At any time following the occurrence of a Relevant Event, the holder of any Bond will have the right, at such holder's option, to require the Issuer to redeem all but not some only of that holder's Bonds on the Put Settlement Date at 101 per cent. (in the case of a redemption for a Change of Control) or 100 per cent. (in the case of a redemption for a No Registration Event) of their principal amount, together with accrued interest up to but excluding such Put Settlement Date. In order to exercise such right, the holder of the relevant Bond must deposit at the specified office of the Principal Paying Agent or any other Paying Agent a duly completed and signed notice of redemption, in the form for the time being current, obtainable from the specified office of the Principal Paying Agent or any other Paying Agent (a "Put Exercise Notice"), together with the Certificate evidencing the Bonds to be redeemed by not later than 30 days following a Relevant Event, or, if later, 30 days following the date upon which notice thereof is given to Bondholders by the Issuer in accordance with Condition 16.

In these Conditions:

a "Change of Control" occurs when:

(A) Mr. Zhang Jindong and Mr. Bu Yang together cease to directly or indirectly own more than 51 per cent. of the issued share capital of the Guarantor; or

(B) the Guarantor consolidates with or merges into or sells or transfers all or substantially all of the Guarantor's assets to any other person or persons; or

(C) Suning.com Co., Ltd. ceases to be a Subsidiary of the Guarantor; or

(D) the Issuer ceases to be a wholly-owned Subsidiary (directly or indirectly) of the Guarantor.