Redemption at the Option of the Company

Prior to (and excluding) [TBD] (being the date falling one month prior to the Maturity Date), the Company may, on giving not less than ten Business Days’ irrevocable notice to the Noteholders in accordance with Condition 13 and to the Trustee, the Issuing and Paying Agent and the Registrar in writing, redeem the Notes, in whole or in part, at any time and from time to time (such date of redemption, the “Make-Whole Redemption Date”), at the Make-Whole Redemption Price.

The “Make-Whole Redemption Price” means an amount equal to the greater of:

(a) (i) the sum of the present values of the remaining scheduled payments of principal and interest thereon from and including the relevant Make-Whole Redemption Date to but excluding the Par Call Date, discounted to the Make Whole Redemption Date at the Make-Whole Reference Rate plus the Make-Whole Redemption Margin less (ii) interest accrued to the relevant Make-Whole Redemption Date; and

(b) 100 per cent. of the outstanding aggregate principal amount of Notes to be redeemed,

plus, in either case, accrued and unpaid interest thereon to, but excluding, the Make-Whole Redemption Date.

"Make-Whole Redemption Margin" means [TBD] basis points; and

"Make-Whole Reference Rate" means the rate per annum equal to the semi annual equivalent yield to maturity derived from the average of the bid and asked prices of the offshore CNY denominated bond issued by the PRC government (Bloomberg ticker: CGB Govt, or any equivalent successor Bloomberg ticker that is publicly available) having a maturity equal or closest to the Par Call Date, as determined by the Company in accordance with the provisions hereof (the "Comparable China Government Bond") (expressed as a percentage of principal amount (rounded to three decimal places, 0.0005 being rounded upwards)), prevailing at 11.00 a.m. (Hong Kong time) on the third Business Day preceding the Make-Whole Redemption Date as displayed on the Bloomberg page

Par Call: 1 month