Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for thecontents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any
liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of thisannouncement.
This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or
subscribe for securities of the Company.
This announcement is not, and does not form any part of, an offer to buy or sell or the solicitation of an offer to buy or sell
any securities in the United States or any other jurisdiction. The securities referred to herein have not been and will not beregistered under the U.S. Securities Act of 1933, and may not be offered, sold or otherwise transferred within the UnitedStates absent registration or an exemption from registration. Any public offering of securities to be made in the UnitedStates will be made by means of a prospectus that may be obtained from the Company and will contain detailed information
about the Company and management, as well as financial statements. The Company does not intend to register any part ofany offering referred to herein in the United States.

CHINA EVERGRANDE GROUP
中 國恒大 集團
(Incorporated in the Cayman Islands with limited liability)(Stock Code: 3333)

INSIDE INFORMATIONPROPOSED RESTRUCTURING OF OFFSHORE DEBTS
QUARTERLY BUSINESS UPDATEThis announcement is made by China Evergrande Group (the ‘‘Company’’, together with its
subsidiaries, the ‘‘Group’’) pursuant to Part XIVA of the Securities and Futures Ordinance (Chapter
571 of the Laws of Hong Kong) and Rule 13.09 and Rule 13.24A of the Rules Governing the Listingof Securities on The Stock Exchange of Hong Kong Limited.
1.

RECENT EVENTSThe Company and its advisers have in the past few months engaged in constructive dialogue withvarious stakeholders of the Company on the proposed restructuring of the offshore indebtedness of
the Group (the ‘‘Proposed Restructuring’’).
Progress has been made with a number of major holders of: (a) the U.S. dollar denominated seniorsecured notes in the aggregate principal amount of US$13,922.5 million issued by the Company(the ‘‘Existing CEG Notes’’) and (b) the U.S. dollar denominated senior notes in the aggregate
principal amount of US$5,226.0 million issued by Scenery Journey Limited (‘‘SJ’’) and guaranteed
by, among others, Tianji Holding Limited (‘‘Tianji’’, and together with its subsidiaries, the–1–‘‘Tianji Group’’) (the ‘‘Existing SJ Notes’’, and together with the Existing CEG Notes, the‘‘Existing Notes’’). The Company is pleased to announce that these discussions have culminated inbinding agreements with members of an ad hoc committee of holders of the Existing Notes (the‘‘AHG’’) on the key terms of the Proposed Restructuring.
2.

THE PROPOSED RESTRUCTURING
The execution of the Term Sheets (as defined below) by, among others, the Company and the
AHG is a substantial positive milestone in achieving the Proposed Restructuring and isrepresentative of the significant progress made by the parties towards achieving the Proposed
Restructuring.
(a) Principal Terms
The principal terms of the Proposed Restructuring are set out in three binding term sheets(collectively, the ‘‘Term Sheets’’ and each a ‘‘Term Sheet’’) dated 20 March 2023:(a) a term sheet for the CEG Schemes (as defined in the appendix) between Mr. Hui Ka Yan,
the Company and members of the AHG holding the Existing CEG Notes (the ‘‘CEG
Term Sheet’’);(b) a term sheet for the SJ Scheme (as defined in the appendix) between SJ and members of
the AHG holding the Existing SJ Notes (the ‘‘SJ Term Sheet’’); and(c) a term sheet for the TJ Scheme (as defined in the appendix) between Tianji and membersof the AHG holding the Existing SJ Notes (the ‘‘TJ Term Sheet’’).
A copy of each Term Sheet (with sensitive annexes and schedules thereto removed, andsensitive information redacted) is appended to this announcement.
The Proposed Restructuring is expected to be implemented through schemes of arrangement orother arrangements in the Cayman Islands, Hong Kong and the British Virgin Islands and/or
other applicable jurisdictions. In particular, the indebtedness of Class A and Class C (as set
out in the CEG Term Sheet) will be subject to the CEG Schemes. In respect of each of the
CEG Schemes, the SJ Scheme and the TJ Scheme, the effective date of the relevant
restructuring will occur as soon as reasonably practicable after the conditions precedent set
out in the relevant scheme documentation have been satisfied or waived. The respective
restructuring effective date (as set out in the respective Term Sheet) is anticipated to be 1
October 2023 and the Longstop Date (as defined in the respective Term Sheet) is 15
December 2023 (as may be extended in accordance with the terms of respective Term Sheet).
The distribution of scheme consideration in the CEG Schemes will be: (a) for Class A, on thebasis of Class A’s full accrued claims; and (b) for Class C, on a ‘deficiency claim’ basis (i.e.
deducting for the assessed value of any related rights (whether principal, guarantee or–2–collateral support) against any party who is not the Company). The value of deficiency claims
shall be subject to an independent valuation and adjudication process which shall be set out inthe scheme documents.
The Term Sheets form the basis of agreements between the Company and the AHG. The
parties accordingly agree and undertake to work together in good faith and use their best
endeavours to (a) agree restructuring support agreement(s), and (b) subsequently conclude
further agreements as necessary to effect the Proposed Restructuring. The parties acknowledge
and agree that the Term Sheets record certain key agreed commercial provisions only, and thatno other terms and conditions should be implied. It is intended that the Proposed
Restructuring shall be facilitated by way of restructuring support agreement(s) and subsequent
further agreements and scheme documentation as necessary to effect the Proposed
Restructuring.
In accordance with the Term Sheets, the Group expects to agree and enter into one or more
restructuring support agreement(s) with the AHG holding the Existing CEG Notes or the
Existing SJ Notes (as applicable) in respect of each of the CEG Schemes, the SJ Scheme andthe TJ Scheme by no later than 31 March 2023 (or such other date as agreed with the AHG).
A further announcement will be made by the Company as and when appropriate in this regard.
The Company will procure the subsidiary guarantors of the debts of Class A and Hengda Real
Estate Group Co. Ltd (‘‘Hengda Real Estate’’) to comply with the CEG Term Sheet inconnection with the Proposed Restructuring.
(b) Treatment of EVPS Shares
As contemplated under the CEG Term Sheet, shares in Evergrande Property Services Group
Limited (‘‘Evergrande Property Services’’), a subsidiary of the Company the shares of which
are listed on The Stock Exchange of Hong Kong Limited (the ‘‘Stock Exchange’’) (Stock
Code: 6666) (the ‘‘EVPS Shares’’) held by the Company, totalling: (a) 2,493,778,025 EVPS
Shares (equivalent to approximately 23.1% of the total issued EVPS Shares as at the date of
the CEG Term Sheet); and (b) 749,465,275 EVPS Shares (equivalent to approximately 6.9%of the total issued EVPS Shares as at the date of the CEG Term Sheet), shall be deposited insecurities accounts and charged to secure the A2 EVPS SLNs and the C2 EVPS SLNs (eachas defined in the CEG Term Sheet) (the ‘‘EVPS Shares Account Charges’’), respectively.
The EVPS Shares subject to EVPS Shares Account Charges may be released for sale to a
strategic investor under certain conditions set out in the CEG Term Sheet. Any sale of EVPS
Shares to a strategic investor shall be made on a pro rata basis between the A2 EVPS SLNs
and the C2 EVPS SLNs.

–3–

Further, the Company will issue mandatory exchangeable bonds which are exchangeable into
2,331,985,700 EVPS Shares (representing approximately 21.57% of the total issued EVPS
Shares as at the date of the CEG Term Sheet) which shall be deposited in a charged securities
account (subject to customary releases).
(c) Treatment of NEV Shares
As contemplated under the CEG Term Sheet, shares in China Evergrande New Energy Vehicle
Group Limited (‘‘Evergrande NEV’’), a subsidiary of the Company the shares of which arelisted on the Stock Exchange (Stock Code: 708) (the ‘‘NEV Shares’’) held by the Company,
totalling: (a) 1,749,634,360 NEV Shares (equivalent to approximately 16.1% of the total
issued NEV Shares as at the date of the CEG Term Sheet) in connection with the A2 NEVSLNs (as defined in the CEG Term Sheet); and (b) 1,503,503,540 NEV Shares (equivalent toapproximately 13.9% of the total issued NEV Shares as at the date of the CEG Term Sheet) inconnection with the C2 NEV SLNs (as defined in the CEG Term Sheet), will be deposited
into escrow accounts (the ‘‘NEV Escrow Accounts’’).
The NEV Shares held under the NEV Escrow Accounts may be released from escrow for saleto a strategic investor under certain conditions set out in the CEG Term Sheet. Any sale of
NEV Shares to a strategic investor shall be made on a pro rata basis between the A2 NEVSLNs and the C2 NEV SLNs.
The Company will issue mandatory exchangeable bonds which are exchangeable into
3,094,810,100 NEV Shares (which represents approximately 28.54% of the total issued NEV
Shares as at the date of the CEG Term Sheet) which shall be deposited in a charged securities
account (subject to customary releases).
Subject to obtaining relevant approvals, as part of the Proposed Restructuring, certain loans by
the Company and others to Evergrande NEV totalling approximately US$2,704 million(including accrued interest up to 1 October 2023) will be converted into new shares in NEV ata conversion price of HK$3.84 per share, of which approximately US$2,421 million will be
used as exchange property for the NEV MEBs (as defined in the CEG Term Sheet) anddeposited into the relevant NEV Escrow Accounts for the benefit of the A2 NEV SLNs or the
C2 NEV SLNs.
(d) Transaction highlights
The Proposed Restructuring complies with international restructuring norms and bestpractices. It not only protects the legitimate rights and interests of various creditors inaccordance with the law, including arranging offshore assets as supplementary credit
enhancement for offshore debts, but also gives creditors sufficient flexibility to choose among
different plans, taking into account the specific circumstances and claim preferences ofdifferent types of creditors. The Proposed Restructuring will alleviate the Company’s pressureof offshore indebtedness and facilitate the Company’s efforts to resume operations and resolve
issues onshore. The Company will use its best endeavours to restore a healthy ecosystem ofcapital and business, repair its capital structure and stabilize its business operations.

–4–As part of the CEG Schemes, Class A and Class C creditors are both entitled to elect one of
two options with respect to the treatment of their entitlement to distribution. Under Option 1,
scheme creditors can elect to receive new notes to be issued by the Company at a 1:1
conversion ratio of their entitlement, and the new notes will have a tenor of 10 to 12 years
and will be repaid over time. Under Option 2, scheme creditors can elect to convert theirentitlements into (1) new notes to be issued by the Company with a tenor of five to nine
years, (2) a package of five equity-linked instruments, which are either secured over, linked
to, mandatorily exchangeable into, or mandatorily convertible into (as applicable) listed sharesof Evergrande Property Services, Evergrande NEV, or the Company, or (3) a combination ofboth.
As part of the SJ Scheme, creditors will receive five tranches of new notes with tenors of fourto eight years to be issued by SJ in an aggregate principal amount equal to US$6,500 million.
As part of the TJ Scheme, creditors will receive four tranches of new notes with tenors of fiveto eight years to be issued by Tianji in an aggregate principal amount equal to US$800
million.
In addition, a consent fee will be paid by way of payment-in-kind new notes to be issued by
the relevant scheme company pursuant to the CEG Schemes and the TJ Scheme to eligible
creditors in accordance with the terms of the relevant scheme documents.
The Group has set up a designated restructuring account to hold the net proceeds of certain
offshore asset disposals for the benefit of the offshore restructuring and all offshore creditors.
The arrangement for the designated restructuring account provides that, among other things,
funds can be withdrawn from the account only pursuant to the terms of this arrangement forlimited purposes; for instance, payments to settle the Group’s offshore restructuring expenses
and several prescribed types of offshore operational costs.
(e) Onshore updates
At the onshore level, the Group hopes that the Proposed Restructuring will provide thenecessary conditions for resuming business operations and incentivize the Group’s onshore
creditors to reach solutions with the Group, thereby facilitating the orderly resumption of theGroup’s business operations and the gradual generation of cash flow for debt repayment. Since
2022, the Group has extended principal maturity and/or interest payment dates for 9 series ofonshore corporate bonds for a period of six months to one year, comprising approximately
RMB53.5 billion in principal and RMB3.703 billion in interest. The Group also has a large
size of overdue onshore debts, of which the overdue interest-bearing debts amounted toapproximately RMB208.4 billion, the overdue commercial papers amounted to approximately
RMB326.3 billion and the overdue contingent liabilities amounted to approximately
RMB157.3 billion 1 as at 31 December 2022, and some onshore creditors have taken legal
action against the Group in connection therewith. Please refer to ‘‘6. Legal, Governmental andArbitration Proceedings’’ below for details.
1

The overdue amounts of onshore interest-bearing debts and contingent liabilities are calculated based on the statedmaturity date in the relevant contract, without giving effect to cross-default, cross-acceleration or similar provisions.

–5–(f) Requests for information and accession to CEG Term Sheet
Requests for information on the Proposed Restructuring can be directed to the Company’s
financial adviser:
Houlihan Lokey (China) Limited
Email: Evergrande@HL.com
Other creditors of the Company who are not initial parties to the CEG Term Sheet, may
accede to the CEG Term Sheet as Acceding Creditors (as defined in the CEG Term Sheet) bycontacting the Company’s financial adviser to complete an accession form (which is available
on request). Please refer to the CEG Term Sheet appended to this announcement for details.
3.

LATEST BUSINESS DEVELOPMENT(a) Company Overview
The Group is a conglomerate principally engaged in property development, property
investment, property management, new energy vehicle development and production, andcultural tourism business in the PRC. A summary of the Group’s three key business segments
is set out below:(i)

Property development business: The property development business is the main
business line of the Group with 1,316 property development projects. The property
development business accounted for approximately 93.1% of the Company’s revenue in
2021. Most of the Company’s projects are held under Hengda Real Estate, while Tianji
also holds equity interests in 35 projects located in Chinese mainland, including 21
projects in which Tianji holds the majority equity interests.

(ii) Property management business: The property management business of the Group isoperated through Evergrande Property Services. Evergrande Property Services provides
property management services primarily to real estate projects developed by the Group’s
property development business. As at the date of this announcement, approximately 70%
of properties under management by Evergrande Property Services are properties
developed by the Group. The Company holds a 51.7% equity interest in Evergrande
Property Services as at the date of this announcement.
(iii) New energy vehicle business: Evergrande NEV conducts industrial park development
and health management businesses, as well as the new energy vehicle and battery
businesses. The Company holds a 58.5% equity interest in Evergrande NEV as at the dateof this announcement.

–6–

Below is a financial and operational update of the three key business segments:(b) Property business2
In order to effectively protect the lawful rights and interests of its home-buyers and creditors,
the Group has endeavoured to maintain the stability of its production and operations.
Accordingly, the Group has attempted to garner the support of more than 6,800 construction
companies and 388 material suppliers, and effectively resumed work on 591 pre-soldconstruction projects in regions that are not severely cold. In 2022, the Group delivered
approximately 301,000 units of properties. As at the end of February 2023, the Company hascompleted the delivery of 421,000 units and 48.82 million square meters of gross floor area(‘‘GFA’’) for 515 projects.
In 2021, the Group had contracted sales of RMB443 billion and contracted sales area ofapproximately 54.3 million square meters of GFA. In 2022, the Group had contracted sales ofapproximately RMB31.7 billion (or approximately RMB19.6 billion after deducting properties
transferred to construction companies or suppliers for payment in kind) and contracted sales
area of approximately 3.904 million square meters of GFA. During January to February 2023,
the Group had contracted sales of approximately RMB6.57 billion (or approximately
RMB4.75 billion after deducting properties transferred to construction companies or suppliers
for payment in kind) and contracted sales area of approximately 0.911 million square metersof GFA.
Property business under Tianji GroupIn 2022, Tianji Group had contracted sales of approximately RMB4,332 million (orapproximately RMB2,756 million after deducting properties transferred to construction
companies or suppliers for payment in kind) and contracted sales area of approximately 428
thousand square meters of GFA.
(c) Property management business
As at 28 February 2023, Evergrande Property Services had 2,730 projects under managementwith total area under management of approximately 505 million square meters, providing
property management services to more than 3.3 million property owners. These projects undermanagement covered 22 provinces, 5 autonomous regions, 4 municipalities and Hong Kong.
As at 28 February 2023, Evergrande Property Services’ total contracted area wasapproximately 822 million square meters of GFA, with a total of 3,142 contracted projects.

2

The amounts of contracted sales and gross floor area for contracted sales and delivery in this section are grossnumbers based on the projects in which the Group or the Tianji Group (as applicable) holds interests.

–7–Based on the unaudited indicative financial information of Evergrande Property Services for
2021, Evergrande Property Service had revenue of approximately RMB14,586 million and
EBITDA 3 of approximately RMB4,235 million for 2021. Evergrande Property Services’ cash
outflow from operating activities was approximately RMB10,493 million4, cash outflow frominvestment activities was approximately RMB1,284 million, and cash inflow from financing
activities was approximately RMB62 million for 2021.
(d) New energy vehicle business
The mass production of Hengchi 5 officially started on 16 September 2022 with delivery of
the first batch of production vehicles having begun on 29 October 2022. As at the date of thisannouncement, Evergrande NEV has delivered over 900 vehicles.
Due to the tight liquidity situation and in order to maintain basic business operations,
Evergrande NEV has taken initiatives to cut costs, such as reducing its workforce headcount.
As at March 2023, Evergrande NEV had a total of 2,795 employees 5, compared to 3,742 as at
30 June 2022. In the absence of new funding, Evergrande NEV will face the risk of shutdown.
4.

LIQUIDATION ANALYSISThe Company has retained Deloitte Advisory (Hong Kong) Limited (‘‘DAHK’’) to perform an
analysis of estimated recoveries to offshore creditors under a liquidation scenario (the ‘‘Recovery
Analysis’’) 6. The Recovery Analysis covered approximately 80% of the combined net asset valueof the Group entities.7 The preliminary analysis is based on a scenario where the Proposed
Restructuring is unsuccessful and the Company is forced into liquidation.

3

EBITDA (earnings before interest, taxes, depreciation and amortization) included in this announcement is calculated
by adding the operating income with depreciation and amortization, impairment losses, other losses and subtracting
other revenue. An 80% provision for impairment has been made in relation to the operating receivables from relatedparties of Evergrande Property Services, while the provisions for impairment in relation to RMB13.4 billion involvedin the incident where deposits of Evergrande Property Services in the amount of approximately RMB13.4 billion were
pledged as security in favor of third parties (the ‘‘Evergrande PSG Pledges’’) have not been made.

4

The cash outflow includes RMB13.4 billion involved in the Evergrande PSG Pledges.

5

Including 931 employees that have suspended work, of which 493 are in the new energy vehicle segment and 438 arein the battery segment.

6

Information used for the Recovery Analysis was provided by the Company up to 9 November 2022, and was notindependently verified or audited by DAHK.

7

The combined net asset value of the Group entities represents the sum of each Group entity’s net asset value without
taking into account any consolidation adjustments.

–8–Based on the preliminary analysis, the estimated recovery to unsecured offshore creditors of theCompany in a group-wide liquidation is expected to be approximately RMB9,728 million with theestimated recovery rate for different classes of creditors as follows:
Class of creditors

Estimated recovery rate

Company’s offshore unsecured creditors
Holders of Existing CEG Notes
Holders of Existing SJ Notes
Tianji’s offshore unsecured creditors

3.53%
5.92%
6.49–9.34%8
2.05%

The Recovery Analysis involves extensive use of estimates and assumptions, which are subject touncertainties and contingencies beyond the Group’s control. The attainment of the estimatedrecovery rates may be affected by unforeseen events and the realization of the underlying
assumptions. Accordingly, actual recoveries may be materially different from the estimatedrecovery rates set forth above.
5.

FINANCIAL INFORMATION
The financial information set out below is unaudited and has been compiled by the management of
the Company based on information currently available to it, and is for indicative purposes only.
Such financial information has not been reviewed by the auditors or the audit committee of theCompany. As such financial information is unaudited and given the circumstances of theCompany, it is subject to change or adjustment. Shareholders and investors are reminded not torely on such financial information for their investment decision.
The preparation of the unaudited indicative financial information as at 31 December 2021 isderived from the Company’s 2021 interim report and adjusted by incorporating the changes of each
entity’s account balances from July to December 2021 and netting off intercompany transactions.
For subsidiaries of Evergrande Property Services, Evergrande NEV and Fangchebao Group Co.,
Ltd., which business lines differ from property development, the indicative financial information isprepared by the respective management teams and consolidated into the Company’s indicative
financial information.
The disruption caused by COVID-19, as well as disputes and lawsuits between suppliers and theCompany, led to difficulties in collecting the required information for property delivery
registration. There also remains uncertainty in property delivery, revenue recognition and otherfactors that impact the indicative financial information.

8

Estimated recovery rate is 6.49% if the keepwell agreement under the Existing SJ Notes is assumed to not be valid and9.34% if the keepwell agreement under the Existing SJ Notes is assumed to be valid.

–9–The impairment amount on inventory is subject to uncertainty as the timetable and sales price ofproperty sales are subject to market conditions. As the valuation of investment properties depends
on the future business plan, which at this stage is uncertain, the impairment amount on investment
properties is also uncertain.
Equity repurchase obligations that have been triggered are treated as trade and other payables on
the balance sheet presented in this announcement. Guarantees provided to external parties aretreated as contingent liabilities, which are not reflected on the balance sheet.
Set out below is the key unaudited indicative consolidated financial information of the Group as at
31 December 2021:
As at
31 December
2021
RMB in billions

Key Balance Sheet Figures

Cash and cash equivalents
Inventories
Trade and other receivables
Investment properties
Long term investments
Other assets

64
998
228
72
71
266

Total assets

1,699

Short-term borrowings/Long-term borrowings due within one year
Long-term borrowings
Trade and other payables
Other liabilities

558
—
862
478

Total liabilities

1,898

Total equity(199)– 10 –

Set out below is the key unaudited indicative consolidated financial information of Evergrande
Property Services and its subsidiaries as at 31 December 2021 9 :As at
31 December
2021
RMB in millions

Key Balance Sheet Figures

9

Cash and cash equivalents
Inventories
Trade and other receivables
Fixed assets
Long term investments
Goodwill and intangibles
Other assets

1,198
3
16,630
104
21
2,621
93

Total assets

20,670

Short-term borrowings/Long-term borrowings due within one year
Long-term borrowings
Trade and other payables
Other liabilities

150
150
5,786
3,603

Total liabilities

9,689

Total equity

10,981

An 80% provision for impairment had been made in relation to the operating receivables from related parties ofEvergrande Property Services, while the provisions for impairment in relation to RMB13.4 billion involved in theEvergrande PSG Pledges have not been made.

– 11 –

Set out below is the key unaudited indicative consolidated financial information of Evergrande
NEV and its subsidiaries as at 31 December 202110 :As at
31 December
2021
RMB in millions

Key Balance Sheet Figures

10

Cash and cash equivalents
Financial assets held for trading
Inventories
Trade and other receivables
Fixed assets
Construction in progress
Long term investments
Intangible assets
Other assets

1,287
2,795
112
14,657
4,517
18,028—
12,776
5,348

Total assets

59,521

Short-term borrowings/Long-term borrowings due within one year
Long-term borrowings
Trade and other payables
Other liabilities

13,885
11,271
28,885
4,789

Total liabilities

58,830Total equity691

The unaudited indicative financial information of Evergrande NEV only includes its new energy vehicle segment andbattery segment, without its real estate segment.

– 12 –

Set out below is the key unaudited indicative consolidated financial information of the TianjiGroup as at 31 December 2021:
As at
31 December
2021
RMB in millions

Key Balance Sheet Figures

Cash and cash equivalents
Inventories
Trade and other receivables
Investment properties
Long term investments
Other assets

3,229
88,43075,344
12,286
11,215
12,537

Total assets

203,041

Short-term borrowings/Long-term borrowings due within one year
Long-term borrowings
Trade and other payables
Other liabilities

65,457—
138,728
11,825

Total liabilities

216,010

Total equity(12,969)(a) Debt overview
As at 31 December 2021, based on the Company’s unaudited indicative financial information,
the Company had total interest-bearing debt of approximately RMB558.4 billion11 on aconsolidated basis, contingent liabilities of approximately RMB195.3 billion, of whichguarantees for debts of joint ventures, associates and third parties 12 were approximately
RMB102 billion and equity repurchase obligations that have not been triggered wereapproximately RMB93.3 billion. The following tables indicate the breakdown of the Group’s
interest-bearing debt and contingent liabilities by the place of incurrence and the availabilityof security.

11

The exchange rates used in the debt overview between Renminbi and U.S. dollars was RMB6.38 to US$1.00, andbetween Renminbi and H.K. dollars was RMB0.82 to HK$1.00.

12

Including principal amount of certain Class C claims on a full claim basis.

– 13 –

As at 31 December 2021
Interest-bearing
Contingent
Debt
Liabilities
RMB in millions
RMB in millions

Interest-bearing Debt andContingent Liabilities

Onshore Debt
Offshore Debt

418,112140,284

194,866
409

As at 31 December 2021
Interest-bearing
Contingent
Debt
Liabilities
RMB in millions
RMB in millions

Interest-bearing Debt andContingent Liabilities

Secured Debt
Unsecured Debt

311,190247,206

141,728
53,547(b) Intercompany balances
For the sole purpose of conducting the Recovery Analysis, an intercompany balances matrix
between the entities subject to the Recovery Analysis was prepared based on management
accounts of the relevant entities and certain assumptions in addressing the then unreconciled
differences in intercompany balances. As at 31 December 2021, the intercompany balances
between the Company and key entities of the Group are summarized below:(i)

There were approximately RMB14 billion net intercompany payables due to onshore
entities under Tianji from other onshore entities under the Company (excluding Tianji,
Evergrande Property Services and Evergrande NEV and the respective entities
thereunder);(ii) There were approximately RMB38 billion net intercompany payables due to the Company
and the offshore entities thereunder (excluding Tianji, Evergrande Property Services andEvergrande NEV and the respective entities thereunder) from Tianji and the offshore
entities thereunder;(iii) There were approximately RMB16 billion net intercompany payables due to otheronshore entities under the Company (excluding Tianji, Evergrande Property Services andEvergrande NEV and the respective entities thereunder) from Tianji and the offshore
entities thereunder.

– 14 –

(iv) There were approximately RMB11 billion 13 net intercompany payables due to entities
under Evergrande Property Services from the Company and the entities thereunder(excluding Evergrande Property Services and Evergrande NEV and the respective entities
thereunder);(v) There were approximately RMB20 billion net intercompany payables due to the Company
and the entities thereunder (excluding Evergrande Property Services and Evergrande NEV
and the respective entities thereunder) from Evergrande NEV and the entities thereunder;and(vi) There were approximately RMB1 million net intercompany payables due to entities underEvergrande Property Services from entities under Evergrande NEV.
These abovementioned intercompany balances are balances between entities subject to the
Recovery Analysis and do not represent all intercompany balances of the Group. The
abovementioned balances are based on the intercompany balances matrix prepared for the sole
purpose of the Recovery Analysis, which was in turn based on management accounts of therespective entities with any unreconciled differences addressed by certain assumptions.
Therefore, the actual intercompany balances may be materially different from the above.
Payables with respect to the abovementioned intercompany balances reflect the fund flow
among the relevant entities of the Group, for which no written agreements have been enteredinto with respect to the interest rate, maturity or security.
(c) Liquidity and cash position
As at 31 December 2021, based on the Company’s unaudited indicative financial information,
the consolidated cash balance of the Group (excluding cash held by the listed subsidiaries of
the Company, Evergrande Property Services and Evergrande NEV, and their respective
subsidiaries) was approximately RMB53,422 million, of which approximately RMB52,082
million was restricted cash and approximately RMB1,341 million was unrestricted cash 14.
As at 31 December 2021, based on Tianji’s unaudited indicative financial information, theconsolidated cash balance of the Tianji Group was approximately RMB3,229 million, of
which approximately RMB2,467 million was restricted cash and approximately RMB762
million was unrestricted cash.

13

Approximately RMB2.0 billion among the total amount involved in the Evergrande PSG Pledges was not accounted
for in the net intercompany payables due to entities Evergrande Property Services from the Company and its entities(excluding Evergrande Property Services and Evergrande NEV and their respective entities), because the relevant
entity held under Evergrande Property Services is out of the scope of the Recovery Analysis.

14

98% of unrestricted cash is under the property development segment and spread across more than 7,000 entities.

– 15 –

(d) Key offshore non-core assets
As part of the Proposed Restructuring, the Group has allocated certain offshore non-core
assets legally attributable to offshore creditors (which are not directly relating to the Group’s
property development business, property management business or new energy vehicle orbattery business), to (i) the Class A creditors in the CEG Schemes, (ii) both Class A creditors
and Class C creditors in the CEG Schemes, and (iii) creditors in the TJ Scheme, with anaggregate book value of approximately US$1,013 million, approximately US$959 million andapproximately US$1,909 million, respectively, as at 31 August 2022. 15 Any net proceeds fromthe disposal of these non-core assets shall be used to redeem the relevant instruments issued
under the CEG Schemes and TJ Scheme (as applicable).
(e) Projected cash flow
The Company
In the next three years, the Company’s core task is to ‘‘ensure delivery of properties’’, andwill strive to ‘‘resume work and production’’ and maintain orderly operations. It is estimatedthat additional financing of RMB250 billion to RMB300 billion will be required. During thisperiod, the unlevered free cash flow of existing projects will be mainly used to repay new
financing obtained to continue the construction, and as a result, the Company’s ability to
repay unsecured debt at the Company level is relatively weak.
Starting from the fourth year, assuming the Company can resume normal operations and theGroup’s urban redevelopment projects for which the Group has not been confirmed as theexecution entity can continue to be developed by the Group, the Company’s unlevered free
cash flow is expected to gradually increase. It is estimated that from 2026 to 2036, the annual
unlevered free cash flow will be approximately RMB110 billion to RMB150 billion on
average. It should be noted that the aforementioned cash flow has not yet taken into accountthe repayment of existing debt at the project level.
However, it should still be noted that most of the Company’s onshore projects are facing debt
default and litigation risks, which will cause additional cash outflows to the Company in the
future and hinder the normal development progress of the projects.
TianjiIn the next three years, Tianji’s core task is to ‘‘ensure delivery of properties’’, and will striveto ‘‘resume work and production’’ and maintain orderly operations. It is estimated that
additional financing of RMB1 billion to RMB2 billion will be required. During this period,

15

Market conditions and circumstances of the relevant assets have changed since 31 August 2022 and may changematerially in the future, and accordingly the book value of these offshore non-core assets may differ significantly fromtheir market value.

– 16 –

the unlevered free cash flow of existing projects will be mainly used to repay new financing
obtained to continue the project construction, and as a result, Tianji’s ability to repay
unsecured debt at the Tianji level is relatively weak.
Starting from the fourth year, assuming Tianji can resume normal operations, Tianji’s
unlevered free cash flow is expected to gradually increase. It is estimated that from 2026 to2036, the annual unlevered free cash flow will be approximately RMB4 billion to RMB6
billion on average. It should be noted that the aforementioned cash flow has not yet taken into
account the repayment of existing debt at the project level.
However, it should still be noted that most of Tianji’s onshore projects are facing debt default
and litigation risks, which will cause Tianji additional cash outflows in the future and hinder
the normal development progress of projects.
Evergrande Property Services
Assuming that Hengda Real Estate continues to operate and deliver properties, the delivered
properties are converted into the area under management of Evergrande Property Services andEvergrande Property Services maintains current expansion efforts, the area under managementof Evergrande Property Services is expected to be between 533 and 652 million square metersby 2026. Without taking into account the impact of the RMB13.4 billion involved in theEvergrande PSG Pledges, cumulative unlevered cash flow from 2023 to 2026 is expected tobe between RMB13 billion and RMB17 billion.
Evergrande NEV
If Evergrande NEV can obtain over RMB29 billion financing in the future, it plans to launch
a number of flagship models and is expected to achieve mass production. Under this businessplan, cumulative unlevered cash flow from 2023 to 2026 is expected to be between RMB-7
billion and RMB-5 billion.
The above financial forecasts are based on the management’s financial statements for 2021
and are subject to a number of assumptions and prerequisites. Due to the uncertainties
involved, the Company cannot guarantee that the operating results will be realized according
to the aforementioned forecast.
(f) Publication of financial statements
Reference is made to the announcement of the Company dated 16 January 2023 regarding thechange of auditor. At the recommendation of the Company, PricewaterhouseCoopers (‘‘PwC’’)
has resigned as the Company’s auditor with effect from 16 January 2023. The Board, having
considered the recommendation of the audit committee of the Company, had also resolved toappoint Prism Hong Kong and Shanghai Limited (‘‘Prism’’) as the new auditor of theCompany to fill the temporary vacancy following PwC’s resignation for a term until theconclusion of the next annual general meeting of the Company. Prism is a member firm of– 17 –

Shanghai Certified Public Accountants (Special General Partnership) in Hong Kong. It started
its work immediately after the appointment. The audit of the Group’s 2021 annual results andthe review of the 2022 interim results are still in progress. The Company will publish the2021 audited annual results and the 2022 interim results as soon as practicable.
6.

LEGAL, GOVERNMENTAL OR ARBITRATION PROCEEDINGS
Reference is made to the announcements of the Company dated 27 June 2022, 5 September 2022,
8 September 2022, 28 November 2022 and 20 March 2023 regarding the winding-up petition. The
hearing date of the winding-up petition has been further adjourned to 31 July 2023.
A number of onshore creditors have taken legal action against the Group. As at the date of thisannouncement, the number of pending court cases with involving amounts over RMB100 million
exceeds 789, involving a total of approximately RMB331.3 billion, and the number of pending
arbitration cases exceeds 43, involving a total of approximately RMB32.2 billion. Except for theproceedings that have been announced by the Company, the Company is of the view that, as at thedate of this announcement, there is no litigation, arbitration or administrative proceeding pending
against the Group which, on a standalone basis, would materially affect the Proposed
Restructuring.

7.

INDEPENDENT INVESTIGATION OF EVERGRANDE PROPERTY SERVICES
The results of the independent investigation into the Evergrande PSG Pledges were announced on
15 February 2023.
The Company and Evergrande Property Services are discussing a proposal for repayment of thedebt related to the Evergrande PSG Pledges. The Company will make further announcement(s)once the relevant repayment proposal has been finalized.

8.

RESUMPTION PROGRESSThe Company will endeavour to satisfy the resumption conditions as soon as practicable. As at thedate of this announcement, none of the resumption conditions has been satisfied.
Further announcement(s) will be made by the Company to inform shareholders and otherinvestors of the Company of any material development as and when appropriate. The
Company is still in the course of compiling its outstanding audited annual results of theGroup, the information contained in this announcement is only a preliminary assessment
made by the Board based on the financial information of the Group, which have not been
confirmed or audited by the Company’s auditors nor reviewed by the audit committee of theBoard and is subject to possible adjustments. The actual audited results of the Group may
differ from the information contained in this announcement.

– 18 –

9.

SUSPENSION OF TRADING
Trading in the shares of the Company has been suspended since 9:00 a.m. on 21 March 2022. The
trading in the shares of the Company will remain suspended until further notice.
By order of the Board
China Evergrande Group
Hui Ka Yan
ChairmanHong Kong, 22 March 2023
As at the date of this announcement, the executive directors are Mr. Hui Ka Yan, Mr. Siu Shawn, Mr. Shi Junping, Mr. Liu
Zhen and Mr. Qian Cheng, the non-executive director is Mr. Liang Senlin, and the independent non-executive directors are
Mr. Chau Shing Yim, David, Mr. He Qi and Ms. Xie Hongxi.

– 19 –

Execution Version
签署版本China Evergrande Group(“CEG”)
中国恒大集团
（“恒大”）
Binding Restructuring Term Sheet具有约束力的重组条款清单
20 March 2023
2023 年 3 月 20 日

4881-6270-1653

This binding term sheet (“this CEG Term Sheet”) signed and dated 20 March 2023, between Mr. Hui Ka Yan (the “Chairman”), CEG and an ad hoc group ofholders of the offshore notes issued by CEG or investment managers for or investment advisers to such holders, as constituted from time to time, who are advised by
the AHG Advisers (defined below) (the “CEG AHG”1, together with the Chairman, CEG and any Acceding Creditors (defined below), the “Parties”), sets forthcertain agreed heads of terms in connection with the proposed restructuring which will be consistent in all material respects with this CEG Term Sheet (the“Restructuring”) of certain indebtedness of CEG and its subsidiaries (together, the “Group”).
具有约束力的本重组条款清单（“本恒大条款清单”）签署日期为2023年3月20日，由许家印先生（“主席”）、恒大以及由恒大发行的境外票据的持
有人或该等持有人的投资经理或投资顾问在各时组成的，且由持有人特别团体顾问（定义见下文）提供建议的特别团体（“恒大持有人特别团体”1，
与主席、恒大和任何加入的债权人（定义见下文）统称为“当事方”）签署，列明了与拟议的重组有关的某些条款的概要，该重组对于恒大及其子公司（统称为“集团”）的某些债务而言将在所有重大方面与本恒大条款清单一致（“重组”）。
The execution of this CEG Term Sheet by the Parties signifies a substantial positive milestone in achieving the Restructuring and is representative of the Parties’
significant progress towards achieving the Restructuring.
当事方签署本恒大条款清单，标志着重组实现了重大而积极的里程碑，代表着当事方在实现重组方面取得了重大的实际进展。
This CEG Term Sheet forms the basis of the agreement between the Parties and the Parties accordingly agree and undertake to work together in good faith and use
best endeavours to (a) agree further detailed terms in a long-form term sheet and/or restructuring support agreement (the “RSA”), and (b) subsequently conclude
further agreements as necessary to effect the Restructuring, such that they are consistent in all material respects with this CEG Term Sheet (though this shall not
require a creditor of CEG who is a Party to make any payment or incur out of pocket expenses). The Parties acknowledge and agree that this CEG Term Sheet records
certain key agreed commercial provisions only, and that no other terms and conditions should be implied. It is intended that the Restructuring shall be facilitated by
way of the long-form term sheet and/or RSA and subsequent further agreements and scheme documentation as necessary to effect the Restructuring. CEG will procure
the subsidiary guarantors of the Class A debts and Hengda Real Estate Group Co., Ltd to comply with this CEG Term Sheet in connection with the Restructuring.
本恒大条款清单构成当事方之间协议的基础，因此，当事方同意并承诺真诚合作并尽最大努力，以（a）在长版本条款清单和/或重组支持协议（“重组支持协议”）中商定更详细的条款，并（b）随后签署实行重组所需的进一步协议，以使其在所有重大方面与本恒大条款清单保持一致（但这不应要求
作为当事方的恒大债权人支付任何款项或产生开支）。当事方承认并同意，本恒大条款清单仅记录某些经商定的关键商业条款，不应暗示其他任何条款和条件。重组旨在通过长版本条款清单和/或重组支持协议及随后为实现重组所需的进一步协议及协议安排文件来促进。恒大将促使A组债务的担保
子公司和恒大地产集团有限公司在重组中遵守本恒大条款清单。

1

The members of the CEG AHG as of the date of this CEG Term Sheet are listed in Schedule 6.

截至本恒大条款清单之日的恒大持有人特别团体成员名单见附表 6。

2

This CEG Term Sheet does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction. No securities
may be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Any public offering of securities to be madein the United States will be made by means of a prospectus. Such prospectus will contain detailed information about CEG and its management, as well as financial
statements. No public offer of securities is to be made by CEG or any of the subsidiary guarantors of the Class A Debts in the United States. This CEG Term Sheet is
not a prospectus for the purposes of Regulation (EU) 2017/1129, including as it forms part of domestic law in the United Kingdom by virtue of the European Union(Withdrawal) Act 2018, as amended by the European Union (Withdrawal Agreement) Act 2020.
本恒大条款清单并不构成在美国或任何其他司法管辖区销售任何证券的要约或对购买任何证券的要约的招揽。如果没有登记或没有适用的对登记要求
的豁免，不得在美国发行或销售证券。任何在美国进行的证券公开发售都将以证券发行说明书的形式进行。此种证券发行说明书书将包含有关恒大及其管理层的详细信息及财务报表。恒大或A组债务的任何担保子公司将不会在美国公开发售证券。本恒大条款清单并不是针对第2017/1129号条例（EU）（包括根据《2018年欧盟（退出）法案》（经《2020年欧盟（退出协议）法案》修订）构成英国国内法律的一部分）而言的证券发行说明书。
This CEG Term Sheet is governed by and construed in accordance with Hong Kong law. The courts of Hong Kong shall have exclusive jurisdiction to settle any
disputes that may arise out of or in connection with this CEG Term Sheet.
本恒大条款清单适用香港法律，并根据香港法律进行解释。香港法院应拥有专属管辖权，以解决可能因本恒大条款清单而产生的或与之相关的任何争议。

3

Heads of Terms
条款概要*Unless otherwise made clear / clear from the context, in this CEG Term Sheet (including all the schedules), (a) numbers for any Principal Amount and numbers so
derived from such Principal Amount assume a restructuring effective date (“RED”) of 1 October 2023; (b) number of shares in each of CEG, Evergrande Property
Services Group Limited (“EVPS”) and China Evergrande New Energy Vehicle Group Limited (“NEV”) and numbers so derived from such number of shares, arebased on the date of this CEG Term Sheet.
*除非上下文中另有明确说明，在本恒大条款清单（包括所有附表）中，（a）任何本金数额的数字和由该本金数额得出的数字均假定以 2023 年 10 月 1
日为重组生效日（“重组生效日”）；（b）恒大、恒大物业集团有限公司（“恒大物业”）和中国恒大新能源汽车集团有限公司（“恒大新能源汽车”）各自的股份数量以及由该等股份数量得出的数字均以本恒大条款清单的日期为准。
General
一般信息

Schemes jurisdictions
协议安排司法管辖区

CEG plans to implement the Restructuring through, inter alia, schemes of arrangement or other arrangements in the Cayman
Islands, Hong Kong and/or other applicable jurisdictions (the “CEG Schemes”). The purpose of the Restructuring is to provide
a sustainable capital structure going forward, including among other things deleveraging of the Group’s indebtedness.
恒大计划通过，其中包括，在开曼群岛、香港和/或其他适用司法管辖区的协议安排或其他安排实施重组（“恒大协议安排”）。重组的目的是为未来提供可持续的资本结构包括集团境外负债的去杠杆化及其他。
“Class A” means the offshore notes or bonds issued, and the loan borrowed, by CEG set out in Schedule 1.

Summary of debts intended to
be included in the CEG
Schemes拟列入恒大协议安排的债务汇总“A 组”指 附表 1 中列出的恒大发行的境外票据或债券和所借的贷款。
“Class C” means the offshore financial indebtedness (including guarantees and put options) of CEG set out in Schedule 2.
“C 组”指 附表 2 中列出的恒大境外金融负债（包括担保和认沽期权）。
“Class” means Class A or Class C.
“组别”指 A 组或 C 组。

Voting
投票

Both Class A and Class C will be voting on the full accrued claim basis, as of the voting record time (for this purpose interest
accrues to this time rather than the RED).
A 组和 C 组都将根据其截至投票记录时间的全部应计索偿进行投票（就此目的而言，利息计至本时刻而非重组生效
日而止）。

4

Class A’s entitlement to distribution will be on a Full Accrued Claim Basis while Class C’s entitlement to distribution will be
on a Deficiency Claim Basis, as of the scheme entitlement record time. For the avoidance of doubt, the calculation of a Class’entitlement to distribution shall include all interest accrued up to (but excluding) the RED on the debt instruments held by such
Class. To illustrate:
A 组的待分配的可获偿金额将按截至协议安排可获偿金额日期在全额应计索偿的基础上计算，而 C 组的待分配的可获偿金额将按截至协议安排可获偿金额记录时间在差额索偿基础上计算。为避免疑义，某一组别的待分配的可获偿
金额的计算应包括该组别所持债务工具截至（但不包括）重组生效日当日的所有应计利息。说明如下：
Entitlement to distribution
待分配的可获偿金额“Full Accrued Claim Basis” means an amount that equals to the sum of (x) the outstanding principal amount of the relevant
debt instrument; and (y) accrued and unpaid interest on such debt instrument up to (but excluding) RED.
“全额应计索偿基础”是指以下两项之和的金额：（x）相关债务工具的未偿还本金；以及（y）该债务工具截至（但不包括）重组生效日当日的应计及未付利息。
“Deficiency Claim Basis” means, in respect of a debt instrument, (x) the Full Accrued Claim Basis minus (y) the assessed value(determined pursuant to adjudication principles and procedures set out in the Scheme Documents) of any related rights (whether
principal, guarantee or collateral support) which are against any party who is not CEG. A similar approach will be taken to
determine any net claim in respect of a put option.
“差额索偿基础”是指，就债务工具而言，（x）全额应计索偿基础减去（y）针对非恒大的任一方的任何相关权利（无论是本金、担保或质押支持）的评估价值（根据协议安排文件列明的裁决原则和程序确定）。与认沽期权有关
的任何净索偿将采取类似的方法来确定。
As soon as reasonably practicable after the Conditions Precedent have been satisfied or waived and anticipated to be 1 October
2023, provided that it shall be no later than 15 December 2023 (or such other date as agreed in writing between CEG and the
CEG AHG) (the “Longstop Date”).

RED / Original Issue Date /Reference Date

在前提条件得到满足或豁免后，在合理可行的情况下尽快发生，预计为 2023 年 10 月 1 日（或经恒大和恒大持有人特别团体书面商定的其他日期）, 并不迟于 2023 年 12 月 15 日 （“最后期限日”)。

重组生效日期 / 初始发行日期/ 参考日期

In the event that the RED or Original Issue Date is at a date which is later than 1 October 2023:
若重组生效日或初始发行日期为 2023 年 10 月 1 日之后的某一天：(a) the interest (if any) on the new debt or equity-linked instruments issued pursuant to Option 1 or Option 2 below shall begin
to accrue on 1 October 2023; and5

根据以下方案 1 或方案 2 发行的新债务或股权挂钩票据的利息（如有）应于 2023 年 10 月 1 日开始计息；以及(b) the repayment and amortisation schedules of the new debt or equity-linked instruments (as applicable) issued pursuant to
Option 1 or Option 2 below shall remain the same as if the RED or Original Issue Date were 1 October 2023,
根据以下方案 1 或方案 2 发行的新债务或股权挂钩票据的偿付和摊销时间表（按各自所适用的）应按照如同重组
生效日或初始发行日期仍为 2023 年 10 月 1 日而保持不变，
notwithstanding that any such new debt or equity-linked instruments may be issued at a later date.
尽管任何该等新债务或股权挂钩票据可能会在之后的日期发行。
In light of the above, the interest on the Class A and Class C existing debt instruments will only accrue up to (but excluding)the earlier of 1 October 2023 and the RED (the “Reference Date”) (for the purpose of determining entitlement to distribution
and the Accrued Claims Ratio).
鉴于上述情况，A 组和 C 组现有债务工具的利息将只计至（但不包括）2023 年 10 月 1 日与重组生效日之间较早的日期（“参考日期”）（出于决定待分配的可获偿金额以及应计索偿比率的目的）。

Scheme Documents
协议安排文件AHG Advisers
持有人特别团体顾问

AHG
持有人特别团体

“Scheme Documents” means as applicable (a) the composite documents to be circulated by CEG to the As and Cs in relation
to the CEG Schemes, which will include (among other things) an explanatory statement and the terms of the CEG Schemes;and (b) the long-form term sheet and/or RSA to be entered into between, among others, CEG and the CEG AHG in respect of
the CEG Schemes.
“协议安排文件”指（根据所适用的情况）：（a）由恒大向 A 组债权人和 C 组债权人发送的有关恒大协议安排的综
合性文件，其将包括解释性声明和恒大协议安排的条款（以及其他内容）；以及（b） 由恒大和恒大持有人特别团体及其他方就恒大协议安排将签署的长版本条款清单和/或重组支持协议。
“AHG Advisers” means Moelis & Company, Kirkland & Ellis and other professional advisers as may be appointed by the
AHG from time to time.
“持有人特别团体顾问”指美驰投行、凯易律师事务所及其他可在各时由持有人特别团体委任的专业顾问。
“AHG” means the ad hoc group of holders of the offshore notes issued by CEG and/or Scenery Journey Limited or investment
managers for or investment advisers to such holders as constituted from time to time, who are advised by the AHG Advisers.
“持有人特别团体”指由恒大和/或景程有限公司发行的境外票据持有人，或该等持有人的投资经理或投资顾问在各时组成的，且由持有人特别团体顾问提供建议的特别团体。

Restructuring consideration: Options available to Class A and Class C6重组对价：提供给 A 组和 C 组的方案
Both Class A creditors (“As”) and Class C creditors (“Cs”) can elect from two options. The two options available to As havethe same methodology as the two options available to Cs, i.e., As and Cs choosing the same option will receive broadly similartypes of instruments as set out below:
A 组债权人（“A 债权人”）和 C 组债权人（“C 债权人”）都有两种方案可供选择。供 A 组债权人选择的两个方
案与供 C 组债权人选择的两个方案采用相同的方式，即选择相同方案的 A 债权人和 C 债权人将收到如下所述类型大
致相似的票据：Two options with respect totreatment of creditors’
entitlements处理债权人的可获偿金额方面
有两种方案(a) Option 1: new notes with a tenor of 10-12 years at a conversion ratio of 1x and which is also the default option for creditors
who have not made their elections in their submission of claims before the relevant deadline (the A1/C1 Notes); or
方案 1：期限为 10-12 年，按 1 比 1 转换率转换的新票据，亦为未在相关截止日期前提交的索偿中表明其选择的债权人的默认选项（A1/C1 票据）；或(b) Option 2: A2 Notes and C2 Notes, respectively, unless the As or Cs elect to convert their entitlement into (a) 100% of theA2/C2 Package (see below), or (b) any combination of the A2/C2 Package and A2/C2 Notes;
方案 2：分别为 A2 票据和 C2 票据，除非 A 债权人或 C 债权人选择将其可获偿金额转换为（a） 100%的 A2/C2
组合（见下文），或（b）任何 A2/C2 组合加上 A2/C2 票据的任意搭配；
subject to adjustment and reallocation.
受限于调整及重新分配。
As and Cs electing Option 2 are respectively “A2s” and “C2s”. The A2 Package and C2 Package are, together, the “Option 2
Packages”.
选择方案 2 的 A 债权人和 C 债权人分别称为“A2 债权人”和“C2 债权人”。A2 组合和 C2 组合统称为“方案 2 组合”。

Overview of Option 2
方案 2 概述

7

*Illustrative conversion ratio and entitlement per US$1,000 is calculated based on the A2 / C2 Package Initial Portion (seefurther below for details) – these numbers are subject to change following determination of the A2 / C2 Package Adjusted
Portion.
*每 1,000 美元的示意性的转换率和可获偿金额为根据 A2/C2 组合初始部分计算（详见下文）– 这些数字受限于 A2/C2

组合调整部分确定之后的变化。
An A2’s / C2’s entitlement will be converted to the A2/C2 Package and/or A2/C2 Notes at a conversion ratio of 1x, i.e.:
A2 债权人/C2 债权人的可获偿金额将按 1 比 1 的转换率转换为 A2/C2 组合和/或 A2/C2 票据，即：•For A2:
对于 A2 债权人：Conversion of US$1,000
entitlement electing A2 / C2
Package2o选择 A2/C2 组合的 1,000 美元可获偿金额的转换 2

US$1 of entitlement will be converted to US$1 of the A2 Package consisting of US$0.108 of EVPS MEBs,
US$0.345 of NEV MEBs, US$0.046 of CEG MCBs, US$0.225 of A2 EVPS SLNs and US$0.276 of A2 NEV
SLNs; and1 美元的可获偿金额将转换为 1 美元的 A2 组合，其构成为 0.108 美元 的恒大物业强制可交换债券、0.345
美元的恒大新能源汽车强制可交换债券、0.046 美元的恒大强制可转换债券、0.225 美元 的 A2 恒大物业股票挂钩票据和 0.276 美元的 A2 恒大新能源汽车股票挂钩票据；及o

US$1 of entitlement will be converted to US$1 of A2 Notes (which will be allocated in sequential order startingfrom A2 Tranche A)
1 美元的可获偿金额将转换为 1 美元 A2 票据（其将从 A2 票据 A 开始按顺序分配）•For C2:
对于 C2 债权人：o2

US$1 of entitlement will be converted to US$1 of the C2 Package consisting of US$0.049 of EVPS MEBs,
US$0.446 of NEV MEBs, US$0.059 of CEG MCBs, US$0.092 of C2 EVPS SLNs and US$0.354 of C2 NEV
SLNs; andBased on A2 / C2 Package Initial Portion and subject to change after determination of A2/C2 Package Adjusted Portion.

基于 A2/C2 组合初始部分，并受限于 A2/C2 组合调整部分确定之后的变化。

8

1 美元的可获偿金额将转换为 1 美元的 C2 组合，其构成为 0.049 美元的 恒大物业强制可交换债券、0.446
美元的 恒大新能源汽车强制可交换债券和 0.059 美元的恒大强制可转换债券、0.092 美元的 C2 恒大物业股票挂钩票据和 0.354 美元的 C2 恒大新能源汽车股票挂钩票据；及o

US$1 of entitlement will be converted to US$1 of C2 Notes (which will be allocated in sequential order startingfrom C2 Tranche A)
1 美元的可获偿金额将转换为 1 美元 C2 票据（其将从 C2 票据 A 开始按顺序分配）An illustrative table showing conversion of US$1,000 of As and Cs electing A2/C2 Package is set out below. This is calculated
based on the A2/C2 Package Initial Portion and subject to adjustment following determination of the A2/C2 Package Adjusted
Portion (which will be subject to reallocation if there is an undersubscription or oversubscription).
下方供示意的表格显示选择了 A2/C2 组合的 1,000 美元 A 债权人和 C 债权人的转换。这是根据 A2/C2 组合初始部分
计算的，受限于 A2/C2 组合调整部分确定之后的调整（如果出现认购不足或超额认购，则受限于重新分配）。
Option 2 (per US$1,000)

A’s entitlement

C’s entitlement

方案 A2（每 1,000 美元）

A 债权人的可获偿金额C 债权人的可获偿金额

Entitlement amount

1,000

1,000

108

49

345

446

46

59

225

92

可获偿金额金额
EVPS MEBs Principal Amount恒大物业可交换债券本金金额
NEV MEBs Principal Amount
恒大新能源汽车强制可交换债券本金金额
CEG MCBs Principal Amount恒大强制可转换债券本金金额
A2/C2 EVPS
Amount

SLNs

Principal

9

A2/C2 恒大物业股票挂钩票据本金金额
A2/C2 NEV
Amount

SLNs

Principal

276

354

A2/C2 恒大新能源汽车股票挂钩票
据本金金额

A2 Package Initial Portion and C2 Package Initial Portion is calculated based on the ratio of the estimated total accrued
claims of Class A to that of Class C as of the RED (the “Accrued Claims Ratio”) (except in respect of the EVPS MEBs and
EVPS SLNs, where 50% of each instrument is solely allocated to Class A and the other 50% is allocated to both Class A andClass C on a pro-rata basis based on the Accrued Claims Ratio).
A2 组合初始部分和 C2 组合初始部分：根据截至重组生效日 A 组和 C 组的预估全额应计索偿总额的比率（“应计索偿比率”）来计算（恒大物业强制可交换债券和恒大物业股票挂钩票据除外，该等票据各自的 50%仅分配给 A 组，另外 50%根据应计索偿比率按比例分配给 A 组和 C 组）。
Option 2 Package for Class A
and Class C3
A 组及 C 组的方案 2 组合 3

A2 Package Adjusted Portion and C2 Package Adjusted Portion:
A2 组合调整部分和 C2 组合调整部分：(a) C2 Package Adjusted Portion is equal to: (i) the total entitlements of Class C (on a Deficiency Claim Basis) after all ClassC entitlement has been determined on such date as set by CEG (the “Option 2 Package Adjustment Date”); divided by(ii) the estimated total accrued claims of Class C (on a Full Accrued Claim Basis); and multiplied by (iii) the C2 Package
Initial Portion. For the purpose of this CEG Term Sheet, “C2 Package Unadmitted Portion” means a portion equal to (i)C2 Package Initial Portion minus (ii) C2 Package Adjusted Portion; andC2 组合调整部分等于（i）所有 C 组可获偿金额于恒大设定的该等日期（“方案 2 组合调整日期”）确定之后，
C 组可获偿金额总额（基于差额索偿基础）；除以（ii）C 组（基于全额应计索偿基础）的预估应计索偿总额；并乘以（iii）C2 组合初始部分。就本恒大条款清单而言，“C2 组合未接受部分”等于（i）C2 组合初始部分减
去（ii）C2 组合调整部分的部分；以及

3

Same as footnote 2 above.

同上脚注 2。

10

(b) A2 Package Adjusted Portion is equal to (i) A2 Package Initial Portion; plus (ii) C2 Package Unadmitted Portion.
A2 组合调整部分等于（i）A2 组合初始部分；加上（ii）C2 组合未接受部分。
Class
组别

Principal Amount under the Option 2 Package (based on A2 / C2 Package Initial Portion and subject
to change after determination of the A2/C2 Package Adjusted Portion)
方案 2 组合下的本金金额(基于 A2/C2 组合初始部分，并受限于 A2/C2 组合调整部分确定之后的变
化）

A2 Package
andC2
Package
Ratio Split
A2 组 合 和C2 组合的比率划分

Class AClass C

Total Amount

A组

C组

总额

Estimated accrued claims for Class A
is US$17,066 million as of the RED

Estimated accrued claims for Class C
is US$14,665 million as of the RED截至重组生效日，A 组的应计索偿预计为 170.66 亿美元截至重组生效日，C 组的应计索偿预计为 146.65 亿美元

Estimated accrued claims forClass A and Class C is
US$31,731 million as of theRED

A2 Package Initial Portion for NEV
MEBs, CEG MCBs and A2 NEVSLNs is calculated to be 53.78% of
the total amount available

C2 Package Initial Portion for NEV
MEBs, CEG MCBs and C2 NEVSLNs is calculated to be 46.22% of
the total amount available

经计算，用于恒大新能源汽车强
制可交换债券、恒大强制可转换债券和 A2 恒大新能源汽车股票挂钩票据的 A2 组合初始部分占可提供总额的 53.78%

经计算，用于恒大新能源汽车强
制可交换债券、恒大强制可转换债券和 C2 恒大新能源汽车股票挂钩票据的 C2 组合初始部分占可用总额的 46.22%

A2 Package Initial Portion for EVPS
MEBs and A2 EVPS SLNs is
calculated to be 76.89% of the total
amount available

C2 Package Initial Portion for
EVPS MEBs and C2 EVPS SLNs is
calculated to be 23.11% of the total
amount available

经计算，用于恒大物业强制可交换债券和 A2 恒大物业股票挂钩票经计算，用于恒大物业强制可交换债券和 C2 恒大物业股票挂钩票11截至重组生效日，A 组和
C 组的应计索偿预计为
317.31 亿美元Option
Package2

据的 A2 组合初始部分占可提供总额的 76.89%

据的 C2 组合初始部分占可用总额的 23.11%

A2 Package Initial Portion

C2 Package Initial Portion

A2 组合初始部分

C2 组合初始部分

方案 2 组合

A2 Package and C2
Package Initial Portion
A2 组合和 C2 组合初始部
分

A2 Package Initial Portion of
US$ 4,892 million will consist of:

C2 Package Initial Portion of
US$ 3,253 million will consist of:A2 组合初始部分（48.92 亿美元）将包括：

C2 组合初始部分（32.53 亿美元）将包括：••

HK$1,749 million (equivalent toc. US$225 million) of CEG
MCBs
17.49 亿港元（相当于约 2.25
亿美元）的恒大强制可转换债券•

HK$4,124 million (equivalent toc. US$530 million) of EVPS
MEBs

HK$1,503 million (equivalent toc. US$193 million) of CEG
MCBs

A2 组合和 C2 组合初始部
分（81.45 亿美元）将包
括：•

15.03 亿港元（相当于约 1.93
亿美元）的恒大强制可转换债券
•

HK$1,239 million (equivalent
to c. US$159 million) of EVPS
MEBs

•

•

HK$5,364
million(equivalent to c. US$689
million) of EVPS MEBs
53.64 亿港元（相当于
约 6.89 亿美元）的恒
大物业强制可交换债券

HK$11,281 million (equivalent
to c. US$1,450 million) of NEV
MEBs, on a pro forma basis4112.81 亿港元（相当于约
14.5 亿美元）的恒大新能源HK$3,253
million(equivalent to c. US$418
million) of CEG MCBs
32.53 亿港元（相当于
约 4.18 亿美元）的恒大强制可转换债券

12.39 亿港元（相当于约 1.59
亿美元）的恒大物业强制可交换债券

41.24 亿港元（相当于约 5.3
亿美元）的恒大物业强制可交换债券12

A2 Package and C2 Package
Initial Portion of US$ 8,145
million will consist of :•HK$24,409(equivalentmilliontoc.

•

HK$13,128 million (equivalent
to c. US$1,687 million) of NEV
MEBs, on a pro forma basis4131.28 亿港元（相当于约
16.87 亿美元）的恒大新能源汽车强制可交换债券，按预估
值计算 4

•

US$1,100 million of A2 EVPS
SLNs5
11 亿美元的 A2 恒大物业股票挂钩票据 5•

US$1,350 million of A2 NEVSLNs 4 5
13.5 亿美元的 A2 恒大新能源汽车股票挂钩票据 4 5

NB: the above is subject toadjustment on or after the Option 2
Package Adjustment Date to derive
the A2 Package Adjusted Portion.

汽车强制可交换债券，按预估值计算 4•

US$300 million of C2 EVPS
SLNs5

•

US$1,150 million of C2 NEV
SLNs4 5

NB: the above is subject toadjustment on or after the Option 2
Package Adjustment Date to derive
the C2 Package Adjusted Portion.
注：上述内容受限于在方案 2 组合调整日期当日或之后进行调
整，以计算的 C2 组合调整部分。

Assuming the equitisation set out in “Treatment of Shareholder’s Loans to NEV and CEG’s Loan to NEV” and “Treatment of other loan to NEV” have occurred.

假设 “股东对恒大新能源汽车的贷款和恒大对恒大新能源汽车的贷款的处理 ”和“恒大新能源汽车其他贷款的处理”中规定的股权化已发生。
After applying the package ratio split, the principal amounts are then rounded down to the nearest 50 million.

采用组合的比率划分之后，本金金额将向下舍入至最接近的 5000 万。

13•

11.5 亿美元的 C2 恒大新能源汽车股票挂钩票据 4 5合调整日期当日或之后进行调
整，以计算的 A2 组合调整部分。

5

244.09 亿 港 元 （ 相 当于约 31.37 亿美元）的恒 大 新能 源汽 车强 制
可 交 换债 券， 按预 估值计算 43 亿美元的 C2 恒大物业股票挂钩票据 5

注：上述内容受限于在方案 2 组

4

US$3,137 million) of
NEV MEBs, on a pro
forma basis4

US$1,400 million
EVPS SLNs5

of

14 亿美元的恒大物业
股票挂钩票据 5•

US$2,500 million
NEV SLNs 4 5of25 亿美元的恒大新能
源汽车股票挂钩票据 4
5

If a Class’ election results in the total entitlement to be converted to the A2/C2 Package to be more than the A2/C2 Package
Adjusted Portion, there is an oversubscribed entitlement of that Class and the oversubscribed entitlement exceeding the relevant
Class’ Adjusted Portion will be converted to A2 Notes and C2 Notes, as applicable.
如果某个组别进行选择之后转换为 A2/C2 组合的可获偿金额总额多于 A2/C2 组合调整部分，则该组别即有超额认购的可获偿金额，且超过相关组别调整部分的超额认购可获偿金额将被转换为 A2 票据和 C2 票据（按各自所适用
的）。

Oversubscription andundersubscription of A2/C2
Package6
A2/C2 组合的超额认购和不足
额认购 9

If Class A’s election results in the total entitlement to be converted to the A2 Package to be less than the A2 Package Initial
Portion, As who elected for the A2 Package shall be allocated the A2 Package, and any underutilised portion of the A2 Package
Initial Portion shall be allocated to the As who elected for the A2 Notes on a pro rata basis (a conversion ratio of 1x for the As’entitlement will be applied). Then, if the A2 Package Initial Portion is still underutilised after allocating to the As who elected
for the A2 Notes, any such underutilised A2 Initial Portion shall be allocated to the As who elected for the A1 Notes on a pro
rata basis (a conversion ratio of 1x for the As’ entitlement will be applied). Under such circumstance, the C2 Package
Unadmitted Portion will constitute the underutilized A2 Package Adjusted Portion and any shares associated with the C2
Package Unadmitted Portion shall be allocated as part of the respective pool of underlying shares for A2 EVPS SLNs, C2 EVPS
SLNs, A2 NEV SLNs and C2 NEV SLNs.
如果 A 组的选择导致转换为 A2 组合的可获偿金额总额少于 A2 组合初始部分，则 A2 组合应按照 A 债权人的选择分配给选择 A2 票据的 A 债权人，且 A2 组合初始部分中任何未充分使用的部分应按比例分配给选择 A2 票据的 A 债权人（将就 A 债权人可获偿金额采用 1 比 1 的转换率）。然后，如果在分配给选择 A2 票据的 A 债权人后，A2 组合初
始部分仍未充分使用，任何未充分使用的 A2 初始部分应按比例分配给选择 A1 票据的 A 债权人（将就 A 债权人可获偿金额采用 1 倍的转换率）。在此情况下，C2 组合未接受部分将构成未充分使用的 A2 组合调整部分，而任何与 C2
组合未接受部分相关的股份应作为 A2 恒大物业股票挂钩票据、C2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票
挂钩票据和 C2 恒大新能源汽车股票挂钩票据的各自相关底层股份的一部分予以分配。
If Class A’s election results in the total entitlement to be converted to the A2 Package to be equal to or more than the A2 Package
Initial Portion but less than the A2 Package Adjusted Portion, any shares associated with the underutilised portion of the A2

6

Based on A2/C2 Package Adjusted Portion.

基于 A2/C2 组合调整部分。

14

Package Adjusted Portion shall be allocated as part of the respective pool of underlying shares for A2 EVPS SLNs, C2 EVPS
SLNs, A2 NEV SLNs and C2 NEV SLNs.
如果 A 组的选择导致转换为 A2 组合的可获偿金额总额等于或多于 A2 组合初始部分，但少于 A2 组合调整部分，则
A2 组合调整部分中任何与未充分使用部分相关的股份应作为 A2 恒大物业股票挂钩票据、C2 恒大物业股票挂钩票
据、A2 恒大新能源汽车股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据的各自相关底层股份的一部分予以分配。
If Class C’s election results in the total entitlement to be converted to the C2 Package to be less than the C2 Package Adjusted
Portion, any underutilised portion of the C2 Package Adjusted Portion shall be allocated to the Cs who elected for the C2 Notes
on a pro rata basis (a conversion ratio of 1x for the Cs’ entitlement will be applied). Then, if the C2 Package Adjusted Portionis still underutilised after allocating to the Cs who elected for the C2 Notes, any such underutilised C2 Adjusted Portion shallbe allocated to the Cs who elected for the C1 Notes on a pro rata basis (a conversion ratio of 1x for the Cs’ entitlement will beapplied).
如果 C 组的选择导致转换为 C2 组合的可获偿金额总额少于 C2 组合调整部分，则 C2 组合调整部分中任何未充分使
用的部分应按比例分配给选择 C2 票据的 C 组（将就 C 组可获偿金额采用 1 比 1 的转换率）。然后，如果在分配给选择 C2 票据的 C 组后，C2 组合初始部分仍未充分使用，任何未充分使用的 C2 初始部分应按比例分配给选择 C1 票据的 C 债权人（将就 C 债权人可获偿金额采用 1 比 1 的转换率）。

Overview of the CEG MCBs,EVPS MEBs and NEV MEBs7
恒大强制可转换债券，恒大物
业强制可交换债券和恒大新能源汽车强制可交换债券概述 10

7Each of the A2 Package Initial Portion and C2 Package Initial Portion will include its pro-rata portion of the US$4,245 million
equity bundle (US$689 million EVPS MEBs, US$3,137 million NEV MEBs and US$418 million CEG MCBs) based on the
Accrued Claims Ratio (except in respect of the EVPS MEBs, where 50% is solely allocated to Class A and the other 50% is
allocated to both Class A and Class C on a pro-rata basis based on the Accrued Claims Ratio).
A2 组合初始部分和 C2 组合初始部分将基于应计索偿比率，包括各自在 42.45 亿美元的股权组合（6.89 亿美元的恒大
物业强制可交换债券、31.37 亿美元的恒大新能源汽车强制可交换债券和 4.18 亿美元的恒大强制可转换债券）中的部
分（恒大物业强制可交换债券除外，其 50%仅分配给 A 组，另外 50%则根据应计索偿比率按比例分配给 A 组和 C组）。

Same as footnote 2 above.

同上脚注 2。

15

Each of the A2 Package Adjusted Portion and C2 Package Adjusted Portion will include its portion of the US$4,245 million
equity bundle (US$689 million EVPS MEBs, US$3,137 million NEV MEBs and US$418 million CEG MCBs) based on the
A2 Package Initial Portion and C2 Package Initial Portion each with adjustment made by adding or deducting (as applicable)
the C2 Package Unadmitted Portion.
A2 组合调整部分及 C2 组合调整部分将基于 A2 组合初始部分和 C2 组合初始部分，包括各自在 42.45 亿美元的股权组合（6.89 亿美元恒大物业强制可交换债券、31.37 亿美元恒大新能源汽车强制可交换债券及 4.18 亿美元恒大强制可转换债券）中的部分，各自通过增加或扣除（按各自所适用的）C2 组合未接受部分进行调整。
Further details of the CEG MCBs, EVPS MEBs and NEV MEBs are set out in the table below.
下表列明有关恒大强制可转换债券，恒大物业强制可交换债券和恒大新能源汽车强制可交换债券的进一步细节。
Equity-linked
instruments

EVPS MEBs

NEV MEBs

CEG MCBs

恒大物业强制可交换债券

恒大新能源汽车强制可交换债券恒大强制可转换债券

股权挂钩票据Total amount available
under all equity-linked
instruments for allocation
to all A2s and C2s

HK$33,026 million (equivalent to c. US$4,245 million), being the sum of the EVPS MEBs,
NEV MEBs and CEG MCBs, whose available amounts are HK$5,364 million (equivalent toc. US$689 million), HK$24,409 million (equivalent to c. US$3,137 million) and HK$3,253
million (equivalent to c. US$418 million), respectively

所 有 股 权 挂钩 票 据 下可供分配给所有 A2 和 C2
的总金额

330.26 亿港元（相当于约 42.45 亿美元），为恒大物业可交换债券、恒大新能源汽车可
交换债券和恒大强制可转换债券的总和，其各自的可用金额分别为 53.64 亿港元（相当于约 6.89 亿美元）、244.09 亿港元（相当于约 31.37 亿美元）及 32.53 亿港元（相当于
约 4.18 亿美元）Amounts available under HK$5,364
millioneach
equity-linked (equivalent to c. US$689
million), of which 50% is16

HK$24,409
million(equivalent to c. US$3,137
million), after assuming full

HK$3,253
million(equivalent to c. US$418
million). The maximum

instrument for allocation
to all A2s and C2s每 个 股 权 挂钩 票 据 下可分配给所有 A2 和 C2 的金额solely available for allocation
to As and the other 50% is tobe shared between A2s andC2s on a pro-rata basis
53.64 亿 港 元 （ 相 当 于 约
6.89 亿美元），其中 50%仅供分配给 A 债权人， 另外
50%由 A2 和 C2 组按比例共享

conversion
oftheShareholder’s Loans to NEV
and CEG’s Loan to NEV 8 .
The maximum amount is tobe shared between A2s andC2s on a pro-rata basis244.09 亿港元（相当于约
31.37 亿美元），已考虑新能源汽车股东贷款和恒大
对新能源汽车贷款的转换11。最高总额将由 A2 和 C2
组按比例共享Fixed Conversion Priceor Exchange Price

HK$2.30 per share, i.e., 1x
the last trading price of EVPS

HK$3.84 per share, i.e., 1.2x
the last trading price of NEV

固定转换价或交换价每股 2.30 港币，即恒大物
业最后交易价乘以 1.0

每股 3.84 港币，即恒大新
能源汽车最后交易价乘以
1.2

amount is to be shared
between A2s and C2s on a
pro-rata basis
32.53 亿 港 元 （ 相 当 于 约
4.18 亿美元）最高总额将由 A2 和 C2 组按比例共享

HK$0.5775 per share, i.e.,
0.35x the last trading price ofCEG
每股 0.5775 港币，即恒大
最后交易价乘以 0.35

Voluntary conversion or Subject to certain conditions, holders have the option to exchange or convert (as applicable)
exchange
受限于某些条件，持有人可以选择转换或交换（按所适用的）自愿转换或交换
Mandatory conversion or
exchange8

Two (2) years after the Reference Date

Same as footnote 4 above.

同上脚注 4。

17

Five (5) years after theReference Date强制转换或交换

参考日期后的两（2）年

参考日期后的五（5）年

Each of the A2 Package Initial Portion and C2 Package Initial Portion will include its portion of the US$1,400 million EVPS
SLNs, where 50% is solely allocated to Class A and the other 50% is allocated to both Class A and Class C on a pro-rata basis
based on the Accrued Claims Ratio.
A2 组合初始部分和 C2 组合初始部分将包括各自在 14 亿美元的恒大物业股票挂钩票据中的部分，其 50%仅分配给 A
组，另外 50%基于应计索偿比率按比例分配给 A 组和 C 组。
Each of the A2 Package Initial Portion and C2 Package Initial Portion will include its pro-rata portion of the US$2,500 million
NEV SLNs based on the Accrued Claims Ratio.
Overview of the A2 EVPS
SLNs, A2 NEV SLNs, C2
EVPS SLNs and C2 NEV
SLNs9
A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩
票据、C2 恒大物业 股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据概述 12

A2 组合初始部分和 C2 组合初始部分将基于应计索偿比率，包括各自在 25 亿美元的恒大新能源汽车股票挂钩票据中的部分。
Each of A2 Package Adjusted Portion and C2 Package Adjusted Portion will include its portion of the US$1,400 million EVPS
SLNs based on the A2 Package Initial Portion and C2 Package Initial Portion each with adjustment made by adding or deducting(as applicable) the C2 Package Unadmitted Portion.
A2 组合调整部分及 C2 组合调整部分将基于 A2 组合初始部分和 C2 组合初始部分，包括各自在 14 亿美元的恒大物业
股票挂钩票据中的部分，各自通过增加或扣除（按各自所适用的）C2 组合未接受部分进行调整。
Further details of the A2 EVPS SLNs, C2 EVPS SLNs, A2 NEV SLNs and C2 NEV SLNs are set out in the table below.
A2 恒大物业股票挂钩票据、C2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据概述详情见下表。

9

SLNs

EVPS SLNs

NEV SLNs

股票挂钩票据恒大物业股票挂钩票据

恒大新能源汽车股票挂钩票据A2 EVPS SLNs

A2 NEV SLNs

C2 EVPS SLNs

Same as footnote 2 above.

同上脚注 2。

18

C2 NEV SLNs

恒大物业股票挂钩票据恒大物业股票挂钩票据

恒大新能源汽车股票
挂钩票据

恒大新能源汽车股票
挂钩票据

The information below is a summary only. Further details, defined terms and assumptions are set out in the principal
terms of the respective SLNs (see Schedule 4).

以下信息仅为摘要。更多详细信息、术语定义和假设见各自 股票挂钩票据的主要条款中所载（见附表 4）。
Aggregate Principal
Amount (as of theRED)
本金总额（截至重组
生效日）

Tenor
年期

US$1,100 million

US$300 million

US$1,350 million

US$1,150 million•

Tranche A:
US$ 550
million••Tranche A:
US$ 600 million•

Tranche A:
US$ 500 million

Tranche B:
US$ 750 million•

Tranche B:
US$ 550
million••Tranche B:
US$ 650 million•

3 亿美元：•

票据 A：5.5
亿美元•

票据 A：1.5亿美元•

票据 B：5.5
亿美元•

票据 B：1.5
亿美元Tranche A: 5 years
Tranche B: 6 years

票据 B：6 年

10

Tranche B:
US$ 150
million

11 亿美元：

票据 A：5 年

Underlying shares10

Tranche A:
US$ 150
million2,493,778,025
shares in EVPS in

13.5 亿美元：11.5 亿美元：•票据 A：6 亿美元•

票据 A：5 亿美元••

票据 B：7.5 亿美元

票据 B：6.5 亿美元Tranche A: 7 years

Tranche A: 5 years

Tranche A: 7 years

Tranche B: 8 years

Tranche B: 6 years

Tranche B: 8 years

票据 A：7 年

票据 A：5 年

票据 A：7 年

票据 B：8 年

票据 B：6 年

票据 B：8 年

749,465,275 sharesin EVPS in total to2,633,536,337 sharesin NEV in total to be

2,263,062,099 shares in
NEV in total to be

Calculated based on outstanding shares as of the date of this CEG Term Sheet but assuming the equitisation set out in “Treatment of Shareholder’s Loans to NEV and CEG’s Loan to NEV” and “Treatment of otherloan to NEV” have occurred.

19

底层股份 13

total to be allocatedpro-rata to therespective tranches
by principal amountbe allocated prorata
totherespective tranches
by principal amount

将依据本金按比例分配给各票据的恒大物业股份 ， 总 计2,493,778,025 股

将依据本金按比例分配给各票据的恒大物业股份 ， 总 计749,465,275 股

allocated pro-rata to
the respective tranches
by principal amountallocated pro-rata to therespective tranches byprincipal amount

将依据本金按比例分
配给各票据的恒大新
能源汽车股份，总计
2,633,536,337 股

将依据本金按比例分
配给各票据的恒大新
能源汽车股份，总计
2,263,062,099 股Interest

Cash

Tranche A: 5.0%

Tranche A: 6.0%

Tranche A: 5.0%

Tranche A: 6.0%

利息现金Tranche B: 5.5%

Tranche B: 6.5%

Tranche B: 5.5%

Tranche B: 6.5%

票据 A：5.0%

票据 A：6.0%

票据 A：5.0%

票据 A：6.0%

票据 B：5.5%

票据 B：6.5%

票据 B：5.5%

票据 B：6.5%

PIK
实物支付

If any interest with respect to an interest payment period is paid in kind, the interest rate willbe 1.0% higher than the respective interest rates above, with respect to such interest payment
period
如果某个付息期中有任何利息是以实物支付的，则就该付息期而言，利率将比相应的
上述利率高 1.0%

General•

一般Interest is payable semi-annually in arrears on the outstanding principal amount of therespective tranche
各笔票据的未偿还本金金额，每半年期末支付一次利息•

For the first two and a half years after the Reference Date, interest may be paid in cash orin kind, at the election of CEG
对于参考日期后的最初两年半：可由恒大选择用现金或实物支付利息•

From 31 months after the Reference Date to 36 months after the Reference Date: interest in
an amount equal to at least 0.5% of the outstanding principal amount of each tranche shall基于截至本恒大条款清单之日发行在外的股份计算，但假设“股东对恒大新能源汽车的贷款和恒大对恒大新能源汽车的贷款的处理”和“恒大新能源汽车其他贷款的处理”中规定的股权化已发生。

20

be paid in cash; the remaining portion of interest may be paid in cash or in kind, at theelection of CEG
对于参考日期后的第 31 个月至第 36 个月：应以现金支付相当于各笔票据未偿本金
的至少 0.5%的利息；其余部分的利息可由恒大选择以现金或实物支付•

For the fourth year after the Reference Date: interest in an amount equal to at least 3.0% of
the outstanding principal amount of each tranche shall be paid in cash; the remaining portionof interest may be paid in cash or in kind, at the election of CEG
对于在 参考日期 后的第四年：应以现金支付各笔票据未偿本金的至少 3.0%的利
息；其余部分的利息可由发行人选择以现金或实物支付；•

Starting from the fifth year after the Reference Date: interest shall be paid in cash
从参考日期后的第五年开始：利息应以现金支付

Consideration received by
CEG from the restructuringof Tianji Holding Limited’s(“Tianji”) offshore
indebtedness

Any consideration (“TJ Scheme Consideration”) received by CEG as a scheme creditor as part of the restructuring, including
by way of scheme(s) of arrangement, of Tianji offshore indebtedness (the “Tianji Scheme”) shall be distributed to A2s and C2selecting A2/C2 Package on a pro rata basis. For the avoidance of doubt, the TJ Scheme Consideration distributed to A2s andC2s electing A2/C2 Package will not be taken into account when applying a conversion ratio of 1x for the A2s’ or C2s’entitlement under the above section “Conversion of US$1,000 entitlement electing A2/C2 Package”.

恒大从天基控股有限公司（“天基”）的境外债务重组中收到的对价

恒大在天基境外债务重组（包括通过协议安排）（“天基协议安排”）之中作为协议安排债权人收到的任何对价（“天基协议安排对价”），应按比例分配给选择 A2/C2 组合的 A2 和 C2 债权人。为避免疑义，当根据上文“选择A2/C2 组合的 1,000 美元可获偿金额的转换”一节的规定，对于 A2 债权人或 C2 债权人的可获偿金额应用 1 比 1 转换
率时，将不会把分配给选择 A2/C2 组合的 A2 和 C2 债权人的天基协议安排对价考虑在内。
Class A’s entitlement to distribution of the TJ Scheme Consideration will be on a Full Accrued Claim Basis, and Class C’s
entitlement to distribution of the TJ Scheme Consideration will be on a Deficiency Claim Basis.
A 组在天基协议安排对价中的待分配的可获偿金额将在全额应计索偿基础上计算，C 组在天基协议安排对价中待分配
的可获偿金额将在差额索偿基础上计算。
A2s will first receive their share of the TJ Scheme Consideration based on the A2 Package Initial Portion and the Accrued
Claims Ratio once the adjudication process for the Tianji Scheme is completed. The allocation of the TJ Scheme Consideration
between A2s and C2s will be adjusted once the adjudication process for the Cs is completed, based on the A2 Package Adjusted
Portion and C2 Package Adjusted Portion.

21天基协议安排的裁决程序一旦完成后，A2 将首先根据 A2 组合初始部分和应计索偿比率收取其在天基协议安排对价
中的部分。待 C 债权人的裁决程序完成后，天基协议安排对价在 A2 债权人和 C2 债权人之间的分配将根据 A2 组合调整部分和 C2 组合调整部分进行调整。
Loans / contribution
贷款 / 分配
Subject to obtaining the relevant approvals:
受限于获得相关批准：(a) the loans by the Chairman and Xin Xin (BVI) Limited to NEV totalling HK$2,650,000,000 (equivalent to c.
US$340,616,967) will be applied toward conversion into new shares in NEV at an issue price of HK$3.84 per share; andTreatment of Shareholder’sLoans to NEV and CEG’s
Loan to NEV
股东对恒大新能源汽车的贷款
和恒大对恒大新能源汽车的贷款的处理

主席和 Xin Xin (BVI) Limited 对恒大新能源汽车总计 2,650,000,000 港元（相当于约 340,616,967 美元）的贷款将
用于转换为恒大新能源汽车的新股，发行价为每股 3.84 港元；及(b) the loan by CEG to NEV totalling US$1,768 million will be applied toward conversion into new shares in NEV at aconversion price of HK$3.84 per share (which shall be based on the total accrued claim through to either the RED or an
earlier conversion date).
恒大对恒大新能源汽车总计 17.68 亿美元的贷款将用于转换为恒大新能源汽车的新股，转换价格为每股 3.84 港元（应基于截至重组生效日或更早的转换日期的应计索偿总额）。
The treatment of the new shares in NEV is further set out in the “Principal Terms of the China Evergrande New Energy Vehicle
Limited Mandatory Exchangeable Bonds (“NEV MEBs”) - Exchange Property” in Schedule 4, Part B – SLNs.
对恒大新能源汽车的新股的处理详见中国恒大新能源汽车集团有限公司强制可交换债券（“恒大新能源汽车强制可交换债券”）的主要条款，“交换财产”部分（B 部分–股票挂钩票据，附表 4）。

Treatment/contribution of
Chairman’s Notes
主席票据的处理/分配情况Offshore notes issued by CEG and Scenery Journey Limited in a combined total principal amount of c. US$650 million held by
the Chairman will be used to support the restructuring, as set forth in separate documentation.
主席合共所持本金金额约 6.5 亿美元的恒大发行的现有债券和景程有限公司所发行的境外票据（合计）将用于支持重组，如另外文件所述。

22

Treatment of other loan toNEV
恒大新能源汽车其他贷款的处理

Subject to obtaining the relevant approvals, CEG shall use best endeavours to procure that the loans provided by Ms. Ding
Yumei and Good Bond Limited (wholly-owned by Ms. Ding Yumei) to NEV totalling HK$2,200,000,000 (equivalent to c.
US$282,776,350) will be applied toward conversion into new shares in NEV at an issue price of HK$3.84 per share. The NEV
shares so converted will not be used as part of the restructuring consideration (neither MEBs nor SLNs).
受限于获得相关批准，恒大应尽最大努力以使丁玉梅女士及 Good Bond Limited（由丁玉梅女士全资持有）向恒大新
能源汽车提供的总计 2,200,000,000 港元（相当于约 282,776,350 美元）贷款将用于转换为以每股 3.84 港元的发行价发
行的恒大新能源汽车的新股份。如此转换的恒大新能源汽车股份将不会被用作重组对价的一部分（既不是强制可交换债券也不是股票挂钩票据）。

Fees and Designated Restructuring Account费用和重组专用账户
0.25% of the outstanding principal amount of Class A and Class C debts held at the voting record time set by CEG. The Consent
Fee is contemplated to be paid by way of PIK notes.
截至恒大设定的投票记录时间持有的 A 组和 C 组债务的未偿还本金的 0.25%。同意费拟将以实物支付票据的方式支付。
As electing Option 1 will receive PIK notes in the form of Tranche A1 Tranche A, which is for the avoidance of doubt, due 10
years from the Reference Date.
Consent Fee
同意费选择方案 1 的 A 债权人将收到以票据 A1 票据 A 为形式的实物支付票据，为避免疑义，从参考日期开始的 10 年后到期。
As electing Option 2 will receive PIK notes in the form of Tranche A2 Tranche C, which is for the avoidance of doubt, due 7
years from the Reference Date.
选择方案 2 的 A 债权人将收到以票据 A2 票据 C 为形式的实物支付票据，为避免疑义，从参考日期开始的 7 年后到期。
Cs electing Option 1 will receive PIK notes in the form of Tranche C1 Tranche A, which is for the avoidance of doubt, due 10
years from the Reference Date.
选择方案 1 的 C 债权人将收到以票据 C1 票据 A 为形式的实物支付票据，为避免疑义，从参考日期开始的 10 年后到期。

23Cs electing Option 2 will receive PIK notes in the form of Tranche C2 Tranche A, which is for the avoidance of doubt, due 7
years from the Reference Date.
选择方案 2 的 C 债权人将收到以票据 C2 票据 A 为形式的实物支付票据，为避免疑义，从参考日期开始的 7 年后到期。
For the avoidance of doubt, the notes to be issued as Consent Fee are additional notes and form the same series of notes in theform of Tranche A1 Tranche A or Tranche A2 Tranche C (as applicable) and will not impact the number of notes to be issued
as scheme consideration for As and Cs.
为避免疑义，有待作为同意费发行的票据属于额外票据，以票据 A1 票据 A 或票据 A2 票据 C 为形式（按各自所适用
的）形成同系列的票据，且对作为 A 债权人和 C 债权人的重组对价发行的票据的数量不会造成影响。
CEG AHG Work Fee

To be set out in a separate AHG work fee letter.

恒大持有人特别团体工作费将在另外的持有人特别团体工作费用函中列出。
Any residual cash in the Designated Restructuring Account following payment of all restructuring fees and expenses shall be
used according to the terms of the Restructuring Account Deed Poll or otherwise agreed between CEG and the AHG in separate
documentation.

Designated Restructuring
Account重组专用账户

在支付所有重组费用和支出后，重组专用账户中任何剩余现金将根据重组专用账户单边契约的条款或恒大和持有人
特别团体在另外文件中所商定的方式使用。
“Designated Restructuring Account” means any “Account” as defined under the Restructuring Account Deed Poll.
“重组专用账户”指重组账户单边契约所定义的任何“账户”。
“Restructuring Account Deed Poll” means the Deed Poll for Designated Restructuring Account Arrangement dated 31 October
2022 entered into by China Evergrande Group.
“重组账户单边契约”是指由中国恒大集团于 2022 年 10 月 31 日签署的重组专用账户安排的单边契约。

Other
其他
Bar date/valuation andadjudication process
截止日期 / 估值和裁决程序

Subject to consultation with the scheme administrator to be appointed, the last date for As and Cs to submit their claims forentitlement will be approximately 1 month and 4.5 months, respectively, following the RED.

24

受限于与有待委任的协议安排管理人的协商，A 债权人和 C 债权人提交其可获偿金额索偿的最后日期将分别在重组生效日之后约 1 个和 4.5 个月。
Any As submitting claims for entitlement after the relevant deadline before the RED set by CEG will only be allocated with
Option 1.
任何在由恒大设定的相关截止日期之后并在重组生效日之前方提交可获偿金额索偿的 A 债权人将仅分配以方案 1 。
The independent valuation and adjudication process for Class C which will be conducted on the Deficiency Claim Basis may
take approximately 4 to 5 months from the date a Class C creditor submits its claims and elections for restructuringconsideration. The independent valuation and adjudication process and principles are to be agreed with the CEG AHG and set
out in the Scheme Documents.
从 C 组债权人提交索偿和选择重组对价的日期起算，将在差额索偿基础上进行的有关 C 组的独立估值和裁决程序可能需要大约 4 至 5 个月。 独立估值和裁决程序和原则将与恒大持有人特别团体商定，并在协议安排文件中列出。
The following conditions must be satisfied or waived by the relevant regulator or court or the relevant persons receiving thefees or the CEG AHG (acting reasonably), as applicable, prior to or on the RED:
以下条件必须在重组生效日之前或当日得到满足或由相关监管机构或法院或收到费用的相关人士或恒大持有人特别团体（合理行事之下）（按所适用的）予以豁免：(a) the delivery of the relevant corporate authorisations to effect the Restructuring and entry into the relevant Scheme
Documents by the parties thereto;
交付就实行重组相关的公司授权书，并由各方签署相关的协议安排文件；
Conditions Precedent
前提条件(b) the obtaining of applicable and relevant approvals or other consents (including relevant court orders in respect of the CEG
Schemes and any relevant shareholders’ approval);
获得适用的和相关的批准或其他同意（包括有关恒大协议安排的相关法院命令和任何相关股东批准）；(c) the formulation of a management incentive plan with EVPS management following consultation with the AHG Advisers;
在与持有人特别团体顾问协商后，与恒大物业管理层制定管理层激励计划；(d) the formulation of a management incentive plan with NEV management following consultation with the AHG Advisers;
在与持有人特别团体顾问协商后，与恒大新能源汽车管理层制定管理层激励计划；(e) payment in full of all professional fees associated with the Restructuring that CEG is contractually obliged to pay;
全额支付所有与重组有关的且恒大根据合同有义务支付的专业人士费用；(f) the payment in full of the CEG AHG Work Fee (subject to the separate AHG work fee letter) and the Consent Fee;25

全额支付恒大持有人特别团体工作费（受限于另外的持有人特别团体工作费用函）和同意费；(g) the resumption of trading of the shares in each of CEG, NEV and EVPS on The Stock Exchange of Hong Kong Limited;
恒大、恒大新能源汽车和恒大物业各自的股份在香港联合交易所有限公司恢复交易；(h) each key Scheme Document (scope to be agreed in the RSA) is in the form agreed in writing between CEG and the CEG
AHG (or the AHG Advisers expressly on their behalf), each acting reasonably;每份关键协议安排文件（范围有待于在重组支持协议中商定）的形式都经由恒大和恒大持有人特别团体（或明确代表他们的持有人特别团体顾问）各自合理地行事所书面商定；(i) subject to obtaining relevant approvals and CEG’s best endeavours to procure, conversion of the loan by Ms. Ding Yumei
and Good Bond Limited (wholly-owned by Ms. Ding Yumei) to NEV totalling HK$2,200,000,000 (equivalent to c.
US$282,776,350) into new shares in NEV at an issue price of HK$3.84 per share;
受限于获得相关批准，恒大尽最大努力促使丁玉梅女士及 Good Bond Limited（由丁玉梅女士全资持有）对恒大
新能源汽车的总计 2,200,000,000 港元（相当于约 282,776,350 美元）的贷款用于转换为以每股 3.84 港元的发行价发行的恒大新能源汽车的新股份；(j) CEG’s intercompany claim owed by Tianji being included in the Tianji Scheme and, for the purpose of receiving scheme
consideration under the Tianji Scheme ,treated as a pari passu claim with the other scheme claims under the Tianji Schemeand this condition can be waived by the CEG AHG; and恒大针对的天基的公司间索偿纳入天基协议安排，从收取天基协议安排的重组对价的目的而言，得到和天基协议安排下的其他协议安排索偿同等的待遇，本条件可由恒大持有人特别团体豁免；及(k) other conditions to be agreed / the satisfaction of each of the other conditions precedent contained in the Scheme Documents.
其他条件有待商定 / 协议安排文件中所包含的每个其他前提条件得到满足。
The following conditions must be satisfied or waived, as soon as practicable after the RED:
以下条件必须在重组生效日之后在实际可行的情况下尽快得到满足或豁免：Conditions subsequent后续条件(a) the dismissal (or withdrawal) of any winding-up petition that may be filed against CEG, including the winding-up petition
filed by Top Shine Global Limited against CEG before the Hong Kong High Court; and驳回（或撤回）可能针对恒大提出的任何清盘呈请，包括 Top Shine Global Limited 在香港特别行政区高等法院针
对恒大提出的清盘呈请；及(b) other conditions to be agreed/the satisfaction of each of the other conditions subsequent contained in the Scheme Documents.

26

其他条件有待商定 / 协议安排文件中所的每个其他后续条件得到满足。

Support支持

Subject to the terms of the RSA, each Party shall assist, cooperate and take all steps as may be reasonably necessary to implement
the Restructuring in a timely manner materially consistent with the terms and conditions as set out in this CEG Term Sheet(though this shall not require a creditor who is a Party to make any payment or incur out of pocket expenses).
受限于重组支持协议的条款，各当事方应协助、合作并采取一切合理必要的步骤，及时实施与本恒大条款清单规定的条款和条件在重大方面一致的重组（但这不应要求作为当事方的债权人支付任何款项或产生开支）。

Accession
加入

Other creditors, who are not initial Parties to this CEG Term Sheet, may accede to this CEG Term Sheet (any such creditor,
being an “Acceding Creditor”) by contacting CEG’s financial advisers: China International Capital Corporation Limited(Evergrande@cicc.com.cn), Houlihan Lokey (China) Limited (Evergrande@HL.com) and/or BOCI Asia Limited(Evergrande@bocigroup.com) to complete an accession form available on request.
其他不属于本恒大条款清单最初的当事方的债权人（任何该等债权人均为 “加入的债权人”），可通过联系恒大的财务 顾 问 ， 即 中 国 国 际 金 融 股 份 有 限 公 司 （Evergrande@cicc.com.cn）、 华 利 安 诺 基 （ 中 国 ） 有 限 公 司（Evergrande@HL.com）和/或中银国际亚洲有限公司（Evergrande@bocigroup.com），以填写加入表格加入本恒大条
款清单，该表格待索要后即会提供。
Subject to the terms of the RSA, on or prior to the RED, each Party:
受限于重组支持协议的条款，在重组生效日当日或之前，各当事方：

No Alternative Transactions
无替代交易(a) shall, and shall cause its respective subsidiaries, representatives, affiliates and advisors to, cease and terminate immediately
all solicitations, initiations, encouragements, activities, discussions and/or negotiations with any person or entity conductedprior to the date hereof with respect to any proposed, potential or contemplated Alternative Transactions; and应并应促使其各自的子公司、代表、关联人士和顾问，立即停止和终止在本协议日期之前就任何拟议的、潜在的或设想的替代交易与任何个人或实体进行的所有招揽、发起、鼓励、活动、讨论和/或谈判；且(b) shall not, and shall cause its respective subsidiaries, representatives, affiliates and advisors not to, directly or indirectly, (i)solicit, initiate or encourage the submission of, any proposal or indication of interest relating to an Alternative Transaction,(ii) participate in any discussions or negotiations regarding, or furnish to any person any information with respect to, or takeany other action to facilitate any inquiries or the making of any proposal that constitutes, or may reasonably be expected tolead to, any Alternative Transaction, (iii) authorize, engage in or enter into any agreement or understanding (whether
definitive or preliminary) with respect to, any Alternative Transaction, or (iv) accept any offer or propose any transaction
or scheme in relation to any Alternative Transaction, in each case, without the prior written consent of the CEG AHG.
在任一情况之下，未经恒大持有人特别团体的事先书面同意，均不得并应促使其各自的子公司、代表、关联人
士和顾问不得直接或间接地：(i) 招揽、发起或鼓励提交与替代交易有关的任何建议或意向，(ii) 参与有关的任何27讨论或谈判，或向任何人提供有关的任何信息，或采取任何其他行动，以促进构成替代交易或在合理预期下可导致替代交易的任何问询或任何提议，(iii) 授权、参与或签署与任何替代交易有关的任何协议或谅解书（无论是最终的还是初步的），或 (iv) 接受与任何替代交易有关的任何要约或提出与任何替代交易有关的任何交易或协议安排。
“Alternative Transactions” means any transaction for the proposed restructuring of the Class A or Class C debts which arematerially inconsistent with the terms and conditions set out in this CEG Term Sheet (except any item which are in square
brackets which shall be negotiated in good faith between the CEG AHG and the Company).
“替代交易”是指与本恒大条款清单规定的条款和条件存在重大不一致的有关 A 组或 C 组债务的拟议重组的任何交
易（方括号内的任何项目除外，这些项目应在恒大持有人特别团体和公司之间本着诚意进行谈判）。
CEG shall ensure that each of the following conditions are satisfied on or before the specified date below (each of the following,a “Restructuring Milestone”):
恒大应确保以下各项条件在以下指定日期当日或之前得到满足（以下各项皆为 一项“重组里程碑”）：

Restructuring Milestones
重组里程碑(a) By no later than 22 March 2023, unless otherwise agreed between CEG and the CEG AHG (which can be by email throughtheir respective advisers), CEG to publish a cleansing statement containing Sufficient Disclosure (including with respect to(i) this CEG Term Sheet; (ii) (if agreed) restructuring term sheets relating to the offshore notes issued by Scenery Journey
Limited; and (iii) any other relevant information received by the CEG AHG). For the purpose of this provision, “Sufficient
Disclosure” has the meaning given to it in the non-disclosure agreements dated 6 December 2022 and 9 January 2023
entered into between CEG and certain members of the AHG (the “NDA” which continues in full force and effect inaccordance with the terms of the NDA) .
不迟于 2023 年 3 月 22 日，除非恒大与恒大持有人特别团体双方另有约定（可通过各自的顾问以电子邮件的方式进行），恒大发布一份包含充分披露的脱敏声明（包括有关（i）本恒大条款清单；（ii）（如已商定）有关景程发行的境外票据的重组条款清单；以及（iii）恒大持有人特别团体收到的任何其他相关信息）。就本条款而言，“充分披露 ”的定义依据恒大与持有人特别团体某些成员于 2022 年 12 月 6 日和 2023 年 1 月 9 日签订的保密协议（“保密协议”，跟据保密协议条款继续完全有效）。
(b) By no later than 31 March 2023 (provided that no additional or long-form term sheet (other than this CEG Term Sheet) is
required), CEG and other relevant members of the Group to (i) enter into a RSA in form and substance satisfactory to the
CEG AHG (acting reasonably) with the CEG AHG in relation to the restructuring of the offshore indebtedness of the Group
28

and (ii) announce the signed RSA to the market on the website of The Stock Exchange of Hong Kong Limited and throughthe clearing systems.
不迟于 2023 年 3 月 31 日（前提是不需要额外的或长版条款清单（除了本恒大条款清单之外）），恒大和集团的其他相关成员（i）就重组集团的境外债务与恒大持有人特别团体签订形式和内容令恒大持有人特别团体（在合理行事之下）满意的重组支持协议，以及（ii）在香港联合交易所有限公司网站并通过清算系统向市场发布公告
已签署的重组支持协议。
(c) By no later than 31 March 2023, CEG to reach a written agreed general position or schedule with the CEG AHG on (i) awhitelist of potential scheme administrators and adjudicators; and (ii) high-level principles and high-level process relating
to the valuation and adjudication in respect of the schemes of arrangement of CEG, in each case, in form and substancesatisfactory to the CEG AHG and CEG, both acting reasonably (with the details to be agreed in the Scheme Documents).
不迟于 2023 年 3 月 31 日，恒大与恒大持有人特别团体就（i）潜在的协议安排管理人和裁决人的白名单；以及（ii）有关恒大协议安排的评估和裁决的概括性原则和概括性程序在书面上达成大致立场或时间表，两者的形式
和内容均应令恒大持有人特别团体和恒大都在合理行事之下满意（细节将在协议安排文件中商定）。
Each of the Restructuring Milestones can be extended with the written agreement of the CEG AHG (which can be by email
through its advisers).
每项重组里程碑都可在恒大持有人特别团体的书面同意下延长（可通过其顾问以电子邮件的方式进行）。
CEG agrees that it shall not, and it shall cause the Group and their respective Affiliates not to, in any event disclose Schedule 6
to this CEG Term Sheet or any of its content or any signature or identity of the CEG AHG members to any person (other thanthe Group’s legal and financial advisers or such information or other agent for the purposes of the Restructuring) without theprior written consent of the CEG AHG, provided that CEG may disclose such information:
Confidentiality
保密

恒大同意，在任何情况下，未经恒大持有人特别团体的事先书面同意，其不得且应促使集团及其各自的关联人士不得，向任何人士（不包括出于重组目的披露集团的法律或财务顾问或该等信息或其他代理）披露本恒大条款清单的附表 6 或其任何内容或恒大持有人特别团体成员的任何签名或身份，前提是恒大可在以下情况披露该等信息：(a) to the extent requested or required (as applicable) by any court or regulatory body or by any applicable rule or law;
在任何法院或监管机构或任何适用规则或法律所要求或规定（按所适用的）的范围内；(b) to any of its Affiliates provided that any such information is shared on a confidential basis and CEG is responsible for any
contravention of this section by its Affiliates;29

披露给其任何关联人士，只要任何该等信息是在保密的基础上提供的，并且恒大对其关联人士违反本节的任何行为负责；(c) to the extent such information has been disclosed by a member of the CEG AHG or its Affiliates to any Court, Regulatory
Body, or to a relevant participating party (other than on a without prejudice basis) in a legal, regulatory or security
enforcement proceeding or process (other than any proceedings arising from any breach of this section by CEG), against
any member of the Group or its Affiliates commenced or supported by a member of the CEG AHG or its Affiliates;
如果在由某位恒大持有人特别团体成员或其关联人士启动或支持的针对集团或其关联人士的法律、监管或执行质押的程序或过程（不包括因恒大违反本节规定而产生的任何程序）中，该等信息已由某位恒大持有人特别团体成员或其关联人士向任何法院、监管机构或相关参与方披露（在无损害基础上披露的除外）；(d) to the extent such information has been disclosed in the public domain other than in the contravention of this section;
如果该等信息已在公共领域披露，违反本节规定的披露除外；(e) with the written permission of the CEG AHG; and
得到恒大持有人特别团体的书面允许；以及(f) at any time after the end of one year from the date of this CEG Term Sheet.
在本恒大重组条款清单签署之日起一年结束后的任何时间。
Capitalised terms used in this section but not defined in this section or this CEG Term Sheet have the meanings given to them,mutatis mutandis, in the NDA.
本节中使用但未在本节或本恒大条款清单中定义的大写术语，其意义依据保密协议对其的定义（经必要的修改）。
This CEG Term Sheet ceases to bind:
Variation / Termination
变更 / 终止

在下列情况下，本恒大条款清单对下列人士不再有约束力：(a) any member of the CEG AHG, if (i) any of the Restructuring Milestones is not satisfied (save that failure to meet the RSA
milestone may be cured within 3 Business Days), or (ii) the Chairman or CEG fails to comply with any material provisionof this CEG Term Sheet (and such failure to comply is not remedied within 5 Business Days); or30

恒大持有人特别团体的任何成员，如果（i）任何重组里程碑未得到满足（但是未满足重组支持协议里程碑之行
为可在 3 个工作日内得到补救）；或 （ii）主席或恒大未遵守本恒大条款清单的任何重要规定（且该未遵守之行为未在 5 个工作日内得到补救）；或(b) the Chairman or CEG, if the CEG AHG or any Acceding Creditor (the “Default Creditor”) fails to comply with any
material provision of this CEG Term Sheet (and such failure to comply is not remedied within 5 Business Days), provided
that the effect of termination shall only apply to the Chairman’s and CEG’s obligations to such Default Creditor and does
not impact their obligations to other CEG AHG members or Acceding Creditors under this CEG Term Sheet.
主席或恒大，如果恒大持有人特别团体或任何加入的债权人（“违约债权人”）未能遵守本恒大条款清单的任何重要规定（且该未遵守之行为未在 5 个工作日内得到补救），前提是约束力的终止仅适用于主席和恒大对该违约债权人的义务，不影响他们在本恒大条款清单下对其他恒大持有人特别团体成员或任何加入的债权人的义务。
This CEG Term Sheet ceases to bind any Party automatically at the earlier of: (i) the Longstop Date; and (ii) the termination of
RSA (if entered into between, among others, the Chairman, CEG and the CEG AHG) in accordance with the terms of the RSA.
本恒大条款清单在以下时间中较早的时间自动停止对任何当事方的约束：（i）最后期限日；和（ii）根据重组支持协议的条款，终止重组支持协议（如果主席、恒大和持有人特别团体之间达成协议）。
Any term of this CEG Term Sheet may be amended, varied or waived in writing by CEG and the CEG AHG. Notwithstanding
the foregoing, CEG may amend, vary or waive any terms of this CEG Term Sheet (including any terms of any Schedule hereto)at its sole discretion (but without any obligation to do so) to: (a) cure any ambiguity, defect, omission or inconsistency in thisCEG Term Sheet; or (b) make any other change to this CEG Term Sheet that is beneficial to the rights of the CEG AHG and
Acceding Creditors, provided that in each of the foregoing cases there is no material adverse effect on, the rights of the CEG
AHG or any Acceding Creditor when compared to the terms then in effect. Such amendments, variations or waivers shall bebinding on all the Parties.
本恒大条款清单的任何条款可由恒大和恒大持有人特别团体以书面形式修改、变更或豁免。尽管有上述规定，恒大可自行决定修改、变更或放弃本恒大条款清单的任何条款（包括任何附表的任何条款）（但无任何义务这样做）
以：（a） 纠正本恒大条款清单的任何模糊、缺陷、遗漏或不一致之处；以及 （b） 对本恒大条款清单作出有利于恒
大持有人特别团体和加入的债权人权利的任何其他修改，前提是，以上所述的各项更改与当时有效的条款相比，对
恒大持有人特别团体或任何加入的债权人的权利没有重大不利影响。此种修改、变更或豁免对所有当事方都有约束力。

31

“Business Day” means any day which is not a Saturday, Sunday, legal holiday or other day on which banking institutions in
the City of New York, London, Cayman Islands, British Virgin Islands, Hong Kong or the PRC are authorised or required bylaw or governmental regulation to close.
“工作日”指除周六、周日、法定节假日或法律或政府规定授权或要求纽约、伦敦、开曼群岛、英属维尔京群岛、
香港或中国银行机构停业的其他日期以外的任何一天。

Language
语言

The Chinese provisions of this CEG Term Sheet are for reference only. If there is any inconsistency between the English andChinese provisions of this CEG Term Sheet, the English provisions shall govern.
本恒大条款清单的中文条款仅供参考。 如果本恒大条款清单的中英文条款存在任何不一致之处，应以英文条款为
准。

New instruments
新票据和新债券
Terms of the following new instruments (together, the “New Instruments”) are set out in Schedule 3 to Schedule 5 of this CEG
Term Sheet.
以下新票据以及新债券（统称为“新票据和新债券”）的条款载于本恒大条款清单的附表 3 至附表 5。
(a) Instruments for Option 1: A1 Notes and C1 Notes (see Schedule 3)
方案 1 的票据：A1 票据和 C1 票据（见附表 3）(b) Instruments for Option 2 Package:
Overview
概述

方案 2 组合的票据：
o EVPS MEBs;
恒大物业强制可交换债券；
o NEV MEBs;
恒大新能源汽车强制可交换债券；
o CEG MCBs;
恒大强制可转换债券；
o A2 EVPS SLNs;
A2 恒大物业股票挂钩票据；o A2 NEV SLNs;
A2 恒大新能源汽车股票挂钩票据，

32

o
o

C2 EVPS SLNs; andC2 恒大物业股票挂钩票据；和C2 NEV SLNs
C2 恒大新能源汽车股票挂钩票据(see Schedule 4)（见附表 4）(c) Instruments for Option 2 Notes: A2 Notes and C2 Notes (see Schedule 5)
方案 2 票据的票据：A2 票据和 C2 票据（见附表 5）
On the RED, As will receive initial restructuring consideration consisting of an initial amount of the relevant New Instruments(including the A2 Package Initial Portion if election allows) in accordance with the terms of the Scheme Documents. Cs will be
subject to the valuation and adjudication process and only receive their relevant New Instruments after the deficiency claims
are determined.
重组生效日当日，A 债权人将收到初次重组对价，包括了根据协议安排文件的条款发行的相关新票据和新债券的初始金额（如果选择允许，包括 A2 组合初始部分）。C 债权人将受限于估值和裁决程序，只有在差额索偿确定后，才会收到其相关新票据和新债券。
Initial distribution of
restructuring consideration
重组对价的初始分配

In respect of the entitlement of the As which was not converted into the A2 Package in the initial distribution due to an
oversubscription of the A2 Package Initial Portion, the intention is that such entitlement shall be converted into a special seriesof notes/instruments for A2s capable of transfer and being exchanged into instruments for the C2 Package Unadmitted Portionin accordance with the terms of the Scheme Documents reflecting the restructuring consideration. CEG and the CEG AHG canseparately agree other solutions if viable for distribution of restructuring consideration as early as practicable.
就初始分配中 A 债权人由于 A2 组合初始部分的超额认购而未转换为 A2 组合的可获偿金额而言，旨在将该剩余可获偿金额应转换为 A2 债权人的特殊系列的票据/工具，该票据可转让并可根据协议安排文件的条款交换为 C2 组合未接受部分的票据，以反映重组对价。在可行的情况下，恒大和恒大持有人特别团体可另外商定尽早分配重组对价的其他解决方案。

33

Schedule 1
附表 1
Class AA组(a) 8.25% senior notes due March 23, 2022 (ISIN: XS1580431143, Common Code: 158043114);
2022 年 3 月 23 日到期的 8.25% 优先票据（ISIN：XS1580431143，通用代码：158043114）；(b) 9.5% senior notes due April 11, 2022 (ISIN: XS1982036961, Common Code: 198203696);
2022 年 4 月 11 日到期的 9.5% 优先票据（ISIN：XS1982036961，通用代码：198203696）；(c) 11.5% senior notes due January 22, 2023 (ISIN: XS2106834299, Common Code: 210683429);
2023 年 1 月 22 日到期的 11.5% 优先票据（ISIN：XS2106834299，通用代码：210683429）；(d) 4.25% convertible bonds due February 14, 2023 (ISIN: XS1767800961, Common Code: 176780096);
2023 年 2 月 14 日到期的 4.25% 可转换债券（ISIN：XS1767800961，通用代码：176780096）；(e) 10.0% senior notes due April 11, 2023 (ISIN: XS1982037779, Common Code: 198203777);
2023 年 4 月 11 日到期的 10.0% 优先票据（ISIN：XS1982037779，通用代码：198203777）；(f) 7.5% senior notes due June 28, 2023 (ISIN: XS1627599498, Common Code: 162759949);
2023 年 6 月 28 日到期的 7.5% 优先票据（ISIN：XS1627599498，通用代码：162759949）；(g) 12% senior notes due January 22, 2024 (ISIN: XS2106834372, Common Code: 210683437);
2024 年 1 月 22 日到期的 12% 优先票据（ISIN：XS2106834372，通用代码：210683437）；(h) 9.5% senior notes due March 29, 2024 (ISIN: XS1587867539, Common Code: 158786753);
2024 年 3 月 29 日到期的 9.5% 优先票据（ISIN：XS1587867539，通用代码：158786753）；(i) 10.5% senior notes due April 11, 2024 (ISIN: XS1982040641, Common Code: 198204064);
2024 年 4 月 11 日到期的 10.5% 优先票据（ISIN：XS1982040641，通用代码：198204064）；(j) 8.75% senior notes due June 28, 2025 (ISIN: XS1627599654, Common Code: 162759965);
2025 年 6 月 28 日到期的 8.75% 优先票据（ISIN：XS1627599654，通用代码：162759965）(k) 9.5% senior notes due January 30, 2022; andSch 1 - 1

2022 年 1 月 30 日到期的 9.5% 优先票据；及(l) 15.0% private loan due July 19, 2022.
2022 年 7 月 19 日到期的 15.0%私募贷款。

Sch 1 - 2

Schedule 211
附表 216Class CC组(a) US$260 million
2.6 亿美元

Notes;
票据；(b) US$424 million
4.24 亿美元

Notes;
票据；(c) US$27 million put option – Lender E;
2700 万美元认沽期权 – 贷方 E；(d) US$10 million put option – Lender F;
1000 万美元认沽期权 – 贷方 F；(e) US$20 million
2000 万美元

Margin Loan;
保证金贷款；(f) US$74 million put option – Lender B;
7400 万美元认沽期权 – 贷方 B；(g) HK$1.2 billion loan – Lender A;
12 亿港元贷款 – 贷方 A；(h) HK$600 million loan – Lender A;
6 亿港元贷款 – 贷方 A；(i) US$20 million structured loan facility – Lender I;
11Unless otherwise agreed or separate agreement can be reached with the creditors of such debts. The numbers in this Schedule represent the principal outstanding as of 31 December 2022 and are subject to change.

除非另有约定或能与这些债务的债权人达成单独协议。本附表中的数字代表截至 2022 年 12 月 31 日的未偿还本金，并且可能发生变化。

Sch 2 - 1

2000 万美元结构性贷款合同 – 贷方 I；(j) US$355 million structured SPA – Equity Investor B;
3.55 亿美元结构性买卖合约 – 股权投资者 B；(k) US$974 million
Loan;
9.74 亿美元贷款；(l) US$712 million CEG repurchase obligation for Fangchebao;
7.12 亿美元恒大对房车宝的回购义务；(m) RMB 8.2 billion RMB bond with put option due July 2022; and2022 年 7 月到期的 82 亿附认沽期权的人民币票据；及(n) US$8,090 million guarantees provided by CEG to onshore creditors/third parties in respect of onshore debts.
由恒大就境内债务为境内债权人/第三方提供的 80.9 亿美元担保。

Sch 2 - 2

Schedule 3
附表 3
Part A – A1 Notes
A 部分 – A1 票据
Principal Terms of the China Evergrande Group New Notes A1 (“A1 Notes”)
中国恒大集团新票据 A1（“A1 票据”）的主要条款

Sch 3 (A) - 1

Principal Terms of the China Evergrande Group New Notes A1 (“A1 Notes”)
中国恒大集团新票据 A1（“A1 票据”）的主要条款
Issuer发行人

China Evergrande Group, an exempted company incorporated in the
Cayman Islands with limited liability
中国恒大集团，一家在开曼群岛注册成立的有限责任的豁免公司

Principal Amount本金金额The A1 Notes shall comprise three tranches as follows, with the following
maximum aggregate principal amounts:
A1 票据应包括以下三笔，其最大本金总金额为：
1. A1 Tranche A: Option A1’s proportion in Option 1 multiplied by
US$3,000 million;
A1 票据 A：方案 A1 在方案 1 的占比乘以 30 亿美元；2. A1 Tranche B: Option A1’s proportion in Option 1 multiplied by
US$3,000 million; andA1 票据 B：方案 A1 在方案 1 的占比乘以 30 亿美元 ；及3. A1 Tranche C: As entitlement under Option A1 minus the sum of
the principal amounts of A1 Tranche A and B.
A1 票据 C：A 组在方案 A1 下的可获偿金额减去 A1 票据 A
和 B 的本金金额之和。
Subject to the participation of Option 1, A1 Notes will be allocated insequential order by maturity date starting from A1 Tranche A.
受限于方案 1 的参与情况，A1 票据将按到期日顺序从 A1 票据 A 开
始分配。

Maturity/Principal
Repayment
到期日/本金偿付

1. Tranche A: 10 years from the earlier of October 1, 2023 and the
RED (the “Reference Date”);
票据 A: 自 2023 年 10 月 1 日和重组生效日中较早的日期（“参考日期”）起 10 年；
2. Tranche B: 11 years from the Reference Date; and票据 B: 自参考日期起 11 年；及3. Tranche C: 12 years from the Reference Date.
票据 C: 自参考日期起 12 年。
The outstanding principal amount of each tranche shall be repaid on
maturity, together with any accrued and unpaid interest.
每一笔的未偿还本金应在到期日连同任何应计及未付利息一起偿还。

Interest (PIK andcash)
利息（实物付息和现金）Interest on the outstanding principal amount of the A1 Notes shall be paidin cash or in kind, at the election of the Issuer.
A1 票据未偿还本金的利息可由发行人选择用现金或实物支付利息。
Sch 3 (A) - 2

Interest will start to accrue on the Reference Date and will be payable semiannually in arrears on the outstanding principal amount of the A1 Notes at
the following interest rates with respect to each interest payment period:
利息将在参考日期起计息，并将每半年期末就 A1 票据的未偿还本金
支付一次利息，每个付息期的利率如下：
1. A1 Tranche A: 2.0% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 3.0% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind);
A1 票据 A：每年 2.0%（如果与该付息期有关的所有利息以现金支付）或每年 3.0%（如果与该付息期有关的任何部分利
息以实物支付）；
2. A1 Tranche B: 2.5% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 3.5% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind); andA1 票据 B：每年 2.5%（如果与该付息期有关的所有利息以现金支付）或每年 3.5%（如果与该付息期有关的任何部分利
息以实物支付）；及
3. A1 Tranche C: 3.0% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 4.0% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind);
A1 票据 C：每年 3.0%（如果与该付息期有关的所有利息以现金支付）或每年 4.0%（如果与该付息期有关的任何部分利
息以实物支付）；All interest paid in kind with respect to the A1 Notes will be added to thethen current outstanding principal amount of the A1 Notes.
所有 A1 票据以实物支付的利息均计入届时 A1 票据 的未偿还本金金额。
If the Issuer pays cash interest under any tranche of the A1 Notes withrespect to any interest payment period, it shall also pay cash interest under
all other outstanding tranches of the A1 Notes, A2 Notes, C1 Notes and C2
Notes with respect to such interest payment period. The amount of suchcash payments shall be allocated among the A1 Notes, A2 Notes, C1 Notes
and C2 Notes (and among each tranche of such instruments) on a pro rata
basis by outstanding principal amount.
如果发行人就 A1 票据的任何一笔就任何付息期支付现金利息，则发
行人还应就 A1 票据、A2 票据、C1 票据和 C2 票据中其他所有未偿还票据就该付息期支付现金利息。该现金支付的金额应根据未偿还
本金金额按比例在 A1 票据、A2 票据、C1 票据和 C2 票据之间（并且在该等票据中各笔之间）进行分配。
Guarantees
担保

The same Subsidiary Guarantors as those guaranteeing the Existing Notes,
other than (i) certain shell subsidiaries of CEG to be agreed to bederegistered prior to the Original Issue Date, and (ii) certain significant
offshore subsidiaries to be agreed (collectively the “A1 Notes
Sch 3 (A) - 3

Guarantors”, and such guarantees, the “A1 Notes Guarantees”). The A1
Notes Guarantees shall be subordinated to the A2 Notes Guarantees, theA2 EVPS SLN Guarantees and the A2 NEV SLN Guarantees.
担保子公司与目前为现有票据提供担保的担保子公司相同，但不包括（i）某些有待商定在初始发行日期前注销的恒大空壳子公司, 以及 （ii） 某些有待商定的重要境外子公司（统称为 “A1 票据担保公司”， 该担保统称为“A1 票据担保”）。A1 票据担保将劣后于 A2 票
据担保、A2 恒大物业股票挂钩票据担保及 A2 恒大新能源汽车股票
挂钩票据。
Auditor审计师

The Issuer will engage a Whitelist Auditor to audit its annual financial
statements starting no later than the audit of the fiscal year ending
December 31, 2023.
发行人将聘请一家白名单审计师对其年度财务报表进行审计，开始时间不晚于截至 2023 年 12 月 31 日止的财务年度审计。
The “Whitelist Auditor” shall be any of the following auditors, or theirrespective affiliates or member firms:“白名单审计师”应为以下任何会计师事务所或其各自的关联所或成员所：(a) Baker Tilly International;天职国际；(b) BDO;立信；(c) Crowe Global;
国富浩华；(d) Deloitte;德勤；(e) Ernst & Young;
安永；(f) Grant Thornton;
致同；(g) KPMG;
毕马威；(h) Mazars;
中审众环；(i) Moore Global;
大华国际；(j) Prism; and上会栢诚；Sch 3 (A) - 4

(k) RSM International.
RSM 国际。
Trustee信托人

Madison Pacific or another internationally recognized financial institution
as agreed between the Issuer and the CEG AHG.
麦迪森太平洋或由发行人和恒大持有人特别团体商定的另一家国际
公认的金融机构。

General一般

The Issuer and the CEG AHG will discuss and agree additional covenants
and other provisions to be included under the A1 Notes and the related
legal documentation, including among others, related to (i) restrictions on
indebtedness, restricted payments, liens, affiliate transactions, asset sales,
open market and other repurchases and other actions, (ii) events of default,(iii) the rights of holders of, and owners of beneficial interests in, the A1
Notes (a) to obtain periodic financial and other information and documentsfrom the trustee, (b) to appoint or replace the trustee, and (c) to direct thetrustee and to enforce remedies, and (iv) the listing of the A1 Notes.
发行人和恒大持有人特别团体将讨论并商定将纳入 A1 票据的额外限制和其他条款以及相关法律文件，包括但不限于有关（i）对负债、
受限支付、质押权、关联交易、资产出售，公开市场和其他回购和
其他行动的限制， （ii） 违约事件，（iii） A1 票据持有人和实益权
益持有人的权利，包括：（a）从信托人获取定期财务和其他信息和
文件的权利、（b）任命或更换信托人的权利及（c）指示信托人以及执行救济措施的权利，以及（iv） A1 票据的上市。

Language
语言

The Chinese provisions contained herein are for reference only. If there is
any inconsistency between the English and Chinese provisions, the English
provisions shall prevail.
此处的中文条款仅作参考。如英文和中文条款有任何不一致之处，应以英文条款为准。

Sch 3 (A) - 5

Part B – C1 Notes
B 部分 – C1 票据
Principal Terms of the China Evergrande Group New Notes C1 (“C1 Notes”)
中国恒大集团新票据 C1（“C1 票据”）的主要条款

Sch 3 (B) - 1

Principal Terms of the China Evergrande Group New Notes C1 (“C1 Notes”)
中国恒大集团新票据 C1（“C1 票据”)的主要条款
Issuer发行人

China Evergrande Group, an exempted company incorporated in the
Cayman Islands with limited liability
中国恒大集团，一家在开曼群岛注册成立的有限责任的豁免公司

Principal Amount
本金金额

The C1 Notes shall comprise three tranches as follows, with the following
maximum aggregate principal amounts:
C1 票据应包括以下三笔，其最大本金总金额为：
1. C1 Tranche A: Option C1’s proportion in Option 1 multiplied by
US$3,000 million;
C1 票据 A：方案 C1 在方案 1 的占比乘以 30 亿美元；2. C1 Tranche B: Option C1’s proportion in Option 1 multiplied by
US$3,000 million; andC1 票据 B：方案 C1 在方案 1 的占比乘以 30 亿美元；及3. C1 Tranche C: Cs entitlement under Option 1 minus the sum of
the principal amounts of C1 Tranche A and B.
C1 票据 C：方案 C1 下的可获偿金额减去 C1 票据 A 和 B 的
本金金额之和）。
Subject to the participation of Cs under Option 1, C1 Notes will beallocated in sequential order by maturity date starting from C1 Tranche A.
受限于 C 组在方案 1 中的参与情况，C1 票据将按到期日顺序从 C1
票据 A 开始分配。

Maturity/Principal
Repayment

1. C1 Tranche A: 10 years from the Reference Date;

到期日/本金偿付2. C1 Tranche B: 11 years from the Reference Date; andC1 票据 A: 自参考日期起 10 年；
C1 票据 B: 自参考日期起 11 年；及3. C1 Tranche C: 12 years from the Reference Date;
C1 票据 C: 自参考日期起 12 年；
The outstanding principal amount of each tranche shall be repaid on
maturity, together with any accrued and unpaid interest.
每一笔的未偿还本金应在到期日连同任何应计及未付利息一起偿还。

Interest (PIK andcash)
利息（实物付息和现金）Interest on the outstanding principal amount of the C1 Notes shall be paidin cash or in kind, at the election of the Issuer.
C1 票据未偿还本金的利息可由发行人选择用现金或实物支付利息。

Sch 3 (B) - 2

Interest will start to accrue on the Reference Date and will be payable semiannually in arrears on the outstanding principal amount of the C1 Notes at
the following interest rates with respect to each interest payment period:
利息将在参考日期起计息，并将每半年期末就 C1 票据的未偿还本金
支付一次利息，每个付息期的利率如下：
1. C1 Tranche A: 2.0% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 3.0% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind);
C1 票据 A：每年 2.0%（如果与该付息期有关的所有利息以现金支付）或每年 3.0%（如果与该付息期有关的任何部分利
息以实物支付）；
2. C1 Tranche B: 2.5% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 3.5% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind); andC1 票据 B：每年 2.5%（如果与该付息期有关的所有利息以现金支付）或每年 3.5%（如果与该付息期有关的任何部分利
息以实物支付）；及
3. C1 Tranche C: 3.0% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 4.0% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind);
C1 票据 C：每年 3.0%（如果与该付息期有关的所有利息以现金支付）或每年 4.0%（如果与该付息期有关的任何部分利
息以实物支付）;All interest paid in kind with respect to the C1 Notes will be added to thethen current outstanding principal amount of the C1 Notes.
所有 C1 票据以实物支付的利息均计入届时 C1 票据的未偿还本金金额。
If the Issuer pays cash interest under any tranche of the C1 Notes withrespect to any interest payment period, it shall also pay cash interest under
all other outstanding tranches of the A1 Notes, A2 Notes, C1 Notes and C2
Notes with respect to such interest payment period. The amount of suchcash payments shall be allocated among the A1 Notes, A2 Notes, C1 Notes
and C2 Notes (and among each tranche of such instruments) on a pro rata
basis by outstanding principal amount.
如果发行人就 C1 票据的任何一笔就任何付息期支付现金利息，则发
行人还应就 A1 票据、A2 票据、C1 票据及 C2 票据中其他所有未偿还票据就该付息期支付现金利息。该现金支付的金额应根据未偿还
本金金额按比例在 A1 票据、A2 票据、C1 票据和 C2 票据之间（并且在该等票据中各笔之间）进行分配。
Auditor审计师

The Issuer will engage a Whitelist Auditor to audit its annual financial
statements starting no later than the audit of the fiscal year ending
December 31, 2023.
Sch 3 (B) - 3

发行人将聘请一家白名单审计师对其年度财务报表进行审计，开始时间不晚于截至 2023 年 12 月 31 日止的财务年度审计。
The “Whitelist Auditor” shall be any of the following auditors, or theirrespective affiliates or member firms:“白名单审计师”应为以下任何会计师事务所或其各自的关联所或成员所：(a) Baker Tilly International;天职国际；(b) BDO;立信；(c) Crowe Global;
国富浩华；(d) Deloitte;德勤；(e) Ernst & Young;
安永；(f) Grant Thornton;
致同；(g) KPMG;
毕马威；(h) Mazars;
中审众环；(i) Moore Global;
大华国际；(j) Prism; and上会栢诚；(k) RSM International.
RSM 国际。
Trustee信托人

Madison Pacific or another internationally recognized financial institution
as agreed between the Issuer and the CEG AHG.
麦迪森太平洋或由发行人和恒大持有人特别团体商定的另一家国际
公认的金融机构。

General一般

The Issuer and the CEG AHG will discuss and agree additional covenants
and other provisions to be included under the C1 Notes and the related
legal documentation, including among others, related to (i) restrictions on
indebtedness, restricted payments, liens, affiliate transactions, asset sales,
open market and other repurchases and other actions, (ii) events of default,
Sch 3 (B) - 4

(iii) the rights of holders of, and owners of beneficial interests in, the C1
Notes (a) to obtain periodic financial and other information and documentsfrom the trustee, (b) to appoint or replace the trustee, and (c) to direct thetrustee and to enforce remedies, and (iv) the listing of the C1 Notes.
发行人和恒大持有人特别团体将讨论并商定将纳入 C1 票据的额外限制和其他条款以及相关法律文件，包括但不限于有关（i）对负债、
受限支付、质押权、关联交易、资产出售，公开市场和其他回购和
其他行动的限制， （ii） 违约事件，（iii）C1 票据持有人和实益权
益持有人的权利，包括：（a）从信托人获取定期财务和其他信息和
文件的权利、（b）任命或更换信托人的权利及（c）指示信托人以及执行救济措施的权利，以及（iv）C1 票据的上市。

Language
语言

The Chinese provisions contained herein are for reference only. If there is
any inconsistency between the English and Chinese provisions, the English
provisions shall prevail.
此处的中文条款仅作参考。如英文和中文条款有任何不一致之处，应以英文条款为准。

Sch 3 (B) - 5

Schedule 4
附表 4
Part A – Equity-Linked Instruments
A 部分 –股权挂钩票据Part A1 – EVPS MEBs
A1 部分– 恒大物业强制可交换债券
Principal Terms of the Evergrande Services Mandatory Exchangeable Bonds (“EVPS MEBs”)
恒大物业强制可交换债券（“恒大物业强制可交换债券”）的主要条款

Sch 4 (A1) - 1

Principal Terms of the Evergrande Services Mandatory Exchangeable Bonds (“EVPS
MEBs”)
恒大物业强制可交换债券（“恒大物业强制可交换债券”）的主要条款
Issuer发行人

China Evergrande Group, an exempted company incorporated in the Cayman
Islands with limited liability
中国恒大集团，一家在开曼群岛注册成立的有限责任的豁免公司

Exchangeable
Bonds to be
Issued待发行的可交换
债券

Exchange
Property交换财产Principal
Amount本金金额

Maturity/Princi
pal Repayment
到期日/本金偿付

Exchangeable Bonds (the “EVPS MEBs”) exchangeable into ordinary
shares of Evergrande Property Services Group Limited (“EVPS”) listed on
the Stock Exchange of Hong Kong Limited (the “HKSE”) (the “EVPS
Shares”)
可交换债券（“恒大物业强制可交换债券”）, 可交换为恒大物业集团有限公司（“恒大物业”）在香港联合交易所有限公司（“港交所”）上市
的普通股（“恒大物业股份”）。
The Exchange Property will comprise 2,331,985,700 EVPS Shares, which
represents approximately 21.57% of the total issued EVPS Shares as of thedate of this CEG Term Sheet (the “Exchange Property”).
交换财产将包括 2,331,985,700 股恒大物业股份，占截至 本恒大条款清单日期已发行的恒大物业股份总数约 21.57%（“交换财产”）。
The EVPS MEBs shall comprise one tranche, with a maximum aggregate
principal amount of approximately HK$5,364 million (equivalent toapproximately US$689 million at an exchange rate of US$1.00 to HK$7.78).
恒大物业强制可交换债券应为一笔，其最大本金总额约为 53.64 亿港
元（以 1.00 美元兑 7.78 港元的汇率计算, 约 6.89 亿美元）。
24 months from the Reference Date. The outstanding principal amount of the
EVPS MEBs shall be mandatorily exchanged into EVPS Shares at maturity.
All exchanges shall be settled in EVPS Shares (and not in cash).
自参考日期起 24 个月。恒大物业可交换债券的未偿还本金应在到期日被强制性转换为恒大物业股份。所有的交换必须以恒大物业股份（而不是以现金）结清。
Charge of securities account holding the Exchange Property, subject tocustomary releases.
以持有交换财产的证券账户作为质押，受限于惯常的解除。

Security质押

The Issuer or its subsidiary, as applicable, shall maintain the signatories
nominated by a collateral agent in respect of the charged account.
发行人或其子公司（按所适用的）应保留质押代理人就质押账户提名的签字人。
Prior to the account charge becoming enforceable, the collateral agent shallhave joint signatory rights with the Issuer or its subsidiary, as applicable, in
relation to any withdrawal or transfer from, and any closure of, the charged
Sch 4 (A1) - 2

account. The Issuer or its subsidiary, as applicable, shall not withdraw ortransfer from the charged account except in circumstances to be agreed.
在账户质押可执行之前，质押代理人就质押账户的任何提款或划转以及任何关闭应与发行人或其子公司（按所适用的）拥有共同签字权。
发行人或其子公司（按所适用的）不得从质押账户中提款或划转，在商定的情况下除外。
Upon the account charge becoming enforceable, the collateral agent shallhave the right to deliver a notice of control to the account bank and shall havesole signatory rights in relation to any withdrawal or transfer from, and any
closure of, the charged account, without any need for the signatory of theIssuer or its subsidiary, as applicable, to co-sign.
一旦账户质押可以执行，质押代理人应有权向账户银行递送控制通知，并对质押账户的任何提款或划转以及任何关闭拥有唯一的签字权，而无需发行人或其子公司（按所适用的）的签字人共同签署。
The collateral agent nominated signatory shall have been deemed to haveconsented or signed, as applicable, if it does not object within three (3)business days upon request to act or sign, as applicable, in relation totransfers, withdrawals and other actions expressly permitted under theindenture and the security documents.
在被要求就债券契约和质押文件明确允许的转账/提款和其他行动采取
行动或签署（按所适用的）时，如质押代理人指定的签字人在三（3）个工作日内没有提出异议，则其应被视为已予同意或签署（按所适用的）。
Exchange
Period-交换期

From the later of (i) 41 days after the Original Issue Date and (ii) the dateupon which EVPS Shares have resumed trading on the HKSE to 10
trading days prior to maturity.
自(i)参考日期后 41 天及(ii)恒大物业股份在港交所恢复交易的日期（以较晚者为准）起至到期前的 10 个交易日。

-

Exchanges of the EVPS MEBs to EVPS Shares during any calendar
month shall not exceed one-third (1/3) of the aggregate principal amountof the EVPS MEBs that were originally issued.
每个日历月恒大物业强制可交换债券向恒大物业股份的交换量，
将不可超过最初发行的恒大物业强制可交换债券的本金总额的三
分之一(1/3)。

-

All exchanges shall be settled in EVPS Shares (and not in cash).
所有的交换必须以恒大物业股份（而不是以现金）结清。

Exchange Price

HK$2.30 per share交换价格每股 2.30 港元

Anti-dilution
and Corporate
Governance

Certain anti-dilution protections (including against dividends and other
distributions,consolidations,subdivisions,redesignations
andreclassifications of shares, and certain other dilutive events) and corporate
governance rights to be agreed between the Issuer and the CEG AHG,
tailored to the requirements of the underlying businesses.
Sch 4 (A1) - 3

反稀释和公司治理

某些反稀释保护措施（包括针对分红和其他分配、合并、拆分、重新划定和重新分类股份以及某些其他稀释事件）和公司治理权利，将由发行人和恒大持有人特别团体商定，并根据相关业务的要求进行调整。

Events ofDefault

Customary events of default, applicable to the Issuer and its Principal
Subsidiaries. Remedy limited to exchange rights for EVPS MEBs.

违约事件惯常违约事件，适用于发行人及其主要子公司。救济措施仅限于恒大强制可转换债券的转换权。
“Principal Subsidiary” means any Subsidiary of the Issuer, on aconsolidated basis, which exceeds (i) 5% of the consolidated gross revenue,(ii) 5% of the consolidated pre-tax profit, or (iii) 5% of consolidated net assetsof the Issuer, in each case as shown by its latest audited consolidated financial
statements.
“主要子公司”是指发行人的任何子公司，且其在合并基础上，超过发
行人的(i)发行人合并总收入的 5%，(ii)合并税前利润的 5%，或(iii)合并净资产的 5%，均以其最新的经审计的合并财务报表显示为准。

Auditor审计师

The Issuer will engage a Whitelist Auditor to audit its annual financial
statements starting no later than the audit of the fiscal year ending December
31, 2023.
发行人将聘请一家白名单审计师对其年度财务报表进行审计，开始时间不晚于截至 2023 年 12 月 31 日止的财务年度审计。
The “Whitelist Auditor” shall be any of the following auditors, or theirrespective affiliates or member firms:“白名单审计师”应为以下任何会计师事务所或其各自的关联所或成员
所：(a) Baker Tilly International;天职国际；(b) BDO;立信；(c) Crowe Global;
国富浩华；(d) Deloitte;德勤；(e) Ernst & Young;
安永；(f) Grant Thornton;
致同；(g) KPMG;
毕马威；

Sch 4 (A1) - 4

(h) Mazars;
中审众环；(i) Moore Global;
大华国际；(j) Prism; and上会栢诚；(k) RSM International.
RSM 国际。
Trustee信托人

Madison Pacific or another internationally recognized financial institution asagreed between the Issuer and the CEG AHG.
麦迪森太平洋或由发行人和恒大持有人特别团体商定的另一家国际公认的金融机构。

General一般

The Issuer and the CEG AHG will discuss and agree additional covenants
and other provisions to be included under the EVPS MEBs and the related
legal documentation, including among others, related to (i) restrictions on
indebtedness, restricted payments, liens, affiliate transactions, asset sales,
open market and other repurchases and other actions, (ii) events of default,(iii) the rights of holders of, and owners of beneficial interests in, the EVPS
MEBs (a) to obtain periodic financial and other information and documentsfrom the trustee and the collateral agent, (b) to appoint or replace the trustee,and (c) to direct the trustee and collateral agent and to enforce remedies, and(iv) the listing of the EVPS MEBs.
发行人和恒大持有人特别团体将讨论并商定将纳入恒大物业强制可交换债券的额外限制和其他条款以及相关法律文件，包括但不限于有关（i）对负债、受限支付、质押权、关联交易、资产出售，公开市场和其他回购和其他行动的限制， （ii） 违约事件，（iii）恒大物业强制可交换债券持有人和实益权益持有人的权利，包括：（a）从信托人获
取定期财务和其他信息和文件的权利、（b）任命或更换信托人的权利
及（c）指示信托人以及执行救济措施的权利，以及（iv）恒大物业强
制可交换债券的上市。

Language
语言

The Chinese provisions contained herein are for reference only. If there is
any inconsistency between the English and Chinese provisions, the English
provisions shall prevail.
此处的中文条款仅作参考。如英文和中文条款有任何不一致之处，应
以英文条款为准。

Sch 4 (A1) - 5

Part A2 – NEV MEBs
A2 部分– 恒大新能源汽车强制可交换债券
Principal Terms of the China Evergrande New Energy Vehicle Group Limited Mandatory Exchangeable Bonds (“NEV MEBs”)
恒大新能源汽车强制可交换债券（“恒大新能源汽车强制可交换债券”）的主要条款

Sch 4 (A2) - 1

Principal Terms of the China Evergrande New Energy Vehicle Group Limited Mandatory
Exchangeable Bonds (“NEV MEBs”)
中国恒大新能源汽车集团强制可交换债券（“恒大新能源汽车强制可交换债券”）的主要条款
Issuer发行人

China Evergrande Group, an exempted company incorporated in the Cayman
Islands with limited liability
中国恒大集团，一家在开曼群岛注册成立的有限责任的豁免公司

Exchangeable
Bonds to be
Issued待发行的可交换
债券

Exchange
Property交换财产Exchangeable Bonds (the “NEV MEBs”) exchangeable into ordinary sharesof China Evergrande New Energy Vehicle Group Limited (“NEV”) listed on
the Stock Exchange of Hong Kong Limited (the “HKSE”) (the “NEV
Shares”)
可交换债券（“恒大新能源汽车强制可交换债券”)， 可交换为中国恒大
新能源汽车集团有限公司（“恒大新能源汽车”）在香港联合交易所有限公司（“港交所”）上市的普通股（“恒大新能源汽车股份”）。
The Exchange Property will initially comprise 3,094,810,100 NEV Shares,
which represents approximately 28.54% of the total issued NEV Shares as ofthe date of this CEG Term Sheet (the “Exchange Property”).
交换财产最初将包括 3,094,810,100 股恒大新能源汽车股份，占已发行的恒大新能源汽车股份截至 本恒大条款清单日期总数约 28.54% (“交换财产”)。
As part of the Restructuring and as set forth under “Treatment ofshareholder’s loans to NEV and CEG’s loan to NEV” in this CEG Term
Sheet, the relevant shareholder’s loans to NEV and CEG’s loan to NEV andany accrued and unpaid interest thereon will be applied to convert into new
NEV Shares at the conversion price of HK$3.84 per share. A portion of such
NEV Shares so converted will be deposited into the A2 NEV Escrow
Accounts and C2 NEV Escrow Accounts on a pro rata basis such that the A2
NEV Escrow Accounts and C2 NEV Escrow Accounts will together hold
NEV Shares representing 30% of the total issued NEV Shares on a fully
diluted basis. The remaining NEV Shares so converted will be added to the
Exchange Property under the NEV MEBs. As set forth under “Treatment ofother loan to NEV” in this CEG Term Sheet, the loans by Ms. Ding Yumei
and Good Bond Limited to NEV are also expected to be applied toward
conversion into new shares in NEV at an issue price of HK$3.84 per share.
The NEV shares so converted will not be used as part of the restructuringconsideration (neither the NEV MEBs nor the A2 NEV SLNs and the C2
NEV SLNs).
作为重组的一部分，并根据本恒大条款清单中“股东对恒大新能源汽车
的贷款和恒大对恒大新能源汽车贷款的处理”所列明的，恒大新能源汽车的相关股东贷款和恒大对新能源汽车贷款及其任何应计且未付利息
将用于以转换价每股 3.84 港元转换为恒大新能源汽车的新股份。部分如此转换的恒大新能源汽车股份将按比例存入 A2 恒大新能源汽车托
管账户和 C2 恒大新能源汽车托管账户，从而使 A2 恒大新能源汽车托
管账户和 C2 恒大新能源汽车托管账户共同持有的恒大新能源汽车股份
在完全稀释的基础上占已发行恒大新能源汽车股份总数的 30% 。剩余
如此转换的恒大新能源汽车股份将加入恒大新能源汽车强制可交换债Sch 4 (A2) - 2

券的交换财产。如本恒大条款清单中“恒大新能源汽车其他贷款的处理”所述，丁玉梅女士及 Good Bond Limited 向恒大新能源汽车提供的贷款也预期将用于以发行价每股 3.84 美元转换为恒大新能源汽车的新股份。 如此转换的恒大新能源汽车股份将不会被用作重组对价的一部
分（既不是恒大新能源汽车强制可交换债券也不是 A2 恒大新能源汽车
股票挂钩票据及 C2 恒大新能源汽车股票挂钩票据）。

Principal
Amount
本金金额

The NEV MEBs shall comprise one tranche, with a maximum aggregate
principal amount of approximately HK$24,409 million (equivalent toapproximately US$3,137 million at an exchange rate of US$1.00 to
HK$7.78) (after taking into account the conversion of the relevant
shareholder’s loans to NEV and CEG’s loan to NEV as set forth under“Treatment of shareholder’s loans to NEV and CEG’s loan to NEV” in thisCEG Term Sheet). Such maximum principal amount is subject to changes
based on Option 2 election under this CEG Term Sheet.
恒大新能源汽车强制可交换债券应为一笔，其最大本金总额约为
244.09 亿港元（以 1.00 美元兑 7.78 港元的汇率计算, 约 31.37 亿美元）（数值反映考虑到本恒大条款清单中“股东对恒大新能源汽车的贷款
和恒大对恒大新能源汽车的贷款的处理”中列明的恒大新能源汽车的
相关股东贷款和恒大对恒大新能源汽车贷款的转换后）, 该最大本金金
额可能会根据本恒大条款清单下的方案 2 的 选择而改变。

Maturity/Princi
pal Repayment
到期日/本金偿付

24 months from the Reference Date. The outstanding principal amount of the
NEV MEBs shall be exchanged at maturity All exchanges shall be settled in
NEV Shares (and not in cash)
自参考日期起 24 个月。 恒大新能源汽车强制可交换债券的未偿还本金应在到期日被强制性转换为恒大新能源汽车股份。所有的交换必须以
恒大新能源汽车股份（而不是以现金）结清。
Charge of securities account holding the Exchange Property, subject tocustomary releases.
以持有交换财产的证券账户作为质押，受限于惯常的解除。
The Issuer or its subsidiary, as applicable, shall maintain the signatories
nominated by a collateral agent in respect of the charged account at all times.
发行人或其子公司（按所适用的）应保留质押代理人就质押账户提名的签字人。

Security质押

Prior to the occurrence of any enforcement trigger under the account charge,
the collateral agent shall have joint signatory rights with the Issuer or its
subsidiary, as applicable, in relation to any withdrawal or transfer from, andany closure of, the charged account. The Issuer or its subsidiary, as
applicable, shall not withdraw or transfer from the charged account except incircumstances to be agreed.
在账户质押下的任何执行被触发之前，质押代理人就质押账户的任何提款或划转以及任何关闭应与发行人或其子公司（按所适用的）拥有
共同签字权。 发行人或其子公司（按所适用的）不得从质押账户中提款或划转，在商定的情况下除外。
Sch 4 (A2) - 3

Upon the occurrence of any enforcement trigger under the account charge,
the collateral agent shall have the right to deliver a notice of control to theaccount bank and shall have sole signatory rights in relation to any
withdrawal or transfer from, and any closure of, the charged account, without
any need for the signatory of the Issuer or its subsidiary, as applicable, to cosign.
一旦账户质押下的任何执行被触发，质押代理人应有权向账户银行发
出控制通知，并对质押账户的任何提款或划转以及任何关闭拥有唯一的签字权，而不需要发行人或其子公司（按所适用的）的签字人共同
签署。
The collateral agent nominated signatory shall have been deemed to haveconsented or signed, as applicable, if it does not object within three (3)business days upon request to act or sign, as applicable, in relation totransfers, withdrawals and other actions expressly permitted under theindenture and the security documents.
在被要求就债券契约和质押文件明确允许的转账、提款和其他行动采
取行动或签署（按所适用的）时，如质押代理人指定的签字人在三（3）个工作日内没有提出异议，则其应被视为已予同意或签署（按所适用的）。
Exchange
Period-交换期

From the later of (i) 41 days after the Original Issue Date and (ii) the dateupon which NEV Shares have resumed trading on the HKSE to 10 trading
days prior to maturity.
自(i)参考日期后 41 天及(ii)恒大新能源汽车股份在港交所恢复交易的日期（以较晚者为准）起至到期前的 10 个交易日。

-

Exchanges of the NEV MEBs to NEV Shares during any calendar monthshall not exceed one-third (1/3) of the aggregate principal amount of the
NEV MEBs that were originally issued.
每个日历月恒大新能源汽车强制可交换债券向恒大新能源汽车股份的交换量，将不可超过最初已发行的恒大新能源汽车强制可交
换债券的本金总额的三分之一(1/3)。

-

All exchanges shall be settled in NEV Shares (and not in cash)
所有的交换必须以恒大新能源汽车股份（而不是以现金）结清。

Exchange Price

HK$3.84 per share交换价格每股 3.84 港元

Anti-dilution
Certain anti-dilution protections (including against dividends and otherand Corporate distributions,consolidations,subdivisions,redesignations
andGovernancereclassifications of shares, and certain other dilutive events) and corporate
governance rights to be agreed between the Issuer and the CEG AHG,
反稀释和公司治
tailored to the requirements of the underlying businesses.
理某些反稀释保护措施（包括针对分红和其他分配、合并、拆分、重新划定和重新分类股份以及某些其他稀释事件）和公司治理权利，将由发行人和恒大持有人特别团体商定，并根据相关业务的要求进行调整。
Sch 4 (A2) - 4

Events of
Default

Customary events of default, applicable to the Issuer and its Principal
Subsidiaries. Remedy limited to exchange rights for NEV MEBs.

违约事件惯常违约事件，适用于发行人及其主要子公司。救济措施仅限于恒大
新能源汽车强制可交换债券的转换权。
“Principal Subsidiary” means any Subsidiary of the Issuer, on aconsolidated basis, which exceeds (i) 5% of the consolidated gross revenue,(ii) 5% of the consolidated pre-tax profit, or (iii) 5% of consolidated net assetsof the Issuer, in each case as shown by its latest audited consolidated financial
statements“主要子公司 ”是指发行人的任何子公司，且其在合并基础上，超过发
行人的(i)合并总收入的 5%，(ii)合并税前利润的 5%，或(iii)合并净资
产的 5%，均以其最新的经审计的合并财务报表显示为准。

Auditor审计师

The Issuer will engage a Whitelist Auditor to audit its annual financial
statements starting no later than the audit of the fiscal year ending December
31, 2023.
发行人将聘请一家白名单审计师对其年度财务报表进行审计，开始时间不晚于截至 2023 年 12 月 31 日止的财务年度审计。
The “Whitelist Auditor” shall be any of the following auditors, or theirrespective affiliates or member firms:“白名单审计师”应为以下任何会计师事务所或其各自的关联所或成员
所：(a) Baker Tilly International;天职国际；(b) BDO;立信；(c) Crowe Global;
国富浩华；(d) Deloitte;德勤；(e) Ernst & Young;
安永；(f) Grant Thornton;
致同；(g) KPMG;
毕马威；(h) Mazars;
中审众环；(i) Moore Global;
Sch 4 (A2) - 5

大华国际；(l) Prism; and上会栢诚；(j) RSM International.
RSM 国际。
Trustee信托人

Madison Pacific or another internationally recognized financial institution asagreed between the Issuer and the CEG AHG.
麦迪森太平洋或由发行人和恒大持有人特别团体商定的另一家国际公认的金融机构。

General一般

The Issuer and the CEG AHG will discuss and agree additional covenants
and other provisions to be included under the NEV MEBs and the related
legal documentation, including among others, related to (i) restrictions on
indebtedness, restricted payments, liens, affiliate transactions, asset sales,
open market and other repurchases and other actions, (ii) events of default,(iii) the rights of holders of, and owners of beneficial interests in, the NEV
MEBs (a) to obtain periodic financial and other information and documentsfrom the trustee and the collateral agent, (b) to appoint or replace the trustee,and (c) to direct the trustee and collateral agent and to enforce remedies, and(iv) the listing of the NEV MEBs.
发行人和恒大持有人特别团体将讨论并商定将纳入恒大新能源汽车强
制可交换债券的额外限制和其他条款以及相关法律文件，包括但不限于有关（i）对负债、受限支付、质押权、关联交易、资产出售，公开市场和其他回购和其他行动的限制， （ii） 违约事件，（iii）恒大新
能源汽车强制可交换债券持有人和实益权益持有人的权利，包括：（a）从信托人获取定期财务和其他信息和文件的权利、（b）任命或更换信托人的权利及（c）指示信托人以及执行救济措施的权利，以及（iv）恒大新能源汽车强制可交换债券的上市。

Language
语言

The Chinese provisions contained herein are for reference only. If there is
any inconsistency between the English and Chinese provisions, the English
provisions shall prevail.
此处的中文条款仅作参考。如英文和中文条款有任何不一致之处，应
以英文条款为准。

Sch 4 (A2) - 6

Part A3 – CEG MCBs
A3 部分– 恒大强制可转换债券
Principal Terms of the Mandatory Convertible Bonds (“CEG MCBs”)
恒大强制可转换债券（“恒大强制可转换债券”）的主要条款

Sch 4 (A3) - 1

Principal Terms of the Mandatory Convertible Bonds (“CEG MCBs”)
强制可转换债券（“恒大强制可转换债券”）的主要条款
Issuer发行人

China Evergrande Group, an exempted company incorporated in the Cayman
Islands with limited liability
中国恒大集团，一家在开曼群岛注册成立的有限责任的豁免公司

Convertible
Bonds to be
IssuedMandatory Convertible Bonds (the “CEG MCBs”) convertible into ordinary
shares of the Issuer listed on the Stock Exchange of Hong Kong Limited (the“HKSE”) (the “Shares”)

待发行的可转换
债券强制可转换债券（“恒大强制可转换债券” ），可转换为发行人在香
港联合交易所有限公司（“港交所”）上市的普通股（“股份”）

Principal
Amount

The CEG MCBs shall comprise one tranche, with a maximum aggregate
principal amount equal to approximately HK$3,253 million (approximately
US$418 million at an exchange rate of US$1.00 to HK$7.78).

本金金额

Maturity/Princi
pal Repayment
到期日/本金偿付

Conversion
Period恒大强制可转换债券应为一笔，其最大本金总额约为 32.53 亿港元（以 1.00 美元兑 7.78 港元的汇率计算，约 4.18 亿美元）。
Five (5) years from the Reference Date. The outstanding principal amount of
the CEG MCBs shall be mandatorily converted into the Shares at maturity.
All conversions shall be settled in Shares (and not in cash)
自参考日期起五（5）年。恒大强制可转换债券的未偿还本金应在到期
日被强制性转换为发行人的股份。所有的交换必须以股份（而不是以现金）结清。
-

转换期

From the later of (i) 41 days after the Original Issue Date and (ii) thedate upon which the Shares have resumed trading on the HKSE to
10 trading days prior to maturity.
自(i)参考日期后 41 天及(ii)股份在港交所恢复交易的日期（以较晚者为准）起至到期前的 10 个交易日。

-

Conversions of the CEG MCBs to Shares during any calendar monthshall not exceed one-third (1/3) of the aggregate principal amount of
the CEG MCBs that were originally issued.
每个日历月恒大强制可转换债券向股份的转换量，将不可超过最初发行的恒大强制可转换债券的本金总额的三分之一(1/3)。

-

All conversions shall be settled in Shares (and not in cash).
所有的转换必须以股份（而不是以现金）结清。

Conversion
Price
初始转换价格

HK$0.5775 per share (CEG Scheme Creditors’ shares in CEG will beapproximately 29.9% immediately after full conversion of the CEG MCBs,
and Professor Hui Ka Yan’s shares in CEG will be approximately 41.9%
immediately after full conversion of the CEG MCBs, assuming (i) all CEG
MCBs are issued on the Reference Date at the maximum aggregate principal
amount of HK$3,253 million, and are immediately converted in full upon
issuance, and (ii) the number of total issued Shares is 13,204,300,900
Sch 4 (A3) - 2

immediately before such conversion and 18,836,377,889 immediately after
such conversion).
每股 0.5775 港元 （恒大协议安排债权人于恒大强制可转换债券完全转
换后的那一刻的恒大股份将约为 29.9%，许家印教授于恒大强制可转换债券完全转换后的那一刻的恒大股份将约为 41.9%，），假设 (i) 所有
恒大强制可转换债券均在参考日期当日发行，最大本金金额为 32.53
亿港元，并在发行后立即全部转换，以及 (ii)已发行股份总数在该转换
前的那一刻为 13,204,300,900 且该转换后的那一刻为 18,836,377,889。
Anti-dilution
and Corporate
Governance
反稀释和公司治理

Certain anti-dilution protections (including against dividends and other
distributions,consolidations,subdivisions,redesignations
andreclassifications of shares, and certain other dilutive events) and corporate
governance rights to be agreed between the Issuer and the CEG AHG,
tailored to the requirements of the underlying businesses.
某些反稀释保护措施（包括针对分红和其他分配、合并、拆分、重新划定和重新分类股份以及某些其他稀释事件）和公司治理权利，将由发行人和恒大持有人特别团体商定，并根据相关业务的要求进行调整。

Events ofDefault

Customary events of default, applicable to the Issuer and its Principal
Subsidiaries. Remedy limited to conversion rights for CEG MCB.

违约事件惯常违约事件，适用于发行人及其主要子公司。救济措施仅限于恒大强制可转换债券的转换权。
“Principal Subsidiary” means any Subsidiary of the Issuer, on aconsolidated basis, which exceeds (i) 5% of the consolidated gross revenue,(ii) 5% of the consolidated pre-tax profit, or (iii) 5% of consolidated net assetsof the Issuer, in each case as shown by its latest audited consolidated financial
statements“主要子公司 ”是指发行人的任何子公司，且其在合并基础上，超过发
行人的(i)合并总收入的 5%，(ii)合并税前利润的 5%，或(iii)合并净资
产的 5%，均以其最新的经审计的合并财务报表显示为准。

Auditor审计师

The Issuer will engage a Whitelist Auditor to audit its annual financial
statements starting no later than the audit of the fiscal year ending December
31, 2023.
发行人将聘请一家白名单审计师对其年度财务报表进行审计，开始时间不晚于截至 2023 年 12 月 31 日止的财务年度审计。
The “Whitelist Auditor” shall be any of the following auditors, or theirrespective affiliates or member firms:“白名单审计师”应为以下任何会计师事务所或其各自的关联所或成员
所：(a) Baker Tilly International;天职国际；(b) BDO;立信；
Sch 4 (A3) - 3

(c) Crowe Global;
国富浩华；(d) Deloitte;德勤；(e) Ernst & Young;
安永；(f) Grant Thornton;
致同；(g) KPMG;
毕马威；(h) Mazars;
中审众环；(i) Moore Global;
大华国际；(j) Prism; and上会栢诚；(k) RSM International.
RSM 国际。
Trustee信托人

Madison Pacific or another internationally recognized financial institution asagreed between the Issuer and the CEG AHG.
麦迪森太平洋或由发行人和恒大持有人特别团体商定的另一家国际公认的金融机构。

General一般

The Issuer and the CEG AHG will discuss and agree additional covenants
and other provisions to be included under the CEG MCBs and the related
legal documentation, including among others, related to (i) restrictions on
indebtedness, restricted payments, liens, affiliate transactions, asset sales,
open market and other repurchases and other actions, (ii) events of default,(iii) the rights of holders of, and owners of beneficial interests in, the CEG
MCBs (a) to obtain periodic financial and other information and documentsfrom the trustee, (b) to appoint or replace the trustee, and (c) to direct thetrustee and to enforce remedies, and (iv) the listing of the CEG MCBs.
发行人和恒大持有人特别团体将讨论并商定将纳入恒大强制可转换债
券的额外限制和其他条款以及相关法律文件，包括但不限于有关（i）
对负债、受限支付、质押权、关联交易、资产出售，公开市场和其他
回购和其他行动的限制， （ii） 违约事件，（iii）恒大强制可转换债
券持有人和实益权益持有人的权利，包括：（a）从信托人获取定期财
务和其他信息和文件的权利、（b）任命或更换信托人的权利及（c）

Sch 4 (A3) - 4

指示信托人以及执行救济措施的权利，以及（iv）恒大强制可转换债
券的上市。

Language
语言

The Chinese provisions contained herein are for reference only. If there is
any inconsistency between the English and Chinese provisions, the English
provisions shall prevail.
此处的中文条款仅作参考。如英文和中文条款有任何不一致之处，应
以英文条款为准。

Sch 4 (A3) - 5

Part B – SLNs
B 部分 – 股票挂钩票据Part B1 – A2 EVPS SLNs
B1 部分– A2 恒大物业股票挂钩票据

Principal Terms of the China Evergrande Group EVPS Secured New Notes A2 (“A2 EVPS SLNs”)
中国恒大集团恒大物业有质押的新票据 A2（“A2 恒大物业股票挂钩票据”）的主要条款

Sch 4 (B1) - 1

Principal Terms of the China Evergrande Group EVPS Secured New Notes A2 (“A2 EVPS
SLNs”)
中国恒大集团恒大物业有质押的新票据 A2（“A2 恒大物业股票挂钩票据”)的主要条款
Issuer发行人

China Evergrande Group, an exempted company incorporated in the
Cayman Islands with limited liability
中国恒大集团，一家在开曼群岛注册成立的有限责任的豁免公司

Principal Amount本金金额The A2 EVPS SLNs shall comprise two tranches as follows, with thefollowing maximum aggregate principal amount:A2 恒大物业股票挂钩票据应包含以下两笔，其最大本金总额为：
1. A2 EVPS SLN Tranche A: US$550 million; andA2 恒大物业股票挂钩票据 A：5.5 亿美元；及2. A2 EVPS SLN Tranche B: US$550 million.
A2 恒大物业股票挂钩票据 B：5.5 亿美元。；

Maturity/Principal
Repayment

1. A2 EVPS SLN Tranche A: 5 years from the Reference Date; and到期日/本金偿付2. A2 EVPS SLN Tranche B: 6 years from the Reference Date.

A2 恒大物业股票挂钩票据 A：自参考日期起 5 年；及A2 恒大物业股票挂钩票据 B：自参考日期起 6 年。
The outstanding principal amount of each tranche shall be repaid on
maturity, together with any accrued and unpaid interest.
每一笔的未偿还本金应在到期日连同任何应计和未付利息一起偿还。

Interest (PIK andcash)
利息（实物付息和现金）Interest will start to accrue on the Reference Date and will be payable semiannually in arrears on the outstanding principal amount of the A2 EVPSSLN Tranche A at 5.0% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 6.0% p.a. (if any portion of interest withrespect to such interest payment period is paid in kind) with respect to eachinterest payment period.
利息将在参考日期起计息，并将每半年期末就 A2 恒大物业股票挂钩
票据 A 未偿还本金支付一次利息，每个付息期的利率为每年 5.0%
（如果与该付息期有关的所有利息以现金支付），或者每年 6.0%（如果与该付息期有关的任何部分利息以实物支付）。
Interest will start to accrue on the Reference Date and will be payable semiannually in arrears on the outstanding principal amount of the A2 EVPSSLN Tranche B at 5.5% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 6.5% p.a. (if any portion of interest withrespect to such interest payment period is paid in kind) with respect to eachinterest payment period.
利息将在参考日期起计息，并将每半年期末就 A2 恒大物业股票挂钩
票据 B 未偿还本金支付一次利息，每个付息期的利率为每年 5.5%

Sch 4 (B1) - 2

（如果与该付息期有关的所有利息以现金支付），或者每年 6.5%（如果与该付息期有关的任何部分利息以实物支付）。
Interest on the outstanding principal amount of the A2 EVPS SLN shall be
paid in the following manner:
A2 恒大物业股票挂钩票据未偿还本金的利息应按以下方式支付:1. For the first two and a half years after the Reference Date: interest
may be paid in cash or in kind, at the election of the Issuer;
对于参考日期后的最初两年半：可由发行人选择用现金或实
物支付利息；
2. From the 31st month to the 36th month after the Reference Date,interest in an amount equal to at least 0.5% of the outstanding
principal amount of each tranche of the A2 EVPS SLN shall be paidin cash; the remaining portion of interest may be paid in cash or in
kind, at the election of the Issuer;
对于参考日期后的第 31 个月至第 36 个月：应以现金支付相当于各笔 A2 恒大物业股票挂钩票据未偿本金的至少 0.5%的利息；其余部分的利息可由发行人选择以现金或实物支付；
3. For the fourth year after the Reference Date: interest in an amountequal to at least 3.0% p.a. of the outstanding principal amount ofeach tranche of the A2 EVPS SLN shall be paid in cash; theremaining portion of interest may be paid in cash or in kind, at theelection of the Issuer; and对于参考日期后的第四年：应以现金支付相当于各笔 A2 恒大物业股票挂钩票据未偿本金的至少每年 3.0%的利息；其余部
分的利息可由发行人选择以现金或实物支付；及4. Starting from the fifth year after the Reference Date: interest shallbe paid in cash.
对于从参考日期后的第五年开始：利息应以现金支付。
All interest paid in kind with respect to the A2 EVPS SLN will be added tothe then current outstanding principal amount of the A2 EVPS SLN.
所有 A2 恒大物业股票挂钩票据以实物支付的利息均计入届时 A2 恒
大物业股票挂钩票据的未偿还本金金额。
If the Issuer pays cash interest under any tranche of the A2 EVPS SLNs
with respect to any interest payment period in an amount greater than theamount of cash interest required to be paid on such tranche with respect tosuch interest payment period, it shall also pay additional cash interest under
all other outstanding tranches of the A2 EVPS SLNs, A2 NEV SLNs, A2
Notes, C2 EVPS SLNs, C2 NEV SLNs and C2 Notes. The amount of such
additional cash payments shall be allocated among each of the A2 EVPS
SLNs, A2 NEV SLNs, A2 Notes, C2 EVPS SLNs, C2 NEV SLNs and C2
Notes (and among each tranche of such instruments) on a pro rata basis by
outstanding principal amount.
如果发行人就 A2 恒大物业股票挂钩票据的任何一笔就任何付息期支付的现金利息大于该笔票据在该付息期所需支付的现金利息，则发
行人还应就 A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂
Sch 4 (B1) - 3

钩票据、A2 票据、C2 恒大物业股票挂钩票据、C2 恒大新能源汽车
股票挂钩票据及 C2 票据中其他所有未偿还票据支付额外的现金利息。该额外现金支付的金额应根据未偿还本金金额，按比例在 A2 恒
大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据、A2 票据、C2 恒大物业股票挂钩票据、C2 恒大新能源汽车股票挂钩票据及 C2票据之间（并且在该等票据中各笔之间）进行分配。
Guarantees
担保

The same Subsidiary Guarantors as those guaranteeing the Existing Notes,
other than (i) certain shell subsidiaries of CEG to be agreed to bederegistered prior to the Original Issue Date, and (ii) certain significant
offshore subsidiaries to be agreed (collectively the “A2 EVPS SLNGuarantors”, and such guarantees, the “A2 EVPS SLN Guarantees”). A1
Notes Guarantees to be subordinated to A2 EVPS SLN Guarantees.
担保子公司与目前为现有票据提供担保的担保子公司相同，但不包括（i）某些有待商定在初始发行日期前注销的恒大空壳子公司以及（ii）某些有待商定的重要境外子公司，（统称为 “A2 恒大物业股票挂钩票据担保公司”, 该担保统称为“A2 恒大物业股票挂钩票据担保”）。A1 票据担保将劣后于 A2 恒大物业股票挂钩票据担保。

Share Security
股份质押Charges of securities accounts in the aggregate holding 2,493,778,025
EVPS Shares (equivalent to approximately 23.1% of EVPS Shares as of thedate of this CEG Term Sheet) (the “A2 EVPS Shares Account Charges”)
for securing the A2 EVPS SLNs. Each tranche of A2 EVPS SLNs will haveits own A2 EVPS Shares Account Charge holding such EVPS Shares incorresponding proportion to its principal amount over all A2 EVPS SLNs.
将持有共计 2,493,778,025 股恒大物业股份（相当于截至 本恒大条款清单日期 恒大物业股份的约 23.1%）的证券账户作为质押（“A2 恒大物业股份账户质押”），以为 A2 恒大物业股票挂钩票据提供质押。每
一笔 A2 恒大物业股票挂钩票据都将有其专属的 A2 恒大物业股份账户质押，该账户所持恒大物业股份与该笔票据的本金金额在全部 A2
恒大物业股票挂钩票据中的比例相对应。
EVPS Shares subject to an A2 EVPS Shares Account Charge may bereleased for sale to a strategic investor, upon (i) the redemption of all A2EVPS SLN secured by such charge, at par plus accrued and unpaid interest(the “A2 EVPS Redemption Amount”) or (ii) the deposit of an amountequal to the A2 EVPS Redemption Amount into an account charged to thebenefit of the holders of the A2 EVPS SLNs, or (iii) an amount equal to the
A2 EVPS Redemption Amount being subject to an escrow or otherarrangement to be agreed. Prior consultation or approval will not be
required from the trustee, collateral agent or any noteholder for releasing
EVPS Shares for sale to a strategic investor so long as the net proceeds ofsuch sale are not lower than the A2 EVPS Redemption Amount and are used
to redeem the A2 EVPS SLN as aforesaid. Any sale of EVPS Shares to a
strategic investor shall be made on a pro rata basis between the A2 EVPS
SLNs on the one hand and the C2 EVPS SLNs on the other hand.
一旦（i）由该等质押担保的全部 A2 恒大物业股票挂钩票据按票面价
值并加上应计及未付利息被赎回 （“A2 恒大物业赎回金额”），或（ii）当金额为 A2 恒大物业赎回金额的款项存入一个以 A2 恒大物业股票挂钩票据持有人为受益人的质押账户，或（iii）当金额为 A2 恒
Sch 4 (B1) - 4

大物业赎回金额的款项受限于有待商定的托管或其他安排，受限于
A2 恒大物业股份账户质押的恒大物业股份即可被解除，以处置给一
位战略投资者。解除恒大物业股份以出售给战略投资者时，无需事
先咨询或取得信托人、质押代理人或任何票据持有人的批准，前提
是该出售的净所得款不低于 A2 恒大物业赎回金额并用于赎回上述 A2
恒大物业股票挂钩票据。向一位战略投资者出售恒大物业股份应在
A2 恒大物业股票挂钩票据和 C2 恒大物业股票挂钩票据之间按比例进
行。
An A2 EVPS Shares Account Charge shall become enforceable only upon(i) failure to pay principal of or interest on the A2 EVPS SLN secured bysuch charge, (ii) failure to apply the net proceeds from the sale of such
EVPS Shares to redeem such A2 EVPS SLN, or (iii) with respect to A2EVPS SLN Tranche A, failure to pay principal of or interest on C2 EVPSSLN Tranche A, and with respect to A2 EVPS SLN Tranche B, failure topay principal of or interest on C2 EVPS SLN Tranche B.
A2 恒大物业股份账户质押仅在以下情况下方可执行： (i)获该等质押的 A2 恒大物业股票挂钩票据的本金或利息未能支付， (ii)出售该等
恒大物业股份的净所得款未能用于赎回该等 A2 恒大物业股票挂钩票
据，或 (iii) 对于 A2 恒大物业股票挂钩票据 A 而言，若未能支付 C2
恒大物业股票挂钩票据 A 的本金或利息，及对于 A2 恒大物业股票挂钩票据 B 而言，未能支付 C2 恒大物业股票挂钩票据 B 的本金或利息。Cash dividends received from EVPS Shares under an A2 EVPS Shares
Account Charge shall be applied to redeem on a pro rata basis the A2 EVPSSLN secured by such charge at par plus accrued and unpaid interest.
来自 A2 恒大物业股份账户质押下的恒大物业股份的现金分红应用于
依比例按票面价值并加上应计及未付利息赎回获该等质押的相关 A2
恒大物业股票挂钩票据。
The Issuer or its subsidiary, as applicable, shall maintain the signatories
nominated by a collateral agent in respect of the charged account at all
times.
发行人或其子公司（按所适用的）应保留质押代理人就质押账户提
名的签字人。
Prior to the occurrence of any enforcement trigger under the accountcharge, the collateral agent shall have joint signatory rights with the Issuer
or its subsidiary, as applicable, in relation to any withdrawal or transfer
from, and any closure of, the charged account. The Issuer or its subsidiary,
as applicable, shall not withdraw or transfer from the charged accountexcept to a strategic investor as described above or in other circumstances
to be agreed.
在账户质押下的任何执行被触发之前，质押代理人就质押账户的任
何提款或划转以及任何关闭应与发行人或其子公司（按所适用的）拥有共同签字权。 发行人或其子公司（按所适用的）不得从质押账户中提款或划转，除依上文所述处置给战略投资者及其他商定的情
况以外。
Upon the occurrence of any enforcement trigger under the account charge,
the collateral agent shall have the right to deliver a notice of control to the
Sch 4 (B1) - 5

account bank and shall have sole signatory rights in relation to any
withdrawal or transfer from, and any closure of, the charged account,
without any need for the signatory of the Issuer or its subsidiary, as
applicable, to co-sign.
一旦账户质押下的任何执行被触发，质押代理人应有权向账户银行
发出控制通知，并对质押账户的任何提款或划转以及任何关闭拥有
唯一的签字权，而不需要发行人或其子公司（按所适用的）的签字
人共同签
The collateral agent nominated signatory shall have been deemed to haveconsented or signed, as applicable, if it does not object within three (3)business days upon request to act or sign, as applicable, in relation totransfers, withdrawals and other actions expressly permitted under theindenture and the security documents. For the avoidance of doubt, the saleof EVPS Shares to strategic investors as provided above shall be considered
expressly permitted under the indenture and security documents.
在被要求就债券契约和质押文件明确允许的转账/提款和其他行动采
取行动或签署（按所适用的）时，如质押代理人指定的签字人在三（3）个工作日内没有提出异议，则应视为已予同意或签署（按所适用的）。为避免疑义，按上述规定向战略投资者出售恒大物业股份应
被视为债券契约和担保文件明确允许的行为。.
Asset Security
资产质押Security interest over the shares of subsidiaries directly holding the assets
set forth under Annex A (“Asset List 1”), to be shared among A2 EVPS
SLNs and A2 NEV SLNs.
持有附件 A（“资产清单 1”）所列资产的子公司股份的质押权益，将在 A2 恒大物业股票挂钩票据与 A2 恒大新能源汽车股票挂钩票据之间共享。
Security interest over the shares of subsidiaries directly holding the assets
set forth under Annex B (“Asset List 2”), to be shared among A2 EVPS
SLNs, A2 NEV SLNs, C2 EVPS SLNs, and C2 NEV SLNs.
持有附件 B 所列资产（“资产清单 2”）的子公司股份的质押权益, 将
在 A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据、
C2 恒大物业股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据之间共享。
The relevant security interest will be released upon any sale of such assets
or the shares of the subsidiaries directly holding such assets (or receipt ofproceeds from recovery on relevant loans or receivables, as applicable) and(i) the application of the proceeds thereof in accordance with the provisions
under “Mandatory Redemption” below or (ii) the deposit of such proceeds
into an account charged to the benefit of the holders of the relevant
instruments, or (iii) such proceeds being subject to an escrow or otherarrangement to be agreed.
当有“该等资产的任何出售（或收到相关贷款或应收款的回收的所
得款，如适用），相关质押权益将被解除，并且，（i）将根据下文“强制赎回”的条款来应用该所得款，或（ii）将该所得款存入一个
以相关票据持有人为受益人的质押账户，或（iii）该所得款将受限于
待经商定的托管或其他安排。
Sch 4 (B1) - 6

Mandatory
Redemption
强制赎回

The Issuer shall use the net proceeds from the sale of any asset listed in
Asset List 1 (or the shares of the subsidiary holding such asset) to purchase,by way of reverse Dutch auction, any of the A2 EVPS SLNs and A2 NEVSLNs at a minimum purchase price equal to the then current market priceplus a premium of US$0.1 per US$1 of principal amount, plus accrued andunpaid interest (but in any event the purchase price shall not exceed 100%of the principal amount plus accrued and unpaid interest), within 45
business days of its receipt of such net proceeds. If any net proceeds fromsuch sale remains unused after such reverse Dutch auction, the Issuer shallredeem the security with the shortest maturity among the A2 EVPS SLNs
and A2 NEV SLNs at par plus accrued and unpaid interest.
出售资产清单 1 所列的任何资产的净所得款将在收到该等款项的 45
个工作日内，通过最低购买价格等于当时的市场价格加上每 1 美元本
金金额 0.1 美元的溢价，加上应计及未付利息（但在任何情况下，购买价格不得超过本金加应计及未付利息的 100%）的反向荷兰式拍卖方式收购 A2 恒大物业股票挂钩票据和 A2 恒大新能源汽车股票挂钩
票据中的任意一笔。如果在反向荷兰式拍卖之后，仍有未使用的该
等出售净所得款，发行人应按票面价值加上应计及未付利息赎回 A2
恒大物业股票挂钩票据和 A2 恒大新能源汽车股票挂钩票据最快到期的一笔。
The Issuer shall use the net proceeds from the sale of any asset listed in
Asset List 2 (or the shares of the subsidiary holding such asset) to purchaseor redeem, by way of reverse Dutch auction, any of the A2 EVPS SLNs,
A2 NEV SLNs, C2 EVPS SLNs, and C2 NEV SLNs at a minimumpurchase price equal to the then current market price plus a premium of
US$0.1 per US$1 of principal amount, plus accrued and unpaid interest(but in any event the purchase price shall not exceed 100% of the principal
amount plus accrued and unpaid interest), within 45 business days of its
receipt of such net proceeds, provided that the net proceeds shall beallocated for such purchase between A2 EVPS SLNs and the A2 NEV SLNs
on the one hand and the C2 EVPS SLNs and C2 NEV SLNs on the other
hand on a pro rata basis according to their aggregate outstanding principal
amounts. If any net proceeds from such sale remains unused after such
reverse Dutch auction, the Issuer shall redeem the security with the shortest
maturity among the A2 EVPS SLNs, A2 NEV SLNs, C2 EVPS SLNs, andC2 NEV SLNs at par plus accrued and unpaid interest.
发行人应将出售资产清单 2 所列的任何资产（或持有该资产的子公司
的股份）的净所得款，在收到该等款项的 45 个工作日内，用于通过
最低购买价格等于当时的市场价格加上每 1 美元本金金额 0.1 美元的溢价，加上应计及未付利息（但在任何情况下，购买价格不得超过
本金加应计及未付利息的 100%）的反向荷兰式拍卖方式收购或赎回
A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据、C2
恒大物业股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据中的任意
一笔，前提是用于收购的净所得款应根据 A2 恒大物业股票挂钩票据
和 A2 恒大新能源汽车股票挂钩票据以及 C2 恒大物业股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据的未偿还本金金额总额，按比例
在 A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据和C2 恒大物业股票挂钩票据、C2 恒大新能源汽车股票挂钩票据之间进行分配。如果在反向荷兰式拍卖之后，仍有未使用的该等出售净所Sch 4 (B1) - 7

得款，发行人应按票面价值加上应计及未付利息赎回 A2 恒大物业股
票挂钩票据、A2 恒大新能源汽车股票挂钩票据、C2 恒大物业股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据中最快到期的一笔。
All securities so purchased or redeemed shall be cancelled.
所有如此收购或赎回的质押应被注销。
Anti-dilution andCorporate
Governance
反稀释和公司治理

Certain anti-dilution protections (including against dividends and other
distributions,consolidations,subdivisions,redesignations
andreclassifications of shares, and certain other dilutive events) and corporate
governance rights to be agreed between the Issuer and the CEG AHG,
tailored to the requirements of the underlying businesses.
某些反稀释保护措施（包括针对分红和其他分配、合并、拆分、重新划定和重新分类股份以及某些其他稀释事件）和公司治理权利，
将由发行人和恒大持有人特别团体商定，并根据相关业务的要求进行调整。

Auditor审计师

The Issuer will engage a Whitelist Auditor to audit its annual financial
statements starting no later than the audit of the fiscal year ending
December 31, 2023.
发行人将聘请一家白名单审计师对其年度财务报表进行审计，开始时间不晚于截至 2023 年 12 月 31 日止的财务年度审计。
The “Whitelist Auditor” shall be any of the following auditors, or theirrespective affiliates or member firms:“白名单审计师”应为以下任何会计师事务所或其各自的关联所或成员所：(a) Baker Tilly International;天职国际；(b) BDO;立信；(c) Crowe Global;
国富浩华；(d) Deloitte;德勤；(e) Ernst & Young;
安永；(f) Grant Thornton;
致同；(g) KPMG;
毕马威；(h) Mazars;
Sch 4 (B1) - 8

中审众环；(i) Moore Global;
大华国际；(j) Prism; and上会栢诚；(k) RSM International.
RSM 国际。
Trustee信托人

Madison Pacific or another internationally recognized financial institution
as agreed between the Issuer and the CEG AHG.
麦迪森太平洋或由发行人和恒大持有人特别团体商定的另一家国际
公认的金融机构。

General一般

The Issuer and the CEG AHG will discuss and agree additional covenants
and other provisions to be included under the A2 EVPS SLNs and therelated legal documentation, including among others, related to (i)restrictions on indebtedness, restricted payments, liens, affiliate
transactions, asset sales, open market and other repurchases and otheractions, (ii) the timing, manner and other aspects of sales of assets referredto under “Mandatory Redemption”, (iii) events of default, (iv) the rights ofholders of, and owners of beneficial interests in, the A2 EVPS SLNs (a) toobtain periodic financial and other information and documents from thetrustee and the collateral agent, (b) to appoint or replace the trustee, and (c)to direct the trustee and collateral agent and to enforce remedies, and (v)the listing of the A2 EVPS SLNs.
发行人和恒大持有人特别团体将讨论并商定将纳入 A2 恒大物业股票
挂钩票据的额外限制和其他条款以及相关法律文件，包括但不限于
有关（i）对负债、受限支付、质押权、关联交易、资产出售，公开市场和其他回购和其他行动的限制， （ii） “强制赎回”中提到的资产出售的时间安排、方式和其他方面，（iii）违约事件，（iv）A2
恒大物业股票挂钩票据持有人和实益权益持有人的权利，包括：（a）从信托人获取定期财务和其他信息和文件的权利、（b）任命
或更换信托人的权利及（c）指示信托人以及执行救济措施的权利，以及（iv）A2 恒大物业股票挂钩票据的上市。

Language
语言

The Chinese provisions contained herein are for reference only. If there is
any inconsistency between the English and Chinese provisions, the English
provisions shall prevail.
此处的中文条款仅作参考。如英文和中文条款有任何不一致之处，应以英文条款为准。

Sch 4 (B1) - 9

Annex A
附件 A
Asset List 1 1资产清单 1(Subject to Contract)（受限于合同）
-

-

-

-

-

-

1

This list may be modified as agreed between the Issuer and the CEG AHG.

该清单可由发行人和恒大持有人特别团体商定修改。

Annex B
附件 B
Asset List 2 2资产清单 2(Subject to Contract)（受限于合同）
-

-

-

-

2

This list may be modified as agreed between the Issuer and the CEG AHG.

该清单可由发行人和恒大持有人特别团体商定修改。

Part B2 – A2 NEV SLNs
B2 部分– A2 恒大新能源汽车股票挂钩票据
Principal Terms of the China Evergrande Group NEV Linked New Notes A2 (“A2 NEV SLNs”)
中国恒大集团与恒大新能源汽车挂钩的新票据 A2（“A2 恒大新能源汽车股票挂钩票据”）的主要条款

Sch 4 (B2) - 1

Principal Terms of the China Evergrande Group NEV Linked New Notes A2 (“A2 NEV
SLNs”)
中国恒大集团与恒大新能源汽车挂钩的新票据 A2（“A2 恒大新能源汽车股票挂钩票据”）
的主要条款
Issuer发行人

China Evergrande Group, an exempted company incorporated in the
Cayman Islands with limited liability
中国恒大集团，一家在开曼群岛注册成立的有限责任的豁免公司

Principal Amount本金金额The A2 NEV SLN shall comprise two tranches as follows, with thefollowing maximum aggregate principal amount:A2 恒大新能源汽车股票挂钩票据应包含以下 两笔，其最大本金总额为：
1. A2 NEV SLN Tranche A: US$600 million;
A2 恒大新能源汽车股票挂钩票据 A：6 亿美元；2. A2 NEV SLN Tranche B: US$750 million.
A2 恒大新能源汽车股票挂钩票据 B：7,5 亿美元。

Maturity/Principal
Repayment

1. A2 NEV SLN Tranche A: 5 years from the Reference Date;

到期日/本金偿付2. A2 NEV SLN Tranche B: 6 years from the Reference Date.

A2 恒大新能源汽车股票挂钩票据 A: 自参考日期起 5 年；
A2 恒大新能源汽车股票挂钩票据 B: 自参考日期起 6 年。
The outstanding principal amount of each tranche shall be repaid on
maturity, together with any accrued and unpaid interest.
每一笔的未偿还本金应在到期日连同任何应计和未付利息一起偿还。

Interest (PIK andcash)
利息（实物付息和现金）Interest will start to accrue on the Reference Date and will be payable semiannually in arrears on the outstanding principal amount of the A2 NEV SLN
Tranche A at 5.0% p.a. (if all interest with respect to such interest payment
period is paid in cash) or 6.0% p.a. (if any portion of interest with respect
to such interest payment period is paid in kind) with respect to each interest
payment period.
利息将在参考日期起计息，并将每半年期末就 A2 恒大新能源汽车股票挂钩票据 A 未偿还本金支付一次利息，每个付息期的利率为每年
5.0%（如果与该付息期有关的所有利息以现金支付），或者每年
6.0%（如果与该付息期有关的任何部分利息以实物支付）。
Interest will start to accrue on the Reference Date and will be payable semiannually in arrears on the outstanding principal amount of the A2 NEV SLN
Tranche B at 5.5% p.a. (if all interest with respect to such interest payment
period is paid in cash) or 6.5% p.a. (if any portion of interest with respect
to such interest payment period is paid in kind) with respect to each interest
payment period.

Sch 4 (B2) - 2

利息将在参考日期起计息，并将每半年期末就 A2 恒大新能源汽车股票挂钩票据 B 未偿还本金支付一次利息，每个付息期的利率为每年
5.5%（如果与该付息期有关的所有利息以现金支付），或者每年
6.5%（如果与该付息期有关的任何部分利息以实物支付）。
Interest on the outstanding principal amount of the A2 NEV SLNs shall be
paid in the following manner:
A2 恒大新能源汽车股票挂钩票据未偿还本金的利息应按以下方式支付:
1. For the first two and a half years after the Reference Date: interest
may be paid in cash or in kind, at the election of the Issuer;
对于参考日期后的最初两年半：可由发行人选择用现金或实
物支付利息；
2. From the 31st month to the 36th month after the Reference Date,interest in an amount equal to at least 0.5% of the outstanding
principal amount of each tranche of the A2 NEV SLN shall be paidin cash; the remaining portion of interest may be paid in cash or in
kind, at the election of the Issuer;
对于参考日期后的第 31 个月至第 36 个月：应以现金支付相当于各笔 A2 恒大新能源汽车股票挂钩票据未偿本金的至少
0.5%的利息；其余部分的利息可由发行人选择以现金或实物支付；3. For the fourth year after the Reference Date: interest in an amountequal to at least 3.0% p.a. of the outstanding principal amount ofeach tranche of the A2 NEV SLN shall be paid in cash; theremaining portion of interest may be paid in cash or in kind, at theelection of the Issuer; and对于参考日期后的第四年：应以现金支付相当于各笔 A2 恒大新能源汽车股票挂钩票据未偿本金的至少每年 3.0%的利息；
其余部分的利息可由发行人选择以现金或实物支付；
4. Starting from the fifth year after the Reference Date: interest shallbe paid in cash.
对于从参考日期后的第五年开始：利息应以现金支付。
All interest paid in kind with respect to the A2 NEV SLN will be added tothe then current outstanding principal amount of the A2 NEV SLN.
所有 A2 恒大新能源汽车股票挂钩票据以实物支付的利息均计入届时A2 恒大新能源汽车股票挂钩票据的未偿还本金金额。
If the Issuer pays cash interest under any tranche of the A2 NEV SLNs withrespect to any interest payment period in an amount greater than the amountof cash interest required to be paid on such tranche with respect to suchinterest payment period, it shall also pay additional cash interest under allother tranches of the A2 EVPS SLNs, A2 NEV SLNs, A2 Notes, C2 EVPS
SLNs, C2 NEV SLNs and C2 Notes. The amount of such additional cash
payments shall be allocated among each of the A2 EVPS SLNs, A2 NEV
SLNs, A2 Notes, C2 EVPS SLNs, C2 NEV SLNs and C2 Notes (and among

Sch 4 (B2) - 3

each tranche of such instruments) on a pro rata basis by outstanding
principal amount.
如果发行人就 A2 恒大新能源汽车股票挂钩票据的任何一笔就任何付
息期支付的现金利息大于该笔票据在该付息期所需支付的现金利
息，则发行人还应就 A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据、A2 票据、C2 恒大物业股票挂钩票据、C2 恒大新
能源汽车股票挂钩票据及 C2 票据中其他所有票据支付额外的现金利息。该额外现金支付的金额应根据未偿还本金金额，按比例在 A2 恒
大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据、A2 票据、C2 恒大物业股票挂钩票据、C2 恒大新能源汽车股票挂钩票据及 C2票据之间（并且在该等票据中各笔之间）进行分配。
Guarantees
担保

The same Subsidiary Guarantors as those guaranteeing the Existing Notes,
other than (i) certain shell subsidiaries of CEG to be agreed to bederegistered prior to the Original Issue Date, and (ii) certain significant
offshore subsidiaries to be agreed (collectively the “A2 NEV SLN
Guarantors”, and such guarantees, the “A2 NEV SLN Guarantees”). A1
Notes Guarantees to be subordinated to A2 NEV SLN Guarantees.
担保子公司与目前为现有票据提供担保的担保子公司相同，但不包括（i）某些有待商定在初始发行日期前注销的恒大空壳子公司以及（ii）某些有待商定的重要境外子公司（统称为 “A2 恒大新能源汽
车挂钩票据担保公司”, 该担保统称为“A2 恒大新能源汽车股票挂钩票据担保”）。A1 票据担保将劣后于 A2 恒大新能源汽车股票挂钩票据担保。

Escrow
Arrangement to be
Granted to A2
NEV SLNs
就 A2 恒大新能源汽车股票挂钩票据
的托管安排Deposit of a total of 1,749,634,360 NEV Shares (equivalent toapproximately 16.1% of NEV Shares as of the date of this CEG Term Sheet)
into escrow accounts (the “A2 NEV Escrow Accounts”) of an independentbank in the name of the Issuer or an offshore subsidiary of the Issuer,
subject to an escrow account agreement between the Issuer or such
subsidiary as account holder and such independent bank. Each tranche of
A2 NEV SLNs will have its own A2 NEV Escrow Account holding such
NEV Shares in corresponding proportion to its principal amount over all
A2 NEV SLNs.
将 1,749,634,360 股恒大新能源汽车股份（相当于截至 本恒大条款清
单日期其全部股份的约 16.1%）存入以发行人或发行人一家境外子公
司名义设立的独立银行托管账户（“A2 恒大新能源汽车托管账户”）
中，受限于作为账户持有者的发行人或该子公司和该独立银行之间的托管账户协议。每笔 A2 恒大新能源汽车股票挂钩票据都将有其专
属的 A2 恒大新能源汽车托管账户，该账户所持恒大新能源汽车股份与该笔票据的本金金额在全部 A2 恒大新能源汽车股票挂钩票据中的比例相对应。
As part of the Restructuring and as set forth under “Treatment ofshareholder’s loans to NEV and CEG’s loan to NEV” in this CEG Term
Sheet, the relevant shareholder’s loans to NEV and CEG’s loan to NEV andany accrued and unpaid interest thereon will be applied to convert into new
NEV Shares at the conversion price of HK$3.84 per share. A portion ofsuch NEV Shares so converted will be deposited into the A2 NEV Escrow
Accounts and the C2 NEV Escrow Accounts on a pro rata basis such that
Sch 4 (B2) - 4

the A2 NEV Escrow Accounts and C2 NEV Escrow Accounts will together
hold NEV Shares representing approximately 30% of the total issued NEV
Shares on a fully diluted basis. The remaining NEV Shares so converted
will be added to the Exchange Property under the NEV EBs. As set forth
under “Treatment of other loan to NEV” in this CEG Term Sheet, the loans
by Ms. Ding Yumei and Good Bond Limited to NEV are also expected tobe applied toward conversion into new shares in NEV at an issue price of
HK$3.84 per share. The NEV shares so converted will not be used as partof the restructuring consideration (neither the NEV MEBs nor the A2 NEVSLNs and the C2 NEV SLNs).
作为重组的一部分，并根据本恒大条款清单中“股东对恒大新能源汽车的贷款和恒大对恒大新能源汽车的贷款的处理”中所列明，的，恒大新能源汽车的相关股东贷款和恒大对新能源汽车贷款及其任何应
计且未付利息将用于以转换价每股 3.84 港元转换为恒大新能源汽车
的新股份。部分如此转换的恒大新能源汽车股份将按比例存入 A2 恒大新能源汽车托管账户和 C2 恒大新能源汽车托管账户，从而使 A2
恒大新能源汽车托管账户和 C2 恒大新能源汽车托管账户共同持有的
恒大新能源汽车股份在完全稀释的基础上占已发行恒大新能源汽车
股份总数的约 30% 。剩余如此转换的恒大新能源汽车股份将加入恒
大新能源汽车强制可交换债券的交换财产。如本恒大条款清单中“恒大新能源汽车其他贷款的处理”所述，丁玉梅女士及 Good Bond
Limited 向恒大新能源汽车提供的贷款也预期将用于以发行价每股
3.84 美元转换为恒大新能源汽车的新股份。 如此转换的恒大新能源汽车股份将不会被用作重组对价的一部分（不是恒大新能源汽车强
制可交换债券也不是 A2 恒大新能源汽车股票挂钩票据及 C2 恒大新
能源汽车股票挂钩票据）。
NEV Shares held under the A2 NEV Escrow Accounts may be released
from escrow for sale to a strategic investor, upon (i) the redemption of all
A2 NEV SLN subject to such escrow arrangement, at par plus accrued andunpaid interest (the “A2 NEV Redemption Amount”), (ii) the deposit ofan amount equal to the A2 NEV Redemption Amount into an accountcharged to the benefit of the holders of the A2 NEV SLNs, or (iii) an amountequal to the A2 NEV Redemption Amount being subject to an escrow orother arrangement to be agreed. Prior consultation or approval will not be
required from the trustee, the escrow agent or any noteholder for releasing
NEV Shares for sale to a strategic investor so long as the net proceeds ofsuch sale are not lower than the A2 NEV Redemption Amount and are used
to redeem the A2 NEV SLN as aforesaid. Any sale of NEV Shares to a
strategic investor shall be made on a pro rata basis between the A2 NEVSLNs on the one hand and the C2 NEV SLNs on the other hand.
一旦（i）受限于该等托管安排的全部 A2 恒大新能源汽车股票挂钩票据按票面价值并加上应计及未付利息被赎回 （“A2 恒大新能源汽车赎回金额”），（ii）当金额为 A2 恒大新能源汽车赎回金额的款项存入
一个以 A2 恒大新能源汽车股票挂钩票据持有人为受益人的质押账户，或（iii）当金额为 A2 恒大新能源汽车赎回金额的款项受限于有
待商定的托管或其他安排，受限于 A2 恒大新能源汽车股份托管账户
的恒大新能源汽车股份即可被解除，以处置给一位战略投资者。解除恒大新能源汽车股份以出售给战略投资者时，无需事先咨询或取得信托人、托管代理人或任何票据持有人的批准，前提是该出售的Sch 4 (B2) - 5

净所得款不低于 A2 恒大新能源汽车赎回金额并用于赎回上述 A2 恒大新能源汽车股票挂钩票据。向一位战略投资者出售恒大新能源汽车股份应在 A2 恒大新能源汽车股票挂钩票据和 C2 恒大物业股票挂钩票据之间按比例进行。
An A2 NEV Escrow Account shall become enforceable only upon (i) failure
to pay principal of or interest on the A2 NEV SLN linked to such escrowarrangement, (ii) failure to apply the net proceeds from the sale of such
NEV Shares to redeem such A2 NEV SLN, or (iii) with respect to A2 NEVSLN Tranche A, failure to pay principal of or interest on C2 NEV SLN
Tranche A, and with respect to A2 NEV SLN Tranche B, failure to pay
principal of or interest on C2 NEV SLN Tranche B.
A2 恒大新能源汽车托管账户仅在以下情况下方可执行： (i) 与该等托管安排挂钩的 A2 恒大新能源汽车股票挂钩票据的本金或利息未能支付， (ii) 出售该恒大新能源汽车股份的净所得款未能用于赎回该等
A2 恒大新能源汽车股票挂钩票据，或 (iii) 对于 A2 恒大新能源汽车股票挂钩票据 A 而言，若未能支付 C2 恒大新能源汽车股票挂钩票据 A
的本金或利息，及对于 A2 恒大新能源汽车股票挂钩票据 B 而言，未能支付 C2 恒大新能源汽车股票挂钩票据 B 的本金或利息。Cashdividends received from NEV Shares under an A2 NEV Escrow Accountshall be applied to redeem the A2 NEV SLN linked to such escrowarrangement at par plus accrued and unpaid interest.
来自 A2 恒大新能源汽车股份托管账户中的恒大新能源汽车股份的分
红应用于按票面价值并加上应计及未付利息赎回与该等托管安排挂钩的 A2 恒大新能源汽车股票挂钩票据。
The Issuer or its subsidiary, as applicable, shall maintain the signatories
nominated by the trustee in respect of the escrow account at all times.
发行人或其子公司（按所适用的）应保持信托人就质押账户提名的签字人。
Prior to the occurrence of any enforcement trigger under the escrowagreement, the trustee shall have joint signatory rights with the Issuer or its
subsidiary, as applicable, in relation to any withdrawal or transfer from, andany closure of, the escrow account. The Issuer or its subsidiary, as
applicable, shall not withdraw or transfer from the escrow account except
in circumstances to be agreed.
在托管账户下的任何执行被触发之前，信托人就质押账户的任何提款或划转以及任何关闭应与发行人或其子公司（按所适用的）拥有
共同签字权。 发行人或其子公司（按所适用的）不得从质押账户中
提款或划转，在商定的情况下除外。
Upon the occurrence of any enforcement trigger under the escrowagreement, the trustee shall have the right to deliver a notice of control tothe account bank and shall have sole signatory rights in relation to any
withdrawal or transfer from, and any closure of, the escrow account,
without any need for the signatory of the Issuer or its subsidiary, as
applicable, to co-sign.
一旦托管账户下的任何执行被触发，信托人应有权向账户银行发出控制通知，并对质押账户的任何提款或划转以及任何关闭拥有唯一
Sch 4 (B2) - 6

的签字权，而不需要发行人或其子公司（按所适用的）的签字人共同签署。
The trustee nominated signatory shall have been deemed to have consented
or signed, as applicable, if it does not object within three (3) business days
upon request to act or sign, as applicable, in relation to transfers,
withdrawals and other actions expressly permitted under the indenture andthe security documents. For the avoidance of doubt, the sale of NEV Sharesto strategic investors as provided above shall be considered expressly
permitted under the indenture and security documents.
在被要求就债券契约和质押文件明确允许的转账/提款和其他行动采
取行动或签署（按所适用的）时，如信托人指定的签字人在三（3）个工作日内没有提出异议，则其应被视为已予同意或签署（按所适用的）。为避免疑义，按上述规定向战略投资者出售恒大新能源汽车
股份应被视为债券契约和担保文件明确允许的行为。.
Asset Security
资产质押Security interest over the shares of subsidiaries holding the assets set forth
under Annex A (“Asset List 1”), to be shared among A2 EVPS SLNs andA2 NEV SLNs.
持有附件 A（“资产清单 1”）所列资产的子公司股份的质押权益，将在 A2 恒大物业股票挂钩票据和 A2 恒大新能源汽车股票挂钩票据之间共享。
Security interest over the shares of subsidiaries holding the assets set forth
under Annex B (“Asset List 2”), to be shared among A2 EVPS SLNs andA2 NEV SLNs, C2 EVPS SLNs, and C2 NEV SLNs.
持有附件 B 所列资产（“资产清单 2”）的子公司股份的质押权益, 将
在 A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据、
C2 恒大物业股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据之间共享。
The relevant security interest will be released upon any sale of such assets(or receipt of proceeds from recovery on relevant loans or receivables, asapplicable) and (i) the application of the proceeds thereof in accordancewith the provisions under “Mandatory Redemption” below or (ii) the
deposit of such proceeds into an account charged to the benefit of theholders of the relevant instruments, or (iii) such proceeds being subject toan escrow or other arrangement to be agreed.
当有该等资产的任何出售（或收到相关贷款或应收款的回收的所得
款，如适用），相关质押权益将被解除，并且，（i）将根据下文“强
制赎回”的条款来应用该所得款，或（ii）将该所得款存入一个以相
关票据持有人为受益人的质押账户，或（iii）该所得款将受限于待经
商定的托管或其他安排。

Mandatory
Redemption
强制赎回

The Issuer shall use the net proceeds from the sale of any asset listed in
Asset List 1 (or the shares of the subsidiary holding such asset) to purchase,by way of reverse Dutch auction , any of the A2 EVPS SLNs and A2 NEVSLNs at a minimum purchase price equal to the then current market priceplus a premium of US$0.1 per US$1 of principal amount, plus accrued andunpaid interest (but in any event the purchase price shall not exceed 100%of the principal amount plus accrued and unpaid interest), within 45
Sch 4 (B2) - 7

business days of its receipt of such net proceeds. If any net proceeds fromsuch sale remains unused after such reverse Dutch auction, the Issuer shallredeem the security with the shortest maturity among the A2 EVPS SLNs
and A2 NEV SLNs at par plus accrued and unpaid interest.
出售资产清单 1 所列的任何资产的净所得款将在收到该等款项的 45
个工作日内，通过最低购买价格等于当时的市场价格加上每 1 美元
本金金额 0.1 美元的溢价，加上应计及未付利息（但在任何情况下，购买价格不得超过本金加应计及未付利息的 100%）的反向荷兰式拍卖方式收购 A2 恒大物业股票挂钩票据和 A2 恒大新能源汽车股票挂钩票据中的任意一笔。如果在反向荷兰式拍卖之后，仍有未使用的该等出售净所得款，发行人应按票面价值加上应计及未付利息赎回
A2 恒大物业股票挂钩票据和 A2 恒大新能源汽车股票挂钩票据中最快到期的一笔。
The Issuer shall use the net proceeds from the sale of any asset listed in
Asset List 2 (or the shares of the subsidiary holding such asset) to purchaseor redeem, by way of reverse Dutch auction, any of the A2 EVPS SLNs,
A2 NEV SLNs, C2 EVPS SLNs, and C2 NEV SLNs at a minimumpurchase price equal to the then current market price plus a premium of
US$0.1 per US$1 of principal amount, plus accrued and unpaid interest(but in any event the purchase price shall not exceed 100% of the principal
amount plus accrued and unpaid interest), within 45 business days of its
receipt of such net proceeds, provided that the net proceeds shall beallocated for such purchase between A2 EVPS SLNs and the A2 NEV SLNs
on the one hand and the C2 EVPS SLNs and C2 NEV SLNs on the other
hand on a pro rata basis according to their aggregate outstanding principal
amounts. If any net proceeds from such sale remains unused after such
reverse Dutch auction, the Issuer shall redeem the security with the shortest
maturity among the A2 EVPS SLNs, A2 NEV SLNs, C2 EVPS SLNs, andC2 NEV SLNs at par plus accrued and unpaid interest.
发行人应将出售资产清单 2 所列的任何资产（或持有该资产的子公司
的股份）的净所得款，在收到该等款项的 45 个工作日内，用于通过
最低购买价格等于当时的市场价格加上每 1 美元本金金额 0.1 美元的溢价，加上应计及未付利息（但在任何情况下，购买价格不得超过
本金加应计及未付利息的 100%）的反向荷兰式拍卖方式收购或赎回
A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据、C2
恒大物业股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据中的任意
一笔，前提是用于收购的净所得款应根据 A2 恒大物业股票挂钩票据
和 A2 恒大新能源汽车股票挂钩票据以及 C2 恒大物业股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据的未偿还本金金额总额，按比例
在 A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据和C2 恒大物业股票挂钩票据、C2 恒大新能源汽车股票挂钩票据之间进行分配。如果在反向荷兰式拍卖之后，仍有未使用的该等出售净所得款，发行人应按票面价值加上应计及未付利息赎回 A2 恒大物业股
票挂钩票据、A2 恒大新能源汽车股票挂钩票据、C2 恒大物业股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据中最快到期的一笔。
All securities so purchased or redeemed shall be cancelled.

Sch 4 (B2) - 8

所有如此收购或赎回的质押应被注销。
Anti-dilution andCorporate
Governance
反稀释和公司治理

Certain anti-dilution protections (including against dividends and other
distributions,consolidations,subdivisions,redesignations
andreclassifications of shares, and certain other dilutive events) and corporate
governance rights to be agreed between the Issuer and the CEG AHG,
tailored to the requirements of the underlying businesses.
某些反稀释保护措施（包括针对分红和其他分配、合并、拆分、重新划定和重新分类股份以及某些其他稀释事件）和公司治理权利，
将由发行人和恒大持有人特别团体商定，并根据相关业务的要求进行调整。

Auditor审计师

The Issuer will engage a Whitelist Auditor to audit its annual financial
statements starting no later than the audit of the fiscal year ending
December 31, 2023.
发行人将聘请一家白名单审计师对其年度财务报表进行审计，开始时间不晚于截至 2023 年 12 月 31 日止的财务年度审计。
The “Whitelist Auditor” shall be any of the following auditors, or theirrespective affiliates or member firms:“白名单审计师”应为以下任何会计师事务所或其各自的关联所或成员所：(a) Baker Tilly International;天职国际；(b) BDO;立信；(c) Crowe Global;
国富浩华；(d) Deloitte;德勤；(e) Ernst & Young;
安永；(f) Grant Thornton;
致同；(g) KPMG;
毕马威；(h) Mazars;
中审众环；(i) Moore Global;
大华国际；(j) Prism; andSch 4 (B2) - 9

上会栢诚；(k) RSM International.
RSM 国际。
Trustee信托人

Madison Pacific or another internationally recognized financial institution
as agreed between the Issuer and the CEG AHG.
麦迪森太平洋或由发行人和恒大持有人特别团体商定的另一家国际
公认的金融机构。

General一般

The Issuer and the CEG AHG will discuss and agree additional covenants
and other provisions to be included under the A2 NEV SLNs and the related
legal documentation, including among others, related to (i) restrictions on
indebtedness, restricted payments, liens, affiliate transactions, asset sales,
open market and other repurchases and other actions, (ii) the timing,manner and other aspects of sales of assets referred to under “Mandatory
Redemption”, (iii) events of default, (iv) the rights of holders of, andowners of beneficial interests in, the A2 NEV SLNs (a) to obtain periodic
financial and other information and documents from the trustee and thecollateral agent, (b) to appoint or replace the trustee, and (c) to direct thetrustee and collateral agent and to enforce remedies, and (v) the listing of
the A2 NEV SLNs.
发行人和恒大持有人特别团体将讨论并商定将纳入 A2 恒大新能源汽车股票挂钩票据的额外限制和其他条款以及相关法律文件，包括但不限于有关（i）对负债、受限支付、质押权、关联交易、资产出售，公开市场和其他回购和其他行动的限制， （ii）“强制赎回”中提到的资产出售的时间安排、方式和其他方面，（iii）违约事件，（iv）A2 恒大新能源汽车股票挂钩票据持有人和实益权益持有人的权利，包括：（a）从信托人获取定期财务和其他信息和文件的权利、（b）任命或更换信托人的权利及（c）指示信托人以及执行救济措施的权利，以及（iv）A2 恒大新能源汽车股票挂钩票据的上市。

Language
语言

The Chinese provisions contained herein are for reference only. If there is
any inconsistency between the English and Chinese provisions, the English
provisions shall prevail.
此处的中文条款仅作参考。如英文和中文条款有任何不一致之处，应以英文条款为准。

Sch 4 (B2) - 10

Annex A
附件 A
Asset List 1 1资产清单 1(Subject to Contract)（受限于合同）
-

-

-

-

-

-

1

This list may be modified as agreed between the Issuer and the CEG AHG.

该清单可由发行人和恒大持有人特别团体商定修改。

Annex B
附件 B
Asset List 2 2资产清单 2(Subject to Contract)（受限于合同）
-

-

-

-

2

This list may be modified as agreed between the Issuer and the CEG AHG.

该清单可由发行人和恒大持有人特别团体商定修改。

Part B3 – C2 EVPS SLNs
B3 部分– C2 恒大物业股票挂钩票据
Principal Terms of the China Evergrande Group EVPS Secured New Notes C2 (“C2 EVPS SLNs”)
中国恒大集团恒大物业有质押的新票据 C2（“C2 恒大物业股票挂钩票据”）的主要条款

Sch 4 (B3) - 1

Principal Terms of the China Evergrande Group EVPS Secured New Notes C2 (“C2 EVPS
SLNs”)
中国恒大集团恒大物业有质押的新票据 C2（“C2 恒大物业股票挂钩票据”）的主要条款
Issuer发行人

China Evergrande Group, an exempted company incorporated in the
Cayman Islands with limited liability
中国恒大集团，一家在开曼群岛注册成立的有限责任的豁免公司

Principal Amount
本金金额

The C2 EVPS SLNs shall comprise two tranches as follows, with thefollowing maximum aggregate principal amount:C2 恒大物业股票挂钩票据应包含以下两笔，其最大本金总额为：1. C2 EVPS SLN Tranche A: US$150 million;
C2 恒大物业股票挂钩票据 A：1.5 亿美元；2. C2 EVPS SLN Tranche B: US$150 million.
C2 恒大物业股票挂钩票据 B：1.5 亿美元。

Maturity/Principal
Repayment

1. C2 EVPS SLN Tranche A: 7 years from the Reference Date;

到期日/本金偿付2. C2 EVPS SLN Tranche B: 8 years from the Reference Date.

C2 恒大物业股票挂钩票据 A：自参考日期起 7 年；
C2 恒大物业股票挂钩票据 B：自参考日期起 8 年。
The outstanding principal amount of each tranche shall be repaid on
maturity, together with any accrued and unpaid interest.
每一笔的未偿还本金应在到期日连同任何应计和未付利息一起偿还。

Interest (PIK andcash)
利息（实物付息和现金）Interest will start to accrue on the Reference Date and will be payable semiannually in arrears on the outstanding principal amount of the C2 EVPSSLN Tranche A at 6.0% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 7.0% p.a. (if any portion of interest withrespect to such interest payment period is paid in kind) with respect to eachinterest payment period.
利息将在参考日期起计息，并将每半年期末就 C2 恒大物业股票挂钩
票据 A 未偿还本金支付一次利息，每个付息期的利率为每年 6.0%
（如果与该付息期有关的所有利息以现金支付），或者每年 7.0%（如果与该付息期有关的任何部分利息以实物支付）。
Interest will start to accrue on the Reference Date and will be payable semiannually in arrears on the outstanding principal amount of the C2 EVPSSLN Tranche B at 6.5% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 7.5% p.a. (if any portion of interest withrespect to such interest payment period is paid in kind) with respect to eachinterest payment period.
利息将在参考日期起计息，并将每半年期末就 C2 恒大物业股票挂钩
票据 B 未偿还本金支付一次利息，每个付息期的利率为每年 6.5%

Sch 4 (B3) - 2

（如果与该付息期有关的所有利息以现金支付），或者每年 7.5%（如果与该付息期有关的任何部分利息以实物支付）。
Interest on the outstanding principal amount of the C2 EVPS SLN shall be
paid in the following manner:
C2 恒大物业股票挂钩票据未偿还本金的利息应按以下方式支付:1. For the first two and a half years after the Reference Date: interest
may be paid in cash or in kind, at the election of the Issuer;
对于参考日期后的最初两年半：可由发行人选择用现金或实
物支付利息；
2. From the 31st month to the 36th month after the Reference Date,interest in an amount equal to at least 0.5% of the outstanding
principal amount of each tranche of the C2 EVPS SLN shall be paidin cash; the remaining portion of interest may be paid in cash or in
kind, at the election of the Issuer;
对于参考日期后的第 31 个月至第 36 个月：应以现金支付相当于各笔 C2 恒大物业股票挂钩票据未偿本金的至少 0.5%的利息；其余部分的利息可由发行人选择以现金或实物支付；
3. For the fourth year after the Reference Date: interest in an amountequal to at least 3.0% p.a. of the outstanding principal amount ofeach tranche of the C2 EVPS SLN shall be paid in cash; theremaining portion of interest may be paid in cash or in kind, at theelection of the Issuer; and对于参考日期后的第四年：应以现金支付相当于各笔 C2 恒大
物业股票挂钩票据未偿本金的至少每年 3.0%的利息；其余部
分的利息可由发行人选择以现金或实物支付；
4. Starting from the fifth year after the Reference Date: interest shallbe paid in cash.
对于从参考日期后的第五年开始：利息应以现金支付。
All interest paid in kind with respect to the C2 EVPS SLN will be added tothe then current outstanding principal amount of the C2 EVPS SLN.
所有 C2 恒大物业股票挂钩票据以实物支付的利息均计入届时 C2 恒
大物业股票挂钩票据的未偿还本金金额。
If the Issuer pays cash interest under any tranche of the C2 EVPS SLNs
with respect to any interest payment period in an amount greater than theamount of cash interest required to be paid on such tranche with respect tosuch interest payment period, it shall also pay additional cash interest under
all other tranches of the A2 EVPS SLNs, A2 NEV SLNs, A2 Notes, C2
EVPS SLNs, C2 NEV SLNs and C2 Notes. The amount of such additional
cash payments shall be allocated among each of the A2 EVPS SLNs, A2
NEV SLNs, A2 Notes, C2 EVPS SLNs, C2 NEV SLNs and C2 Notes (andamong each tranche of such instruments) on a pro rata basis by outstanding
principal amount.
如果发行人就 C2 恒大物业股票挂钩票据的任何一笔就任何付息期支付的现金利息大于该笔票据在该付息期所需支付的现金利息，则发
行人还应就 A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂
Sch 4 (B3) - 3

钩票据、A2 票据、C2 恒大物业股票挂钩票据、C2 恒大新能源汽车
股票挂钩票据及 C2 票据中其他所有票据支付额外的现金利息。该额
外现金支付的金额应根据未偿还本金金额，按比例在 A2 恒大物业股
票挂钩票据、A2 恒大新能源汽车股票挂钩票据、A2 票据、C2 恒大
物业股票挂钩票据、C2 恒大新能源汽车股票挂钩票据及 C2 票据之间（并且在该等票据中各笔之间）进行分配。
Share Security
股份质押Charges of securities accounts in the aggregate holding 749,465,275 EVPS
Shares (equivalent to approximately 6.9% of EVPS Shares as of the date ofthis CEG Term Sheet) (the “C2 EVPS Shares Account Charges”) for
securing the C2 EVPS SLNs. Each tranche of C2 EVPS SLNs will have its
own C2 EVPS Shares Account Charge holding such EVPS Shares incorresponding proportion to its principal amount over all C2 EVPS SLNs.
将持有共计 749,465,275 股恒大物业股份（相当于截至 本恒大条款清单日期 恒大物业股份的约 6.9%）的证券账户作为质押（“C2 恒大物业股份账户质押”），以为 C2 恒大物业股票挂钩票据提供质押。每一
笔 C2 恒大物业股票挂钩票据都将有其专属的 C2 恒大物业股份账户质押，该账户所持恒大物业股份与该笔票据的本金金额在全部 C2 恒
大物业股票挂钩票据中的比例相对应。
EVPS Shares subject to a C2 EVPS Shares Account Charge may bereleased for sale to a strategic investor, upon (i) the redemption of all C2EVPS SLN secured by such charge, at par plus accrued and unpaid interest(the “C2 EVPS Redemption Amount”) ”), (ii) the deposit of an amountequal to the C2 EVPS Redemption Amount into an account charged to thebenefit of the holders of the C2 EVPS SLNs, or (iii) an amount equal to theC2 EVPS Redemption Amount being subject to an escrow or otherarrangement to be agreed. Prior consultation or approval will not be
required from the trustee, collateral agent or any noteholder for releasing
EVPS Shares for sale to a strategic investor so long as the net proceeds ofsuch sale are not lower than the C2 EVPS Redemption Amount and are used
to redeem the C2 EVPS SLN as aforesaid. Any sale of EVPS Shares to a
strategic investor shall be made on a pro rata basis between the A2 EVPS
SLNs on the one hand and the C2 EVPS SLNs on the other hand.
一旦（i）由该等质押担保的全部 C2 恒大物业股票挂钩票据按票面价
值并加上应计及未付利息被赎回 （“C2 恒大物业赎回金额”），（ii）
当金额为 C2 恒大物业赎回金额的款项存入一个以 C2 恒大物业股票
挂钩票据持有人为受益人的质押账户，或（iii）当金额为 C2 恒大物
业赎回金额的款项受限于有待商定的托管或其他安排，受限于 C2 恒
大物业股份账户质押的恒大物业股份可被解除，以处置给一位战略投资者。解除恒大物业股份以出售给战略投资者时，无需事先咨询
或取得信托人、质押代理人或任何票据持有人的批准，前提是该出售的净所得款不低于 C2 恒大物业赎回金额并用于赎回上述 C2 恒大
物业股票挂钩票据。向一位战略投资者出售恒大物业股份应在 A2 恒
大物业股票挂钩票据和 C2 恒大物业股票挂钩票据之间按比例进行。
A C2 EVPS Shares Account Charge shall become enforceable only upon(i) failure to pay principal of or interest on the C2 EVPS SLN secured bysuch charge, (ii) failure to apply the net proceeds from the sale of such
EVPS Shares to redeem such C2 EVPS SLN, or (iii) with respect to C2EVPS SLN Tranche A, failure to pay principal of or interest on A2 EVPS
Sch 4 (B3) - 4

SLN Tranche A, and with respect to C2 EVPS SLN Tranche B, failure topay principal of or interest on A2 EVPS SLN Tranche B.
C2 恒大物业股份账户质押仅在以下情况下方可执行： (i)获该等质押的 C2 恒大物业股票挂钩票据的本金或利息未能支付， (ii) 出售该等
恒大物业股份的净所得款未能用于赎回该等 C2 恒大物业股票挂钩票
据，或 (iii) 对于 C2 恒大物业股票挂钩票据 A 而言，若未能支付 A2
恒大物业股票挂钩票据 A 的本金或利息，及对于 C2 恒大物业股票挂钩票据 B 而言，未能支付 A2 恒大物业股票挂钩票据 B 的本金或利息。
Cash dividends received from EVPS Shares under a C2 EVPS Shares
Account Charge shall be applied to redeem on a pro rata basis the C2 EVPSSLN secured by such charge at par plus accrued and unpaid interest.
来自 C2 恒大物业股份账户质押下的恒大物业股份现金分红应用于按票面价值并加上应计及未付利息按比例赎回获该等质押的 C2 恒大物业股票挂钩票据。
The Issuer or its subsidiary, as applicable, shall maintain the signatories
nominated by a collateral agent in respect of the charged account at all
times.
发行人或其子公司（按所适用的）应保留质押代理人就质押账户提
名的签字人。
Prior to the occurrence of any enforcement trigger under the accountcharge, the collateral agent shall have joint signatory rights with the Issuer
or its subsidiary, as applicable, in relation to any withdrawal or transfer
from, and any closure of, the charged account. The Issuer or its subsidiary,
as applicable, shall not withdraw or transfer from the charged accountexcept in circumstances to be agreed.
在账户质押下的任何执行被触发之前，质押代理人就质押账户的任
何提款或划转以及任何关闭应与发行人或其子公司（按所适用的）拥有共同签字权。 发行人或其子公司（按所适用的）不得从质押账户中提款或划转，在商定的情况下除外。
Upon the occurrence of any enforcement trigger under the account charge,
the collateral agent shall have the right to deliver a notice of control to theaccount bank and shall have sole signatory rights in relation to any
withdrawal or transfer from, and any closure of, the charged account,
without any need for the signatory of the Issuer or its subsidiary, as
applicable, to co-sign.
一旦账户质押下的任何执行被触发，质押代理人应有权向账户银行
发出控制通知，并对质押账户的任何提款或划转以及任何关闭拥有
唯一的签字权，而不需要发行人或其子公司（按所适用的）的签字
人共同签署。
The collateral agent nominated signatory shall have been deemed to haveconsented or signed, as applicable, if it does not object within three (3)business days upon request to act or sign, as applicable, in relation totransfers, withdrawals and other actions expressly permitted under theindenture and the security documents. For the avoidance of doubt, the saleSch 4 (B3) - 5

of EVPS Shares to strategic investors as provided above shall be considered
expressly permitted under the indenture and security documents.
在被要求就债券契约和质押文件明确允许的转账/提款和其他行动采
取行动或签署（按所适用的）时，如质押代理人指定的签字人在三（3）个工作日内没有提出异议，则其应被视为已予同意或签署（按所适用的）。为避免疑义，按上述规定向战略投资者出售恒大物业股份应被视为债券契约和担保文件明确允许的行为。
Asset Security
资产质押Security interest over the shares of subsidiaries holding the assets set forth
under Annex B (“Asset List 2”), to be shared among A2 EVPS SLNs andA2 NEV SLNs, C2 EVPS SLNs, and C2 NEV SLNs.
持有附件 B 所列资产（“资产清单 2”）的子公司股份的质押权益, 将
与 A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据、
C2 恒大物业股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据之间共享。
The relevant security interest will be released upon any sale of such assets(or receipt of proceeds from recovery on relevant loans or receivables, asapplicable) and (i) the application of the proceeds thereof in accordancewith the provisions under “Mandatory Redemption” below or (ii) the
deposit of such proceeds into an account charged to the benefit of theholders of the relevant instruments, or (iii) such proceeds being subject toan escrow or other arrangement to be agreed.
当有该等资产的任何出售（或收到相关贷款或应收款的回收的所得
款，如适用），相关质押权益将被解除，并且，（i）将根据下文“强
制赎回”的条款来应用该所得款，或（ii）将该所得款存入一个以相
关票据持有人为受益人的质押账户，或（iii）该所得款将受限于待经
商定的托管或其他安排。

Mandatory
Redemption
强制赎回

The Issuer shall use the net proceeds from the sale of any asset listed in
Asset List 2 (or the shares of the subsidiary holding such asset) to purchaseor redeem, by way of reverse Dutch auction, any of the A2 EVPS SLNs,
A2 NEV SLNs, C2 EVPS SLNs, and C2 NEV SLNs at a minimumpurchase price equal to the then current market price plus a premium of
US$0.1 per US$1 of principal amount, plus accrued and unpaid interest(but in any event the purchase price shall not exceed 100% of the principal
amount plus accrued and unpaid interest), within 45 business days of its
receipt of such net proceeds, provided that the net proceeds shall beallocated for such purchase between A2 EVPS SLNs and the A2 NEV SLNs
on the one hand and the C2 EVPS SLNs and C2 NEV SLNs on the other
hand on a pro rata basis according to their aggregate outstanding principal
amounts. If any net proceeds from such sale remains unused after such
reverse Dutch auction, the Issuer shall redeem the security with the shortest
maturity among the A2 EVPS SLNs, A2 NEV SLNs, C2 EVPS SLNs, andC2 NEV SLNs at par plus accrued and unpaid interest.
发行人应将出售资产清单 2 所列的任何资产（或持有该资产的子公司
的股份）的净所得款，在收到该等款项的 45 个工作日内，用于通过
最低购买价格等于当时的市场价格加上每 1 美元本金金额 0.1 美元的溢价，加上应计及未付利息（但在任何情况下，购买价格不得超过
本金加应计及未付利息的 100%）的反向荷兰式拍卖方式收购或赎回
Sch 4 (B3) - 6

A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据、C2
恒大物业股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据中的任意
一笔，前提是用于收购的净所得款应根据 A2 恒大物业股票挂钩票据
和 A2 恒大新能源汽车股票挂钩票据以及 C2 恒大物业股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据的未偿还本金金额总额，按比例
在 A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据和C2 恒大物业股票挂钩票据、C2 恒大新能源汽车股票挂钩票据之间进行分配。如果在反向荷兰式拍卖之后，仍有未使用的该等出售净所得款，发行人应按票面价值加上应计及未付利息赎回 A2 恒大物业股
票挂钩票据、A2 恒大新能源汽车股票挂钩票据、C2 恒大物业股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据中最快到期的一笔。
All securities so purchased or redeemed shall be cancelled.
所有如此收购或赎回的质押应被注销。
Anti-dilution andCorporate
Governance
反稀释和公司治理

Certain anti-dilution protections (including against dividends and other
distributions,consolidations,subdivisions,redesignations
andreclassifications of shares, and certain other dilutive events) and corporate
governance rights to be agreed between the Issuer and the CEG AHG,
tailored to the requirements of the underlying businesses.
某些反稀释保护措施（包括针对分红和其他分配、合并、拆分、重新划定和重新分类股份以及某些其他稀释事件）和公司治理权利，
将由发行人和恒大持有人特别团体商定，并根据相关业务的要求进行调整。

Auditor审计师

The Issuer will engage a Whitelist Auditor to audit its annual financial
statements starting no later than the audit of the fiscal year ending
December 31, 2023.
发行人将聘请一家白名单审计师对其年度财务报表进行审计，开始时间不晚于截至 2023 年 12 月 31 日止的财务年度审计。
The “Whitelist Auditor” shall be any of the following auditors, or theirrespective affiliates or member firms:“白名单审计师”应为以下任何会计师事务所或其各自的关联所或成员所：(a) Baker Tilly International;天职国际；(b) BDO;立信；(c) Crowe Global;
国富浩华；(d) Deloitte;德勤；(e) Ernst & Young;Sch 4 (B3) - 7

安永；(f) Grant Thornton;
致同；(g) KPMG;
毕马威；(h) Mazars;
中审众环；(i) Moore Global;
大华国际；(j) Prism; and上会栢诚；(k) RSM International.
RSM 国际。
Trustee信托人

Madison Pacific or another internationally recognized financial institution
as agreed between the Issuer and the CEG AHG.
麦迪森太平洋或由发行人和恒大持有人特别团体商定的另一家国际
公认的金融机构。

General一般

The Issuer and the CEG AHG will discuss and agree additional covenants
and other provisions to be included under the C2 EVPS SLNs and therelated legal documentation, including among others, related to (i)restrictions on indebtedness, restricted payments, liens, affiliate
transactions, asset sales, open market and other repurchases and otheractions, (ii) the timing, manner and other aspects of sales of assets referredto under “Mandatory Redemption”, (iii) events of default, (iv) the rights ofholders of, and owners of beneficial interests in, the C2 EVPS SLNs (a) toobtain periodic financial and other information and documents from thetrustee and the collateral agent, (b) to appoint or replace the trustee, and (c)to direct the trustee and collateral agent and to enforce remedies, and (v)the listing of the C2 EVPS SLNs.
发行人和恒大持有人特别团体将讨论并商定将纳入 C2 恒大物业股票
挂钩票据的额外限制和其他条款以及相关法律文件，包括但不限于
有关（i）对负债、受限支付、质押权、关联交易、资产出售，公开市场和其他回购和其他行动的限制，（ii）“强制赎回”中提到的资
产出售的时间安排、方式和其他方面，（iii）违约事件，（iv）C2 恒
大物业股票挂钩票据持有人和实益权益持有人的权利，包括：（a）
从信托人获取定期财务和其他信息和文件的权利、（b）任命或更换
信托人的权利及（c）指示信托人以及执行救济措施的权利，以及（iv）C2 恒大物业股票挂钩票据的上市。

Sch 4 (B3) - 8

Language语言

The Chinese provisions contained herein are for reference only. If there is
any inconsistency between the English and Chinese provisions, the English
provisions shall prevail.
此处的中文条款仅作参考。如英文和中文条款有任何不一致之处，应以英文条款为准。

Sch 4 (B3) - 9

Annex B
附件 B
Asset List 2 2资产清单 2(Subject to Contract)（受限于合同）
-

-

-

-

2

This list may be modified as agreed between the Issuer and the CEG AHG.

该清单可由发行人和恒大持有人特别团体商定修改。

Part B4 – C2 NEV SLNs
B4 部分– C2 恒大新能源汽车股票挂钩票据
Principal Terms of the China Evergrande Group NEV Linked New Notes C2 (“C2 NEV SLNs”)
中国恒大集团与新能源汽车挂钩的新票据 C2（“C2 恒大新能源汽车股票挂钩票据”）的主要条款

Sch 4 (B4) - 1

Principal Terms of the China Evergrande Group NEV Linked New Notes C2 (“C2 NEV
SLNs”)
中国恒大集团与恒大新能源汽车挂钩的新票据 C2（“C2 恒大新能源汽车股票挂钩票据”）
的主要条款
Issuer发行人

China Evergrande Group, an exempted company incorporated in the
Cayman Islands with limited liability
中国恒大集团，一家在开曼群岛注册成立的有限责任的豁免公司

Principal Amount
本金金额

The C2 NEV SLN shall comprise two tranches as follows, with thefollowing maximum aggregate principal amount:C2 恒大新能源汽车股票挂钩票据应包含以下两笔，其最大本金总额为：
1. C2 NEV SLN Tranche A: US$500 million;
C2 恒大新能源汽车股票挂钩票据 A：5.0 亿美元；2. C2 NEV SLN Tranche B: US$650 million;
C2 恒大新能源汽车股票挂钩票据 B：6.5 亿美元；Maturity/Principal
Repayment

1. C2 NEV SLN Tranche A: 7 years from the Reference Date;

到期日/本金偿付2. C2 NEV SLN Tranche B: 8 years from the Reference Date.

C2 恒大新能源汽车股票挂钩票据 A：自参考日期起 7 年；
C2 恒大新能源汽车股票挂钩票据 B：自参考日期起 8 年。
The outstanding principal amount of each tranche shall be repaid on
maturity, together with any accrued and unpaid interest.
每一笔的未偿还本金应在到期日连同任何应计但未付利息一起偿还。

Interest (PIK andcash)
利息（实物付息和现金）Interest will start to accrue on the Reference Date and will be payable semiannually in arrears on the outstanding principal amount of the C2 NEV SLN
Tranche A at 6.0% p.a. (if all interest with respect to such interest payment
period is paid in cash) or 7.0% p.a. (if any portion of interest with respect
to such interest payment period is paid in kind) with respect to each interest
payment period.
利息将在参考日期起计息，并将每半年期末就 C2 恒大新能源汽车股票挂钩票据 A 未偿还本金支付一次利息，每个付息期的利率为每年
6.0%（如果与该付息期有关的所有利息以现金支付），或者每年 7.0%
（如果与该付息期有关的任何部分利息以实物支付）。
Interest will start to accrue on the Reference Date and will be payable semiannually in arrears on the outstanding principal amount of the C2 NEV SLN
Tranche B at 6.5% p.a. (if all interest with respect to such interest payment
period is paid in cash) or 7.5% p.a. (if any portion of interest with respect
to such interest payment period is paid in kind) with respect to each interest
payment period.

Sch 4 (B4) - 2

利息将在参考日期起计息，并将每半年期末就 C2 恒大物业股票挂钩
票据 B 未偿还本金支付一次利息，每个付息期的利率为每年 6.5%
（如果与该付息期有关的所有利息以现金支付），或者每年 7.5%（如果与该付息期有关的任何部分利息以实物支付）。
Interest on the outstanding principal amount of the C2 NEV SLNs shall be
paid in the following manner:
C2 恒大新能源汽车股票挂钩票据未偿还本金的利息应按以下方式支付:
1. For the first two and a half years after the Reference Date: interest
may be paid in cash or in kind, at the election of the Issuer;
对于参考日期后的最初两年半：可由发行人选择用现金或实
物支付利息；
2. From the 31st month to the 36th month after the Reference Date:interest in an amount equal to at least 0.5% of the outstanding
principal amount of each tranche of the C2 NEV SLNs shall be paidin cash; the remaining portion of interest may be paid in cash or in
kind, at the election of the Issuer;
对于参考日期后的第 31 个月至第 36 个月：应以现金支付相当于各笔 C2 恒大新能源汽车股票挂钩票据未偿本金的至少
0.5%的利息；其余部分的利息可由发行人选择以现金或实物支付；3. For the fourth year after the Reference Date: interest in an amountequal to at least 3.0% p.a. of the outstanding principal amount ofeach tranche of the C2 NEV SLN shall be paid in cash; theremaining portion of interest may be paid in cash or in kind, at theelection of the Issuer; and对于参考日期后的第四年：应以现金支付相当于各笔 C2 恒大新能源汽车股票挂钩票据未偿本金的至少每年 3.0%的利息；
其余部分的利息可由发行人选择以现金或实物支付；
4. Starting from the fifth year after the Reference Date: interest shallbe paid in cash.
从参考日期后的第五年开始：利息应以现金支付。
All interest paid in kind with respect to the C2 NEV SLN will be added tothe then current outstanding principal amount of the C2 NEV SLN.
所有 C2 恒大新能源汽车股票挂钩票据以实物支付的利息均计入届时C2 恒大新能源汽车股票挂钩票据的未偿还本金金额。
If the Issuer pays cash interest under any tranche of the C2 NEV SLNs withrespect to any interest payment period in an amount greater than the amountof cash interest required to be paid on such tranche with respect to suchinterest payment period, it shall also pay additional cash interest under allother tranches of the A2 EVPS SLNs, A2 NEV SLNs, A2 Notes, C2 EVPS
SLNs, C2 NEV SLNs and C2 Notes. The amount of such additional cash
payments shall be allocated among each of the A2 EVPS SLNs, A2 NEV
SLNs, A2 Notes, C2 EVPS SLNs, C2 NEV SLNs and C2 Notes (and among

Sch 4 (B4) - 3
4861-9866-1973v.17

each tranche of such instruments) on a pro rata basis by outstanding
principal amount.
如果发行人就 C2 恒大新能源汽车股票挂钩票据的任何一笔就任何付
息期支付的现金利息大于该笔票据在该付息期所需支付的现金利
息，则发行人还应就 A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据、A2 票据、C2 恒大物业股票挂钩票据、C2 恒大新
能源汽车股票挂钩票据及 C2 票据中其他所有票据支付额外的现金利息。该额外现金支付的金额应根据未偿还本金金额，按比例在 A2 恒
大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据、A2 票据、C2 恒大物业股票挂钩票据、C2 恒大新能源汽车股票挂钩票据及 C2票据之间（并且在该等票据中各笔之间）进行分配。
Escrow
Arrangement to be
Granted to C2
NEV SLNs
就 C2 恒大新能源股票挂钩票据的托
管安排

Deposit of a total of 1,503,503,540 NEV Shares (equivalent toapproximately 13.9% of NEV Shares as of the date of this CEG Term Sheet)
into escrow accounts (the “C2 NEV Escrow Accounts”) of an independentbank in the name of the Issuer or an offshore subsidiary of the Issuer,
subject to an escrow account agreement between the Issuer or such
subsidiary as account holder and such independent bank. Each tranche of
C2 NEV SLNs will have its own C2 NEV Escrow Account holding such
NEV Shares in corresponding proportion to its principal amount over all
C2 EVPS SLNs.
将 1,503,503,540 股恒大新能源汽车股份（相当于截至 本恒大条款清
单日期其全部股份的约 13.9%）存入以发行人或发行人一家境外子公
司名义设立的独立银行托管账户（“C2 恒大新能源汽车托管账户”）
中，受限于作为账户持有者的发行人或该子公司和该独立银行之间的托管账户协议。每笔 C2 恒大新能源汽车股票挂钩票据都将有其专
属的 C2 恒大新能源汽车托管账户，该账户所持恒大新能源汽车股份
与其与该笔票据的本金金额在全部 C2 恒大新能源汽车股票挂钩票据中的比例相对应。
As part of the Restructuring and as set forth under “Treatment ofshareholder’s loans to NEV and CEG’s loan to NEV” in this CEG Term
Sheet, the relevant shareholder’s loans to NEV and CEG’s loan to NEV andany accrued and unpaid interest thereon will be applied to convert into new
NEV Shares at the conversion price of HK$3.84 per share. A portion ofsuch NEV Shares so converted will be deposited into the A2 NEV Escrow
Accounts and C2 NEV Escrow Accounts on a pro rata basis such that theA2 NEV Escrow Accounts and C2 NEV Escrow Accounts will together
hold NEV Shares representing approximately 30% of the total issued NEV
Shares on a fully diluted basis. The remaining NEV Shares so converted
will be added to the Exchange Property under the NEV EBs. As set forth
under “Treatment of other loan to NEV” in this CEG Term Sheet, the loans
by Ms. Ding Yumei and Good Bond Limited to NEV are also expected tobe applied toward conversion into new shares in NEV at an issue price of
HK$3.84 per share. The NEV shares so converted will not be used as partof the restructuring consideration (neither the NEV MEBs nor the A2 NEVSLNs and the C2 NEV SLNs).
作为重组的一部分，并根据本恒大条款清单中“股东对恒大新能源汽车的贷款和恒大对恒大新能源汽车的贷款的处理”中所列明的，
恒大新能源汽车的相关股东贷款和恒大对新能源汽车贷款及其任何应计且未付利息将用于以转换价每股 3.84 港元转换为恒大新能源汽
Sch 4 (B4) - 4

4861-9866-1973v.17

车的新股份。部分如此转换的恒大新能源汽车股份将按比例存入 A2
恒大新能源汽车托管账户和 C2 恒大新能源汽车托管账户，从而使 A2
恒大新能源汽车托管账户和 C2 恒大新能源汽车托管账户共同持有的
恒大新能源汽车股份在完全稀释的基础上占已发行恒大新能源汽车
股份总数的约 30% 。剩余如此转换的恒大新能源汽车股份将加入恒
大新能源汽车强制可交换债券的交换财产。如本恒大条款清单中“恒大新能源汽车其他贷款的处理”所述，丁玉梅女士及 Good Bond
Limited 向恒大新能源汽车提供的贷款也预期将用于以发行价每股
3.84 美元转换为恒大新能源汽车的新股份。 如此转换的恒大新能源汽车股份将不会被用作重组对价的一部分（不是恒大新能源汽车强
制可交换债券也不是 A2 恒大新能源汽车股票挂钩票据及 C2 恒大新
能源汽车股票挂钩票据）。
NEV Shares held under the C2 NEV Escrow Accounts may be released
from escrow for sale to a strategic investor, upon (i) the redemption of all
C2 NEV SLN subject to such escrow arrangement, at par plus accrued andunpaid interest (the “C2 NEV Redemption Amount”), (ii) the deposit ofan amount equal to the C2 NEV Redemption Amount into an accountcharged to the benefit of the holders of the C2 NEV SLNs, or (iii) an amountequal to the C2 NEV Redemption Amount being subject to an escrow orother arrangement to be agreed. Prior consultation or approval will not be
required from the trustee, the escrow agent or any noteholder for releasing
NEV Shares for sale to a strategic investor so long as the net proceeds ofsuch sale are not lower than the C2 NEV Redemption Amount and are used
to redeem the C2 NEV SLN as aforesaid. Any sale of NEV Shares to a
strategic investor shall be made on a pro rata basis between the A2 NEVSLNs on the one hand and the C2 NEV SLNs on the other hand一旦（i）受限于该等托管安排的全部 C2 恒大新能源汽车股票挂钩票据按票面价值并加上应计及未付利息被赎回 （“C2 恒大新能源汽车赎回金额”），（ii）当金额为 C2 恒大新能源汽车赎回金额的金额存入
一个以 C2 恒大新能源汽车股票挂钩票据持有人为受益人的质押账户，或（iii）当金额为 C2 恒大新能源汽车赎回金额的金额受限于有
待商定的托管或其他安排，受限于 C2 恒大新能源汽车股份托管账户
的恒大新能源汽车股份可被解除，以处置给一位战略投资者。解除
恒大新能源汽车股份以出售给战略投资者时，无需事先咨询或取得
信托人、托管代理人或任何票据持有人的批准，前提是该出售的净
所得款不低于 C2 恒大新能源汽车赎回金额并用于赎回上述 C2 恒大新能源汽车股票挂钩票据。向一位战略投资者出售恒大物业股份应
在 A2 恒大新能源汽车股票挂钩票据和 C2 恒大物业股票挂钩票据之间按比例进行。
A C2 NEV Escrow Account shall become enforceable only upon (i) failure
to pay principal of or interest on the C2 NEV SLN linked to such escrowarrangement, (ii) failure to apply the net proceeds from the sale of such
NEV Shares to redeem such C2 NEV SLN, or (iii) with respect to C2 NEVSLN Tranche A, failure to pay principal of or interest on A2 NEV SLN
Tranche A, and with respect to C2 NEV SLN Tranche B, failure to pay
principal of or interest on A2 NEV SLN Tranche B.
C2 恒大新能源汽车托管账户仅在以下情况下方可执行：（i）与该等托管安排挂钩的 C2 恒大新能源汽车股票挂钩票据的本金或利息未能
支付，（ii）出售该恒大新能源汽车股份的净所得款未能用于赎回该Sch 4 (B4) - 5
4861-9866-1973v.17

等 C2 恒大新能源汽车股票挂钩票据，或（iii） 对于 C2 恒大新能源汽车股票挂钩票据 A 而言，若未能支付 A2 恒大新能源汽车股票挂钩
票据 A 的本金或利息，及对于 C2 恒大新能源汽车股票挂钩票据 B 而言，未能支付 A2 恒大新能源汽车股票挂钩票据 B 的本金或利息。
Cash dividends received from NEV Shares under a C2 NEV Escrow
Account shall be applied to redeem the C2 NEV SLN linked to such escrowarrangement at par plus accrued and unpaid interest.
来自 C2 恒大新能源汽车股份托管账户中的恒大新能源汽车股份的现
金分红应用于按票面价值并加上应计及未付利息赎回与该等托管安排挂钩的 C2 恒大新能源汽车股票挂钩票据。
The Issuer or its subsidiary, as applicable, shall maintain the signatories
nominated by the trustee in respect of the escrow account at all times.
发行人或其子公司（按所适用的）应保留信托人就质押账户提名的签字人。
Prior to the occurrence of any enforcement trigger under the escrowagreement, the trustee shall have joint signatory rights with the Issuer or its
subsidiary, as applicable, in relation to any withdrawal or transfer from, andany closure of, the escrow account. The Issuer or its subsidiary, as
applicable, shall not withdraw or transfer from the escrow account except
in circumstances to be agreed.
在托管账户下的任何执行被触发之前，信托人就质押账户的任何提款或划转以及任何关闭应与发行人或其子公司（按所适用的）拥有
共同签字权。 发行人或其子公司（按所适用的）不得从质押账户中
提款或划转，在商定的情况下除外。
Upon the occurrence of any enforcement trigger under the escrowagreement, the trustee shall have the right to deliver a notice of control tothe account bank and shall have sole signatory rights in relation to any
withdrawal or transfer from, and any closure of, the escrow account,
without any need for the signatory of the Issuer or its subsidiary, as
applicable, to co-sign.
一旦托管账户下的任何执行被触发，信托人应有权向账户银行发出控制通知，并对质押账户的任何提款或划转以及任何关闭拥有唯一的签字权，而不需要发行人或其子公司（按所适用的）的签字人共同签署。
The trustee nominated signatory shall have been deemed to have consented
or signed, as applicable, if it does not object within three (3) business days
upon request to act or sign, as applicable, in relation to transfers,
withdrawals and other actions expressly permitted under the indenture andthe security documents. For the avoidance of doubt, the sale of NEV Sharesto strategic investors as provided above shall be considered expressly
permitted under the indenture and security documents.
在被要求就债券契约和质押文件明确允许的转账/提款和其他行动采
取行动或签署（按所适用的）时，如信托人指定的签字人在三（3）个工作日内没有提出异议，则其应被视为已予同意或签署（按所适用的）。为避免疑义，按上述规定向战略投资者出售恒大新能源汽车
股份应被视为债券契约和担保文件明确允许的行为。.
Sch 4 (B4) - 6
4861-9866-1973v.17

Asset Security
资产质押Security interest over the shares of subsidiaries holding the assets set forth
under Annex B (“Asset List 2”), to be shared among A2 EVPS SLNs andA2 NEV SLNs, C2 EVPS SLNs, and C2 NEV SLNs.
持有附件 B 所列资产（“资产清单 2”）的子公司股份的质押权益, 将
在 A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据、
C2 恒大物业股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据之间共享。
The relevant security interest will be released upon any sale of such assets(or receipt of proceeds from recovery on relevant loans or receivables, asapplicable) and (i) the application of the proceeds thereof in accordancewith the provisions under “Mandatory Redemption” below or (ii) the
deposit of such proceeds into an account charged to the benefit of theholders of the relevant instruments, or (iii) such proceeds being subject toan escrow or other arrangement to be agreed.
当有“该等资产的任何出售（或收到相关贷款或应收款的回收的所
得款，如适用），相关质押权益将被解除，并且，（i）将根据下文“强制赎回”的条款来应用该所得款，或（ii）将该所得款存入一个
以相关票据持有人为受益人的质押账户，或（iii）该所得款将受限于
待经商定的托管或其他安排。

Mandatory
Redemption
强制赎回

The Issuer shall use the net proceeds from the sale of any asset listed in
Asset List 2 (or the shares of the subsidiary holding such asset) to purchaseor redeem, by way of reverse Dutch auction, any of the A2 EVPS SLNs,
A2 NEV SLNs, C2 EVPS SLNs, and C2 NEV SLNs at a minimumpurchase price equal to the then current market price plus a premium of
US$0.1 per US$1 of principal amount, plus accrued and unpaid interest(but in any event the purchase price shall not exceed 100% of the principal
amount plus accrued and unpaid interest), within 45 business days of its
receipt of such net proceeds, provided that the net proceeds shall beallocated for such purchase between A2 EVPS SLNs and the A2 NEV SLNs
on the one hand and the C2 EVPS SLNs and C2 NEV SLNs on the other
hand on a pro rata basis according to their aggregate outstanding principal
amounts. If any net proceeds from such sale remains unused after such
reverse Dutch auction, the Issuer shall redeem the security with the shortest
maturity among the A2 EVPS SLNs, A2 NEV SLNs, C2 EVPS SLNs, andC2 NEV SLNs at par plus accrued and unpaid interest.
发行人应将出售资产清单 2 所列的任何资产（或持有该资产的子公司
的股份）的净所得款，在收到该等款项的 45 个工作日内，用于通过
最低购买价格等于当时的市场价格加上每 1 美元本金金额 0.1 美元的溢价，加上应计及未付利息（但在任何情况下，购买价格不得超过
本金加应计及未付利息的 100%）的反向荷兰式拍卖方式收购或赎回
A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据、C2
恒大物业股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据中的任意
一笔，前提是用于收购的净所得款应根据 A2 恒大物业股票挂钩票据
和 A2 恒大新能源汽车股票挂钩票据以及 C2 恒大物业股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据的未偿还本金金额总额，按比例
在 A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据和C2 恒大物业股票挂钩票据、C2 恒大新能源汽车股票挂钩票据之间进行分配。如果在反向荷兰式拍卖之后，仍有未使用的该等出售净所Sch 4 (B4) - 7

4861-9866-1973v.17

得款，发行人应按票面价值加上应计及未付利息赎回 A2 恒大物业股
票挂钩票据、A2 恒大新能源汽车股票挂钩票据、C2 恒大物业股票挂钩票据和 C2 恒大新能源汽车股票挂钩票据中最快到期的一笔。
All securities so purchased or redeemed shall be cancelled.
所有如此收购或赎回的质押应被注销。
Anti-dilution andCorporate
Governance
反稀释和公司治理

Certain anti-dilution protections (including against dividends and other
distributions,consolidations,subdivisions,redesignations
andreclassifications of shares, and certain other dilutive events) and corporate
governance rights to be agreed between the Issuer and the CEG AHG,
tailored to the requirements of the underlying businesses.
某些反稀释保护措施（包括针对分红和其他分配、合并、拆分、重新划定和重新分类股份以及某些其他稀释事件）和公司治理权利，
将由发行人和恒大持有人特别团体商定，并根据相关业务的要求进行调整。

Auditor审计师

The Issuer will engage a Whitelist Auditor to audit its annual financial
statements starting no later than the audit of the fiscal year ending
December 31, 2023.
发行人将聘请一家白名单审计师对其年度财务报表进行审计，开始时间不晚于截至 2023 年 12 月 31 日止的财务年度审计。
The “Whitelist Auditor” shall be any of the following auditors, or theirrespective affiliates or member firms:“白名单审计师”应为以下任何会计师事务所或其各自的关联所或成员所：(a) Baker Tilly International;天职国际；(b) BDO;立信；(c) Crowe Global;
国富浩华；(d) Deloitte;德勤；(e) Ernst & Young;
安永；(f) Grant Thornton;
致同；(g) KPMG;
毕马威；(h) Mazars;
Sch 4 (B4) - 8

4861-9866-1973v.17

中审众环；(i) Moore Global;
大华国际；(j) Prism; and上会栢诚；(k) RSM International.
RSM 国际。
Trustee信托人

Madison Pacific or another internationally recognized financial institution
as agreed between the Issuer and the CEG AHG.
麦迪森太平洋或由发行人和恒大持有人特别团体商定的另一家国际
公认的金融机构。

General一般

The Issuer and the CEG AHG will discuss and agree additional covenants
and other provisions to be included under the C2 NEV SLNs and the related
legal documentation, including among others, related to (i) restrictions on
indebtedness, restricted payments, liens, affiliate transactions, asset sales,
open market and other repurchases and other actions, (ii) the timing,manner and other aspects of sales of assets referred to under “Mandatory
Redemption”, (iii) events of default, (iv) the rights of holders of, andowners of beneficial interests in, the C2 NEV SLNs (a) to obtain periodic
financial and other information and documents from the trustee and thecollateral agent, (b) to appoint or replace the trustee, and (c) to direct thetrustee and collateral agent and to enforce remedies, and (v) the listing of
the C2 NEV SLNs.
发行人和恒大持有人特别团体将讨论并商定将纳入 C2 恒大新能源汽车股票挂钩票据的额外限制和其他条款以及相关法律文件，包括但不限于有关（i）对负债、受限支付、质押权、关联交易、资产出售，公开市场和其他回购和其他行动的限制，（ii）“强制赎回”中提到的资产出售的时间安排、方式和其他方面，（iii）违约事件，（iv）C2 恒大新能源汽车股票挂钩票据持有人和实益权益持有人的权利，包括：（a）从信托人获取定期财务和其他信息和文件的权利、（b）任命或更换信托人的权利及（c）指示信托人以及执行救济措施的权利，以及（iv）C2 恒大新能源汽车股票挂钩票据的上市。

Language
语言

The Chinese provisions contained herein are for reference only. If there is
any inconsistency between the English and Chinese provisions, the English
provisions shall prevail.
此处的中文条款仅作参考。如英文和中文条款有任何不一致之处，应以英文条款为准。

Sch 4 (B4) - 9
4861-9866-1973v.17

Annex B
附件 B
Asset List 2 2资产清单 2(Subject to Contract)（受限于合同）
-

-

-

-

2

This list may be modified as agreed between the Issuer and the CEG AHG.

该清单可由发行人和恒大持有人特别团体商定修改。

Schedule 5
附表 5
Part A – A2 Notes
A 部分 –A2 票据Principal Terms of the China Evergrande Group New Notes A2 (“A2 Notes”)
中国恒大集团新票据 A2（“A2 票据”）的主要条款

Sch 5 (A) - 1

Principal Terms of the China Evergrande Group New Notes A2 (“A2 Notes”)
中国恒大集团新票据 A2（“A2 票据”）的主要条款
Issuer发行人

China Evergrande Group, an exempted company incorporated in the
Cayman Islands with limited liability
中国恒大集团，一家在开曼群岛注册成立的有限责任的豁免公司

Principal Amount本金金额The A2 Notes shall comprise four tranches as follows, with the following
maximum aggregate principal amount:
A2 票据应包括以下四笔，其最大本金总金额为：
1. A2 Tranche A: US$500 million;
A2 票据 A：5 亿美元；2. A2 Tranche B: US$650 million;
A2 票据 B：6.5 亿美元；3. A2 Tranche C: US$3,800 million;
A2 票据 C：38 亿美元；4. A2 Tranche D: As entitlement under Option A2 minus Option A2’s
portion of the principal amount of CEG MCB, Option A2’s portionof the principal amount of EVPS MEBs, Option A2’s portion of
the principal amount of NEV MEBs, the principal amount of A2
NEV SLN, the principal amount of A2 EVPS SLN and theprincipal amounts of A2 Tranche A, B, and C.
A2 票据 D：方案 A2 下的可获偿金额减去恒大强制可转换债
券的本金金额中方案 A2 的部分、恒大物业强制可交换债券
的本金金额中方案 A2 的部分、恒大新能源汽车强制可交换
债券的本金金额中方案 A2 的部分、A2 恒大新能源汽车股票
挂钩票据的本金金额、A2 恒大物业股票挂钩票据的本金金额以及 A2 票据 A、B、C 的本金金额。
Subject to the participation of A’s under Option 2, A2 Notes will beallocated in sequential order by maturity date starting from A2 Tranche A.
受限于 A 组在方案 A2 中的参与情况，票据 A2 将按到期日顺序从 A2
票据 A 开始分配。

Maturity/Principal
Repayment

1. A2 Tranche A: 5 years from the Reference Date;

到期日/本金偿付2. A2 Tranche B: 6 years from the Reference Date;

A2 票据 A: 自参考日期起 5 年；
A2 票据 B: 自参考日期起 6 年；
3. A2 Tranche C: 7 years from the Reference Date; andA2 票据 C: 自参考日期起 7 年；及4. A2 Tranche D: 8 years from the Reference Date;
A2 票据 D: 自参考日期起 8 年；
Sch 5 (A) - 2

The outstanding principal amount of each tranche shall be repaid on
maturity, together with any accrued and unpaid interest.
每一笔的未偿还本金应在到期日连同任何应计和未付利息一起偿还。
Interest (PIK andcash)
利息（实物付息和现金）Interest will start to accrue on the Reference Date and will be payable semiannually in arrears on the outstanding principal amount of the A2 Notes at
the following interest rates with respect to each interest payment period:
利息将在参考日期起计息，并将每半年期末就 A2 票据的未偿还本金
支付一次利息，每个付息期的利率如下：
1. A2 Tranche A: 5.0% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 6.0% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind);
A2 票据 A：每年 5.0 %（如果与该付息期有关的所有利息以现金支付）或每年 6.0%（如果与该付息期有关的任何部分利
息以实物支付）；
2. A2 Tranche B: 5.5% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 6.5% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind);
A2 票据 B：每年 5.5%（如果与该付息期有关的所有利息以现金支付）或每年 6.5%（如果与该付息期有关的任何部分利
息以实物支付）；
3. A2 Tranche C: 6.0% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 7.0% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind); andA2 票据 C：每年 6.0%（如果与该付息期有关的所有利息以现金支付）或每年 7.0 %（如果与该付息期有关的任何部分
利息以实物支付）；及4. A2 Tranche D: 6.5% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 7.5% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind);
A2 票据 D：每年 6.5 %（如果与该付息期有关的所有利息以现金支付）或每年 7.5 %（如果与该付息期有关的任何部分
利息以实物支付）；Interest on the outstanding principal amount of the A2 Notes shall be paidin the following manner:
A2 票据未偿还本金的利息应按以下方式支付：1. For the first two and a half years after the Reference Date: interest
may be paid in cash or in kind, at the election of the Issuer;
对于参考日期后的最初两年半：可由发行人选择用现金或实
物支付利息；
Sch 5 (A) - 3

4861-9866-1973v.17

2. From the 31st month to the 36th month after the Reference Date:interest in an amount equal to at least 0.5% of the outstanding
principal amount of each tranche of the A2 Notes shall be paid in
cash; the remaining portion of interest may be paid in cash or in
kind, at the election of the Issuer;
对于参考日期后的第 31 个月至参考日期后的第 36 个月：应以现金支付相当各笔 A2 票据未偿本金的至少 0.5%的利息；
其余部分的利息可由发行人选择以现金或实物支付;
3. For the fourth year after the Reference Date: interest in an amountequal to at least 3.0% p.a. of the outstanding principal amount ofeach tranche of the A2 Notes shall be paid in cash; the remaining
portion of interest may be paid in cash or in kind, at the election of
the Issuer; and对于参考日期后的第四年：应以现金支付相当于各笔 A2 票
据未偿本金的至少每年 3.0%的利息；其余部分的利息可由发行人选择以现金或实物支付;及4. Starting from the fifth year after the Reference Date: interest shallbe paid in cash.
对于从参考日期后的第五年开始：利息应以现金支付。
All interest paid in kind with respect to the A2 Notes will be added to thethen current outstanding principal amount of the A2 Notes.
所有 A2 票据以实物支付的利息均计入届时 A2 票据的未偿还本金金额。
If the Issuer pays cash interest under any tranche of the A2 Notes withrespect to any interest payment period in an amount greater than theamount of cash interest required to be paid on such tranche with respect tosuch interest payment period, it shall also pay additional cash interest
under all other tranches of the A2 EVPS SLNs, A2 NEV SLNs, A2 Notes,
C2 EVPS SLNs, C2 NEV SLNs and C2 Notes. The amount of such
additional cash payments shall be allocated among each of the A2 EVPS
SLNs, A2 NEV SLNs, A2 Notes, C2 EVPS SLNs, C2 NEV SLNs and C2
Notes (and among each tranche of such instruments) on a pro rata basis by
outstanding principal amount.
如果发行人就 A2 票据的任何一笔就任何付息期支付的现金利息大于
该笔票据在该付息期所需支付的现金利息，则发行人还应就 A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据、A2 票据、C2 恒大物业股票挂钩票据、C2 恒大新能源汽车股票挂钩票据及 C2
票据中其他所有票据支付额外的现金利息。该额外现金支付的金额应根据未偿还本金金额，按比例在 A2 恒大物业股票挂钩票据、A2
恒大新能源汽车股票挂钩票据、A2 票据、C2 恒大物业股票挂钩票
据、C2 恒大新能源汽车股票挂钩票据及 C2 票据之间（并且在该等
票据中各笔之间）进行分配。
Guarantees
担保

The same Subsidiary Guarantors as those guaranteeing the Existing Notes,
other than (i) certain shell subsidiaries of CEG to be agreed to bederegistered prior to the Original Issue Date, and (ii) certain significant
offshore subsidiaries to be agreed (collectively the “A2 Notes
Sch 5 (A) - 4

4861-9866-1973v.17

Guarantors”, and such guarantees, the “A2 Notes Guarantees”). A1
Notes Guarantees to be subordinated to A2 Notes Guarantees.
担保子公司与目前为现有票据提供担保的担保子公司相同，但不包括（i）某些有待商定在初始发行日期前将注销的恒大空壳子公司,
以及 （ii） 某些有待商定的重要境外子公司（统称为“A2 票据担保公司”
， 该担保统称为“A2 票据担保”）。A1 票据担保将劣后于 A2
票据担保。
Auditor审计师

The Issuer will engage a Whitelist Auditor to audit its annual financial
statements starting no later than the audit of the fiscal year ending
December 31, 2023.
发行人将聘请一家白名单审计师对其年度财务报表进行审计，开始时间不晚于截至 2023 年 12 月 31 日止的财务年度审计。
The “Whitelist Auditor” shall be any of the following auditors, or theirrespective affiliates or member firms:“白名单审计师”应为以下任何会计师事务所或其各自的关联所或成员所：(a) Baker Tilly International;天职国际；(b) BDO;立信；(c) Crowe Global;
国富浩华；(d) Deloitte;德勤；(e) Ernst & Young;
安永；(f) Grant Thornton;
致同；(g) KPMG;
毕马威；(h) Mazars;
中审众环；(i) Moore Global;
大华国际；(j) Prism; and上会栢诚；(k) RSM International.

Sch 5 (A) - 5
4861-9866-1973v.17

RSM 国际。
Trustee信托人

Madison Pacific or another internationally recognized financial institution
as agreed between the Issuer and the CEG AHG.
麦迪森太平洋或由发行人和恒大持有人特别团体商定的另一家国际
公认的金融机构。

General一般

The Issuer and the CEG AHG will discuss and agree additional covenants
and other provisions to be included under the A2 Notes and the related
legal documentation, including among others, related to (i) restrictions on
indebtedness, restricted payments, liens, affiliate transactions, asset sales,
open market and other repurchases and other actions, (ii) events of default,(iii) the rights of holders of, and owners of beneficial interests in, the A2
Notes (a) to obtain periodic financial and other information and documentsfrom the trustee, (b) to appoint or replace the trustee, and (c) to direct thetrustee and to enforce remedies, and (iv) the listing of the A2 Notes.
发行人和恒大持有人特别团体将讨论并商定将纳入 A2 票据的额外限制和其他条款以及相关法律文件，包括但不限于有关（i）对负债、
受限支付、质押权、关联交易、资产出售，公开市场和其他回购和
其他行动的限制， （ii） 违约事件，（iii）A2 票据持有人和实益权
益持有人的权利，包括：（a）从信托人获取定期财务和其他信息和
文件的权利、（b）任命或更换信托人的权利及（c）指示信托人以及执行救济措施的权利，以及（iv）A2 票据的上市。

Language
语言

The Chinese provisions contained herein are for reference only. If there is
any inconsistency between the English and Chinese provisions, the English
provisions shall prevail.
此处的中文条款仅作参考。如英文和中文条款有任何不一致之处，应以英文条款为准。

Sch 5 (A) - 6
4861-9866-1973v.17

Part B – C2 Notes
B 部分 –C2 票据
Principal Terms of the China Evergrande Group New Notes C2 (“C2 Notes”)
中国恒大集团新票据 C2（“C2 票据”）的主要条款

Sch 5 (B) - 1

Principal Terms of the China Evergrande Group New Notes C2 (“C2 Notes”)
中国恒大集团新票据 C2（“C2 票据”）的主要条款
Issuer发行人

China Evergrande Group, an exempted company incorporated in the
Cayman Islands with limited liability
中国恒大集团，一家在开曼群岛注册成立的有限责任的豁免公司

Principal Amount
本金金额

The C2 Notes shall comprise three tranches as follows, with the following
maximum aggregate principal amount:
恒大票据 C2 应包括以下三笔，其最大本金总金额为：
1. C2 Tranche A: US$200 million;
C2 票据 A：2 亿美元；2. C2 Tranche B: US$2,740 million; andC2 票据 B：27.4 亿美元；及3. C2 Tranche C: Cs entitlement under Option C2 minus Option C2’s
portion of the principal amount of CEG MCB, Option C2’s portionof the principal amount of EVPS MEBs, Option C2’s portion of theprincipal amount of NEV MEBs, the principal amount of C2 NEV
SLN, the principal amount of C2 EVPS SLN and the principal
amounts of C2 Tranche A and B).
C2 票据 D：方案 C2 下的可获偿金额减去恒大强制可转换债
券的本金金额中方案 C2 的部分、恒大物业强制可交换债券的
本金金额中方案 C2 的部分、恒大新能源汽车强制可交换债券
的本金金额中方案 C2 的部分、C2 恒大新能源汽车股票挂钩
票据的本金金额、C2 恒大物业股票挂钩票据的本金金额以及
C2 票据 A 和 B 的本金金额。

Maturity/Principal
Repayment

1. C2 Tranche A: 7 years from the Reference Date;

到期日/本金偿付2. C2 Tranche B: 8 years from the Reference Date; andC2 票据 A: 自参考日期起 7 年；
C2 票据 B: 自参考日期起 8 年；及3. C2 Tranche C: 9 years from the Reference Date.
C2 票据 C: 自参考日期起 8 年；
The outstanding principal amount of each tranche shall be repaid on
maturity, together with any accrued and unpaid interest.
每一笔的未偿还本金应在到期日连同任何应计和未付利息一起偿还。

Interest (PIK andcash)
利息（实物付息和现金）Interest will start to accrue on the Reference Date and will be payable semiannually in arrears on the outstanding principal amount of the C2 Notes
Tranche A at 6.0% p.a. (if all interest with respect to such interest payment
period is paid in cash) or 7.0% p.a. (if any portion of interest with respect
to such interest payment period is paid in kind) with respect to each interest
payment period.
Sch 5 (B) - 2

利息将在参考日期起计息，并将每半年期末就 C2 票据 A 的未偿还本
金支付一次利息，每个付息期的利率每年 6.0%（如果与该付息期有关的所有利息以现金支付）或），或者每年 7.0%（如果与该付息期有关的任何部分利息以实物支付）；
Interest will start to accrue on the Reference Date and will be payable semiannually in arrears on the outstanding principal amount of the C2 Notes
Tranche B at 6.5% p.a. (if all interest with respect to such interest payment
period is paid in cash) or 7.5% p.a. (if any portion of interest with respect
to such interest payment period is paid in kind) with respect to each interest
payment period.
利息将在参考日期起计息，并将每半年期末就 C2 票据 B 的未偿还本
金支付一次利息，每个付息期的利率为每年 6.5%（如果与该付息期
有关的所有利息以现金支付）或），或者每年 7.5%（如果与该付息期
有关的任何部分利息以实物支付）；
Interest will start to accrue on the Reference Date and will be payable semiannually in arrears on the outstanding principal amount of the C2 Notes
Tranche C at 7.0% p.a. (if all interest with respect to such interest payment
period is paid in cash) or 8.0% p.a. (if any portion of interest with respect
to such interest payment period is paid in kind) with respect to each interest
payment period.
利息将在参考日期起计息，并将每半年期末就 C2 票据 C 的未偿还本
金支付一次利息，每个付息期的利率为 7.0%（如果与该付息期有关
的所有利息以现金支付）或），或者每年 8.0%（如果与该付息期有关
的任何部分利息以实物支付）；Interest on the outstanding principal amount of the C2 Notes shall be paidin the following manner:
C2 票据未偿还本金的利息应按以下方式支付：1. For the first two and a half years after the Reference Date: interest
may be paid in cash or in kind, at the election of the Issuer;
对于参考日期后的最初两年半：可由发行人选择用现金或实
物支付利息；
2. From the 31st month to the 36th month after the Reference Date,interest in an amount equal to at least 0.5% of the outstanding
principal amount of each tranche of the C2 Notes shall be paid in
cash; the remaining portion of interest may be paid in cash or in
kind, at the election of the Issuer;
对于参考日期后的第 31 个月至参考日期后的第 36 个月：应以现金支付相当相当于各笔 C2 票据未偿本金的至少 0.5%的利息；其余部分的利息可由发行人选择以现金或实物支付；
3. For the fourth year after the Reference Date: interest in an amountequal to at least 3.0% p.a. of the outstanding principal amount ofeach tranche of the C2 Notes shall be paid in cash; the remaining
portion of interest may be paid in cash or in kind, at the election of
the Issuer; andSch 5 (B) - 3
4861-9866-1973v.17

对于参考日期后的第四年：应以现金支付相当于各笔 C2 票据未偿本金的至少 3.0%的利息；其余部分的利息可由发行人选择以现金或实物支付;及4. Starting from the fifth year after the Reference Date: interest shallbe paid in cash.
对于从参考日期后的第五年开始：利息应以现金支付。
All interest paid in kind with respect to the C2 Notes will be added to thethen current outstanding principal amount of the C2 Notes.
所有 C2 票据以实物支付的利息均计入届时 C2 票据的未偿还本金总额。
If the Issuer pays cash interest under any tranche of the C2 Notes withrespect to any interest payment period in an amount greater than the amountof cash interest required to be paid on such tranche with respect to suchinterest payment period, it shall also pay additional cash interest under allother tranches of the A2 EVPS SLNs, A2 NEV SLNs, A2 Notes, C2 EVPS
SLNs, C2 NEV SLNs and C2 Notes. The amount of such additional cash
payments shall be allocated among each of the A2 EVPS SLNs, A2 NEV
SLNs, A2 Notes, C2 EVPS SLNs, C2 NEV SLNs and C2 Notes (and among
each tranche of such instruments) on a pro rata basis by outstanding
principal amount.
如果发行人就 C2 票据的任何一笔就任何付息期支付的现金利息大于
该笔票据在该付息期所需支付的现金利息，则发行人还应就 A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据、A2 票据、C2
恒大物业股票挂钩票据、C2 恒大新能源汽车股票挂钩票据及 C2 票据中其他所有票据支付额外的现金利息。该额外现金支付的金额应根据未偿还本金金额，按比例在 A2 恒大物业股票挂钩票据、A2 恒大新能源汽车股票挂钩票据、A2 票据、C2 恒大物业股票挂钩票据、C2
恒大新能源汽车股票挂钩票据及 C2 票据之间（并且在该等票据中各笔之间）进行分配。

Auditor审计师

The Issuer will engage a Whitelist Auditor to audit its annual financial
statements starting no later than the audit of the fiscal year ending
December 31, 2023.
发行人将聘请一家白名单审计师对其年度财务报表进行审计，开始时间不晚于截至 2023 年 12 月 31 日止的财务年度审计。
The “Whitelist Auditor” shall be any of the following auditors, or theirrespective affiliates or member firms:“白名单审计师”应为以下任何会计师事务所或其各自的关联所或成员所：(a) Baker Tilly International;天职国际；(b) BDO;立信；
Sch 5 (B) - 4

4861-9866-1973v.17

(c) Crowe Global;
国富浩华；(d) Deloitte;德勤；(e) Ernst & Young;
安永；(f) Grant Thornton;
致同；(g) KPMG;
毕马威；(h) Mazars;
中审众环；(i) Moore Global;
大华国际；(j) Prism; and上会栢诚；(k) RSM International.
RSM 国际。
Trustee信托人

Madison Pacific or another internationally recognized financial institution
as agreed between the Issuer and the CEG AHG.
麦迪森太平洋或由发行人和恒大持有人特别团体商定的另一家国际
公认的金融机构。

General一般

The Issuer and the CEG AHG will discuss and agree additional covenants
and other provisions to be included under the C2 Notes and the related legal
documentation, including among others, related to (i) restrictions on
indebtedness, restricted payments, liens, affiliate transactions, asset sales,
open market and other repurchases and other actions, (ii) events of default,(iii) the rights of holders of, and owners of beneficial interests in, the C2
Notes (a) to obtain periodic financial and other information and documentsfrom the trustee, (b) to appoint or replace the trustee, and (c) to direct thetrustee and to enforce remedies, and (iv) the listing of the C2 Notes.
发行人和恒大持有人特别团体将讨论并商定将纳入 C2 票据的额外限制和其他条款以及相关法律文件，包括但不限于有关（i）对负债、
受限支付、质押权、关联交易、资产出售，公开市场和其他回购和
其他行动的限制， （ii） 违约事件，（iii）C2 票据持有人和实益权
益持有人的权利，包括：（a）从信托人获取定期财务和其他信息和

Sch 5 (B) - 5
4861-9866-1973v.17

文件的权利、（b）任命或更换信托人的权利及（c）指示信托人以及执行救济措施的权利，以及（iv）C2 票据的上市。
Language
语言

The Chinese provisions contained herein are for reference only. If there is
any inconsistency between the English and Chinese provisions, the English
provisions shall prevail.
此处的中文条款仅作参考。如英文和中文条款有任何不一致之处，应以英文条款为准。

Sch 5 (B) - 6
4861-9866-1973v.17

Schedule 6
附表 6
CEG AHG Members
恒大持有人特别团体成员

Sch 6 - 1

Sch 6 - 2

Execution Version
ㆮ㖢⡸ᵜ

Scenery Journey LimitedᲟ〻ᴹ䲀‫ޜ‬ਨ(“SJ”)
˄ĀᲟ〻ā˅
Restructuring Term Sheet䟽㓴ᶑⅮ␵অ
20 March 2023
2023 ᒤ 3 ᴸ 20 ᰕThis term sheet (“this SJ Term Sheet”) signed and dated 20 March 2023, between SJ and the SJ
AHG (together, the “Parties”), sets forth certain material terms and conditions in connection withthe proposed restructuring of the SJ Existing Notes which will be consistent in all material respects
with this SJ Term Sheet (the “Restructuring”).
ᵜᶑⅮ␵অ˄ĀᵜᲟ〻ᶑⅮ␵অā˅Ⲵㆮ㖢ᰕᵏѪ2023ᒤ3ᴸ20 ᰕˈ⭡Ჟ〻઼Ჟ〻ᤱᴹӪ⢩࡛ഒփ˄㔏〠ѪĀᖃһᯩā˅ㆮ㖢ˈࡇ᰾Ҷоሶ൘ᡰᴹ䟽བྷᯩ䶒оᵜᲟ〻ᶑⅮ␵অа㠤䟽㓴ā˅ᴹ‫Ⲵޣ‬ḀӋ䟽བྷᶑⅮ઼ᶑԦǄⲴᲟ〻⧠ᴹ⾘ᦞⲴᤏ䇞䟽㓴˄Ā䟽The execution of this SJ Term Sheet by the Parties signifies a substantial positive milestone inachieving the Restructuring and is representative of the Parties’ significant practical progress
towards achieving the Restructuring.
ᖃһᯩㆮ㖢ᵜᲟ〻ᶑⅮ␵অˈḷᘇ⵰䟽㓴ᇎ⧠Ҷ䟽བྷ㘼〟ᶱⲴ䟼〻⻁ˈԓ㺘⵰ᖃһᯩ൘ᇎ⧠䟽㓴ᯩ䶒ਆᗇҶ䟽བྷⲴᇎ䱵䘋ኅǄThis SJ Term Sheet forms the basis of the agreement between the Parties and the Parties accordingly
agree and undertake to work together in good faith and use best endeavours to (a) agree further
detailed terms in the restructuring support agreement (the “RSA”), and (b) subsequently conclude
further agreements and scheme documentation as necessary to effect the Restructuring, such thatthey are consistent in all material respects with this SJ Term Sheet (though this shall not require acreditor who is a Party to make any payment or incur out of pocket expenses). The Parties
acknowledge and agree that this SJ Term Sheet records certain key agreed commercial provisions
only, and that no other terms and conditions should be implied. It is intended that the Restructuring
shall be facilitated by way of the RSA and subsequent further agreements and scheme documentation
as necessary to effect the Restructuring. SJ will procure TJ and the subsidiary guarantors (the “SJ
Subsidiary Guarantors”) of the SJ Existing Notes to comply with this SJ Term Sheet in connection
with the Restructuring.
ᵜᲟ〻ᶑⅮ␵অᶴᡀᖃһᯩѻ䰤ॿ䇞Ⲵส⹰ˈഐ↔ˈᖃһᯩ਼᜿ᒦ᢯䈪ⵏ䈊ਸ֌ᒦቭᴰབྷ
ࣚ࣋ˈԕ˄D˅൘䟽㓴᭟ᤱॿ䇞˄Ā䟽㓴᭟ᤱॿ䇞ā˅ѝ୶ᇊᴤ䈖㓶ⲴᶑⅮˈᒦ˄E˅䲿ਾㆮ㖢ᇎ㹼䟽㓴ᡰ䴰Ⲵ䘋а↕ॿ䇞઼ॿ䇞ᆹᧂ᮷Ԧˈԕ֯ަ൘ᡰᴹ䟽བྷᯩ䶒оᵜᲟ〻ᶑⅮ␵অ‫؍‬ᤱа㠤˄ն䘉нᓄ㾱≲֌ѪᖃһᯩⲴ٪ᵳӪ᭟ԈԫօⅮ亩ᡆӗ⭏ᔰ᭟˅Ǆᖃһᯩ᢯䇔

4858-5667-3871

ᒦ਼᜿ˈᵜᲟ〻ᶑⅮ␵অӵ䇠ᖅḀӋ㓿୶ᇊⲴ‫ޣ‬䭞୶ъᶑⅮˈнᓄ᳇⽪ަԆԫօᶑⅮ઼ᶑԦǄ䟽㓴ᰘ൘䙊䗷䟽㓴᭟ᤱॿ䇞৺䲿ਾѪᇎ⧠䟽㓴ᡰ䴰Ⲵ䘋а↕ॿ䇞৺ॿ䇞ᆹᧂ᮷Ԧᶕ‫׳‬Ჟ〻ᣵ‫؍‬ᆀ‫ޜ‬ਨā˅൘䟽㓴ѝ䚥ᆸ䘋ǄᲟ〻ሶ‫֯׳‬ཙส઼Ჟ〻⧠ᴹ⾘ᦞⲴᣵ‫؍‬ᆀ‫ޜ‬ਨ˄ĀᲟᵜᲟ〻ᶑⅮ␵অǄThis SJ Term Sheet does not constitute an offer to sell or a solicitation of an offer to buy any
securities in the United States or any other jurisdiction. No securities may be offered or sold in the
United States absent registration or an applicable exemption from registration requirements. Any
public offering of securities to be made in the United States will be made by means of a prospectus.
Such prospectus will contain detailed information about SJ, TJ and their management, as well as
financial statements. No public offer of securities is to be made by SJ and TJ or any of the SJ
Subsidiary Guarantors in the United States.
ᵜᲟ〻ᶑⅮ␵অᒦнᶴᡀ൘㖾ഭᡆԫօަԆਨ⌅㇑䗆४䬰୞ԫօ䇱ࡨⲴ㾱㓖ᡆሩ䍝Ҡԫօ䇱ࡨⲴ㾱㓖ⲴᤋᨭǄྲ᷌⋑ᴹⲫ䇠ᡆ⋑ᴹ䘲⭘Ⲵሩⲫ䇠㾱≲Ⲵ䉱‫ˈݽ‬нᗇ൘㖾ഭਁ㹼ᡆ䬰୞䇱ࡨǄԫօ൘㖾ഭ䘋㹼Ⲵ䇱ࡨ‫ޜ‬ᔰਁ୞䜭ሶԕ䇱ࡨਁ㹼䈤᰾ҖⲴᖒᔿ䘋㹼Ǆ↔⿽䇱ࡨਁ㹼䈤᰾ҖҖሶवਜ਼ᴹ‫ޣ‬Ჟ〻઼ཙส৺ަ਴㠚㇑⨶ቲⲴ䈖㓶ؑ᚟৺䍒࣑ᣕ㺘ǄᲟ〻઼ཙสᡆԫօᲟ〻ᣵ‫؍‬ᆀ‫ޜ‬ਨሶнՊ൘㖾ഭ‫ޜ‬ᔰਁ୞䇱ࡨǄThis SJ Term Sheet is not a prospectus for the purposes of Regulation (EU) 2017/1129, including
as it forms part of domestic law in the United Kingdom by virtue of the European Union(Withdrawal) Act 2018, as amended by the European Union (Withdrawal Agreement) Act 2020.
ᵜᲟ〻ᶑⅮ␵অᒦнᱟ䪸ሩㅜ2017/1129ਧᶑֻ˄EU˅˄वᤜṩᦞǉ2018ᒤ⅗ⴏ˄䘰ࠪ˅⌅ṸǊ˄㓿ǉ2020ᒤ⅗ⴏ˄䘰ࠪॿ䇞˅⌅ṸǊ‫؞‬䇒˅ᶴᡀ㤡ഭഭ޵⌅ᖻⲴа䜘࠶˅㘼䀰Ⲵ䇱ࡨਁ㹼䈤᰾ҖǄ

2Ჟ〻䇑ࡂ䙊䗷ˈަѝवᤜˈ൘㤡኎㔤ቄӜ㗔ዋ઼/ᡆަԆ䘲⭘Ⲵਨ⌅㇑䗆४Ⲵॿ䇞ᆹᧂᇎᯭᲟ〻ᤏ䇞䟽㓴˄ĀᲟ〻ॿ䇞ᆹᧂā˅ǄThe British Virgin Islands scheme of arrangement will be governedby the laws of British Virgin Islands and subject to the exclusive
jurisdiction of the courts of British Virgin Islands. A scheme ofarrangement in any other jurisdiction will be governed by the lawsof such jurisdiction and subject to the exclusive jurisdiction of thecourts in that jurisdiction.
㤡኎㔤ቄӜ㗔ዋⲴ䟽㓴ॿ䇞ሶ䘲⭘㤡኎㔤ቄӜ㗔ዋ⌅ᖻˈᒦਇ㤡኎㔤ቄӜ㗔ዋ⌅䲒Ⲵу኎㇑䗆ǄԫօަԆਨ⌅㇑䗆४Ⲵ䟽㓴ॿ䇞ሶ䘲⭘䈕ਨ⌅㇑䗆४Ⲵ⌅ᖻˈᒦਇ䈕ਨ⌅㇑䗆४⌅䲒Ⲵу኎㇑䗆ǄSJ Existing Notes
Ჟ〻⧠ᴹ⾘ᦞ

All of the following notes, which are governed by New York law,issued by SJ and unconditionally and irrevocably guaranteed by TJ
and the SJ Subsidiary Guarantors (collectively, the “SJ Existing
Notes”):
䘲⭘㓭㓖⌅ᖻˈ⭡Ჟ〻ਁ㹼ˈᒦ⭡ཙส઼Ჟ〻ᣵ‫؍‬ᆀ‫ޜ‬ਨᰐᲟ〻⧠ᴹᶑԦфнਟ᫔䬰ൠᣵ‫Ⲵ؍‬ԕлᡰᴹ⾘ᦞ˄㔏〠ѪĀᲟ⾘ᦞā˅˖(a) The 11.5% senior notes due October 24, 2022 (the “SJ
Existing October 2022 Notes”) (ISIN: XS2109191986,
Common Code: 210919198). As of the date of this SJ Term
Sheet, the aggregate principal amount of the SJ Existing
October 2022 Notes outstanding is US$1,999,000,000;
Ჟ〻⧠ᴹ
2022 ᒤ 10 ᴸ 24 ᰕࡠᵏⲴ 11.5% Ո‫˄ᦞ⾘ݸ‬ĀᲟ2022 ᒤ 10 ᴸ ⾘ ᦞ ā˅˄ISIN˖XS2109191986ˈ 䙊 ⭘ ԓ⸱˖210919198˅Ǆ ᡚ㠣ᵜᲟ〻ᶑⅮ␵অѻᰕˈᲟ〻⧠ᴹ
2022 ᒤ 10 ᴸ⾘ᦞⲴᵚ‫گ‬䘈ᵜ䠁ᙫ仍Ѫ 1,999,000,000 㖾‫˗ݳ‬(b) The 13.0% senior notes due November 6, 2022 (the “SJ
Existing November 2022 Notes”) (ISIN: XS1903671854,
Common Code: 190367185). As of the date of this SJ Term
Sheet, the aggregate principal amount of the SJ Existing
November 2022 Notes outstanding is US$644,000,000;
Ჟ 〻⧠ᴹ
2022 ᒤ 11 ᴸ 6 ᰕࡠᵏⲴ 13.0% Ո‫˄ᦞ⾘ݸ‬ĀᲟ2022 ᒤ 11 ᴸ⾘ᦞā˅˄ISIN˖XS1903671854ˈ䙊⭘ԓ⸱˖
190367185˅Ǆ ᡚ㠣ᵜᲟ〻ᶑⅮ␵অѻᰕˈᲟ〻⧠ᴹ 2022
ᒤ 11 ᴸ⾘ᦞⲴᵚ‫گ‬䘈ᵜ䠁ᙫ仍Ѫ 644,000,000 㖾‫˗ݳ‬
5

(c) The 12.0% senior notes due October 24, 2023 (the “SJ
Existing October 2023 Notes”) (ISIN: XS2109192109,
Common Code: 210919210). As of the date of this SJ Term
Sheet, the aggregate principal amount of the SJ Existing
October 2023 Notes outstanding is US$1,994,000,000; and2023 ᒤ 10 ᴸ 24 ᰕࡠᵏⲴ 12.0% Ո‫˄ᦞ⾘ݸ‬ĀᲟᲟ〻⧠ᴹ
2023 ᒤ 10 ᴸ ⾘ ᦞ ā˅˄ISIN˖XS2109192109ˈ 䙊 ⭘ ԓ⸱˖210919210˅Ǆ ᡚ㠣ᵜᲟ〻ᶑⅮ␵অѻᰕˈᲟ〻⧠ᴹ
2023 ᒤ 10 ᴸ⾘ᦞⲴᵚ‫گ‬䘈ᵜ䠁ᙫ仍Ѫ 1,994,000,000 㖾‫˗ݳ‬৺(d) The 13.75% senior notes due November 6, 2023 (the “SJ
Existing November 2023 Notes”) (ISIN: XS1903671938,
Common Code: 190367193). As of the date of this SJ Term
Sheet, the aggregate principal amount of the SJ Existing
November 2023 Notes outstanding is US$589,000,000.
2023 ᒤ 11 ᴸ 6 ᰕࡠᵏⲴ 13.75%Ո‫˄ᦞ⾘ݸ‬ĀᲟᲟ 〻⧠ᴹ
2023 ᒤ 11 ᴸ⾘ᦞā˅˄ISIN˖XS1903671938ˈ䙊⭘ԓ⸱˖
190367193˅
Ǆ ᡚ㠣ᵜᲟ〻ᶑⅮ␵অѻᰕˈᲟ〻⧠ᴹ 2023
ᒤ 11 ᴸ⾘ᦞⲴᵚ‫گ‬䘈ᵜ䠁ᙫ仍Ѫ 589,000,000 㖾‫ݳ‬Ǆ
SJ Scheme Creditors (and “SJ Scheme Creditors” means the persons holding beneficial
each, an SJ Scheme Creditor) interests as principal in any of the SJ Existing Notes as at the SJ
Voting Record Time.
Ჟ 〻ॿ䇞ᆹᧂ٪ᵳӪ˄ф⇿“Ჟ〻ॿ䇞ᆹᧂ٪ᵳӪ” ᤷᡚ㠣Ჟ〻ᣅ⾘䇠ᖅᰦ䰤ˈԕѫփ䓛ս൷ѪˈᲟ〻ॿ䇞ᆹᧂ٪ᵳ
ԭᤱᴹԫօᲟ〻⧠ᴹ⾘ᦞᇎ⳺ᵳ⳺㘵ǄӪ˅“SJ Voting Record Time” means the time designated by SJ for
the determination of the claims of the SJ Scheme Creditors for the
purposes of voting at the SJ Scheme Creditors’ meeting in respectof the SJ Scheme convened pursuant to orders of the court(s) (andany adjournment of such meetings).
ĀᲟ〻ᣅ⾘䇠ᖅᰦ䰤āᤷᲟ〻Ѫ⺞ᇊᲟ〻ॿ䇞ᆹᧂ٪ᵳӪⲴ㍒‫گ‬㘼ᤷᇊⲴᰦ䰤ˈަ⭘᜿ᱟ൘ṩᦞ⌅䲒ભԔਜ䳶ᴹ‫ޣ‬Ჟ〻ॿ䇞ᆹᧂⲴᲟ〻٪ᵳӪՊ䇞˄ԕ৺䈕ㅹՊ䇞ⲴԫօᔦᵏՊ䇞˅к䘋㹼ᣅ⾘Ǆ
SJ Scheme Creditors’ Voting For the purpose of voting on the SJ Scheme(s) at the SJ Scheme
Claims and SJ Scheme Creditors’ meetings convened pursuant to orders of the court(s)Creditor’s Entitlement(and any adjournment of such meetings), the value of each “SJᲟ〻ॿ䇞ᆹᧂ٪ᵳӪⲴ㺘ߣ Scheme Creditor’s Voting Claim”, shall be the sum of:ᵳ઼Ჟ〻ॿ䇞ᆹᧂ٪ᵳӪⲴ ѪҶ൘ṩᦞ⌅䲒ભԔਜᔰⲴᲟ〻ॿ䇞ᆹᧂ٪ᵳӪՊ䇞˄ԕ৺ਟ㧧‫گ‬䠁仍
䘉ӋՊ䇞ⲴԫօᔦᵏՊ䇞˅кሩᲟ〻ॿ䇞ᆹᧂ䘋㹼ᣅ⾘㺘6ߣˈ⇿亩 “Ჟ〻ॿ䇞ᆹᧂ٪ᵳӪⲴ㺘ߣᵳ ”Ⲵԧ٬ˈᓄᱟԕл਴亩Ⲵᙫ઼˖
(a) the outstanding principal amount of the SJ Existing Notes heldby the SJ Scheme Creditor at the SJ Voting Record Time; andᲟ〻ॿ䇞ᆹᧂ٪ᵳӪᡚ㠣Ჟ〻ᣅ⾘䇠ᖅᰦ䰤ᡰᤱᴹⲴᲟ
〻⧠ᴹ⾘ᦞⲴᵚ‫گ‬䘈ᵜ䠁䠁仍˗઼(b) all accrued and unpaid interests on the SJ Existing Notes heldby the SJ Scheme Creditors up to (but excluding) the SJ Voting
Record Time.
⭡Ჟ〻ॿ䇞ᆹᧂ٪ᵳӪᤱᴹⲴᲟ〻⧠ᴹ⾘ᦞⲴᡚ㠣˄նнवᤜ˅Ჟ〻ᣅ⾘䇠ᖅᰦ䰤ᡰᴹᓄ䇑фᵚԈ࡙᚟Ǆ
Determining SJ Restructuring Considerations for an SJ Scheme
Creditor⺞ᇊᲟ〻ॿ䇞ᆹᧂ٪ᵳӪⲴᲟ〻䟽㓴ሩԧFor the purpose of distribution of the SJ Restructuring
Consideration, the principles for determining the value of each “SJ
Scheme Creditor’s Entitlement” shall be on a “Deficiency
Basis” with regard to the third-party (i.e., non-scheme company)
rights relating to the debt. To illustrate, an SJ Scheme Creditor’s
Entitlement shall be in an amount equal to: (x) the sum of (1) the
outstanding principal amount of the SJ Existing Notes held by the
SJ Scheme Creditor at the SJ Entitlement Record Time, and (2)accrued and unpaid interest on such SJ Existing Notes up to (butexcluding) the RED; minus (y) the assessed value of any related
rights (whether principal, guarantee or collateral support) which
are: (i) against any party who is not SJ, SJ Subsidiary Guarantor or
keepwell provider but is an obligor or provides credit support; and(ii) in connection with such SJ Existing Notes. Each SJ Scheme
Creditor will receive a pro rata portion of the SJ Restructuring
Consideration (pro-rated across each of the five tranches of the SJ
New Notes) based on its SJ Scheme Creditor’s Entitlement.
Ѫ࠶䝽Ჟ〻䟽㓴ሩԧˈ⇿ս “Ჟ〻ॿ䇞ᆹᧂ٪ᵳӪⲴਟ㧧‫گ‬䠁仍”Ⲵԧ٬Ⲵ⺞䇔৏ࡉᓄṩᦞ䪸ሩо٪࣑⴨‫ޣ‬ѻㅜйᯩ˄ণ䶎ॿ䇞ᆹᧂ‫ޜ‬ਨ˅ᵳ࡙Ⲵ Āᐞ仍ส⹰āᶕ⺞䇔Ǆ⽪ֻ㘼䀰ˈаսᲟ〻ॿ䇞ᆹᧂ٪ᵳӪⲴਟ㧧‫گ‬䠁仍ᓄㅹҾ˖˄x˅
˄1˅ᡚ㠣Ჟ〻ਟ㧧‫گ‬䠁仍䇠ᖅᰦ䰤Ჟ〻ॿ䇞ᆹᧂ٪ᵳӪᤱᴹⲴᲟ〻⧠ᴹ⾘ᦞⲴᵚ‫گ‬䘈ᵜ䠁䠁仍ˈ৺˄2˅ᡚ㠣˄նнवᤜ˅䟽㓴⭏᭸ᰕᲟ〻⧠ᴹ⾘ᦞⲴᓄ䇑фᵚԈ࡙᚟ѻ઼˗߿৫˄y˅ԫօ⴨‫ޣ‬ᵳ࡙˄ᰐ䇪ᱟᵜ䠁ǃᣵ‫؍‬ᡆ䍘ᣬ⢙᭟ᤱ˅
7

(e) in the case of each SJ Participating Creditor, provide
reasonable assistance to SJ and any other member of the Group(in each case, at SJ’s cost) in defending against any adverse
action taken by another creditor which may delay, impede or
prevent the implementation or consummation of the SJ
Proposed Restructuring, including without limitation: (i)confirming that such SJ Participating Creditor supports the SJ
Proposed Restructuring; and (ii) preparing and filing any
submission or appearing at any court proceeding which isreasonably requested by any member of the Group and isnecessary or desirable to support, facilitate, implement,
consummate or otherwise give effect to the SJ Proposed
Restructuring.
ቡ⇿аսᲟ〻৲о٪ᵳӪ㘼䀰ˈੁᲟ〻઼䳶ഒⲴԫօަ
Ԇᡀઈᨀ‫׋‬ਸ⨶Ⲵॿࣙ˄൘⇿⿽ᛵߥлˈ䜭⭡Ჟ〻᢯ᣵ䍩⭘˅ˈԕᣥᗑަԆ٪ᵳӪ䟷ਆⲴਟ㜭ᔦ䘏ǃ䱫⺽ᡆ䱫→Ჟ〻ᤏ䇞䟽㓴ⲴᇎᯭᡆᆼᡀⲴԫօн࡙㹼ࣘˈवᤜնн䲀Ҿ˖˄i˅⺞䇔䈕Ჟ〻৲о٪ᵳӪ᭟ᤱᲟ〻ᤏ䇞䟽㓴˗ԕ৺ ˄ii˅ ߶઼༷ᨀӔ䳶ഒԫօᡀઈਸ⨶㾱≲Ⲵሩ᭟ᤱǃ‫׳‬䘋ǃᇎᯭǃᆼᡀᡆԕަԆᯩᔿᇎ⧠Ჟ〻ᤏ䇞䟽㓴㘼䀰ᗵ㾱ᡆਟਆⲴԫօ੸Ԧᡆࠪᑝԫօ⌅䲒〻ᒿǄ
Limitations
䲀ࡦ

Nothing in this SJ Term Sheet shall, among others:ᵜᲟ〻ᶑⅮ␵অѝⲴԫօ޵ᇩ൷нᗇˈवᤜԕл৺ަԆ˖(a) require either SJ, any other member of the Group, or any SJParticipating Creditor (or any of their, and/or their respective
managers’ or investment advisers’, respective affiliates orfunds) to take any action which would breach any legal or
regulatory requirement beyond its control or any order ordirection of any relevant court or governmental body, andwhich impediment cannot be avoided or removed by taking
reasonable steps;㾱≲Ჟ〻ǃ䳶ഒⲴԫօަԆᡀઈᡆԫօᲟ〻৲о٪ᵳӪ˄ᡆԫօԆԜⲴˈ઼/ᡆԆԜ਴㠚Ⲵ㇑⨶Ӫᡆᣅ䍴亮䰞Ⲵˈ਴㠚Ⲵ‫ޣ‬㚄Ӫ༛ᡆส䠁˅䟷ਆԫօ㹼ࣘˈ䘍৽ԫօ൘ަ᧗ࡦѻཆⲴ⌅ᖻᡆⴁ㇑㿴ᇊᡆԫօᴹ‫⌅ޣ‬䲒ᡆ᭯ᓌᵪᶴⲴԫօભԔᡆᤷ⽪ˈᒦф䈕䳌⺽ᰐ⌅䙊䗷䟷ਆਸ⨶᧚ᯭᶕ䚯‫ݽ‬ᡆ⎸䲔˗(b) restrict, or attempt to restrict, any officer of any member of theGroup from complying with any legal or fiduciary duty or
obligation to commence insolvency proceedings in respect ofthat entity;10

offshore indebtedness and (iv) any other relevant information
received by the SJ AHG). For the purpose of this provision,“Sufficient Disclosure” has the meaning given to it in the nondisclosure agreements dated 6 December 2022 and 9 January2023 entered into between CEG and certain members of theAHG (the “NDA” which continues in full force and effect inaccordance with the terms of the NDA).
н䘏Ҿ 2023 ᒤ 3 ᴸ 22 ᰕˈ䲔䶎Ჟ〻оᲟ〻ᤱᴹӪ⢩࡛ഒփৼᯩਖᴹ㓖ᇊ˄ਟ䙊䗷਴㠚Ⲵ亮䰞ԕ⭥ᆀ䛞ԦⲴᯩᔿ䘋㹼˅ˈᚂབྷਁᐳаԭवਜ਼‫࠶ݵ‬ᣛ䵢Ⲵ㝡᭿༠᰾˄वᤜ
ᴹ‫˄ޣ‬i˅˄ྲᐢ୶ᇊ˅ᴹ‫ޣ‬ᚂབྷຳཆ䍏٪Ⲵ䟽㓴ᶑⅮ␵
অ˗˄ii˅ᵜᲟ〻ᶑⅮ␵অ˗˄iii˅˄ྲᐢ୶ᇊ˅ᴹ‫ޣ‬ཙสຳཆ䍏٪Ⲵ䟽㓴ᶑⅮ␵অ˗ԕ৺˄iv˅Ჟ〻ᤱᴹӪ⢩࡛ഒփ᭦ࡠⲴԫօަԆ⴨‫ؑޣ‬᚟˅ǄቡᵜᶑⅮ㘼䀰ˈĀ‫ݵ‬‫࠶ݵ‬ᣛ䵢 āⲴᇊѹ‫ᦞ׍‬ᚂབྷоᤱᴹӪ⢩࡛ഒփḀӋᡀઈҾ 2022 ᒤ 12 ᴸ 6 ᰕ઼ 2023 ᒤ 1 ᴸ 9 ᰕㆮ䇒Ⲵ‫؍‬ᇶॿ䇞˄Ā‫؍‬ᇶॿ䇞āˈṩᦞ‫؍‬ᇶॿ䇞ᶑⅮ㔗㔝ᆼ‫ޘ‬ᴹ᭸˅Ǆ(b) By no later than 31 March 2023 (provided that no additionalor long-form term sheet (other than this SJ Term Sheet) is
required), SJ and other relevant members of the Group to (i)enter into an RSA in form and substance satisfactory to the SJ
AHG (acting reasonably) with the SJ AHG in relation to therestructuring of the offshore indebtedness of the Group and (ii)announce the signed RSA to the market on the website of The
Stock Exchange of Hong Kong Limited and through theclearing systems.
н䘏Ҿ 2023 ᒤ 3 ᴸ 31 ᰕ˄ࡽᨀᱟн䴰㾱仍ཆⲴᡆ䮯⡸ᶑ
Ⅾ␵অ˄䲔ᵜᲟ〻ᶑⅮ␵অѻཆ˅˅ˈᲟ〻઼䳶ഒⲴަԆ⴨‫ޣ‬ᡀઈ˄i˅ቡ䟽㓴䳶ഒⲴຳཆ٪࣑оᲟ〻ᤱᴹӪ⢩࡛ഒփㆮ䇒ᖒᔿ઼޵ᇩԔᲟ〻ᤱᴹӪ⢩࡛ഒփ˄൘ਸ⨶㹼һѻл˅┑᜿Ⲵ䟽㓴᭟ᤱॿ䇞ˈԕ৺˄ii˅൘俉⑟㚄ਸӔ᱃ᡰᴹ䲀‫ޜ‬ਨ㖁ㄉᒦ䙊䗷␵㇇㌫㔏ੁᐲ൪ਁᐳ‫੺ޜ‬ᐢㆮ㖢Ⲵ䟽㓴᭟ᤱॿ䇞Ǆ(c) By no later than 31 March 2023, SJ to reach a written agreed
general position or schedule with the SJ AHG on (i) a whitelistof potential scheme administrators and adjudicators; and (ii)high-level principles and high-level process relating to thevaluation and adjudication in respect of the SJ Scheme, in eachcase, in form and substance satisfactory to the SJ AHG and SJ,
both acting reasonably (with the details to be agreed in the
Scheme Documents).
н䘏Ҿ 2023 ᒤ 3 ᴸ 31 ᰕˈᲟ〻оᲟ〻ᤱᴹӪ⢩࡛ഒփቡ˄i˅▌൘Ⲵॿ䇞ᆹᧂ㇑⨶Ӫ઼㻱ߣӪⲴⲭ਽অ˗ԕ৺
12˄ii˅ᴹ‫ޣ‬Ჟ〻ॿ䇞ᆹᧂⲴ䇴ՠ઼㻱ߣⲴᾲᤜᙗ৏ࡉ઼ᾲ
ᤜᙗ〻ᒿ൘Җ䶒к䗮ᡀབྷ㠤・൪ᡆᰦ䰤㺘Ⲵॿ䇞ˈє㘵Ⲵᖒᔿ઼޵ᇩ൷ᓄԔᲟ〻ᤱᴹӪ⢩࡛ഒփ઼Ჟ〻䜭൘ਸ⨶㹼һѻл┑᜿˄㓶㢲ሶ൘ॿ䇞ᆹᧂ᮷Ԧѝ୶ᇊ˅Ǆ
Each of the Restructuring Milestones can be extended with thewritten agreement of the SJ AHG (which can be by email throughits advisers).
⇿亩䟽㓴䟼〻⻁䜭ਟ൘Ჟ〻ᤱᴹӪ⢩࡛ഒփⲴҖ䶒਼᜿лᔦ䮯˄ਟ䙊䗷ަ亮䰞ԕ⭥ᆀ䛞ԦⲴᯩᔿ䘋㹼˅Ǆ
Conditions PrecedentࡽᨀᶑԦThe following conditions must be satisfied or waived by therelevant regulator or court, the recipients of the relevant fees or theSJ AHG (acting reasonably), as applicable, prior to or on the RED:ԕлᶑԦᗵ享൘䟽㓴⭏᭸ᰕѻࡽᡆᖃᰕᗇࡠ┑䏣ᡆ⭡⴨‫ⴁޣ‬㇑ᵪᶴᡆ⌅䲒ᡆ⴨‫ޣ‬䍩⭘Ⲵ᧕᭦ᯩᡆ൘ਸ⨶㹼һѻлⲴᲟ〻ᤱᴹӪ⢩࡛ഒփ˄᤹ᡰ䘲⭘Ⲵ˅Ҹԕ䉱‫˖ݽ‬(a) the delivery by the relevant members of the Group of corporate
authorisations in respect of the SJ Proposed Restructuring andtheir entry into the Scheme Documents to which they are aparty;
䳶ഒⲴ⴨‫ޣ‬ᡀઈቡᲟ〻ᤏ䇞䟽㓴ӔԈ‫ޜ‬ਨᦸᵳҖˈᒦㆮ㖢ަ֌ѪаᯩⲴॿ䇞ᆹᧂ᮷Ԧ˗
(b) the obtaining, if and as applicable, of all relevant regulatory
approvals or other consents (including, without limitation,delivery of relevant court sanction orders in respect of the SJ
Scheme(s), any relevant shareholders’ approval, and theSingapore Stock Exchange’s or another internationallyrecognized exchange’s approvals in-principle for the listing ofand permission to deal in each of the SJ Restructuring
Consideration (where applicable));㧧ᗇᡰᴹ䘲⭘৺⴨‫ⴁⲴޣ‬㇑ᢩ߶ᡆަԆ਼᜿˄वᤜնн䲀ҾӔԈᴹ‫ޣ‬Ჟ〻ॿ䇞ᆹᧂⲴ⴨‫⌅ޣ‬䲒ᢩ߶Ԕǃԫօ⴨‫ޣ‬㛑ьⲴᢩ߶ˈԕ৺ᯠ࣐එӔ᱃ᡰᡆਖањഭ䱵‫ޜ‬䇔ⲴӔ᱃ᡰሩ⇿亩Ჟ〻䟽㓴ሩԧ˄᤹ᡰ䘲⭘Ⲵ˅Ⲵкᐲ઼Ӕ᱃䇨ਟⲴ৏ࡉᙗᢩ߶˅˗(c) the obtaining of the relevant court sanction order(s) in respectof the TJ Scheme and the TJ Scheme becoming effective inaccordance with the terms of the TJ Scheme;㧧ᗇ‫ޣ‬Ҿཙสॿ䇞ᆹᧂⲴ⴨‫⌅ޣ‬䲒ᢩ߶Ԕˈфཙสॿ䇞ᆹᧂ᤹➗ཙสॿ䇞ᆹᧂⲴᶑⅮ⭏᭸˗(d) the settlement in full of all fees and expenses (including,
without limitation, the AHG Advisers Fee and the SJ AHG
13

Work Fee) payable under contracts or other arrangements
entered into by any member of the Group with financial or
legal advisers, members of the SJ AHG or other professional
parties for their work or services rendered in relation to the SJ
Proposed Restructuring;‫ޘ‬仍㔃␵䳶ഒԫօᡀઈо䍒࣑ᡆ⌅ᖻ亮䰞ǃᲟ〻ᤱᴹӪ⢩࡛ഒփᡆަԆуъӪ༛ቡަᨀ‫Ⲵ׋‬оᲟ〻ᤏ䇞䟽㓴ᴹ‫Ⲵޣ‬ᐕ֌ᡆᴽ࣑ᡰㆮ䇒Ⲵਸ਼ᡆަԆᆹᧂлⲴᡰᴹᓄԈ䍩⭘઼ᔰ᭟˄वᤜնн䲀ҾˈᤱᴹӪ⢩࡛ഒփ亮䰞䍩⭘৺Ჟ〻ᤱᴹӪ⢩࡛ഒփᐕ֌䍩˅˗(e) each key document (scope to be agreed in the RSA) to beentered into by certain parties to implement the terms of the SJ
Proposed Restructuring are in the form agreed in writing
between SJ and the SJ AHG (or the AHG Advisers expresslyon their behalf), each acting reasonably; andḀӋᖃһᯩѪᇎᯭᲟ〻ᤏ䇞䟽㓴ᶑⅮ㘼䇒・Ⲵ⇿ԭ‫ޣ‬䭞᮷Ԧ˄㤳തᴹᖵҾ൘䟽㓴᭟ᤱॿ䇞ѝ୶ᇊ˅ˈ൷䟷⭘Ჟ〻઼Ჟ〻ᤱᴹӪ⢩࡛ഒփ˄ᡆ᰾⺞ԓ㺘ԆԜⲴᤱᴹӪ⢩࡛ഒփ亮䰞˅਴㠚ਸ⨶㹼һᡰҖ䶒୶ᇊⲴᖒᔿ˗৺
(f) other conditions precedent to be further agreed / satisfaction ofeach of the other conditions precedent contained in the Scheme
Documents.
ަԆࡽᨀᶑԦᴹᖵ䘋а↕୶ᇊ/ ॿ䇞ᆹᧂ᮷Ԧѝᡰ䖭Ⲵ⇿њަԆࡽᨀᶑԦᗇࡠ┑䏣Ǆ
Restructuring Effective Date䟽㓴⭏᭸ᰕᵏThe Restructuring Effective Date (the “RED”) shall occur as soon
as reasonably practicable and after the Conditions Precedent havebeen satisfied or waived and anticipated to be 1 October 2023,
provided that it shall be no later than 15 December 2023 (or suchother date as agreed in writing between SJ and the SJ AHG) (the“Longstop Date”).
䟽㓴⭏᭸ᰕᵏ˄Ā䟽㓴⭏᭸ᰕā˅ˈᓄ൘ࡽᨀᶑԦᗇࡠ┑䏣ᡆ䉱‫ݽ‬ਾˈ൘ਸ⨶ਟ㹼Ⲵᛵߥлቭᘛਁ⭏ˈ亴䇑Ѫ 2023 ᒤ 10
ᴸ 1 ᰕˈࡽᨀᱟн䘏Ҿ 2023 ᒤ 12 ᴸ 15 ᰕ˄ᡆ㓿Ჟ〻઼Ჟ〻ᴰਾᵏ䲀ᰕā
˅ǄᤱᴹӪ⢩࡛ഒփҖ䶒୶ᇊⲴަԆᰕᵏ˅˄ĀᴰIn the event that the RED is at a date which is later than 1 October2023:㤕䟽㓴⭏᭸ᰕѪ 2023 ᒤ 10 ᴸ 1 ᰕѻਾⲴḀаཙ˖(a) the interests on the SJ New Notes shall begin to accrue on 1
October 2023; andᲟ〻ᯠ⾘ᦞⲴ࡙᚟ᓄҾ 2023 ᒤ 10 ᴸ 1 ᰕᔰ࿻䇑᚟˗ԕ৺14

written consent of the SJ AHG, provided that SJ may disclose suchinformation:Ჟ〻਼᜿ˈ൘ԫօᛵߥлˈᵚ㓿ᤱᴹӪ⢩࡛ഒփⲴһ‫ݸ‬Җ䶒਼᜿ˈަнᗇфᓄ‫֯׳‬䳶ഒ৺ަ਴㠚Ⲵ‫ޣ‬㚄Ӫ༛нᗇˈੁԫօӪ༛˄нवᤜࠪҾ䟽㓴ⴞⲴᣛ䵢䳶ഒⲴ⌅ᖻᡆ䍒࣑亮䰞ᡆ䈕ㅹؑ᚟ᡆަԆԓ⨶˅ᣛ䵢ᵜᲟ〻ᶑⅮ␵অⲴ䱴㺘 1˄Ჟ〻ᤱᴹӪ⢩࡛ഒփ˅ᡆަԫօ޵ᇩᡆᲟ〻ᤱᴹӪ⢩࡛ഒփᡀઈ
Ⲵԫօㆮ਽ᡆ䓛ԭˈ ࡽᨀ ᱟᲟ〻ਟ൘ԕлᛵߥᣛ䵢䈕ㅹؑ᚟˖(a) to the extent requested or required (as applicable) by any courtor regulatory body or by any applicable rule or law;൘ԫօ⌅䲒ᡆⴁ㇑ᵪᶴᡆԫօ䘲⭘㿴ࡉᡆ⌅ᖻᡰ㾱≲ᡆ㿴ᇊ˄᤹ᡰ䘲⭘Ⲵ˅Ⲵ㤳ത޵˗(b) to any of its Affiliates provided that any such information isshared on a confidential basis and SJ is responsible for any
contravention of this section by its Affiliates;ᣛ䵢㔉ަԫօ‫ޣ‬㚄Ӫ༛ˈਚ㾱ԫօ䈕ㅹؑ᚟ᱟ൘‫؍‬ᇶⲴส⹰кᨀ‫ˈⲴ׋‬ᒦфᲟ〻ሩަ‫ޣ‬㚄Ӫ༛䘍৽ᵜ㢲Ⲵԫօ㹼Ѫ䍏䍓˗(c) to the extent such information has been disclosed by a memberof the SJ AHG or its Affiliates to any Court, Regulatory Body,
or to a relevant participating party (other than on a without
prejudice basis) in a legal, regulatory or security enforcement
proceeding or process (other than any proceedings arisingfrom any breach of this section by SJ), against any member of
the Group or its Affiliates commenced or supported by amember of the SJ AHG or its Affiliates;ྲ᷌൘⭡ḀսᲟ〻ᤱᴹӪ⢩࡛ഒփᡀઈᡆަ‫ޣ‬㚄Ӫ༛੟ࣘᡆ᭟ᤱⲴ䪸ሩ䳶ഒᡆަ‫ޣ‬㚄Ӫ༛Ⲵ⌅ᖻǃⴁ㇑ᡆᢗ㹼䍘ᣬⲴ〻ᒿᡆ䗷〻˄нवᤜഐᲟ〻䘍৽ᵜ㢲㿴ᇊ㘼ӗ⭏Ⲵԫօ〻ᒿ˅ѝˈ䈕ㅹؑ᚟ᐢ⭡ḀսᲟ〻ᤱᴹӪ⢩࡛ഒփᡀઈᡆަ‫ޣ‬㚄Ӫ༛ੁԫօ⌅䲒ǃⴁ㇑ᵪᶴᡆ⴨‫ޣ‬৲оᯩᣛ䵢˄൘ᰐᦏᵳ⳺ส⹰кᣛ䵢Ⲵ䲔ཆ˅˗(d) to the extent such information has been disclosed in the publicdomain other than in the contravention of this section;ྲ᷌↔ؑ᚟ᐢ㓿൘‫ޡޜ‬亶ฏ㻛ᣛ䵢ˈ䘍৽ᵜ㢲㿴ᇊⲴᣛ䵢䲔ཆ˗(e) with the written permission of the SJ AHG;
ᗇࡠᲟ〻ᤱᴹӪ⢩࡛ഒփⲴҖ䶒‫ݱ‬䇨˗

16

(f) at any time after the end of one year from the date of this SJ
Term Sheet.
൘ᵜᲟ〻䟽㓴ᶑⅮ␵অㆮ㖢ѻᰕ䎧аᒤ㔃ᶏਾⲴԫօᰦ
䰤Ǆ
Capitalised terms used in this section but not defined in thissection or this SJ Term Sheet have the meanings given to them,mutatis mutandis, in the NDA.
ᵜ㢲ѝ֯⭘նᵚ൘ᵜ㢲ᡆᵜᲟ〻ᶑⅮ␵অѝᇊѹⲴབྷ߉ᵟ䈝ˈަ᜿ѹ‫؍ᦞ׍‬ᇶॿ䇞ሩަⲴᇊѹ˄㓿ᗵ㾱Ⲵ‫؞‬᭩˅Ǆ
Variation and Termination

This SJ Term Sheet ceases to bind:ਈᴤ઼㓸→൘лࡇᛵߥлˈᵜᲟ〻ᶑⅮ␵অሩлࡇӪ༛н޽ᴹ㓖ᶏ࣋˖(a) any member of the SJ AHG, if (i) any Restructuring Milestone
is not satisfied (save that failure to meet the RSA milestone
may be cured within 3 Business Days), or (ii) SJ fails tocomply with any material provision of this SJ Term Sheet (andsuch failure to comply is not remedied within 5 BusinessDays); orᲟ〻ᤱᴹӪ⢩࡛ഒփⲴԫօᡀઈˈྲ᷌˄i˅ԫօ䟽㓴䟼〻⻁ᵚᗇࡠ┑䏣˄նᱟᵚ┑䏣䟽㓴᭟ᤱॿ䇞䟼〻⻁ѻ㹼Ѫਟ൘ 3 њᐕ֌ᰕ޵ᗇࡠ㺕ᮁ䲔ཆ˅˗ᡆ ˄ii˅Ჟ〻ᵚ䚥ᆸᵜᲟ〻ᶑⅮ␵অⲴԫօ䟽㾱㿴ᇊ˄ф䈕ᵚ䚥ᆸѻ㹼Ѫ
ᵚ൘ 5 њᐕ֌ᰕ޵ᗇࡠ㺕ᮁ˅˗ᡆ(b) SJ, if any member of the SJ AHG (such creditor being a“Default Creditor”) fails to comply with any material
provision of this SJ Term Sheet (and such failure to comply is
not remedied within 5 Business Days), provided that the effectof termination shall only apply to SJ’s obligations to such
Default Creditor and does not impact its obligations to other
SJ AHG members under this SJ Term Sheet.
Ჟ〻ˈྲ᷌ԫօᲟ〻ᤱᴹӪ⢩࡛ഒփᡀઈ˄䈕ㅹ٪ᵳӪ〠ѪĀ䘍㓖٪ᵳӪā˅ᵚ㜭䚥ᆸᵜᲟ〻ᶑⅮ␵অⲴԫօ䟽㾱㿴ᇊ˄ф䈕ᵚ䚥ᆸѻ㹼Ѫᵚ൘ 5 њᐕ֌ᰕ޵ᗇࡠ㺕ᮁ˅ˈࡽᨀᱟ㓖ᶏ࣋Ⲵ㓸→ӵ䘲⭘ҾᲟ〻ሩ䈕䘍㓖٪ᵳӪⲴѹ࣑ˈнᖡ૽൘ᵜᲟ〻ᶑⅮ␵অлᲟ〻ሩަԆᲟ〻ᤱᴹӪ⢩࡛ഒփᡀઈⲴѹ࣑ǄThis SJ Term Sheet ceases to bind any Party automatically at theearlier of: (i) the Longstop Date; and (ii) the termination of RSA

17

(if entered into between, among others, SJ and the SJ AHG) in
accordance with the terms of the RSA.
ᵜᲟ〻ᶑⅮ␵অ൘ԕлᰦ䰤ѝ䖳ᰙⲴᰦ䰤㠚ࣘ‫→ڌ‬ሩԫօᖃһᯩⲴ㓖ᶏ˖˄i˅ᴰਾᵏ䲀ᰕ˗઼˄ii˅ṩᦞ䟽㓴᭟ᤱॿ䇞Ⲵ
ᶑⅮˈ㓸→䟽㓴᭟ᤱॿ䇞˄ྲ᷌Ჟ〻઼Ჟ〻ᤱᴹӪ⢩࡛ഒփѻ䰤䗮ᡀॿ䇞˅Ǆ
Any term of this SJ Term Sheet may be amended, varied or waived
in writing by SJ and the SJ AHG. Notwithstanding the foregoing,
SJ may amend, vary or waive any terms of this SJ Term Sheet(including any terms of any Schedule hereto) at its sole discretion(but without any obligation to do so) to: (a) cure any ambiguity,
defect, omission or inconsistency in this SJ Term Sheet; or (b)make any other change to this SJ Term Sheet that is beneficial to
the rights of the SJ AHG, provided that in each of the foregoingcase there is no material adverse effect on, the rights of the SJ AHG
when compared to the terms then in effect. Such amendments,
variations or waivers shall be binding on all the Parties.
ᵜᲟ〻ᶑⅮ␵অⲴԫօᶑⅮਟ⭡Ჟ〻઼Ჟ〻ᤱᴹӪ⢩࡛ഒփԕҖ䶒ᖒᔿ‫؞‬᭩ǃਈᴤᡆ䉱‫ݽ‬Ǆቭ㇑ᴹк䘠㿴ᇊˈᲟ〻ਟ㠚㹼ߣᇊ‫؞‬᭩ǃਈᴤᡆ᭮ᔳᵜᲟ〻ᶑⅮ␵অⲴԫօᶑⅮ˄वᤜԫօ䱴㺘ⲴԫօᶑⅮ˅˄նᰐԫօѹ࣑䘉ṧ‫˅ڊ‬ԕ˖˄a˅㓐↓ᵜᲟ〻ᶑⅮ␵অⲴԫօ⁑㋺ǃ㕪䲧ǃ䚇┿ᡆна㠤ѻ༴˗ԕ৺ ˄b˅ ሩᵜᲟ〻ᶑⅮ␵অ֌ࠪᴹ࡙ҾᲟ〻ᤱᴹӪ⢩࡛ഒփⲴԫօަԆ‫؞‬᭩ˈࡽᨀᱟˈԕкᡰ䘠Ⲵ਴亩ᴤ᭩оᖃ
ᰦᴹ᭸ⲴᶑⅮ⴨∄ˈሩᲟ〻ᤱᴹӪ⢩࡛ഒփⲴᵳ࡙⋑ᴹ䟽བྷн࡙ᖡ૽Ǆ↔⿽‫؞‬᭩ǃਈᴤᡆ䉱‫ݽ‬ሩᡰᴹᖃһᯩ䜭ᴹ㓖ᶏ࣋Ǆ
“Business Day” means any day which is not a Saturday, Sunday,
legal holiday or other day on which banking institutions in the Cityof New York, London, Cayman Islands, British Virgin Islands,
Hong Kong or the PRC are authorised or required by law or
governmental regulation to close.
Āᐕ֌ᰕāᤷઘ‫ޝ‬ǃઘᰕǃ⌅ᇊ㢲‫ٷ‬ᰕᡆ⌅ᖻᡆ᭯ᓌ⌅㿴ᦸᵳᡆ㾱≲㓭㓖ǃՖᮖǃᔰᴬ㗔ዋǃ㤡኎㔤ቄӜ㗔ዋǃ俉⑟ᡆѝഭ䬦㹼ᵪᶴ‫ڌ‬ъⲴަԆᰕᵏԕཆⲴԫօаཙǄ
Governing Law
䘲⭘⌅ᖻThis SJ Term Sheet will be governed by and construed inaccordance with Hong Kong law.
ᵜᲟ〻ᶑⅮ␵অሶ䘲⭘俉⑟⌅ᖻˈᒦṩᦞ俉⑟⌅ᖻ䘋㹼䀓䟺Ǆ

18

The courts of Hong Kong are to have exclusive jurisdiction tosettle any disputes that may arise out of or in connection with thisSJ Term Sheet.
俉⑟⌅䲒ᤕᴹу኎㇑䗆ᵳˈԕ䀓ߣਟ㜭ഐᵜᲟ〻ᶑⅮ␵অ㘼ӗ⭏Ⲵᡆоѻ⴨‫Ⲵޣ‬ԫօҹ䇞ǄLanguage
䈝䀰

The Chinese provisions of this SJ Term Sheet are for reference
only. If there is any inconsistency between the English and Chinese
provisions of this SJ Term Sheet, the English provisions shallgovern.
ᵜᲟ〻ᶑⅮ␵অⲴѝ᮷ᶑⅮӵ‫׋‬৲㘳Ǆ ྲ᷌ᵜᲟ〻ᶑⅮ␵অⲴѝ㤡᮷ᶑⅮᆈ൘ԫօна㠤ѻ༴ˈᓄԕ㤡᮷ᶑⅮѪ߶Ǆ

19

Schedule 1䱴㺘 1
SJ AHGᲟ〻ᤱᴹӪ⢩࡛ഒփ20⇿аㅄⲴᵚ‫گ‬䘈ᵜ䠁ᓄ൘к䘠ࡠᵏᰕᖃᰕ䘎਼ԫօᓄ䇑৺ᵚԈ࡙᚟а䎧‫گ‬䘈ǄInterest (PIK andcash)࡙᚟˄ᇎ⢙Ԉ᚟઼⧠䠁˅Interest will be payable semi-annually in arrears on the outstanding
principal amount of the SJ New Notes at the following interest rates withrespect to each interest payment period:Ჟ〻ᯠ⾘ᦞⲴᵚ‫گ‬䘈ᵜ䠁䠁仍ሶҾ⇿ॺᒤᵏᵛ᭟Ԉа⅑࡙᚟ˈ⇿њԈ᚟ᵏⲴ࡙⦷ྲл˖
1. SJ Tranche A: 5.5% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 6.5% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind);
Ჟ〻⾘ᦞ A˖⇿ᒤ 5.5% ˄ྲ᷌о䈕Ԉ᚟ᵏ⴨‫Ⲵޣ‬ᡰᴹ࡙᚟
൷ԕ⧠䠁᭟Ԉ˅ᡆ⇿ᒤ 6.5%˄ྲ᷌о䈕Ԉ᚟ᵏ⴨‫Ⲵޣ‬ԫօ䜘࠶࡙᚟ԕᇎ⢙᭟Ԉ˅˗
2. SJ Tranche B: 6.0% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 7.0% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind);
Ჟ〻⾘ᦞ B˖⇿ᒤ 6.0% ˄ྲ᷌о䈕Ԉ᚟ᵏ⴨‫Ⲵޣ‬ᡰᴹ࡙᚟൷
ԕ⧠䠁᭟Ԉ˅ᡆ⇿ᒤ 7.0%˄ྲ᷌о䈕Ԉ᚟ᵏ⴨‫Ⲵޣ‬ԫօ䜘࠶࡙᚟ԕᇎ⢙᭟Ԉ˅˗
3. SJ Tranche C: 6.5% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 7.5% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind);
Ჟ〻⾘ᦞ C˖⇿ᒤ 6.5% ˄ྲ᷌о䈕Ԉ᚟ᵏ⴨‫Ⲵޣ‬ᡰᴹ࡙᚟൷
ԕ⧠䠁᭟Ԉ˅ᡆ⇿ᒤ 7.5%˄ྲ᷌о䈕Ԉ᚟ᵏ⴨‫Ⲵޣ‬ԫօ䜘࠶࡙᚟ԕᇎ⢙᭟Ԉ˅˗
4. SJ Tranche D: 7.0% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 8.0% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind); andᲟ〻⾘ᦞ D˖⇿ᒤ 7.0% ˄ྲ᷌о䈕Ԉ᚟ᵏ⴨‫Ⲵޣ‬ᡰᴹ࡙᚟
൷ԕ⧠䠁᭟Ԉ˅ᡆ⇿ᒤ 8.0%˄ྲ᷌о䈕Ԉ᚟ᵏ⴨‫Ⲵޣ‬ԫօ䜘࠶࡙᚟ԕᇎ⢙᭟Ԉ˅˗৺
5. SJ Tranche E: 7.5% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 8.5% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind).
Ჟ〻⾘ᦞ E˖⇿ᒤ 7.5% ˄ྲ᷌о䈕Ԉ᚟ᵏ⴨‫Ⲵޣ‬ᡰᴹ࡙᚟൷
ԕ⧠䠁᭟Ԉ˅ᡆ⇿ᒤ 8.5%˄ྲ᷌о䈕Ԉ᚟ᵏ⴨‫Ⲵޣ‬ԫօ䜘࠶࡙᚟ԕᇎ⢙᭟Ԉ˅Ǆ
Interest on the outstanding principal amount of the SJ New Notes shall be
paid in the following manner:22Ჟ〻ᯠ⾘ᦞᵚ‫گ‬䘈ᵜ䠁Ⲵ࡙᚟ᓄ᤹ԕлᯩᔿ᭟Ԉ˖
1. For the first two and a half years after the Reference Date: interest
may be paid in cash or in kind, at the election of the Issuer;ሩҾ৲㘳ᰕᵏਾⲴᴰࡍⲴ 2.5 ᒤ˖ਟ⭡ਁ㹼Ӫ䘹ᤙ⭘⧠䠁ᡆᇎ⢙᭟Ԉ࡙᚟˗
2. From the 31st month after the Reference Date to the 36th monthafter the Reference Date, interest in an amount equal to at least
0.7% of the outstanding principal amount of each tranche of the SJ
New Notes shall be paid in cash; the remaining portion of interest
may be paid in cash or in kind, at the election of the Issuer;ሩҾ৲㘳ᰕᵏਾⲴㅜ 31 њᴸ㠣ㅜ 36 њᴸ˖ᓄԕ⧠䠁᭟Ԉ⴨ᖃҾ਴ㅄᲟ〻ᯠ⾘ᦞᵚ‫گ‬ᵜ䠁Ⲵ㠣ቁ 0.7%Ⲵ࡙᚟˗ަ։䜘࠶Ⲵ࡙᚟ਟ⭡ਁ㹼Ӫ䘹ᤙԕ⧠䠁ᡆᇎ⢙᭟Ԉ˗
3. For the fourth year after the Reference Date: interest in an amountequal to at least 3.0% p.a. of the outstanding principal amount ofeach tranche of the SJ New Notes shall be paid in cash; theremaining portion of interest may be paid in cash or in kind, at theelection of the Issuer; andሩҾ৲㘳ᰕᵏਾⲴㅜഋᒤ˖ᓄԕ⧠䠁᭟Ԉ⴨ᖃҾ਴ㅄᲟ〻ᯠ⾘ᦞᵚ‫گ‬ᵜ䠁Ⲵ㠣ቁ⇿ᒤ 3.0%Ⲵ࡙᚟˗ަ։䜘࠶Ⲵ࡙᚟ਟ⭡ਁ㹼Ӫ䘹ᤙԕ⧠䠁ᡆᇎ⢙᭟Ԉ˗৺
4. Starting from the fifth year after the Reference Date: interest shallbe paid in cash.
ሩҾӾ৲㘳ᰕᵏਾⲴㅜӄᒤᔰ࿻˖࡙᚟ᓄԕ⧠䠁᭟ԈǄ
All interest paid in kind with respect to the SJ New Notes will be added tothe then current outstanding principal amount of the SJ New Notes.
ᡰᴹᲟ〻ᯠ⾘ᦞԕᇎ⢙᭟ԈⲴ࡙᚟൷䇑‫ޕ‬ቺᰦᲟ〻ᯠ⾘ᦞⲴᵚ‫گ‬䘈ᵜ䠁䠁仍Ǆ
If the Issuer pays cash interest under any tranche of the SJ New Notes withrespect to any interest payment period in an amount greater than theamount of cash interest required to be paid on such tranche with respect tosuch interest payment period, it shall also pay additional cash interest
under the other tranches of the SJ New Notes and all tranches of the TJ
New Notes. The amount of such additional cash payments shall beallocated between SJ New Notes on the one hand and TJ New Notes on
the other hand on a 90:10 basis, with adjustments to be agreed if the ratioof the principal amounts of the SJ New Notes and the TJ New Notes haschanged from such ratio as of the Original Issue Date other than due toscheduled principal repayments. All such additional cash payments
allocated to the SJ New Notes shall be applied pro rata among the tranchesof the SJ New Notes based on their outstanding principal amounts and allsuch additional cash payments allocated to the TJ New Notes shall beapplied pro rata among the tranches of the TJ New Notes based on theiroutstanding principal amounts.
ྲ᷌ਁ㹼ӪቡᲟ〻ᯠ⾘ᦞⲴԫօаㅄቡԫօԈ᚟ᵏ᭟ԈⲴ⧠䠁࡙᚟བྷҾ䈕⾘ᦞ൘䈕Ԉ᚟ᵏᡰ䴰᭟ԈⲴ⧠䠁࡙᚟䠁仍ˈࡉਁ㹼Ӫ䘈ᓄቡ23Ჟ〻ᯠ⾘ᦞⲴަԆㅄ٪ࡨ઼ཙสᯠ⾘ᦞⲴᡰᴹㅄ٪ࡨ᭟Ԉ仍ཆⲴ⧠䠁࡙᚟Ǆ䈕ㅹ仍ཆ⧠䠁᭟ԈⲴ䠁仍ᓄ᤹ 90˖10 Ⲵ∄ֻ൘Ჟ〻ᯠ⾘ᦞ઼ཙสᯠ⾘ᦞѻ䰤䘋㹼࠶䝽ˈնྲ᷌Ჟ〻ᯠ⾘ᦞ઼ཙสᯠ⾘ᦞⲴᵜ䠁䠁仍∄⦷⴨∄Ҿᡚ㠣ࡍ࿻ਁ㹼ᰕᵏᰦᴹਈॆ˄⭡Ҿ᤹䇑ࡂⲴᵜ䠁‫گ‬ԈѻཆⲴ৏ഐ˅ˈࡉ䈕∄ֻᴹᖵ୶ᇊ䈳ᮤǄᡰᴹ࠶䝽㔉Ჟ〻ᯠ⾘ᦞⲴ䈕ㅹ仍ཆ⧠䠁᭟Ԉᓄṩᦞަᵚ‫گ‬䘈ᵜ䠁䠁仍᤹∄ֻᓄ⭘Ҿ਴ㅄᲟ〻ᯠ⾘ᦞˈ㘼࠶䝽㔉ཙสᯠ⾘ᦞⲴ䈕ㅹ仍ཆ⧠䠁᭟Ԉᓄṩᦞަᵚ‫گ‬䘈ᵜ䠁䠁仍᤹∄ֻᓄ⭘Ҿ਴ㅄཙสᯠ⾘ᦞǄ
Guarantees /Keepwellᣵ‫؍‬/㔤ྭ(i) The same parent guarantor (i.e. Tianji Holding Limited, hereinafter“TJ”) and subsidiary guarantors as those currently guaranteeing the SJ
Existing Notes, other than those to be agreed (between Issuer and the SJ
AHG) to be deregistered prior to the Original Issue Date or excluded, and(ii) other offshore subsidiaries of TJ set forth in Annex A hereto (the “SJ
Additional Guarantors, and collectively with TJ, the “SJ Notes
Guarantors”).
ཙสā˅৺ᣵ
˄i˅ ᣵ‫ޜ⇽؍‬ਨ˄ণཙส᧗㛑ᴹ䲀‫ޜ‬ਨˈԕлㆰ〠 Āཙ‫؍‬ᆀ‫ޜ‬ਨоⴞࡽѪᲟ〻⧠ᴹ⾘ᦞᨀ‫׋‬ᣵ‫ޜ⇽Ⲵ؍‬ਨ઼ᣵ‫؍‬ᆀ‫ޜ‬ਨ⴨਼ˈնнवᤜ䛓Ӌᖵ˄ਁ㹼Ӫ઼Ჟ〻ᤱᴹӪ⢩࡛ഒփ˅୶ᇊਾ൘ࡍ
࿻ਁ㹼ᰕᵏࡽ⌘䬰ᡆᧂ䲔Ⲵᆀ‫ޜ‬ਨˈԕ৺ ˄ii˅ 䱴Ԧ A ѝࡇࠪⲴަԆཙสຳཆᆀ‫ޜ‬ਨ˄ĀᲟᲟ〻仍ཆᣵ‫ޜ؍‬ਨāˈоཙส㔏〠ĀᲟᲟ〻⾘ᦞᣵ‫ޜ؍‬ਨā˅Ǆ
A keepwell arrangement to be provided by Hengda Real Estate Group Co.,Ltd (ᚂབྷൠӗ䳶ഒᴹ䲀‫ޜ‬ਨ) (“Hengda”) with detailed terms to beagreed between Hengda and SJ AHG.
⭡ᚂབྷൠӗ䳶ഒᴹ䲀‫ޜ‬ਨ˄Āᚂབྷൠӗā˅ᨀ‫׋‬аԭ㔤ྭᆹᧂˈ䈖㓶
ᶑⅮ⭡ᚂབྷൠӗ઼Ჟ〻ᤱᴹӪ⢩࡛ഒփ୶ᇊǄ

Security

Collateral for SJ New Notes (“SJ Collateral”):䍘ᣬᲟ〻ᯠ⾘ᦞⲴ䍘ᣬ⢙˄ĀᲟ〻䍘ᣬ⢙ā˅:
1. Share charge given by TJ and TJ’s offshore subsidiaries over shares
they hold in the SJ Notes Guarantors listed in Annex B hereto.
ཙส઼ཙสⲴຳཆᆀ‫ޜ‬ਨሩަᡰᤱᵜ᮷䱴Ԧ B ᡰࡇⲴᲟ〻⾘ᦞᣵ‫ޜ؍‬ਨⲴ㛑ԭ֌ࠪ䍘ᣬǄ
2. Charge over certain intercompany receivables owed to certain existing
SJ Notes Guarantors to be agreed.
ሩᓄԈ㔉⧠ᴹᲟ〻⾘ᦞᣵ‫ޜ؍‬ਨⲴḀӋ‫ޜ‬ਨ䰤ᓄ᭦Ⅾ֌ࠪ䍘ᣬˈᴹᖵ୶ᇊǄ
The security interest over any SJ Collateral will be released upon any saleor disposal of such SJ Collateral and (i) the application of the proceeds
thereof in accordance with the provisions under “Mandatory Redemption”
below or (ii) the deposit of such proceeds into an account charged to thebenefit of the holders of the SJ New Notes, or (iii) such proceeds being
subject to an escrow or other arrangement to be agreed.
ᖃṩᦞл᮷Āᕪࡦ䍾എāⲴᶑⅮሩԫօᲟ〻䍘ᣬ⢙䘋㹼ԫօࠪ୞ᡆ
༴㖞ᰦˈ䈕Ჟ〻䍘ᣬ⢙кⲴ䍘ᣬᵳ⳺ሶ㻛䀓䲔ˈᒦфˈ˄i˅ሶṩᦞ24л᮷Āᕪࡦ䍾എāⲴᶑⅮᶕᓄ⭘䈕ᡰᗇⅮˈᡆ˄ii˅ሶ䈕ᡰᗇⅮᆈ‫ޕ‬ањԕᲟ〻ᯠ⾘ᦞᤱᴹӪѪਇ⳺ӪⲴ䍘ᣬ䍖ᡧˈᡆ˄iii˅䈕ᡰᗇⅮሶਇ䲀Ҿᖵ㓿୶ᇊⲴᢈ㇑ᡆަԆᆹᧂǄ
Mandatory
Redemptionᕪࡦ䍾എ

1. Net consideration received by TJ and its offshore subsidiaries that is
attributable to any SJ Notes Guarantor from the sale of any SJ
Collateral;ԫօᲟ〻䍘ᣬ⢙ࠪ୞ਾཙส৺ަຳཆᆀ‫ޜ‬ਨ᭦ࡠⲴᖂ኎ҾԫօᲟ〻⾘ᦞᣵ‫ޜ؍‬ਨⲴ߰ሩԧ˗
2. Dividends/distributions (if any) received by TJ from its onshore andoffshore restricted subsidiaries; andཙส᭦ࡠⲴަຳ޵ཆਇ䲀ᆀ‫ޜ‬ਨӗ⭏Ⲵ࠶㓒/࠶䝽˄ྲᴹ˅˗઼
3. Receipt by TJ of repayments of unsubordinated intercompany
receivables from subsidiaries.
ཙส᭦ࡠⲴᆀ‫ޜ‬ਨᖂ䘈Ⲵ䶎⅑㓗‫ޜ‬ਨ䰤ᖰᶕᓄ᭦ⅮǄCash proceeds under clause (1) above shall be used to redeem either orboth of the two tranches of SJ New Notes with the shortest maturities atthat time, at par plus accrued and unpaid interest. If any such cash proceeds
remain unused after such redemptions, the Issuer shall use remaining
proceeds to redeem the SJ New Notes by tranche in the order of maturity,
at par plus accrued and unpaid interest.
к䘠ㅜ˄1˅亩лᡰ᭦ࡠⲴⅮ亩ሶ⭘Ҿ᤹⾘䶒ԧ٬ᒦ࣐кᓄ䇑৺ᵚԈ࡙᚟䍾എᲟ〻ᯠ⾘ᦞѝቺᰦᴰᘛࡠᵏⲴєㅄѝⲴަѝаㅄᡆ‫ޘ‬䜘єㅄǄྲ᷌൘䈕ㅹ䍾എਾӽᴹԫօᵚ֯⭘Ⲵ䈕ㅹ⧠䠁ᡰᗇⅮˈਁ㹼Ӫᓄ⭘࢙։ⲴᡰᗇⅮ᤹⾘䶒ԧ٬࣐ᓄ䇑৺ᵚԈ࡙᚟᤹ࡠᵏ亪ᒿ࠶ᢩ䍾എᲟ〻ᯠ⾘ᦞǄ
Cash proceeds under clause (2) and (3) above shall be used to redeem
either or both of the two tranches of SJ New Notes with the shortest
maturities at that time and either or both of the two tranches of TJ New
Notes with the shortest maturities at that time, at par plus accrued andunpaid interest, provided that 90% of such proceeds shall be allocated toredeem SJ New Notes and 10% of such proceeds shall be allocated toredeem TJ New Notes (with adjustments to be agreed if the ratio of theprincipal amounts of the SJ New Notes and the TJ New Notes has changed
from such ratio as of the Original Issue Date other than due to scheduled
principal repayments). If any such cash proceeds remain unused after such
redemptions, the Issuer shall use (i) 90% of such remaining proceeds toredeem the SJ New Notes by tranche in the order of maturity and (ii) 10%
of such remaining proceeds to redeem the TJ New Notes by tranche in theorder of maturity, in each case at par plus accrued interest (withadjustments to be agreed if the ratio of the principal amounts of the SJ New
Notes and the TJ New Notes has changed from such ratio as of the OriginalIssue Date other than due to scheduled principal repayments).
к䘠ㅜ˄2˅઼˄3˅亩лⲴ⧠䠁ᡰᗇⅮሶ⭘Ҿ᤹⾘䶒ԧ٬ᒦ࣐кᓄ䇑৺ᵚԈ࡙᚟䍾എᲟ〻ᯠ⾘ᦞѝቺᰦᴰᘛࡠᵏⲴєㅄѝⲴަѝаㅄᡆ‫ޘ‬䜘єㅄԕ৺ཙสᯠ⾘ᦞѝቺᰦᴰᘛࡠᵏⲴєㅄѝⲴަѝаㅄᡆ25‫ޘ‬䜘єㅄˈࡽᨀᱟ䈕ㅹᡰᗇⅮⲴ 90% ᓄ࠶䝽⭘Ҿ䍾എᲟ〻ᯠ⾘ᦞˈ㘼䈕ᡰᗇⅮⲴ 10% ᓄ࠶䝽⭘Ҿ䍾എཙสᯠ⾘ᦞ˄ྲ᷌Ჟ〻ᯠ⾘ᦞ઼ཙสᯠ⾘ᦞⲴᵜ䠁䠁仍∄⦷⴨∄Ҿᡚ㠣ࡍ࿻ਁ㹼ᰕᵏᰦᴹਈॆ˄⭡Ҿ᤹䇑ࡂⲴᵜ䠁‫گ‬ԈѻཆⲴ৏ഐ˅ˈࡉ䈕∄ֻᴹᖵ୶ᇊ䈳ᮤ˅Ǆ ྲ᷌䈕ㅹ䍾എਾӽᴹᵚ֯⭘Ⲵ䈕ᡰᗇⅮˈਁ㹼Ӫᓄ᤹⾘䶒ԧ٬ᒦ࣐кᓄ䇑৺ᵚԈ࡙᚟ሶ ˄i˅ 䈕࢙։ᡰᗇⅮⲴ 90%⭘Ҿ᤹ࡠᵏ亪ᒿ࠶ᢩ䍾എᲟ〻ᯠ⾘ᦞᒦሶ˄ii˅ 䈕࢙։ᡰᗇⅮⲴ 10%⭘Ҿ᤹ࡠᵏ亪ᒿ࠶ᢩ䍾എཙสᯠ⾘ᦞ˄ྲ᷌Ჟ〻ᯠ⾘ᦞ઼ཙสᯠ⾘ᦞⲴᵜ䠁䠁仍∄⦷⴨∄Ҿᡚ㠣ࡍ࿻ਁ㹼ᰕᵏᰦᴹਈॆ˄⭡Ҿ᤹䇑ࡂⲴᵜ䠁‫گ‬ԈѻཆⲴ৏ഐ˅ˈࡉ䈕∄ֻᴹᖵ୶ᇊ䈳ᮤ˅Ǆ
All SJ New Notes and TJ New Notes so repurchased or redeemed shall becancelled.
ᡰᴹԕ䘉ṧᯩᔿഎ䍝ᡆ䍾എⲴᲟ〻ᯠ⾘ᦞ઼ཙสᯠ⾘ᦞᓄ㻛⌘䬰ǄCovenant䲀ࡦ

Cash proceeds from disposals (as referred to in clause (1) of “Mandatory
Redemption” above) and operations of the existing
held (directly and indirectly) by TJ and cash received by TJ and its
subsidiaries on repayment of intercompany receivables (as referred to inclause (3) of “Mandatory Redemption” above), including from CEG and
its subsidiaries (other than TJ and its subsidiaries) and dividends received
by TJ and its subsidiaries from(as referred to in clause (2)of “Mandatory Redemption” above), shall be used to:ཙส˄ⴤ᧕ᡆ䰤᧕˅ᡰᤱⲴ⧠ᴹ 35 њຳ޵亩ⴞⲴ༴㖞৺䘀㩕Ⲵ⧠䠁
ᡰᗇⅮ˄ྲк᮷ Āᕪࡦ䍾എāㅜ˄1˅亩ᡰ䘠˅ˈԕ৺ཙส৺ަᆀ‫ޜ‬ਨ᭦ࡠⲴ‫ޜ‬ਨ䰤ᓄ᭦Ⅾ⧠䠁˄ྲк᮷ Āᕪࡦ䍾എāㅜ˄3˅亩ᡰ䘠˅ˈवᤜᚂབྷ৺ަᆀ‫ޜ‬ਨ˄ཙส৺ަᆀ‫ޜ‬ਨ䲔ཆ˅ᡰ‫گ‬ԈⲴˈԕ৺ཙส৺ަᆀ‫ޜ‬ਨӾѝ᭦ࡠⲴ࠶㓒˄ྲк᮷ Āᕪࡦ䍾എāㅜ˄2˅亩ᡰ䘠˅ˈᓄ⭘Ҿ˖(i)discharge any onshore liabilities associated withdisposed or required or necessary to be discharged inconnection with such disposal,䀓䲔о༴㖞Ⲵ

⴨‫Ⲵޣ‬ԫօຳ޵䍏٪ˈᡆо䘋㹼䈕ㅹ༴㖞⴨‫ޣ‬ᡰ䴰㾱ᡆᗵ享䀓䲔Ⲵ䍏٪ˈ
(ii)fund the development, operations and delivery of
and/orѪ

(iii)Ⲵᔰਁǃ䘀㩕઼ӔԈᨀ‫׋‬䍴䠁ˈ৺/ᡆ

pay liabilities and fulfil obligations of TJ and its subsidiaries(other than intercompany payables (other than non-interestbearing trade payables incurred in the ordinary course ofbusiness and consistent with past practice that are on arm’s
length terms and otherwise comply with the affiliate
26transactions covenant in the indentures) to CEG and its
subsidiaries (other than TJ and its subsidiaries)),᭟Ԉཙส৺ަᆀ‫ޜ‬ਨⲴ䍏٪ᒦን㹼ཙส৺ަᆀ‫ޜ‬ਨⲴѹ࣑˄нवᤜሩᚂབྷ৺ަᆀ‫ޜ‬ਨ˄ཙส৺ަᆀ‫ޜ‬ਨ䲔ཆ˅Ⲵ‫ޜ‬ਨ䰤ᓄԈⅮ˄нवᤜ൘↓ᑨъ࣑䗷〻ѝӗ⭏фㅖਸ䗷৫ᜟֻˈㅖਸ‫ޜ‬ᒣӔ᱃ˈԕ৺ㅖਸ٪ࡨཱྀ㓖ѝⲴ‫ޣ‬㚄Ӕ᱃ᶑⅮⲴᰐ᚟䍨᱃ᓄԈⅮ亩˅˅ˈ
provided that such cash proceeds and cash received shall not be used tofund the investment, acquisition, development, operation or delivery of
new projects, and in each case above, subject to compliance withapplicable laws, regulations, rules, and policies, measures, orders or
demands from judicial, regulatory or governmental bodies (provided, inthe case of any demand, that TJ provides the trustee and the holders with
an officer’s certificate setting forth, among other things, the terms of suchdemand).
ࡽᨀᱟ䈕ㅹ⧠䠁ᡰᗇⅮ઼᭦ࡠⲴ⧠䠁нᗇ⭘Ҿ䍴ࣙᯠ亩ⴞⲴᣅ䍴ǃ᭦䍝ǃᔰਁǃ䘀㩕ᡆӔԈˈᒦф൘к䘠⇿⿽ᛵߥлˈ൷享䚥ᆸਨ⌅ǃⴁ㇑ᡆ᭯ᓌᵪᶴⲴ䘲⭘⌅ᖻǃ⌅㿴ǃ㿴ࡉ઼᭯ㆆǃ᧚ᯭǃભԔᡆ㾱≲˄ࡽᨀᱟྲᴹԫօ㾱≲ˈཙส䴰ੁؑᢈӪ઼ᤱᴹӪᨀ‫׋‬аԭ儈㇑䇱Җˈࡇ᰾वᤜնн䲀Ҿ䈕㾱≲ⲴᶑⅮ˅Ǆ

Auditorᇑ䇑ᐸ

TJ will engage a Whitelist Auditor to audit its annual financial statements
starting no later than the audit of the fiscal year ending December 31, 2023.
ཙสሶ㚈䈧аᇦⲭ਽অᇑ䇑ᐸሩަᒤᓖ䍒࣑ᣕ㺘䘋㹼ᇑ䇑ˈᔰ࿻ᰦ䰤нᲊҾᡚ㠣 2023 ᒤ 12 ᴸ 31 ᰕ→Ⲵ䍒࣑ᒤᓖᇑ䇑ǄThe “Whitelist Auditor” shall be any of the following auditors, or theirrespective affiliates or member firms:
Āⲭ਽অᇑ䇑ᐸāᓄѪԕлԫօՊ䇑ᐸһ࣑ᡰᡆަ਴㠚Ⲵ‫ޣ‬㚄ᡰᡆᡀઈᡰ˖(a) Baker Tilly International;ཙ㙼ഭ䱵˗(b) BDO;・ؑ˗(c) Crowe Global;ഭᇼ⎙ॾ˗(d) Deloitte;ᗧऔ˗(e) Ernst & Young;27ᆹ≨˗(f) Grant Thornton;㠤਼˗(g) KPMG;∅傜ေ˗(h) Mazars;
ѝᇑՇ⧟˗(i) Moore Global;
བྷॾഭ䱵˗(j) Prism; andкՊṒ䈊˗઼(k) RSM International.
RSM ഭ䱵Ǆ
TrusteeؑᢈӪMadison Pacific or another internationally recognized financial institution
as agreed between the Issuer and the SJ AHG.
Madison Pacific ᡆ⭡ਁ㹼Ӫ઼Ჟ〻ᤱᴹӪ⢩࡛ഒփ୶ᇊⲴਖаᇦഭ䱵‫ޜ‬䇔Ⲵ䠁㶽ᵪᶴǄ

Generalа㡜

The Issuer and the SJ AHG will discuss and agree additional covenants andother provisions to be included under the SJ New Notes and the related
legal documentation, including among others, related to (i) restrictions on
indebtedness, restricted payments, liens, affiliate transactions, asset sales,
open market and other repurchases and other actions, (ii) the timing,manner and other aspects of sales of assets referred to under “Mandatory
Redemption”, (iii) events of default (and any applicable default interest),(iv) the rights of holders of, and owners of beneficial interests in, the SJ
New Notes (a) to obtain periodic financial and other information anddocuments from the trustee and the collateral agent, (b) to appoint or
replace trustee, and (c) to direct the trustee and collateral agent and to
enforce remedies, and (v) the listing of the SJ New Notes.
ਁ㹼Ӫ઼Ჟ〻ᤱᴹӪ⢩࡛ഒփሶ䇘䇪ᒦ୶ᇊሶ㓣‫ޕ‬Ჟ〻ᯠ⾘ᦞⲴ仍ཆ䲀ࡦ઼ަԆᶑⅮԕ৺⴨‫⌅ޣ‬ᖻ᮷Ԧˈवᤜնн䲀Ҿ˄i˅ሩ䍏٪ǃਇ䲀᭟Ԉǃ䍘ᣬᵳǃ‫ޣ‬㚄Ӕ᱃ǃ䍴ӗࠪ୞ǃ‫ޜ‬ᔰᐲ൪઼ަԆഎ䍝઼ަԆ㹼ࣘⲴ䲀ࡦˈ˄ii˅Āᕪࡦ䍾എāѝᨀࡠⲴ䍴ӗࠪ୞Ⲵᰦ䰤ᆹᧂǃᯩᔿ઼ަԆᯩ䶒˗˄iii˅ 䘍㓖һԦ˄৺ԫօ䘲⭘Ⲵ䘍㓖࡙᚟˅ˈ˄iv˅Ჟ〻ᯠ⾘ᦞᤱᴹӪ઼ᇎ⳺ᵳ⳺ᤱᴹӪⲴᵳ࡙ˈवᤜ˖˄a˅ӾؑᢈӪ઼䍘ᣬ⢙ԓ⨶Ӫ㧧ᗇᇊᵏ䍒઼࣑ަԆؑ᚟઼᮷ԦⲴᵳ࡙ˈ˄b˅ԫભᡆᴤᦒؑᢈӪⲴᵳ࡙ˈ઼˄c˅ᤷ⽪ؑᢈӪ઼䍘ᣬ⢙ԓ⨶Ӫԕ৺ᢗ㹼ᮁ⍾᧚ᯭⲴᵳ࡙ˈԕ৺˄v˅Ჟ〻ᯠ⾘ᦞⲴкᐲǄ

28

Language䈝䀰

The Chinese provisions contained herein are for reference only. If there is
any inconsistency between the English and Chinese provisions, the English
provisions shall prevail.
↔༴Ⲵѝ᮷ᶑⅮӵ֌৲㘳Ǆྲ㤡᮷઼ѝ᮷ᶑⅮᴹԫօна㠤ѻ༴ˈᓄԕ㤡᮷ᶑⅮѪ߶Ǆ

29

Execution Version
签署版本

Tianji Holding Limited
天基控股有限公司(“TJ”)（“天基”）
Restructuring Term Sheet重组条款清单
20 March 2023
2023 年 3 月 20日
This term sheet (“this TJ Term Sheet”) signed and dated 20 March 2023, between TJ and the SJ
AHG (together, the “Parties”), sets forth certain material terms and conditions in connection withthe proposed restructuring of the TJ Existing Debt Instruments which will be consistent in allmaterial respects with this TJ Term Sheet (the “Restructuring”).
本条款清单（“本天基条款清单”）的签署日期为2023年3月20日，由天基和景程持有人特别团体（统称为“当事方”）签署，列明了与将在所有重大方面与本天基条款清单一致的天基现有债务工具的拟议重组（“重组”）有关的某些重大条款和条件。
The execution of this TJ Term Sheet by the Parties signifies a substantial positive milestone inachieving the Restructuring and is representative of the Parties’ significant practical progress
towards achieving the Restructuring.
当事方签署本天基条款清单，标志着重组实现了重大而积极的里程碑，代表着当事方在实现重组方面取得了重大的实际进展。
This TJ Term Sheet forms the basis of the agreement between the Parties and the Parties accordingly
agree and undertake to work together in good faith and use best endeavours to (a) agree further
detailed terms in the restructuring support agreement (the “RSA”), and (b) subsequently conclude
further agreements and scheme documentation as necessary to effect the Restructuring, such thatthey are consistent in all material respects with this TJ Term Sheet (though this shall not require acreditor who is a Party to make any payment or incur out of pocket expenses). The Parties
acknowledge and agree that this TJ Term Sheet records certain key agreed commercial provisions
only, and that no other terms and conditions should be implied. It is intended that the Restructuring
shall be facilitated by way of the RSA and subsequent further agreements and scheme
documentation as necessary to effect the Restructuring.
本天基条款清单构成当事方之间协议的基础，因此，当事方同意并承诺真诚合作并尽最大努力，以（a）在重组支持协议（“重组支持协议”）中商定更详细的条款，并（b）随后
签署实行重组所需的进一步协议和协议安排文件，以使其在所有重大方面与本天基条款清单保持一致（但这不应要求作为当事方的债权人支付任何款项或产生开支）。当事方承认
并同意，本天基条款清单仅记录某些经商定的关键商业条款，不应暗示其他任何条款和条4882-0568-0719

件。重组旨在通过重组支持协议及随后为实现重组所需的进一步协议及协议安排文件来促进。
This TJ Term Sheet does not constitute an offer to sell or a solicitation of an offer to buy any
securities in the United States or any other jurisdiction. No securities may be offered or sold in the
United States absent registration or an applicable exemption from registration requirements. Any
public offering of securities to be made in the United States will be made by means of a prospectus.
Such prospectus will contain detailed information about TJ, SJ and their management, as well as
financial statements. No public offer of securities is to be made by SJ and TJ or any of the subsidiaryguarantors of the SJ Existing Notes (which for the avoidance of doubt excludes TJ) (“SJ Subsidiary
Guarantors”) in the United States.
本天基条款清单并不构成在美国或任何其他司法管辖区销售任何证券的要约或对购买任何证券的要约的招揽。如果没有登记或没有适用的对登记要求的豁免，不得在美国发行或销售证券。任何在美国进行的证券公开发售都将以证券发行说明书的形式进行。此种证券发
行说明书书将包含有关天基，景程及其各自管理层的详细信息及财务报表。景程和天基或景程现有票据的任何担保子公司（为避免疑义，其中不包括天基）（“景程担保子公司”）将不会在美国公开发售证券。
This TJ Term Sheet is not a prospectus for the purposes of Regulation (EU) 2017/1129, including
as it forms part of domestic law in the United Kingdom by virtue of the European Union(Withdrawal) Act 2018, as amended by the European Union (Withdrawal Agreement) Act 2020.
本天基条款清单并不是针对第2017/1129号条例（EU）（包括根据《2018年欧盟（退出）法案》（经《2020年欧盟（退出协议）法案》修订）构成英国国内法律的一部分）而言的证券发行说明书。

2

subject to the exclusive jurisdiction of the courts in thatjurisdiction.
香港的重组协议将适用香港法律，并受香港法院的专属管辖。任何其他司法管辖区的重组协议将适用该司法管辖区的法律，并受该司法管辖区法院的专属管辖。
TJ Existing Debt Instruments “TJ Existing Debt Instruments” mean the SJ Existing Notes andthe TJ Other Existing Debt Instruments.
天基现有债务工具
“天基现有债务工具”指景程现有票据和天基其他现有债务工具。
SJ Existing Notes
景程现有票据All of the following notes, which are governed by New York law,issued by SJ and unconditionally and irrevocably guaranteed by TJ
and the SJ Subsidiary Guarantors (collectively, the “SJ Existing
Notes”):
适用纽约法律，由景程发行，并由天基和景程担保子公司无
条件且不可撤销地担保的以下所有票据（统称为“景程现有票据”）：(a) The 11.5% senior notes due October 24, 2022 (the “SJ
Existing October 2022 Notes”) (ISIN: XS2109191986,
Common Code: 210919198). As of the date of this TJ Term
Sheet, the aggregate principal amount of the SJ Existing
October 2022 Notes outstanding is US$1,999,000,000;
2022 年 10 月 24 日到期的 11.5% 优先票据（“景程现有
2022 年 10 月 票 据 ”）（ISIN：XS2109191986， 通 用 代
码：210919198）。 截至本天基条款清单之日，景程现有2022 年 10 月票据的未偿还本金总额为 1,999,000,000 美元；(b) The 13.0% senior notes due November 6, 2022 (the “SJ
Existing November 2022 Notes”) (ISIN: XS1903671854,
Common Code: 190367185). As of the date of this TJ Term
Sheet, the aggregate principal amount of the SJ Existing
November 2022 Notes outstanding is US$644,000,000;
2022 年 11 月 6 日到期的 13.0% 优先票据（“景程现有
2022 年 11 月票据”）（ISIN：XS1903671854，通用代码：190367185）。 截至本天基条款清单之日，景程现有 2022
年 11 月票据的未偿还本金总额为 644,000,000 美元；(c) The 12.0% senior notes due October 24, 2023 (the “SJ
Existing October 2023 Notes”) (ISIN: XS2109192109,
Common Code: 210919210). As of the date of this TJ Term
Sheet, the aggregate principal amount of the SJ Existing
October 2023 Notes outstanding is US$1,994,000,000; and5

2023 年 10 月 24 日到期的 12.0% 优先票据（“景程现有
2023 年 10 月 票 据 ”）（ISIN：XS2109192109， 通 用 代
码：210919210）。 截至本天基条款清单之日，景程现有2023 年 10 月票据的未偿还本金总额为 1,994,000,000 美元；及(d) The 13.75% senior notes due November 6, 2023 (the “SJ
Existing November 2023 Bonds”) (ISIN: XS1903671938,
Common Code: 190367193). As of the date of this TJ Term
Sheet, the aggregate principal amount of the SJ Existing
November 2023 Bonds outstanding is US$589,000,000.
2023 年 11 月 6 日到期的 13.75%优先票据（“景程现有
2023 年 11 月票据”）（ISIN：XS1903671938，通用代码：190367193）。 截至本天基条款清单之日，景程现有 2023
年 11 月票据的未偿还本金总额为 589,000,000 美元。
Debt The “TJ Other Existing Debt Instruments” that are subject to
the TJ Proposed Restructuring are the offshore financial
indebtedness set out in Schedule 2 (which may be amended by TJ
天基其他现有债务工具
after obtaining consent from the SJ AHG (or AHG Advisers acting
on behalf of the SJ AHG)).
TJ Other Existing
Instruments“天基其他现有债务工具”指受限于天基拟议重组的附表 2
中列出的境外金融负债（在获得景程持有人特别团体（或代
表景程持有人特别团体的持有人特别团体顾问）的同意后，
天基可对其进行修改））。
TJ Scheme Creditors (and “TJ Scheme Creditors” means the TJ Existing Notes Scheme
each, a TJ Scheme Creditor) Creditors and the TJ Other Existing Debt Instruments Scheme
Creditors, each in their capacity as a creditor of TJ, and a “TJ
天基协议安排债权人（且每 Scheme Creditor” means any one of them.
位均为，天基协议安排债权“天基协议安排债权人”指天基现有票据协议安排债权人和人）
天基其他现有债务工具协议安排债权人，均各自作为天基的债权人，且天基协议安排债权人指其中任何一位。
“TJ Existing Notes Scheme Creditor” means a person holding
beneficial interests as principal in any of the SJ Existing Notes asat the TJ Voting Record Time.
“天基现有票据协议安排债权人”指截至天基投票记录时间，以主体身份持有任何景程现有票据实益权益者。
“TJ Other Existing Debt Instruments Scheme Creditor” meansa person holding the relevant interests as principal in any of the TJ
Other Existing Debt Instruments as at the TJ Voting Record Time.

6

“天基其他现有债务工具协议安排债权人”指截至天基投票记录时间，以主体身份持有任何天基其他现有债务工具的相关权益者。
“TJ Voting Record Time” means the time designated by TJ for
the determination of the claims of the TJ Scheme Creditors for the
purposes of voting at the TJ Scheme Creditors’ meeting in respectof the TJ Scheme convened pursuant to orders of the court(s) (andany adjournment of such meetings).
“天基投票记录时间” 指天基为确定天基协议安排债权人的
索偿而指定的时间，其用意是在根据法院命令召集有关天基协议安排的天基债权人会议（以及该等会议的任何延期会议）上进行投票。
TJ Scheme Creditors’ Voting For the purpose of voting on the TJ Scheme(s) at the TJ Scheme
Claims and TJ Scheme Creditors’ meetings convened pursuant to orders of the court(s)Creditors’ Entitlement(and any adjournment of such meetings), the value of each “TJ天基协议安排债权人的表决 Scheme Creditor’s Voting Claim”, regardless of whether the TJ
权和天基协议安排债权人的 Scheme Creditor is a TJ Existing Notes Scheme Creditor or a TJ
Other Existing Debt Instruments Scheme Creditor, shall be the sum
可获偿金额
of:
为了在根据法院命令召开的天基协议安排债权人会议（以及这些会议的任何延期会议）上对天基协议安排进行投票表
决，每项 “天基协议安排债权人的表决权 ”的价值，无论该天基协议安排债权人是天基现有票据协议安排债权人还是天基其他现有债务工具协议安排债权人，都应是以下各项的
总和：(a) the outstanding principal amount of the TJ Existing Debt
Instruments held by the TJ Scheme Creditor at the TJ Voting
Record Time; and天基协议安排债权人截至天基投票记录时间所持有的天
基现有债务工具的未偿还本金金额；和(b) all accrued and unpaid interests on the TJ Existing Debt
Instruments held by the TJ Scheme Creditor up to (butexcluding) the TJ Voting Record Time.
由天基协议安排债权人持有的天基现有债务工具的截至
（但不包括）天基投票记录时间所有应计且未付利息。
Determining TJ Restructuring Consideration for a TJ Scheme
Creditor确定天基协议安排债权人的天基重组对价
7For the purpose of distribution of the TJ Restructuring
Consideration, the principles for determining the value of each “TJ
Scheme Creditor’s Entitlement” shall be on a “Deficiency
Basis” with regard to the third-party (i.e., non-scheme company)
rights relating to the debt. To illustrate, a TJ Scheme Creditor’s
Entitlement shall be in an amount equal to: (x) the sum of (1) the
outstanding principal amount of the TJ Existing Debt Instruments
held by the TJ Scheme Creditor at the TJ Entitlement Record Time,and (2) accrued and unpaid interest on such TJ Existing Debt
Instruments up to (but excluding) the RED; minus (y) the assessedvalue of any related rights (whether principal, guarantee orcollateral support) which are (i) against any party who is not TJ but
is an obligor or provides credit support; and (ii) in connection withsuch TJ Existing Debt Instruments. Each TJ Scheme Creditor will
receive a pro rata portion of the TJ Restructuring Consideration(pro-rated across each of the four tranches of the TJ New Notes)
based on its TJ Scheme Creditor’s Entitlement.
为分配天基重组对价，每位 “天基协议安排债权人的可获偿金额”的价值的确认原则应根据针对与债务相关之第三方（即非协议安排公司）权利的 “差额基础”来确认。示例而言，一位天基协议安排债权人的可获偿金额应等于：(x)(1)截
至天基可获偿金额记录时间天基协议安排债权人持有的天基现有债务工具的未偿还本金金额，及(2)截至（但不包括）重组生效日天基其他现有债务工具的应计且未付利息之和；减
去（y）任何相关权利（无论是本金、担保或质押物支持）的估值，这些权利：（i）针对任何天基之外的义务人或提供
信贷支持的一方；以及（ii）与该等天基现有债务工具有
关。每位天基协议安排债权人将根据天基协议安排债权人的可获偿金额，按比例获得天基重组对价（四笔天基新票据的每一笔都按比例分配）的一部分。
The determination of a TJ Scheme Creditor’s Entitlement can takeplace after the sanction of the TJ Scheme(s) by way of a valuation
and adjudication procedure to be agreed and set out in the Scheme
Documents (involving, as applicable, sufficiently independent
scheme administrator, specialist real estate valuer and an
independent adjudicator in case of objection to be agreed between
TJ and the SJ AHG). A similar approach will be taken to determine
any net claim in respect of a put option.
天基协议安排债权人的可获偿金额，可在天基协议安排获得
批准后，通过协议安排文件中商定和规定的估值和裁决程序进行确认（按所适用的，将包含由天基和景程持有人特别团体商定充分独立的协议安排管理人、专业房地产估价师及在8(e) in the case of each TJ Participating Creditor, provide
reasonable assistance to TJ and any other member of the Group(in each case, at TJ’s cost) in defending against any adverse
action taken by another creditor which may delay, impede or
prevent the implementation or consummation of the TJ
Proposed Restructuring, including without limitation: (i)confirming that such TJ Participating Creditor supports the TJ
Proposed Restructuring; and (ii) preparing and filing any
submission or appearing at any court proceeding which isreasonably requested by any member of the Group and isnecessary or desirable to support, facilitate, implement,
consummate or otherwise give effect to the TJ Proposed
Restructuring.
就每一位天基参与债权人而言，向天基和集团的其他任
何成员提供合理的协助（在每种情况下，都由天基承担费用），以抵御其他债权人采取的可能延迟、阻碍或阻止天基拟议重组的实施或完成的任何不利行动，包括但不限于：（i） 确认该天基参与债权人支持天基拟议重组；
以及 （ii） 准备和提交集团任何成员合理要求的对支持、促进、实施、完成或以其他方式实现天基拟议重组而言必要或可取的任何呈件或出席任何法院程序。
Limitations
限制

Nothing in this TJ Term Sheet shall, among others:
本天基条款清单中的任何内容均不得，包括以下及其他：(a) require either TJ, any other member of the Group or any TJ
Participating Creditor (or any of their, and/or their respective
managers’ or investment advisers’, respective affiliates orfunds) to take any action which would breach any legal or
regulatory requirement beyond its control or any order ordirection of any relevant court or governmental body andwhich impediment cannot be avoided or removed by taking
reasonable steps;
要求天基、集团的任何其他成员或任何天基参与债权人
（或任何他们的，和/或他们各自的管理人或投资顾问的，各自的关联人士或基金）采取任何行动，违反任何
在其控制之外的法律或监管规定或任何有关法院或政府机构的任何命令或指示，并且该障碍无法通过采取合理
措施来避免或消除；(b) restrict, or attempt to restrict, any officer of any member of theGroup from complying with any legal or fiduciary duty or
obligation to commence insolvency proceedings in respect ofthat entity;11

offshore indebtedness and (iv) any other relevant information
received by the SJ AHG). For the purpose of this provision,“Sufficient Disclosure” has the meaning given to it in the nondisclosure agreements dated 6 December 2022 and 9 January2023 entered into between CEG and certain members of theAHG (the “NDA” which continues in full force and effect inaccordance with the terms of the NDA).
不迟于 2023 年 3 月 22 日，除非天基与景程持有人特别团体双方另有约定（可通过各自的顾问以电子邮件的方式进行），恒大发布一份包含充分披露的脱敏声明（包括有关（i）（如已商定）有关恒大境外负债的重组条款清单；（ii）本天基条款清单；（iii）（如已商定）有关景
程境外负债的重组条款清单；以及（iv）景程持有人特别团体收到的任何其他相关信息）。就本条款而言，“充分披露 ”的定义依据恒大与持有人特别团体某些成员于 2022 年 12 月 6 日和 2023 年 1 月 9 日签订的保密协议（“保密协议”，根据保密协议条款继续完全有效）。
(b) By no later than 31 March 2023 (provided that no additionalor long-form term sheet (other than this TJ Term Sheet) is
required), TJ and other relevant members of the Group to (i)enter into an RSA in form and substance satisfactory to the SJ
AHG (acting reasonably) with the SJ AHG in relation to therestructuring of the offshore indebtedness of the Group and (ii)announce the signed RSA to the market on the website of The
Stock Exchange of Hong Kong Limited and through theclearing systems.
不迟于 2023 年 3 月 31 日（前提是不需要额外的或长版条款清单（除本天基条款清单之外）），天基和集团的其
他相关成员（i）就重组集团的境外债务与（合理行事的）景程持有人特别团体签订形式和内容令景程持有人
特别团体（在合理行事之下）满意的重组支持协议，以及（ii）在香港联合交易所有限公司网站并通过清算系统
向市场发布公告已签署的重组支持协议。
(c) By no later than 31 March 2023, TJ to reach a written agreed
general position or schedule with the SJ AHG on (i) a whitelistof potential scheme administrators and adjudicators; and (ii)high-level principles and high-level process relating to thevaluation and adjudication in respect of the TJ Scheme, in eachcase, in form and substance satisfactory to the SJ AHG and TJ,
both acting reasonably (with the details to be agreed in the
Scheme Documents).
不迟于 2023 年 3 月 31 日，天基与景程持有人特别团体就（i）潜在的协议安排管理人和裁决人的白名单；以及13

（ii）有关天基协议安排的评估和裁决的概括性原则和
概括性程序在书面上达成大致立场或时间表的协议，两
者的形式和内容均应令景程持有人特别团体和天基都在
合理行事之下满意（细节将在协议安排文件中商定）。
Each of the Restructuring Milestones can be extended with thewritten agreement of the SJ AHG (which can be by email throughits advisers).
每项重组里程碑都可在景程持有人特别团体的书面同意下延长（可通过其顾问以电子邮件的方式进行）。
Conditions Precedent
前提条件

The following conditions must be satisfied or waived by therelevant regulator or court, the recipients of the relevant fees or theSJ AHG (acting reasonably), as applicable, prior to or on the RED:
以下条件必须在重组生效日之前或当日得到满足或由相关监
管机构或法院或相关费用的接收方或在合理行事之下的景程
持有人特别团体（按所适用的）予以豁免：(a) the delivery by the relevant members of the Group of corporate
authorisations in respect of the TJ Proposed Restructuring andtheir entry into the Scheme Documents to which they are aparty;
集团的相关成员就天基拟议重组交付公司授权书，并签
署其作为一方的协议安排文件；(b) the obtaining, if and as applicable, of all relevant regulatory
approvals or other consents (including, without limitation,delivery of relevant court sanction orders in respect of the TJ
Scheme(s), any relevant shareholders’ approval, and theSingapore Stock Exchange’s or another internationallyrecognized exchange’s approvals in-principle for the listing ofand permission to deal in each of the TJ Restructuring
Consideration (where applicable));获得所有适用及相关的监管批准或其他同意（包括但不限于交付有关天基协议安排的相关法院批准令、任何相
关股东的批准，以及新加坡交易所或另一个国际公认的交易所对每项天基重组对价（按所适用的）的上市和交
易许可的原则性批准）；(c) the obtaining of the relevant court sanction order(s) in respectof the SJ Scheme and the SJ Scheme becoming effective inaccordance with the terms of the SJ Scheme;
获得关于景程协议安排的相关法院批准令，且景程协议
安排按照景程协议安排的条款生效；14

(d) the settlement in full of all fees and expenses payable undercontracts or other arrangements entered into by any memberof the Group with financial or legal advisers, members of theSJ AHG or other professional parties for their services
rendered in relation to the TJ Proposed Restructuring;
全额结清集团任何成员与财务或法律顾问、景程持有人
特别团体或其他专业人士就其提供的与天基拟议重组有关的服务所签订的合同或其他安排下的所有应付费用和开支；(e) each key document (scope to be agreed in the RSA) to beentered into by certain parties to implement the terms of the TJ
Proposed Restructuring are in the form agreed in writing
between TJ and the SJ AHG (or the AHG Advisers expresslyon their behalf), each acting reasonably; and某些当事方为实施天基拟议重组条款而订立的每份关键
文件（范围有待于在重组支持协议中商定），均采用天基
和景程持有人特别团体（或明确代表他们的持有人特别团体顾问）各自合理行事所书面商定的形式；及(f) other conditions precedent to be further agreed / satisfaction ofeach of the other conditions precedent contained in the Scheme
Documents.
其他前提条件有待进一步商定/ 协议安排文件中所载的每个其他前提条件得到满足。
Restructuring Effective Date
重组生效日期

The Restructuring Effective Date (the “RED”) shall occur as soon
as reasonably practicable and after the Conditions Precedent havebeen satisfied or waived and anticipated to be 1 October 2023,
provided that it shall be no later than 15 December 2023 (or suchother date as agreed in writing between TJ and the SJ AHG) (the“Longstop Date”).
重组生效日期（“重组生效日”），应在前提条件得到满足或豁免后，在合理可行的情况下尽快发生，预计为 2023 年 10
月 1 日，前提是不迟于 2023 年 12 月 15 日（或经天基和景程）。
持有人特别团体书面商定的其他日期）（“最后期限日”
In the event that the RED is at a date which is later than 1 October2023:
若重组生效日为 2023 年 10 月 1 日之后的某一天：(a) the interests on the TJ New Notes shall begin to accrue on 1
October 2023; and天基新票据的利息应于 2023 年 10 月 1 日开始计息；以及15

天基同意，在任何情况下，未经持有人特别团体的事先书面
同意，其不得且应促使集团及其各自的关联人士不得，向任何人士（不包括出于重组目的披露集团的法律或财务顾问或此类信息或其他代理）披露本天基条款清单的附表 1（景程持有人特别团体） 或其任何内容或景程持有人特别团体成员
的任何签名或身份， 前提 是天基可在以下情况披露该等信息：(a) to the extent requested or required (as applicable) by any courtor regulatory body or by any applicable rule or law;
在任何法院或监管机构或任何适用规则或法律所要求或规定（按所适用的）的范围内；(b) to any of its Affiliates provided that any such information isshared on a confidential basis and TJ is responsible for any
contravention of this section by its Affiliates;
披露给其任何关联人士，只要任何此类信息是在保密的基础上提供的，并且天基对其关联人士违反本节的任何行为负责；(c) to the extent such information has been disclosed by a memberof the SJ AHG or its Affiliates to any Court, Regulatory Body,
or to a relevant participating party (other than on a without
prejudice basis) in a legal, regulatory or security enforcement
proceeding or process (other than any proceedings arisingfrom any breach of this section by TJ), against any member of
the Group or its Affiliates commenced or supported by amember of the SJ AHG or its Affiliates;
如果在由某位景程持有人特别团体成员或其关联人士启
动或支持的针对集团或其关联人士的法律、监管或执行质押的程序或过程（不包括因天基违反本节规定而产生
的任何程序）中，该等信息已由某位景程持有人特别团体成员或其关联人士向任何法院、监管机构或相关参与方披露（在无损权益基础上披露的除外）；(d) to the extent such information has been disclosed in the publicdomain other than in the contravention of this section;
如果此信息已经在公共领域被披露，违反本节规定的披露除外；(e) with the written permission of the SJ AHG;
得到景程持有人特别团体的书面允许；(f) at any time after the end of one year from the date of this TJ
Term Sheet.

17

在本天基重组条款清单签署之日起一年结束后的任何时间。
Capitalised terms used in this section but not defined in thissection or this TJ Term Sheet have the meanings given to them,mutatis mutandis, in the NDA.
本节中使用但未在本节或本天基条款清单中定义的大写术语，其意义依据保密协议对其的定义（经必要的修改）。
Variation and Termination

This TJ Term Sheet ceases to bind:变更和终止

在下列情况下，本天基条款清单不再对下列人士有约束力：(a) any member of the SJ AHG, if (i) any Restructuring Milestone
is not satisfied (save that failure to meet the RSA milestone
may be cured within 3 Business Days), or (ii) TJ fails tocomply with any material provision of this TJ Term Sheet (andsuch failure to comply is not remedied within 5 BusinessDays); or景程持有人特别团体的任何成员，如果（i）任何重组里
程碑未得到满足（但是未满足重组支持协议里程碑之行
为可在 3 个工作日内得到补救除外）；或 （ii）天基未遵
守本天基条款清单的任何重要规定（且该未遵守之行为
未在 5 个工作日内得到补救）；或(b) TJ, if any member of the SJ AHG (such creditor being a“Default Creditor”) fails to comply with any material
provision of this TJ Term Sheet (and such failure to comply is
not remedied within 5 Business Days), provided that the effectof termination shall only apply to TJ’s obligations to such
Default Creditor and does not impact its obligations to other
SJ AHG members under this TJ Term Sheet.
天基，如果任何景程持有人特别团体成员（该等债权人称为“违约债权人”）未能遵守本天基条款清单的任何重要规定（且该未遵守之行为未在 5 个工作日内得到补救），前提是约束力的终止仅适用于天基对该违约债权人的义务，不影响在本天基条款清单下天基对其他景程持
有人特别团体成员的义务。
This TJ Term Sheet ceases to bind any Party automatically at theearlier of: (i) the Longstop Date; and (ii) the termination of RSA(if entered into between, among others, TJ and the SJ AHG) in
accordance with the terms of the RSA.

18

本天基条款清单在以下时间中较早的时间自动停止对任何一
方的约束：（i）最后期限日；和（ii）根据重组支持协议的条
款，终止重组支持协议（如果天基和景程持有人特别团体之间达成协议）。
Any term of this TJ Term Sheet may be amended, varied or waived
in writing by TJ and the SJ AHG. Notwithstanding the foregoing,
TJ may amend, vary or waive any terms of this TJ Term Sheet(including any terms of any Schedule hereto) at its sole discretion(but without any obligation to do so) to: (a) cure any ambiguity,
defect, omission or inconsistency in this TJ Term Sheet; or (b)make any other change to this TJ Term Sheet that is beneficial to
the rights of the SJ AHG, provided that in each of the foregoingcase there is no material adverse effect on, the rights of the SJ AHG
when compared to the terms then in effect. Such amendments,
variations or waivers shall be binding on all the Parties.
本天基条款清单的任何条款可由天基和景程持有人特别团体以书面形式修改、变更或豁免。尽管有上述规定，天基可自行决定修改、变更或放弃本天基条款清单的任何条款（包括任何附表的任何条款）（但无任何义务这样做）以：（a）
纠正本天基条款清单的任何模糊、缺陷、遗漏或不一致之处；以及 （b） 对本天基条款清单作出有利于景程持有人特别团体的任何其他修改，前提是，以上所述的各项更改与当
时有效的条款相比，对景程持有人特别团体的权利没有重大
不利影响。此种修改、变更或豁免对所有当事方都有约束力。
“Business Day” means any day which is not a Saturday, Sunday,
legal holiday or other day on which banking institutions in the Cityof New York, London, Cayman Islands, British Virgin Islands,
Hong Kong or the PRC are authorised or required by law or
governmental regulation to close.
“工作日”指周六、周日、法定节假日或法律或政府法规授权或要求纽约、伦敦、开曼群岛、英属维尔京群岛、香港或中国银行机构停业的其他日期以外的任何一天。
Governing Law
适用法律This TJ Term Sheet will be governed by and construed inaccordance with Hong Kong law.
本天基条款清单将适用香港法律，并根据香港法律进行解释。

19

The courts of Hong Kong are to have exclusive jurisdiction tosettle any disputes that may arise out of or in connection with thisTJ Term Sheet.
香港法院拥有专属管辖权，以解决可能因本天基条款清单而
产生的或与之相关的任何争议。
Language
语言

The Chinese provisions of this TJ Term Sheet are for reference
only. If there is any inconsistency between the English and Chinese
provisions of this TJ Term Sheet, the English provisions shallgovern.
本天基条款清单的中文条款仅供参考。 如果本天基条款清单
的中英文条款存在任何不一致之处，应以英文条款为准。

20Schedule 1
附表 1
SJ AHG景程持有人特别团体21

Schedule 2
附表 2
TJ Other Existing Debt Instruments
天基其他现有债务工具

1. US$260 million
2.6 亿美元Notes
票据2. US$74 million put option - Lender B
7400 万美元认沽期权 – 贷方 B
3. US$258 million put option by Equity Investor A
股权投资者 A 的 2.58 亿美元认沽期权
4. US$258 million put option under Lender H’s Loan
贷方 H 贷款下的 2.58 亿美元认沽期权
5. US$974 million facilities under
下的 9.74 亿美元的贷款
6. US$224 million put options – Equity Investors C / D / E / F / G / H
2.24 亿美元认沽期权 – 股权投资者 C / D / E / F / G / H
7. US$5,035 million intercompany balance owed to CEG (on a non-voting basis) 1
恒大的 50.35 亿美元公司间余额（在非投票的基础上）1

For the avoidance of doubt, this intercompany claim by CEG against TJ is entitled to receive scheme consideration as a scheme creditor
in the TJ Scheme as with other TJ Other Existing Debt Instruments creditors.

为避免疑义，如同其他的天基其他现有债务工具，恒大针对天基的公司间索赔权有权作为天基协议安排中的协议安排债权人获得协议安排对价。

22每一笔的未偿还本金应在上述到期日当日连同任何应计及未付利息一起偿还。
Interest (PIK andcash)
利息（实物付息和现金）Interest will be payable semi-annually in arrears on the outstanding
principal amount of the TJ New Notes at the following interest rates withrespect to each interest payment period:
天基新票据的未偿还本金金额将于每半年期末支付一次利息，每个
付息期的利率如下：
1. TJ Tranche A: 6.0% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 7.0% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind);
天基票据 A：每年 6.0% （如果与该付息期相关的所有利息
均以现金支付）或每年 7.0%（如果与该付息期相关的任何部
分利息以实物支付）；
2. TJ Tranche B: 6.5% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 7.5% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind);
天基票据 B：每年 6.5% （如果与该付息期相关的所有利息均以现金支付）或每年 7.5%（如果与该付息期相关的任何部分
利息以实物支付）；3. TJ Tranche C: 7.0% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 8.0% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind); and天基票据 C：每年 7.0% （如果与该付息期相关的所有利息均以现金支付）或每年 8.0%（如果与该付息期相关的任何部分
利息以实物支付）；和
4. TJ Tranche D: 7.5% p.a. (if all interest with respect to such interest
payment period is paid in cash) or 8.5% p.a. (if any portion ofinterest with respect to such interest payment period is paid inkind).
天基票据 D：每年 7.5% （如果与该付息期相关的所有利息
均以现金支付）或每年 8.5%（如果与该付息期相关的任何部
分利息以实物支付）。
Interest on the outstanding principal amount of the TJ New Notes shall be
paid in the following manner:
天基新票据未偿还本金的利息应按以下方式支付：1. For the first two and a half years after the Reference Date: interest
may be paid in cash or in kind, at the election of the Issuer;
对于参考日期后的最初的 2.5 年：可由发行人选择用现金或实物支付利息；2. From the 31st month after the Reference Date to the 36th monthafter the Reference Date, interest in an amount equal to at least24

0.7% of the outstanding principal amount of each tranche of the
TJ New Notes shall be paid in cash; the remaining portion ofinterest may be paid in cash or in kind, at the election of the Issuer;
对于参考日期后的第 31 个月至第 36 个月：应以现金支付相
当于各笔天基新票据未偿本金的至少 0.7%的利息；其余部分的利息可由发行人选择以现金或实物支付；
3. the fourth year after the Reference Date: interest in an amountequal to at least 3.0% p.a. of the outstanding principal amount ofeach tranche of the TJ New Notes shall be paid in cash; theremaining portion of interest may be paid in cash or in kind, at theelection of the Issuer; and对于参考日期后的第四年：应以现金支付相当于各笔天基新票据未偿本金的至少每年 3.0%的利息；其余部分的利息可由发行人选择以现金或实物支付；和4. Starting from the fifth year after the Reference Date: interest shallbe paid in cash.
对于参考日期后的第五年开始：利息应以现金支付。
All interest paid in kind with respect to the TJ New Notes will be added tothe then current outstanding principal amount of the TJ New Notes.
所有天基新票据以实物支付的利息均计入届时天基新票据的未偿还
本金金额。
If the Issuer pays cash interest under any tranche of the TJ New Notes withrespect to any interest payment period in an amount greater than theamount of cash interest required to be paid on such tranche with respect tosuch interest payment period, it shall also pay additional cash interest
under the other tranches of the TJ New Notes and all tranches of the SJ
New Notes. The amount of such additional cash payments shall beallocated between SJ New Notes on the one hand and TJ New Notes on
the other hand on a 90:10 basis, with adjustments to be agreed if the ratioof the principal amounts of the SJ New Notes and the TJ New Notes haschanged from such ratio as of the Original Issue Date other than due toscheduled principal repayments. All such additional cash payments
allocated to the SJ New Notes shall be applied pro rata among the tranchesof the SJ New Notes based on their outstanding principal amounts and allsuch additional cash payments allocated to the TJ New Notes shall beapplied pro rata among the tranches of the TJ New Notes based on theiroutstanding principal amounts.
如果发行人就天基新票据的任何一笔就任何付息期支付的现金利息大于该票据在该付息期所需支付的现金利息金额，则发行人还应就
天基新票据的其他笔债券和景程新票据的所有笔债券支付额外的现金利息。该等额外现金支付的金额应按 90：10 的比例在景程新票据
和天基新票据之间进行分配，但如果景程新票据和天基新票据的本
金金额比率相比于截至初始发行日期时有变化（由于按计划的本金
偿付之外的原因），则该比例有待商定调整。所有分配给景程新票据的该等额外现金支付应根据其未偿还本金金额按比例应用于各笔景程新票据，而分配给天基新票据的该等额外现金支付应根据其未偿还本金金额按比例应用于各笔天基新票据。
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the TJ New Notes has changed from such ratio as of the Original Issue
Date other than due to scheduled principal repayments).
上述第（3）和（4）项下的现金所得款将用于按票面价值并加上应计及未付利息赎回景程新票据中届时最快到期的两笔中的其中一笔
或全部两笔以及天基新票据中届时最快到期的两笔中的其中一笔或
全部两笔，前提是该等所得款的 90% 应分配用于收购景程新票据，而该等所得款的 10% 应分配用于收购天基新票据（如果景程新票据
和天基新票据的本金金额比率相比于截至初始发行日期时有变化（由于按计划的本金偿付之外的原因），则该比例有待商定调整）。
如果该等收购后仍有未使用的该所得款，发行人应按票面价值加上
应计及未付利息将 （i) 该等剩余所得款的 90%用于按到期顺序分批
赎回景程新票据并将（ii） 该等剩余所得款的 10%用于按到期顺序分批赎回天基新票据（如果景程新票据和天基新票据的本金金额比
率相比于截至初始发行日期时有变化（由于按计划的本金偿付之外的原因），则该比例有待商定调整）。
All SJ New Notes and TJ New Notes so repurchased or redeemed shall becancelled.
所有以这样方式回购或赎回的景程新票据和天基新票据应被注销。
Covenant
限制

Cash proceeds from disposals and operations of the existing
held (directly and indirectly) by TJ and cash received by TJ andits subsidiaries on repayment of intercompany receivables (as referred toin clause (4) of “Mandatory Redemption” above), including from CEG and
its subsidiaries (other than TJ and its subsidiaries) and dividends received
by TJ and its subsidiaries from(as referred to in clause (3)of “Mandatory Redemption” above), shall be used to:天基（直接或间接）所持的现有的处置和运营的现金

所得款，以及天基及其子公司收到的公司间应收款现金（如上文“强制赎回”第（4）项所述），包括恒大及其子公司（天基及其子
公司除外）所偿付的）以及天基从

中收到的分红（如上文“强制赎回”第（3）项所述），应用于：(i)discharge any onshore liabilities associated withdisposed or required or necessary to be discharged inconnection with such disposal,
解除与处置的

相关的任何境内负债，或与进行该等处置相关所需要或必须解除的负债，(ii)

fund the development, operations and delivery of, and/or为的开发、运营和交付提供资金，及/或28

(iii)

pay liabilities and fulfil obligations of TJ and its subsidiaries(other than intercompany payables (other than non-interestbearing trade payables incurred in the ordinary course ofbusiness and consistent with past practice that are on arm’s
length terms and otherwise comply with the affiliate
transactions covenant in the indentures) to CEG and its
subsidiaries (other than TJ and its subsidiaries)),
支付天基及其子公司的负债并履行天基及其子公司的义务（不包括对恒大及其子公司（天基及其子公司除外）
的公司间应付款（不包括在正常业务过程中产生且符合过去惯例，符合公平交易，以及符合债券契约中的关联
交易条款的无息贸易应付款项）），provided that such cash proceeds and cash received shall not be used tofund the investment, acquisition, development, operation or delivery of
new projects, and in each case above, subject to compliance withapplicable laws, regulations, rules, and policies, measures, orders or
demands from judicial, regulatory or governmental bodies (provided, inthe case of any demand, that TJ provides the trustee and the holders with
an officer’s certificate setting forth, among other things, the terms of suchdemand).
前提是该等现金所得款和收到的现金不得用于资助新项目的投资、收购、开发、运营或交付，并且在上述每种情况下，均须遵守司法、监管或政府机构的适用法律、法规、规则和政策、措施、命令
或要求（前提是如有任何要求，天基需向信托人和持有人提供一份高管证书，列明包括但不限于该要求的条款）。
Auditor审计师

TJ will engage a Whitelist Auditor to audit its annual financial statements
starting no later than the audit of the fiscal year ending December 31, 2023.
天基将聘请一家白名单审计师对其年度财务报表进行审计，开始时间不晚于截至 2023 年 12 月 31 日止的财务年度审计。
The “Whitelist Auditor” shall be any of the following auditors, or theirrespective affiliates or member firms:“白名单审计师”应为以下任何会计师事务所或其各自的关联所或成员所：(a) Baker Tilly International;天职国际；(b) BDO;立信；(c) Crowe Global;
国富浩华；
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(d) Deloitte;德勤；(e) Ernst & Young;
安永；(f) Grant Thornton;
致同；(g) KPMG;
毕马威；(h) Mazars;
中审众环；(i) Moore Global;
大华国际；(j) Prism; and上会栢诚；和(k) RSM International.
RSM 国际。
Trustee信托人

Madison Pacific or another internationally recognized financial institution
as agreed between the Issuer and the SJ AHG.
Madison Pacific 或由发行人和景程持有人特别团体商定的另一家国
际公认的金融机构。

General一般

The Issuer and the SJ AHG will discuss and agree additional covenants andother provisions to be included under the TJ New Notes and the related
legal documentation, including among others, related to (i) restrictions on
indebtedness, restricted payments, liens, affiliate transactions, asset sales,
open market and other repurchases and other actions, (ii) the timing,manner and other aspects of sales of assets referred to under “Mandatory
Redemption”, (iii) events of default (and any applicable default interest),(iv) the rights of holders of, and owners of beneficial interests in, the TJ
New Notes (a) to obtain periodic financial and other information anddocuments from the trustee and the collateral agent, (b) to appoint or
replace trustee, and (c) to direct the trustee and collateral agent and to
enforce remedies, and (v) the listing of the TJ New Notes.
发行人和景程持有人特别团体将讨论并商定将纳入天基新票据的额
外限制和其他条款以及相关法律文件，包括但不限于（i）对负债、
受限支付、质押权、关联交易、资产出售、公开市场和其他回购和
其他行动的限制，（ii）“强制赎回”中提到的资产出售的时间安排、
方式和其他方面；（iii） 违约事件（及任何适用的违约利息），（iv）
天基新票据持有人和实益权益持有人的权利，包括：（a）从信托人
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和质押物代理人获得定期财务和其他信息和文件的权利，（b）任命
或更换信托人的权利，和（c）指示信托人和质押物代理人以及执行
救济措施的权利，以及（v） 天基新票据的上市。
Language
语言

The Chinese provisions contained herein are for reference only. If there is
any inconsistency between the English and Chinese provisions, the English
provisions shall prevail.
此处的中文条款仅作参考。如英文和中文条款有任何不一致之处，应以英文条款为准。

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