TH INTERNATIONAL LIMITED

Ticker: THCH CUSIP: G8656L130 Class: SHS NEW

ZAZOVE ASSOCIATES LLC's Holding History (CIK: 0001009012)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 228,387 Value ($000) $569 Avg Close $2.51 Range $2.10 - $3.25

Q3 2025

Shares 237,693 Value ($000) $616 Avg Close $2.71 Range $1.95 - $3.08

Q2 2025

Shares 254,426 Value ($000) $754 Avg Close $2.71 Range $2.15 - $3.10

Q1 2025

Shares 254,426 Value ($000) $745 Avg Close $3.13 Range $2.78 - $3.80

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	228,387	$569	$2.51	$2.10 - $3.25
Q3 2025	237,693	$616	$2.71	$1.95 - $3.08
Q2 2025	254,426	$754	$2.71	$2.15 - $3.10
Q1 2025	254,426	$745	$3.13	$2.78 - $3.80