Independent Financial Advisor Report of Western Securities Co., Ltd. on Hunan Friendship Apollo Commercial Co., Ltd.'s Share Issuance and Cash Payment for Asset Acquisition (Revised Draft)

Independent Financial Advisor Statement and Commitment

1. Independent Financial Advisor Statement

1. This independent financial advisor report is based on documents and materials provided by relevant parties, who are responsible for the authenticity, accuracy, and completeness of the provided documents and materials, ensuring that there are no false records, misleading statements, or significant omissions. The independent financial advisor does not bear any risk liability arising therefrom.
2. This independent financial advisor report is issued on the assumption that all parties involved in this transaction fully and timely fulfill the relevant agreements and commitments. If this assumption is not met, the independent financial advisor does not bear any risk liability arising therefrom.
3. For facts that are crucial to this independent financial advisor report but cannot be independently verified or require legal, auditing, or evaluation expertise to identify, the independent financial advisor primarily relies on opinions, explanations, and other documents issued by relevant government departments, law firms, accounting firms, asset appraisal institutions, and other relevant entities to make judgments.
4. If the conclusive opinions in this independent financial advisor report utilize professional opinions from other securities service institutions, the independent financial advisor has conducted necessary due diligence. Beyond the aforementioned verification responsibilities, the independent financial advisor does not assume any responsibility for the work processes and results of other intermediary institutions, nor does this independent financial advisor report express any opinions or evaluations regarding the work processes and results of other intermediary institutions. The citation of the content of professional opinions from other securities service institutions in this independent financial advisor report does not imply any express or implied guarantee of the authenticity and accuracy of such professional opinions and cited content by the independent financial advisor.
5. This independent financial advisor report does not constitute any investment advice or opinions regarding the listed company, and the independent financial advisor does not bear any responsibility for risks arising from any investment decisions made by investors based on this independent financial advisor report.
6. This independent financial advisor has not commissioned or authorized any other institutions or individuals to provide information not included in this independent financial advisor report as a supplement or modification to this independent financial advisor report, or to interpret or explain this independent financial advisor report. Without the written consent of the independent financial advisor, no person may at any time, for any purpose, in any form, copy, distribute, or excerpt this independent financial advisor report or any of its contents. Only the independent financial advisor has the right to interpret any ambiguities that may exist in this independent financial advisor report.
7. The independent financial advisor particularly reminds investors to carefully read the relevant announcements disclosed regarding this transaction and to review the relevant documents.