[HK]宇华教育(06169)：就特别决议案徵求电子同意书

时间：2023-01-20

　　时间：2023年01月12日 23:51:19 中财网

　　原标题:宇华教育:就特别决议案徵求电子同意书

　　性或完整性亦不發表任何聲明，並明確表示，概不就因本公告的全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。

　　本公告僅供參考，並不構成或組成部分及不應解釋為收購、購買、認購、出售或發行證券的邀請或要約或訂立任何協議以作出任何有關事宜的邀請，亦不應被詮釋為收購、購買或認購任何證券的任何要約邀請。

　　本公告所載資料不會直接或間接於或向美國派發或傳閱。本公告僅供參考，並不構成在美國或任何其他司法權區提呈出售任何證券的要約或招攬購買任何證券的要約，倘未根據任何該等司法權區的證券法辦理登記或未獲批准而於上述地區進行上述要約、招攬或出售即屬違法。

　　本公告所述證券並無亦不會根據1933年美國證券法（經修訂）（「證券法」）登記，且不得在美國境內提呈發售或出售，惟獲豁免遵守證券法登記規定或屬不受證券法登記規定規限的交易除外。

　　CHINA YUHUA EDUCATION CORPORATION LIMITED

　　中國宇華教育集團有限公司

　　（於開曼群島註冊成立的有限責任公司）

　　（股份代號：6169及債務股份代號：40109）

　　發行之

　　於2024年到期的0.90%可換股債券

　　就特別決議案徵求電子同意書

　　本公告乃由中国宇华教育集團有限公司（「本公司」，連同其附屬公司及綜合聯屬實體統稱「本集團」）根據香聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.09(2)及37.47E(a)條以及香法例第571章證券及期貨條例第XIVA部項下之內幕消息條文（定義見上市規則）而作出。

　　茲提述可換股債券及本公司日期為2022年11月30日及2022年12月28日之公告（統稱「該等公告」）。

　　所界定具有相同涵義。

　　本公司已於今日根據信託契據附表3第22條（書面決議案及電子同意書）透過Euroclear Bank SA/NV及Clearstream Banking S.A.向債券持有人發出及發送特別決議案通告（日期為2023年1月12日）（「該通告」），以要求債券持有人透過電子同意書考慮及酌情批准及通過特別決議案（定義見該通告），該電子同意書將就可換股債券作出若干修訂及豁免，更多詳情載於該通告。

　　背景

　　誠如本公司日期為2022年12月28日之公告所述，各可換股債券持有人有權選擇要求本公司於2022年12月27日（「選擇沽售日期」）按本金額連同截至該日（不括該日）之應計利息贖回該持有人之全部或僅部分可換股債券（「認沽期權」）。

　　持有債券全部未償還本金額的債券持有人已行使認沽期權。本公司並無於選擇沽售日期贖回相關可換股債券，其觸發了債券條件項下之違約事件。

　　本公司與一組可換股債券持有人代表已就訂立補充信託契據及補充代理協議進行討論，以（其中括）重組可換股債券之條款及條件以及豁免債券條件項下之若干條件（「建議交易」）。建議交易的條款載於該通告、補充信託契據表（隨附於附件A）及補充代理協議表（隨附於附件B），並括（其中括）建議修訂及建議豁免。

　　本公司預期將於合理可行情況下盡快開始尋求批准以電子同意書方式進行建議交易。在此背景下，本公司尋求債券持有人同意批准特別決議案所載之建議事項。

　　該通告為要件，請即處理。閣下如對該通告所述建議及╱或應採取的行動有任何疑問，建議應即時諮詢閣下的股票經紀、銀行經理、律師、會計師或（如閣下身處英國）二零零零年金融服務及市場法認可的其他專業顧問或其他適當認可的獨立財務顧問。概無受託人或代理就債券持有人是否或如何就建議投票作出任何推薦建議。

　　該通告不構成出售或招攬購買任何證券的要約，並就特別決議案向持有人發出（僅以有關身份）。

　　在若干司法權區派發該通告可能受到法律限制。獲得該通告之人士須自行了解並遵守任何此類限制。

　　如閣下近期已出售或以其他方式轉讓下文所述閣下所持有的全部債券，應立即將該通告送交買方或受讓人，或送交經手出售或轉讓的股票經紀、銀行或代理，以便轉交買方或受讓人。

　　中?宇?教育集團有限公司（「發行人」）

　　提呈的

　　於2024年到期的0.90%未償還可換股債券

　　（ISIN：XS2089158609，通用代碼：208915860）持有人（「債券」及該等債券持有人「債券持有人」）

　　以電子同意書通過的

　　特別決議案通告

　　電子同意書時間：2023年1月18日下午四時正（倫敦時間）

　　受託人（「受託人」））訂立的日期為2019年12月27日的信託契據附表3的條文（「信託契據」），發行人建議債券持有人根據信託契據附表3第22條（書面決議案及電子同意書）以電子同意書方式透過Euroclear Bank SA/NV及Clearstream Banking S.A.通過以下特別決議案（「特別決議案」）。

　　除文義另有指明外，該通告所用但未界定的詞彙具有信託契據所賦予的涵義。

　　於該通告日期，債券的未償還本金額為1,474,000,000元。

　　毋須就電子同意書支付同意書費用。

　　特別決議案

　　特別決議案的條款如下：

　　「動議憑藉、根據及通過本特別決議案，由中国宇华教育集團有限公司（「發行人」）發行並由發行人與紐約梅隆銀行倫敦分行（作為債券持有人的受託人（「受託人」））訂立的日期為2019年12月27日的信託契據的條文（「信託契據」）構成的於2024年到期的0.90%未償還可換股債券（ISIN：XS2089158609，通用代碼：208915860）（「債券」）（其中目前本金總額1,474,000,000元未償還）的持有人通過提交彼等電子投票指示議決：

　　1. 同意、認可及批准建議修訂；

　　2. 同意、認可及批准以下建議豁免：

　　a. 直接因不付款事件已經或可能發生的任何潛在違約事件或違約事件；件：(a)發行人未能根據條件8(D)就因股份於2022年12月1日在香聯交所暫停買賣而已經發生的相關事件（「適用相關事件」）遞交通告及(b)發行人因適用相關事件而未能根據條件8(D)贖回債券；及

　　c. 根據條件7(E)未支付債券應計的任何違約利息而導致的任何潛在違約事件或違約事件（「違約利息豁免」），

　　然而，倘發行人(a)未能於本特別決議案獲通過當日（「實施日期」）後不遲於一個?業日簽立及交付建議修訂文件（以本特別決議案隨附的草

　　案形式，連同受託人要求的有關修訂或豁免（如有））及履行其於建議修訂文件項下的責任，(b)未能於實施日期後不遲於一個?業日向受

　　託人（以一組可換股債券持有人代表法律顧問的身份複製年利達律師事務所）提供指示，以向主要代理支付根據債券條款及條件第8(F)項條件（於建議修訂生效後）應付的所有款項，或(c)僅就違約利息豁免而言，未能遵守債券第8(F)項條款及受其條件規限（於建議修訂生效後）（在此情況下，自2022年12月27日就債券未償還本金額應計之違約利息將?復並繼續累計及維持到期及應付），則建議豁免將不再適用。

　　為免生疑問並受上述段落規限，吾等確認並了解，在根據本特別決議案的條款實施建議豁免後，任何債券持有人就該等條件第8(E)條交付的任何選擇沽售通知書無效，並且發行人將不會就其採取行動。

　　行動及事宜，並採取所有必要、應當或適宜的措施，以實行及執行本特別決議案並實施建議；

　　4. 批准、要求、授權、指示及指導受託人同意建議，並且根據受託人於實施日期要求的有關修訂或豁免（如有）即時簽立及遞交本特別決議案隨附的草擬本形式的建議修訂文件，使建議生效並實施建議。建議修訂將於建議修訂文件簽署後生效；

　　5. 解除、放棄和免除受託人根據信託契約、代理協議或債券，因與建議、建議修訂文件、本特別決議案或其實施、本特別決議案所述修改或該等修改的實施有關的任何作為或不作為而對債券持有人可能已經或可能承擔的所有損失或責任，即使後來發現本特別決議的通過存在任何缺陷，或因任何理由本特別決議對目前或其後的債券持有人或其繼承人或受讓人不具約束力。

　　6. 確認本特別決議案所使用之：

　　「不付款事件」指發行人不支付任何根據該等條件第8(E)條到期應付的金額。

　　「建議」指建議修訂及建議豁免；

　　「建議修訂」指建議修訂文件所述的修訂；

　　「建議修訂文件」指：

　　(i) 本特別決議案附件A所載補充信託契據表；及

　　(ii) 本特別決議案附件B所載補充代理協議表，

　　則予以簽立，以使建議修訂生效；

　　「建議豁免」指本特別決議案第2段所載的豁免；

　　除另有界定外，本特別決議案所用詞彙具有信託契據賦予的涵義。」備查文件

　　債券持有人可透過瀏覽同意書網站(https://projects.morrowsodali.com/ChinaYuHua)以電子方式查閱下列文件副本，惟須經資格確認及登記。製表及資料代理已設立同意書網站，以便債券持有人可查閱以下文件以及任何進一步公告及更新（如有）：

　　? 該通告；

　　? 構成債券的日期為2019年12月27日的信託契據；

　　? 就債券訂立的日期為2019年12月27日之代理協議；

　　? 補充信託契據表；及

　　? 補充代理協議表。

　　指示性時間安排

　　以下所載為其中若干關鍵日期與電子同意書及特別決議案有關的指示性時間安排：

　　? 2023年1月11日（「記錄日期」）：僅截至記錄日期的在冊債券持有人合資格同意建議豁免及建議修訂；

　　? 2023年1月12日：透過清算系統（定義見下文）將該通告遞交予債券持有人；? 2023年1月18日下午四時正（倫敦時間）：電子同意書時間（即透過清算系統提交贊成特別決議案的有效電子投票指示的截至日期）；

　　或其代表以電子同意書方式批准的日期生效，惟在特別決議案第(2)段規定所述的情況下，建議豁免將不再適用；及

　　? 建議修訂將於緊隨簽立建議修訂文件後生效。

　　一般資料

　　受託人及主代理尚未制定或磋商建議及特別決議案的條款，且該通告中的任何內容均不應視為受託人及主代理向債券持有人提供的推薦建議，以同意特別決議案。該通告中的任何內容均不應視為發行人、受託人及主代理向債券持有人提供的推薦建議，以批准或否決特別決議案。債券持有人應就投票贊成或反對相關特別決議案的好處及後果（括任何稅項後果）自行尋求獨立法律及財務意見。

　　受託人及主代理不對建議、特別決議案或該通告所作聲明及所述文件的準確性、完整性、有效性或正確性或其中的任何遺漏負責。

　　同意書費用

　　毋須就電子同意書支付同意費用。

　　電子同意書及投票程序

　　特別決議案由發行人提呈並獲債券持有人根據信託契據附表3第22條（書面決議案及電子同意書）以電子同意書方式通過。並無或尚未就特別決議案提呈或召開債券持有人會議。

　　僅於記錄日期的在冊持有人合資格同意建議豁免及建議修訂。債券的任何實益擁有人如欲就特別決議案授出同意，且其債券於記錄日期以經紀、交易商、商業銀行、託管商、信託公司或其他代名人的名義持有，必須立即聯絡該代名人，並指示該代名人代該實益擁有人發出電子投票指示。

　　書方式批准時獲通過及生效。就債券所投的每一票而言，已發出總額證書的債券本金額中每2,000,000元享有一票。

　　該通告訂明了促使債券持有人就建議特別決議案發出電子投票指示的詳情、發出電子投票指示的方法及必須接收電子投票指示以使電子投票指示有效發出的時間及日期，每種情況均須遵守相關清算系統的運作規則及程序。

　　倘債券持有人有意將債券持有人持有的債券應佔票數同意贊成特別決議案，則債券持有人或代其行事的正式授權人士

　　(a) 必須在電子同意書時間（或任何進一步電子同意書時間（定義見下文）（倘適用））之前及在相關清算系統規定的時限內，根據Euroclear及╱或Clearstream（統稱「清算系統」）的標準程序就該等該債券持有人持有的債券應佔票數發出電子投票指示（「電子投票指示」），表明該等票數是「贊成」特別決議案，並通過提交有關電子投票指示訂明直接參與在相關清算系統中的名稱及賬戶號碼。

　　各債券持有人務請注意，有關清算系統就提交電子投票指示設定的截止日期可能早於該通告所載的電子同意書時間，且有意同意的各債券持有人應核查相關清算系統的程序及電子同意書時間之前的截止日期。

　　債券的任何實益擁有人（並非清算系統的直接參與）必須聯絡其經紀商、交易商、銀行、託管人、信託公司或其他代名人，以於相關清算系統就賬戶持有人作出安排，其透過相關清算系統持有債券，以根據相關清算系統的要求遞交電子投票指示，在有關清算系統施加的截止日期凍結債券。

　　透過提供上述電子投票指示，直接參與授權存置其賬戶的清算系統向發行人、受託人、製表及資料代理人及彼等各自的法律顧問披露彼等身份及該等債券的未償還本金額之確認函。

　　表及資料代理人將確定：

　　(a) 於電子同意書時間（或任何進一步電子同意書時間（倘適用））前根據電子投票指示自清算系統收到的有關特別決議案的投票總數（且並無被撤回）；(b) 自清算系統收到的投票「贊成」特別決議案的總票數；及

　　並向各發行人及受託人通知該等確定。

　　倘發行人於電子同意書時間後收到製表及資料代理人釐定於電子同意書時間未就特別決議案取得必要同意的通知，則發行人（即特別決議案的提案人）可不遲於電子同意書時間後第五個?業日向債券持有人發出進一步通知，說明：(a) 將於有關日期及與受託人協定的有關期間再次提呈特別決議案（「進一步電子同意書時間」）；

　　(b) 並無收到足夠的票數以通過特別決議案；及

　　倘未發出有關進一步通知，特別決議案應被視為失敗，且應將有關結果以書面方式知會債券持有人及受託人。

　　於進一步電子同意書時間，債券持有人發出的電子投票指示（除非根據相關清算系統的程序被撤回）將對進一步計票仍然有效。

　　特別決議案如獲通過，將對各債券持有人具約束力，不論該等債券持有人所持債券應佔票數是否投出。

　　人發出額外通知：

　　(a) 於電子同意書時間及任何進一步電子同意書時間（倘適用）後，通知債券持有人於電子同意書時間（或任何進一步電子同意書時間（倘適用））就特別決議案取得必要同意；及

　　(b) （倘電子同意書時間或任何進一步電子同意書時間（倘適用）達到必要同意），則訂立建議修訂文件。

　　規管法律

　　該通告及其產生或與其有關的任何非合約責任受英國法律規管並應根據英國法律進行解釋。

　　其他資料

　　有關其他資料，債券持有人應聯絡製表及資料代理人，其聯絡詳情載於該通告最後一頁。

　　該通告由發行人發出。

　　2023年1月12日

　　Morrow Sodali Limited

　　同意網站：https://projects.morrowsodali.com/ChinaYuHua

　　電郵： chinayuhua@investor.morrowsodali.com

　　在香

　　香

　　上環

　　禧利街33-35號

　　The Hive

　　電話：+852 2319 4130

　　在倫敦

　　103 Wigmore Street

　　W1U 1QS

　　London

　　United Kingdom

　　電話：+44 20 4513 6933

　　受託人及主代理

　　紐約梅隆銀行倫敦分行

　　160 Queen Victoria Street

　　EC4V 4LA

　　United Kingdom

　　傳真號碼：+44 207 964 2509

　　收件人：受託人管理經理

　　並抄送至：

　　紐約梅隆銀行香分行

　　香

　　皇后大道東1號

　　太古廣場三座24樓

　　傳真號碼：+852 2295 3283

　　收件人：Global Corporate Trust

　　登記及轉讓代理人

　　The Bank of New York Mellon SA/NV, Luxembourg Branch

　　Vertigo Building–Polaris

　　中?宇?教育集團有限公司

　　主席兼執行董事

　　李光宇

　　香，2023年1月12日

　　於本公告日期，本公司董事會括執行董事李光宇先生、李花女士及邱紅軍女士；及獨立非執行董事陳磊先生、夏佐全先生及張志學先生。

　　由於延遲刊發本集團截至2022年8月31日止年度的年度業績，本公司股份（股份代號：6169）及本公司債務證券（債務證券股份代號：40109）自2022年12月1日上午九時正於聯交所暫停買賣，並將繼續暫停買賣直至刊發2022年年度業績。本公司股東及潛在投資於買賣本公司證券時務請審慎行事。

　　行動有任何疑問，彼等應即時向彼等之股票經紀、律師、會計師或其他獨立財務或法律顧問尋求彼等本身之財務及法律意見，括任何稅務後果。

　　本公告由本公司提供。受託人對本公告或其所載資料的準確性或完整性概不承擔任何責任。

　　本公司股東、可換股債券持有人及本公司潛在投資於買賣本公司證券時務請審慎行事。

　　補充信託契據表

　　This Supplemental Trust Deed is made on [●] 2023 between:

　　(1) CHINA YUHUA EDUCATION CORPORATION LIMITED, incorporated in the Cayman Islands with limited liability (the “Issuer”); and

　　(2) THE BANK OF NEW YORK MELLON, LONDON BRANCH, a banking corporation organised and existing under the laws of the State of New York with limited liability and operating through its branch in London at 160 Queen Victoria Street, London EC4V 4LA, United Kingdom, as the trustee (the “Trustee”, which expression, where the context so admits, includes any other trustee for the time being of this Trust Deed). Whereas:

　　(A) The Issuer issued HK$2,088,000,000 aggregate principal amount of 0.90 per cent. convertible bonds due 2024 (the “Bonds”) on 27 December 2019 (the “Issue Date”) which were constituted by the trust deed dated 27 December 2019 between the Issuer and the Trustee in relation to the Bonds (the “Original Trust Deed”). (B) By an extraordinary resolution dated [●] 2023 (the “Extraordinary Resolution”), the holders of the Bonds assented and consented to certain amendments and waivers relating to the Bonds and authorised, directed, requested and empowered the Trustee to assent and consent to such amendments and waivers and to enter into, inter alia, this supplemental trust deed (this “Supplemental Trust Deed”).

　　(C) The parties hereto wish to amend the Original Trust Deed as provided herein, and this Supplemental Trust Deed will amend and supplement the Original Trust Deed with effect from the date hereof.

　　(D) The parties hereto intend this document to take effect as a deed. This Supplemental Trust Deed witnesses and it is declared as follows: 1 Interpretation

　　1.1 Definitions

　　Unless otherwise defined in this Supplemental Trust Deed (including the recitals hereto), terms defined or construed in the Original Trust Deed shall have the same meanings or construction in this Supplemental Trust Deed.

　　In addition, all references in the Original Trust Deed to “this Trust Deed” and the “Trust Deed”

　　shall be deemed to refer to the Original Trust Deed as supplemented by this Supplemental Trust Deed and all references in the “Agency Agreement” in the Original Trust Deed shall be deemed to refer to the paying, conversion and transfer agency agreement dated 27 December 2019 in respect of the Bonds, as amended and supplemented by the supplemental agency agreement dated [●] 2023 and as further amended and/or supplemented from time to time.

　　1.2 Construction

　　Clauses 1.2 (Construction of Certain References), 1.3 (Headings), 1.4 (Schedules), 1.5 (Clauses) and Clause 1.8 (Amended Documents) of the Original Trust Deed shall have effect, mutatis mutandis, as if set out in full in this Supplemental Trust Deed. 1.3 Effect of this Supplemental Trust Deed

　　This Supplemental Trust Deed is supplemental to the Original Trust Deed and this Supplemental Trust Deed and the Original Trust Deed (as amended pursuant to this Supplemental Trust Deed) shall be read and construed together as one deed, provided always that in the event of any inconsistency between the Original Trust Deed and this Supplemental Trust Deed, the provisions of this Supplemental Trust Deed shall override such inconsistent provisions of the Original Trust Deed. Each of the amendments contemplated by this Supplemental Trust Deed shall take effect from the date of this Supplemental Trust Deed. Save for the amendments to the Original Trust Deed confirmed by this Supplemental Trust Deed, all terms and conditions of the Original Trust Deed shall remain in full force and effect.

　　2 Amendments

　　On and from the date of this Supplemental Trust Deed, the Original Trust Deed (which include the Conditions of the Bonds) shall be amended as follows: 2.1 the definition of “outstanding” in clause 1.1 of the Original Trust Deed shall be amended with

　　the following words in underlined added:

　　“outstanding” means, in relation to the Bonds, all the Bonds issued except (a) those which have been redeemed in accordance with the Conditions, (b) those in respect of which the date for redemption has occurred and the redemption moneys (including the premium, if any), all interest accrued on such Bonds to the date for such redemption and any interest payable under the Conditions after such date) (if any) have been duly paid to the Trustee or to the Principal Agent as provided in Clause 2 and remain available for payment in accordance with the Conditions, (c) those which have become void or in respect of which claims have become prescribed, (d) those which have been purchased and cancelled as provided in the Conditions, (e) those in respect of which the Conversion Right has been duly exercised and discharged (and, for the avoidance of doubt, a Bond in respect of which a Conversion Date has occurred shall be deemed to remain outstanding until the Conversion Right has been satisfied and discharged even if the holder is removed from the register of Bondholders during the conversion process) and those in respect of which Mandatory Conversion in accordance with the Conditions has occurred and the relevant Shares and/or any cash amounts have been duly delivered or paid to the Bondholders, and (f) the Bonds represented by any Global Certificate to the extent that it shall have been exchanged for another Global Certificate in respect of the Bonds or for the Certificates in definitive form pursuant to its provisions; and provided that for the purposes of (1) ascertaining the right to attend and vote at any meeting of the Bondholders, (2) the determination of how many Bonds are outstanding for the purposes of Clause 15, Conditions 10, 14 and 15 and Schedule 3, and (3) the exercise of any discretion, power or authority whether contained in this Trust Deed or any other document or provided by law, which the Trustee is required, expressly or impliedly, to exercise in or by reference to the interests of the Bondholders, those Bonds which are beneficially held by or on behalf of the Issuer or any of its Subsidiaries and not cancelled shall (unless no longer so held) be deemed not to remain outstanding;” 2.2 Clause 5.1of the Original Trust Deed shall be amended with the following words in underlined added:

　　“Availability of Shares: reserve, free from any other pre-emptive or other similar rights, out issued on conversion of all the Bonds (including upon a Mandatory Conversion) from time to time remaining outstanding and shall ensure that all Shares delivered on conversion of Bonds (including upon a Mandatory Conversion) will be duly and validly issued as fully-paid and not subject to call for further funds;”

　　2.3 Clause 5.9.1 of the Original Trust Deed shall be amended with the following words in underlined added:

　　“Listing of Shares: use all reasonable endeavours to (a) maintain a listing for all the issued Shares on the HKSE, and (b) obtain and maintain a listing for all the Shares issued on the exercise of the Conversion Rights or upon a Mandatory Conversion on the HKSE, and if the Issuer is unable to obtain or maintain such listing, having used such endeavours, the Issuer will use all reasonable endeavours to obtain and maintain a listing for the Shares on an Alternative Stock Exchange as the Issuer may from time to time determine (with prior written notification to the Trustee) and will forthwith give notice to the Bondholders in accordance with Condition 11 of the listing or delisting of the Shares (as a class) by any such stock exchange;”

　　2.4 Clause 6.3 of the Original Trust Deed shall be amended with the following words in underlined added:

　　“Notice of Adjustment: If, while any Conversion Right or Mandatory Conversion is or is capable of being or becoming exercisable, there shall be any adjustment to the Conversion Price or an announcement of the terms of any issue, sale or distribution pursuant to Condition 6(C)(4), Condition 6(C)(5), Condition 6(C)(6) and Condition 6(C)(7)) and the announcement of any proposed modification pursuant to Condition 6(C)(8), the Issuer shall (i) as soon as practicable notify (such notice to be signed by an Authorised Signatory) the Bondholders, the Trustee and the Principal Agent in writing of particulars of the event giving rise to the adjustment, the Conversion Price before and after the adjustment, the date on which the adjustment is likely to become effective, the effect of exercise of their Conversion Rights by Bondholders or the effect of any Mandatory Conversion before then and such other relevant information as the Trustee may require, and (ii) promptly after the adjustment takes effect, give notice to the Bondholders stating that the Conversion Price has been adjusted and setting out the event giving rise to the adjustment, the Conversion Price in effect before the adjustment, the adjusted Conversion Price and the effective date of the adjustment. However, a notice pursuant to another sub-Clause of this Clause 6 correctly stating any information required to be given pursuant to this Clause 6.3 shall, as to such information, satisfy the requirements of this Clause 6.3.” 2.5 A new Clause 11.56 shall be inserted after Clause 11.55 of the Original Trust Deed, as follows:

　　“11.56 Applicable Relevant Event: None of the Trustee nor the Agents shall be responsible or liable to determine whether the Applicable Relevant Event exists and/or continues to exist and/or ceases to exist. The Issuer shall be responsible for the calculation of the amount of Extension Fee(s) and the Trustee and the Agents shall not be responsible or liable to verify any such calculation or determination and will not be responsible to Bondholders or any other person for any loss arising from any failure to do so. The Issuer shall promptly notify the Trustee and the Agents when the Applicable Relevant Event ceases to exist and the Trustee and the Agents are entitled to assume that the Applicable Relevant Event is continuing until such notification is given in accordance with this Trust Deed.” “The Shares: None of the Trustee nor the Agents shall have any duty or responsibility at any time in respect of the determination of whether the Mandatory Conversion Condition has been satisfied. None of the Trustee nor the Agents shall have any duty or responsibility for any aspect with respect to the delivery of Shares including the appointment of the Share Transfer Agent or Relevant Person, the validity of or the determination of the value (or the kind or amount) of the Shares (including determination of the VWAP) or the value of any Shares which may at any time be issued or delivered on the conversion of any Bonds. None of the Trustee nor the Agents shall be responsible for any failure of the Issuer, the Relevant Person or the Share Transfer Agent to make available or deliver any Shares, share certificates or any other securities or property or make any payment or distribution on the exercise of any Conversion Right or upon a Mandatory Conversion.” 2.7 the Form of Global Certificate contained in Schedule 1 Part A to the Original Trust Deed shall be deleted in its entirety and replaced by Schedule 1 hereto, and references to “Global Certificate” representing the Bonds in the Original Trust Deed shall refer to the Global Certificate substantially in the form set out in Schedule 1 to this Supplemental Trust Deed; and

　　2.8 the Terms and Conditions of the Bonds contained in Schedule 2 to the Original Trust Deed shall be deleted in its entirety and replaced by Schedule 2 to this Supplemental Trust Deed. 2.9 Paragraph 3.9(ii) of Schedule 3 to the Original Trust Deed shall be amended with the following words in underlined added and the following word in strikethrough deleted: “modifying the circumstances in which the Issuer or Bondholders are entitled to redeem the Bonds pursuant to Condition 8(B), Condition 8(C), Condition 8(D), or Condition 8(E) or Condition 8(F); or”

　　2.10 Paragraph 3.9(v) of Schedule 3 to the Original Trust Deed shall be amended with the following words in underlined added:

　　“modifying (except by a unilateral and unconditional reduction in the Conversion Price) or cancel (i) the Conversion Rights or (ii) the provisions relating to the Mandatory Conversion; or”

　　3 Global Certificate

　　The Global Certificate issued on 27 December 2019 shall be cancelled and replaced by the Global Certificate in respect of the outstanding Bonds substantially in the form set out in Schedule 1 to this Supplemental Trust Deed duly executed and delivered by the Issuer in accordance with the Agency Agreement.

　　4 Further Assurance

　　The Issuer shall, at its own cost, take such action and execute such documentation as the Trustee shall request in order to effect the amendments under the Original Trust Deed and the Bonds in the manner contemplated by this Supplemental Trust Deed. 5 Stamp Duties and Taxes

　　The Issuer will pay any stamp, issue, registration, documentary, transfer or other taxes, duties, assessments and/or government charges, including interest and penalties, payable in the PRC, Hong Kong, the Cayman Islands, Luxembourg, Belgium, the United Kingdom and any other jurisdiction in respect of the execution or delivery of this Supplemental Trust Deed. The Trustee shall not be liable to pay any such taxes, duties, assessments and/or government charges in any jurisdiction and shall not be concerned with, or obliged or required to enquire into, the sufficiency of any amount paid by the Issuer or any Bondholder for this purpose and shall not be liable for any losses as a result of any non-payment by the Issuer or any Bondholder. The Issuer will also indemnify the Trustee and the Bondholders, on an after tax basis, from and against all stamp, issue, registration, documentary, transfer or other taxes, duties, assessments and/or government charges paid by any of them in any jurisdiction in connection with any action taken by or on behalf of the Trustee or, as the case may be, the Bondholders to enforce the Issuer’s obligations under this Supplemental Trust Deed. The parties hereto acknowledge that the foregoing indemnities shall survive the resignation or removal of the Trustee and/or the Bonds no longer being outstanding and/or the termination of this Supplemental Trust Deed.

　　6 Counterparts

　　This Supplemental Trust Deed may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a same copy of this Supplemental Trust Deed.

　　7 Contracts (Rights of Third Parties) Act 1999

　　A person who is not a party to this Supplemental Trust Deed has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Supplemental Trust Deed except and to the extent (if any) that this Supplemental Trust Deed expressly provides for such Act to apply to any of its terms. The parties to this Supplemental Trust Deed shall have the right to amend, vary or rescind any provision of this Supplemental Trust Deed without the consent of any such third party.

　　8 Governing Law and Jurisdiction

　　8.1 This Supplemental Trust Deed and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law. 8.2 The courts of Hong Kong are to have exclusive jurisdiction to settle any disputes which may arise out of or in connection with this Supplemental Trust Deed and accordingly any legal action or proceedings arising out of or in connection with this Supplemental Trust Deed (“Proceedings”) may be brought in such courts. The Issuer irrevocably submits to the jurisdiction of such courts and waives any objections to Proceedings in such courts on the ground of venue or on the ground that the Proceedings have been brought in an inconvenient forum.

　　8.3 The Issuer irrevocably agrees to receive service of process in any Proceedings in Hong Kong at the Issuer’s business address in Hong Kong, currently at 31/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong. Such service shall be deemed completed on delivery to such address (whether or not it is forwarded to and received by the Issuer). If for any reason the Issuer no longer has an address in Hong Kong, the Issuer irrevocably agrees to forthwith appoint a substitute process agent in Hong Kong and deliver to the Trustee a copy of the agent’s acceptance of that appointment within 30 days of such cessation. Nothing shall affect the right to serve process in any other manner permitted by law.

　　8.4 The Issuer hereby waives any right to claim sovereign or other immunity from jurisdiction or execution and any similar defence, and irrevocably consents to the giving of any relief or the issue of any process, including, without limitation, the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment made or given in connection with any Proceedings.

　　SCHEDULE 1

　　Form of Global Certificate

　　ISIN: XS2089158609

　　Common Code: 208915860

　　CHINA YUHUA EDUCATION CORPORATION LIMITED

　　(incorporated in the Cayman Islands with limited liability) HK$1,474,000,000 0.90 per cent. Convertible Bonds due 2024

　　GLOBAL CERTIFICATE NO. 2

　　This Global Certificate is issued in respect of the principal amount specified above of the Bonds (the

　　“Bonds”) of China YuHua Education Corporation Limited (the “Issuer”). This Global Certificate certifies that The Bank of New York Depository (Nominees) Limited (the “Registered Holder”) as nominee of the Common Depository for Euroclear and Clearstream is registered as the holder of such principal amount of the Bonds at the date hereof.

　　The Bonds are constituted by, are subject to, and have the benefit of, the Trust Deed and the Conditions.

　　The Bonds in respect of which this Certificate is issued are convertible into fully-paid ordinary Shares

　　of HK$0.00001 each of the Issuer subject to and in accordance with the Conditions and the Trust Deed.

　　Interpretation and Definitions

　　References in this Global Certificate to the “Conditions” are to the Terms and Conditions applicable

　　to the Bonds (which are in the form set out in Schedule 2 to the trust deed (as amended and supplemented on [●] 2023 and as further amended and/or supplemented from time to time, the “Trust Deed”) dated 27 December 2019 between the Issuer and The Bank of New York Mellon, London Branch as trustee, as such form is supplemented and/or modified and/or superseded by the provisions of this Global Certificate, which in the event of any conflict shall prevail). Other capitalised

　　terms used in this Global Certificate shall have the meanings given to them in the Conditions or the

　　Trust Deed.

　　Promise to Pay

　　The Issuer, for value received, promises to pay to the holder of the Bonds represented by this Global

　　Certificate (subject to surrender of this Global Certificate if no further payment falls to be made in

　　respect of such Bonds) on 27 December 2024 (the “Maturity Date”) (or on such earlier date as the

　　amount payable upon redemption under the Conditions may become repayable in accordance with the Conditions) the amount payable upon redemption under the Conditions in respect of the Bonds represented by this Global Certificate and to pay interest in respect of such Bonds from 27 December

　　2019 (the “Issue Date”) in arrear at the rates, on the dates for payment, and in accordance with the

　　method of calculation provided for in the Conditions save that the calculation is made in respect of

　　the total aggregate amount of the Bonds represented by this Global Certificate together with such other sums and additional amounts (if any) as may be payable under the Conditions, in accordance with the Conditions.

　　So long as the Global Certificate is held on behalf of Euroclear, Clearstream or any other clearing

　　system, each payment will be made to the person shown as the holder in the Register at the close of business of the relevant clearing system on the Clearing System Business Day before the due date for such payments, where “Clearing System Business Day” means a weekday (Monday to Friday, inclusive) except 25 December and 1 January.

　　For the purposes of this Global Certificate, (a) the holder of the Bonds represented by this Global

　　Certificate is bound by all the provisions of the Trust Deed and those provisions applicable to it of

　　the Agency Agreement, (b) the Issuer certifies that the Registered Holder is, at the date hereof, entered in the Register as the holder of the Bonds represented by this Global Certificate, (c) this

　　Global Certificate is evidence of entitlement only, (d) title to the Bonds represented by this Global

　　Certificate passes only on due registration on the Register, and (e) only the holder of the Bonds represented by this Global Certificate is entitled to payments in respect of the Bonds represented by this Global Certificate.

　　Exchange of Bonds Represented by Global Certificates

　　Owners of interests in the Bonds in respect of which this Global Certificate is issued will be entitled

　　to have title to the Bonds registered in their names and to receive individual definitive Certificates if

　　either Euroclear or Clearstream or any other clearing system selected by the Issuer and approved in writing by the Trustee, the Principal Agent and the Registrar through which the Bonds are held (an “Alternative Clearing System”) is closed for business for a continuous period of 14 days (other

　　than by reason of holidays, statutory or otherwise) or announces an intention permanently to cease business or does in fact do so. In such circumstances, the Issuer will at its own expense cause sufficient individual definitive Certificates to be executed and delivered to the Registrar for completion, authentication and despatch to the relevant holders of the Bonds. A person with an interest in the Bonds in respect of which this Global Certificate is issued must provide the Registrar

　　not less than 30 days’ notice at its specified office of such holder’s intention to effect such exchange

　　and a written order containing instructions and such other information as the Issuer and the Registrar

　　may require to complete, execute and deliver such individual definitive Certificates. Notices

　　So long as the Bonds are represented by the Global Certificate and the Global Certificate is held on

　　behalf of Euroclear or Clearstream or any Alternative Clearing System, notices to holders of the Bonds shall be given by delivery of the relevant notice to Euroclear or Clearstream or such Alternative Clearing System, for communication by it to accountholders entitled to an interest in the

　　Bonds in substitution for notification as required by the Terms and Conditions of the Bonds. Meetings

　　For the purposes of any meeting of Bondholders, the holder of the Bonds represented by this Global Certificate shall be treated as two persons for the purposes of any quorum requirements of a meeting

　　of Bondholders and as being entitled to one vote in respect of each HK$2,000,000 in principal amount of Bonds for which this Global Certificate is issued. Redemption at the Option of the Bondholders

　　The Bondholder’s redemption option in Conditions 8(D) and 8(E) may be exercised by the holder of this Global Certificate giving notice to any Paying Agent of the principal amount of Bonds in respect

　　of which the option is exercised within the time limits specified in that Condition. Redemption at the Option of the Issuer

　　The option of the Issuer provided for in Conditions 8(B) and 8(C) shall be exercised by the Issuer giving notice to the Bondholders within the time limits set out in and containing the information required by the relevant Condition.

　　Bondholders’ Tax Option

　　The option of the Bondholders not to have the Bonds redeemed as provided in Condition 8(B) shall be exercised by the presentation to any Paying Agent of a duly completed Bondholder’s election notice within the time limits set out in and containing the information required by Condition 8(B).

　　Mandatory Redemption

　　The Issuer shall redeem the Bonds as required by, and in accordance with, Condition 8(F) on the Mandatory Redemption Date.

　　Transfers

　　Transfers of beneficial interests in the Bonds represented by this Global Certificate will be effected

　　through the records of Euroclear and Clearstream (or any Alternative Clearing System) and their respective participants in accordance with the rules and procedures of Euroclear and Clearstream (or any Alternative Clearing System) and their respective direct and indirect participants. Cancellation

　　Cancellation of any Bond by the Issuer following its redemption, conversion or purchase by the Issuer and its Subsidiaries will be effected by a reduction in the principal amount of the Bonds in the

　　register of Bondholders and this Global Certificate on its presentation to or to the order of the Registrar for annotation (for information only) in Schedule A. Conversion

　　Subject to the requirements of Euroclear and Clearstream (or any Alternative Clearing System), the Conversion Right attaching to a Bond in respect of which this Global Certificate is issued may be exercised at any time during the Conversion Period by the presentation to or to the order of the Principal Agent of one or more Conversion Notices duly completed by or on behalf of a holder of a book-entry interest in such Bonds. Deposit of this Global Certificate with the Principal Agent together

　　with the relevant Conversion Notice(s) shall not be required. The exercise of the Conversion Right shall be notified by the Principal Agent to the Registrar and the holder of this Global Certificate.

　　Mandatory Conversion

　　Subject to the requirements of Euroclear and Clearstream (or any Alternative Clearing System), where a Mandatory Conversion occurs in respect of Bonds represented by this Global Certificate, one or more Conversion Notices duly completed may be presented to or to the order of the Principal Agent by or on behalf of a holder of a book-entry interest in such Bonds. Deposit of this Global Certificate with the Principal Agent together with the relevant Conversion Notice(s) shall not be required. The Mandatory Conversion shall be notified by the Principal Agent to the Registrar and the

　　holder of this Global Certificate.

　　Trustee’s Powers

　　In considering the interests of Bondholders while this Global Certificate is registered in the name of

　　a nominee for a clearing system, the Trustee may, to the extent it considers it appropriate to do so

　　in the circumstances, but without being obliged to do so, (a) have regard to any information as may

　　have been made available to it by or on behalf of the relevant clearing system or its operator as to

　　the identity of its accountholders (either individually or by way of category) with entitlements in

　　respect of the Bonds and (b) consider such interests on the basis that such accountholders were the holders of the Bonds in respect of which this Global Certificate is issued. This Global Certificate shall not become valid for any purpose until authenticated by or on behalf of

　　the Registrar.

　　A person who is not a party to this Global Certificate has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Global Certificate except and to the extent (if any)

　　that this Global Certificate expressly provides for such Act to apply to any of its terms. This Global Certificate and any non-contractual obligations arising out of or in connection with it shall

　　be governed by and construed in accordance with English law. In witness whereof the Issuer has caused this Global Certificate to be signed on its behalf. Dated as of __________________.

　　CHINA YUHUA EDUCATION CORPORATION LIMITED

　　By:

　　Certificate of Authentication

　　This Global Certificate is authenticated

　　by or on behalf of the Registrar

　　without recourse, warranty or liability.

　　THE BANK OF NEW YORK MELLON SA/NV, LUXEMBOURG BRANCH

　　as Registrar

　　By:

　　Authorised Signatory

　　For the purposes of authentication only.

　　Form of Transfer For value received the undersigned transfers to

　　(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF TRANSFEREE)

　　HK$[●] principal amount of the Bonds represented by this Global Certificate, and all rights under them.

　　Dated .................................................... Signed .................................................. Certifying Signature

　　__________________

　　Notes:

　　1 The signature of the person effecting a transfer shall conform to a list of duly authorised specimen signatures supplied by the holder of the Bonds represented by this Global Certificate or (if such signature corresponds with the name as it appears on the face of this Global Certificate) be certified by a notary public or a recognised bank or be supported by such other evidence as a Transfer Agent or the Registrar may require. 2 A representative of the Bondholder should state the capacity in which he signs e.g. executor.

　　PRINCIPAL AGENT

　　THE BANK OF NEW YORK MELLON, LONDON BRANCH

　　One Canada Square

　　London E14 5AL

　　United Kingdom

　　REGISTRAR AND TRANSFER AGENT

　　THE BANK OF NEW YORK MELLON SA/NV, LUXEMBOURG BRANCH

　　Vertigo Building – Polaris

　　2-4, rue Eugène Ruppert

　　L-2453 Luxembourg

　　Schedule A

　　Schedule of Increases/Reductions in Principal Amount of Bonds in respect of which this Global Certificate is Issued

　　The following increases/reductions in the principal amount of Bonds in respect of which this Global

　　Certificate is issued have been made as a result of: (i) exercise of the Conversion Rights attaching

　　to Bonds or any Mandatory Conversion, (ii) redemption of Bonds, (iii) purchase and cancellation of Bonds, (iv) partial exchange for Definitive Certificates, or (v) further issues:

　　Date of Conversion / Amount of Principal amount of Notation made by or Redemption / increase/decrease this Global on behalf of the Purchase and in principal amount Certificate following Registrar Cancellation of of this Global such

　　Bonds / Issue of Certificate increase/decrease

　　definitive Certificate

　　(stating which)

　　……………………… ……………………… ……………………… ………………………… … … …

　　Schedule B

　　Exercise of Bondholders’ Option

　　The following exercises of the option of the Bondholders provided for in Condition 8(D) and Condition

　　8(E) have been made in respect of the stated principal amount of this Global Certificate: Principal amount of this Date on which

　　Global Certificate in redemption of such Notation made by or respect of which exercise principal amount is on behalf of the Date of Exercise is made due Principal Agent

　　SCHEDULE 2

　　Terms and Conditions of the Bonds

　　AGREED FORM

　　TERMS AND CONDITIONS OF THE BONDS

　　The following, subject to completion and amendment, and save for the paragraphs in italics, is the text of the Terms

　　and Conditions of the Bonds.

　　The issue of the HK$2,088,000,000 aggregate principal amount of 0.90 per cent. Convertible Bonds due 2024 (the

　　“Bonds”, which term shall include, unless the context requires otherwise, any further bonds issued in accordance

　　with Condition 17 and consolidated and forming a single series therewith) of China YuHua Education Corporation

　　Limited (the “Issuer”) and the right of conversion into Shares (as defined in Condition 6(A)(iv)) was authorised by

　　the board of directors of the Issuer on 3 December 2019. The Bonds are constituted by the trust deed dated 27

　　December 2019 (the “Issue Date”) (as supplemented on 19 January 2023 and as further amended and/or

　　supplemented from time to time, the “Trust Deed”) between the Issuer and The Bank of New York Mellon, London

　　Branch (the “Trustee”, which expression shall include all persons for the time being the trustee or trustees under the

　　Trust Deed) as trustee for the holders (as defined below) of the Bonds. These terms and conditions (the “Conditions”)

　　include summaries of, and are subject to, the detailed provisions of the Trust Deed, which includes the form of the

　　Bonds. The Bondholders (as defined below) are entitled to the benefit of, and are bound by, and are deemed to have

　　notice of, all of the provisions of the Trust Deed, and are deemed to have notice of those provisions applicable to

　　them of the paying, conversion and transfer agency agreement dated 27 December 2019 (as supplemented on 19

　　January 2023 and as further amended and/or supplemented from time to time, the “Agency Agreement”) relating to

　　the Bonds between the Issuer, the Trustee, The Bank of New York Mellon, London Branch as principal paying agent

　　and principal conversion agent (collectively in those capacities, the “Principal Agent”), The Bank of New York

　　Mellon SA/NV, Luxembourg Branch as registrar (the “Registrar”) and as transfer agent (the “Transfer Agent”) and

　　the other paying agents, conversion agents and transfer agents appointed under it (each a “Paying Agent”, a

　　“Conversion Agent”, a “Transfer Agent” and together with the Registrar and the Principal Agent, the “Agents”)

　　relating to the Bonds. References to the “Paying Agents” and the “Conversion Agents” each include the Principal

　　Agent. References to the “Principal Agent”, the “Registrar”, the “Transfer Agent” and the “Agents” below are

　　references to the principal agent, the registrar and the agents for the time being for the Bonds. The Issuer has repurchased and cancelled an aggregate principal amount of HK$614,000,000 of Bonds. As at 19

　　January 2023 (the “Implementation Date”), the aggregate principal amount of Bonds outstanding is HK$1,474,000,000.

　　Copies of the Trust Deed and of the Agency Agreement are available for inspection at all reasonable times during

　　normal business hours (being between 9:00 a.m. and 3:00 p.m. on a business day) at the principal office for the time

　　being of the Trustee (being at the Issue Date at 160 Victoria Street, London EC4V 4LA, United Kingdom) and at the

　　specified office for the time being of the Principal Agent, following prior written request and proof of holding to the

　　satisfaction of the Trustee or, as the case may be, the Principal Agent. Unless otherwise defined, terms used in these Conditions have the meanings specified in the Trust Deed. In these

　　Conditions, “Bondholder” and (in relation to a Bond) “holder” mean the person in whose name a Bond is registered.

　　1 Form, Denomination and Title

　　(A) Form and Denomination

　　The Bonds are in registered form in the denomination of HK$2,000,000 and integral multiples of HK$1,000,000 in excess thereof (each, an “Authorised Denomination”). A bond certificate (each a “Certificate”) will be issued to each Bondholder in respect of its registered holding of Bonds. Each

　　Certificate will be numbered serially with an identifying number which will be recorded on the relevant

　　A50105807/0.31/12 Jan 2023 1

　　Certificate and in the register of Bondholders (the “Register”) which the Issuer will procure to be kept

　　by the Registrar.

　　Upon issue, the Bonds will be represented by a global certificate (the “Global Certificate”) registered

　　in the name of a nominee of, and deposited with, a common depositary for Euroclear Bank SA/NV (“Euroclear”) and Clearstream Banking S.A. (“Clearstream”). The Conditions are modified by certain provisions contained in the Global Certificate. See “Description of the Global Certificate”.

　　Except in the limited circumstances described in the Global Certificate, owners of interests in Bonds

　　represented by the Global Certificate will not be entitled to receive definitive Certificates in respect of

　　their individual holdings of Bonds. The Bonds are not issuable in bearer form. (B) Title

　　Title to the Bonds will pass only by transfer and registration in the Register as described in Condition

　　3. The holder of any Bond will (except as otherwise required by law or as ordered by a court of competent jurisdiction) be treated as its absolute owner for all purposes (whether or not it is overdue

　　and regardless of any notice of ownership, trust or any interest in it or any writing (other than the

　　endorsed form of transfer) on, or the theft or loss of, the Certificate issued in respect of it) and no

　　person will be liable for so treating the holder.

　　2 Status

　　The Bonds constitute direct, unconditional, unsubordinated and (subject to Condition 4) unsecured obligations

　　of the Issuer and shall at all times rank pari passu and without any preference or priority among themselves.

　　The payment obligations of the Issuer under the Bonds shall, save for such exceptions as may be provided by

　　mandatory provisions of applicable legislation and subject to Condition 4, at all times rank at least equally

　　with all of its other present and future unsecured and unsubordinated obligations. 3 Transfers of Bonds; Issue of Certificates

　　(A) Register

　　The Issuer will cause the Register to be kept at the specified office of the Registrar outside Hong Kong

　　and the United Kingdom and in accordance with the terms of the Agency Agreement on which shall be entered the names and addresses of the holders of the Bonds and the particulars of the Bonds held

　　by them and of all transfers, redemptions and conversions of the Bonds. Each Bondholder shall be entitled to receive only one Certificate in respect of its entire holding of Bonds. (B) Transfer

　　Subject to Condition 3(E) and the terms of the Agency Agreement, a Bond may be transferred by delivery of the Certificate issued in respect of that Bond, with the form of transfer on the back duly

　　completed and signed by the holder or his attorney duly authorised in writing, to the specified office

　　of the Registrar or any of the Transfer Agents and with any other evidence as the Registrar or such

　　Transfer Agent may require to prove the title of the transferor and the authority of the individuals who

　　have executed such form of transfer. No transfer of a Bond will be valid unless and until entered on

　　the Register.

　　Transfers of interests in the Bonds evidenced by the Global Certificate will be effected in accordance

　　with the rules of the relevant clearing systems.

　　A50105807 2

　　Each new Certificate to be issued upon a transfer of Bonds will, within seven business days of receipt

　　by the Registrar or, as the case may be, any Transfer Agent of the original Certificate and the form of

　　transfer duly completed and signed and provision of any other evidence required by the Registrar or

　　the relevant Transfer Agent as contemplated in Condition 3(B), be made available for collection at the

　　specified office of the Registrar or such Transfer Agent or, if so requested in the form of transfer, be

　　mailed by uninsured mail at the risk of the holder entitled to the Bonds (but free of charge to the holder

　　and at the Issuer’s expense) to the address specified in the form of transfer. Except in the limited circumstances described in the Global Certificate, owners of interests in the

　　Bonds will not be entitled to receive delivery of definitive Certificates. Where only some of the Bonds (being that of one or more Bonds) in respect of which a Certificate is

　　issued is to be transferred, converted, redeemed or repurchased, a new Certificate in respect of the

　　Bonds not so transferred, converted, redeemed or repurchased will, within seven business days of delivery of the original Certificate and provision of any other evidence required by the Registrar or the

　　relevant Transfer Agent as contemplated in Condition 3(B) to the Registrar or, as the case may be, any

　　Transfer Agent, be made available for collection at the specified office of the Registrar or such Transfer

　　Agent or, if so requested in the form of transfer, be mailed by uninsured mail at the risk of the holder

　　of the Bonds not so transferred, converted, redeemed or repurchased (but free of charge to the holder （未完）