股股份可 認購的部分權利轉讓予超過一名人士，則本暫定配額通知書必須於二零二五年十一月二十七日（星期四）下午四時三十分前提交及送 達登記處卓佳證券登記有限公司（地址為香港夏慤道16號遠東金融中心17樓）以供註銷，而登記處將註銷此暫定配額通知書正本，並按 所需金額發出新暫定配額通知書，而新發出的暫定配額通知書將於提交此暫定配額通知書正本後第二個營業日上午九時正後在登記 處可供領取。
零碎配額 本公司將不會暫定配發未繳股款之零碎供股股份。本公司不會提供零碎股份對盤服務。所有零碎供股股份將予彙集（下調至最接近之 整數），並且將可供合資格股東以額外申請表格提出額外申請。
支票或銀行本票 所有支票及銀行本票將於收訖後隨即兌現，而有關股款所賺取一切利息將就本公司利益撥歸本公司所有。倘任何暫定配額通知書隨附 的支票或銀行本票於首次過戶時不獲兌現，則有關暫定配額通知書可遭拒絕受理，而在此情況下，有關暫定配額及據此獲得的一切權 利將被視作已遭放棄而將予註銷。填妥本暫定配額通知書並連同繳付據此獲暫定配發的供股股份股款的支票或銀行本票交回時，即表 示申請人保證該支票或銀行本票將於首次過戶時獲得兌現。
股票 待供股的條件獲達成後，預期登記處將於二零二五年十二月十五日（星期一）或之前以平郵方式將繳足股款供股股份的股票寄發 予 閣下，郵誤風險概由 閣下自行承擔。除香港中央結算（代理人）有限公司外， 閣下將就所有獲發的供股股份收取一張股票。
惡劣天氣的影響 倘於二零二五年十二月五日（星期五）當地時間中午十二時正前懸掛8號或以上熱帶氣旋警告信號、「黑色」暴雨警告信號及╱或發出超 級颶風引致之極端情況（「惡劣天氣」），且在中午十二時正後取消，則接納供股股份及繳付股款以及申請額外供股股份之截止時間將順 延至同一個營業日下午五時正。倘於二零二五年十二月五日（星期五）香港當地時間中午十二時正至下午四時正期間出現惡劣天氣，接 納供股股份及繳付股款以及申請額外供股股份之截止時間將改為下一個營業日（在該日上午九時正至下午四時正期間任何時間並無懸 掛任何該等警告信號）下午四時正。
一般事項 填妥及交回本暫定配額通知書，即表示 閣下向本公司保證及聲明， 閣下已經或將會妥為遵守所有相關司法權區內與本暫定配額通 知書及其任何接納有關的一切登記、法律及規管要求。為免生疑問，香港結算或香港中央結算（代理人）有限公司將概不作出，或受任 何上述保證及聲明規限。遞交本暫定配額通知書及（在有關情況下）擬由獲發本暫定配額通知書的人士簽署的轉讓及提名表格（表格 乙），將為最終擁有權的證明，顯示遞交有關文件的人士有權處理有關文件及接收經分拆的暫定配額通知書及╱或供股股份的股票。 本暫定配額通知書及接納其所載認購要約受香港法例規管，並按此詮釋。載有供股詳情的章程可於二零二五年十一月二十一日（星期 五）至二零二五年十二月五日（星期五）期間的一般營業時間內向登記處卓佳證券登記有限公司（地址為香港夏慤道16號遠東金融中心 17樓）索取。
收集個人資料－暫定配額通知書 填妥、簽署及交回本暫定配額通知書及╱或隨附本暫定配額通知書之表格，即表示 閣下同意向本公司、登記處及╱或彼等各自之顧 問及代理披露個人資料及彼等所需有關 閣下或 閣下為其利益而接納暫定配發供股股份之人士之任何資料。香港法例第486章《個人 資料（私隱）條例》賦予證券持有人權利，可確定本公司或登記處是否持有其個人資料、索取有關資料之副本及更正任何不準確資料。根 據《個人資料（私隱）條例》，本公司及登記處有權就處理任何查閱資料要求而收取合理費用。有關查閱資料或更正資料或查閱有關政策 及慣例以及持有資料種類之訊息之所有要求，應寄至本公司註冊辦事處（地址為香港九龍觀塘開源道七十九號鱷魚恤中心二十五樓） 或根據適用法例不時通知之地址，交予本公司的公司秘書，或（視情況而定）寄至登記處卓佳證券登記有限公司（地址為香港夏慤道16 號遠東金融中心17樓），交予個人資料私隱主任。
此 致 列位合資格股東 台照
承董事會命 鱷魚恤有限公司 主席、執行董事及行政總裁 林煒珊
謹啟 二零二五年十一月二十一日
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