Document:

Exhibit 10.19

 

	
    

    
	CLIFFORD CHANCE
	高 偉 紳 律 師 行

 

Execution version

 

FWD LIMITED

 

AND

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

 

AGENCY AGREEMENT

 

RELATING TO THE U.S.$200,000,000 5.50 PER CENT.

SUBORDINATED PERPETUAL CAPITAL SECURITIES

 

 

 

     

     

    

 

CONTENTS

 

	Clause	 	Page
	 	 	 
	1.	Interpretation	2
	2. 	Appointment of the Agents	5
	3. 	The Securities; Authentication	5
	4. 	Exchanges of Global Certificate for Individual Certificates	6
	5. 	Transfers of Securities	7
	6.	Replacement Certificates	7
	7. 	Payments to the Fiscal Agent	8
	8. 	Payments to holders	10
	9. 	Miscellaneous Duties of the Agents	12
	10. 	Fees and Expenses	15
	11. 	Terms of Appointment	16
	12. 	Changes in Agents	19
	13. 	Notices	22
	14. 	Law and Jurisdiction	23
	15.	 Rights of Third Parties	23
	16. 	Modification	24
	17.	Counterparts	24

	Schedule 1 Form of Global Certificate	25
	Schedule 2 Form of Individual Certificate	31
	Schedule 3 Terms and Conditions of the Securities	36
	Schedule 4 Provisions for Meetings of the Holders	54
	Schedule 5 Regulations Concerning Transfers and Registration of Securities	63
	Schedule 6 Specified Offices of the Agents	65

 

     

     

    

 

THIS AGREEMENT is made on 1 February 2018

 

BETWEEN

 

		(1)	FWD LIMITED, an exempted company incorporated under the laws of the Cayman Islands (the "Issuer")
with company number 273947;

 

		(2)	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED as registrar, fiscal agent, transfer agent
and calculation agent (the "Registrar", the "Fiscal Agent", the "Transfer Agent" and
the "Calculation Agent", respectively); and

 

		(3)	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED as paying agent (together with the Fiscal
Agent, the "Paying Agents").

 

WHEREAS

 

		(A)	The Issuer has authorised the creation and issue of U.S.$200,000,000 in aggregate principal amount of
5.50 per cent. subordinated perpetual capital securities (the "Securities").

 

		(B)	The Securities will be constituted by a deed of covenant dated 1 February 2018 (as amended or supplemented
from time to time, the "Deed of Covenant") entered into by the Issuer.

 

		(C)	The Securities will be in registered form and in the denomination of U.S.$200,000 and integral multiples
of U.S.$1,000 in excess thereof. The Securities will be represented by a global certificate (the "Global Certificate"),
which will be exchangeable for individual certificates ("Individual Certificates" and, together with the Global Certificate,
 "Certificates") in the circumstances specified therein.

 

		(D)	The Issuer, the Registrar, the Paying Agents and the Transfer Agent wish to record certain arrangements
which they have made in relation to the Securities.

 

IT IS AGREED as follows:

 

	1.	INTERPRETATION

 

		1.1	Definitions

 

In this Agreement, the following expressions
have the following meanings:

 

"Agents" means the
Fiscal Agent, the Registrar, the Transfer Agent, the Calculation Agent and the Paying Agents and "Agent" means any one
of the Agents;

 

"Applicable Law" means
any law or regulation including, but not limited to: (i) any statute or regulation; (ii) any rule or practice of any Authority
by which any party is bound or with which it is accustomed to comply; (iii) any agreement between any Authorities; and (iv) any
customary agreement between any Authority and any party.

 

"Authority" means any
competent regulatory, prosecuting, tax or governmental authority in any jurisdiction.

 

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"Clearstream, Luxembourg" means Clearstream
Banking S.A.;

 

"Clearing Systems" means Euroclear and Clearstream,
Luxembourg;

 

"Conditions" means
the Terms and Conditions of the Securities (as scheduled to this Agreement and as modified from time to time in accordance with their
terms), and any reference to a numbered "Condition" is to the correspondingly numbered provision thereof;

 

"Euroclear" means Euroclear Bank SA/NV;

 

"FATCA Withholding Tax"
means any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed
pursuant to Sections 1471 through 1474 of the Code (or regulations thereunder or official interpretations thereof) or an intergovernmental
agreement between the United States and another jurisdiction facilitating the implementation thereof (or any law implementing any such
an intergovernmental agreement);

 

"Local Banking Day"
means a day (other than a Saturday or a Sunday) on which commercial banks are open for business (including dealings in foreign exchange
and foreign currency deposits) in the city in which the Fiscal Agent has its Specified Office;

 

"Local Time" means
the time in the city in which the Fiscal Agent has its Specified Office;

 

"Paying Agent", "Fiscal
Agent", "Registrar", "Calculation Agent" and "Transfer Agent" include any
successors thereto appointed from time to time in accordance with Clause 12 and any of their respective Successors and "Paying
Agent" means any one of the Paying Agents;

 

"Regulations"
means the regulations concerning the transfer of Securities as the same may from time to time be promulgated by the Issuer and approved
by the Registrar (the initial such regulations being set out in Schedule 5 (Regulations concerning transfers and registration
of Securities));

 

"Required Agent" means
any Paying Agent or Transfer Agent (which expression shall include, for the purposes of this definition only, the Registrar) which is
the sole remaining Paying Agent or (as the case may be) Transfer Agent with its Specified Office in any city where a stock exchange on
which the Securities are listed requires there to be a Paying Agent or (as the case may be) a Transfer Agent;

 

"SEHK" means The Stock Exchange of Hong
Kong Limited;

 

"Specified Office" means, in relation to
any Agent:

 

		(a)	the office specified against its name in Schedule
8 (Specified Offices of the Agents); or

 

		(b)	such other office as such Agent may specify in
accordance with Clause 12.8 (Changes in Specified Offices);

 

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"Successor" means,
in relation to any person, an assignee or successor in title of such person who, under the law of its jurisdiction of incorporation or
domicile, has assumed the rights and obligations of such person under this Agreement or to which under such laws the same have been transferred;

 

"U.S.$" and "United
States Dollars" denote the lawful currency for the time being of the United States of America.

 

		1.2	Meaning of outstanding

 

For the purposes of this Agreement and
the Conditions (but without prejudice to its status for any other purpose), a Security shall be considered to be "outstanding"
unless one or more of the following events has occurred:

 

		1.2.1	it has been redeemed in full under Condition
5(b) (Redemption – Redemption for tax reasons), Condition
5(c) (Redemption – Redemption upon a ratings event),
Condition 5(d) (Redemption – Redemption for accounting reasons),
Condition 5(e) (Redemption – Redemption at the option of the Issuer),
Condition 5(f) (Redemption – Redemption upon a Change of Control),
Condition 5(g) (Redemption – Redemption upon an initial public offering)
or Condition 5(h) (Redemption – Redemption for minimum outstanding amount)
and has been cancelled in accordance with Condition 5(j) (Redemption - Cancellation);

 

		1.2.2	the due date for its redemption in full has occurred and all sums due in respect of such Security have
been received by the Fiscal Agent and remain available for payment against presentation and surrender of the relevant Certificate;

 

		1.2.3	all claims for principal and Distribution in
respect of such Security have become void under Condition 9 (Prescription);

 

		1.3	Clauses and Schedules

 

Any reference in this Agreement to a
Clause or a sub-clause or a Schedule is, unless otherwise stated, to a clause or sub-clause hereof or a schedule hereto.

 

		1.4	Distribution

 

In this Agreement, any reference to
Distribution includes any additional amounts payable in relation thereto under the Conditions.

 

		1.5	Terms defined in the Conditions

 

Terms and expressions used but not defined
herein have the respective meanings given to them in the Conditions.

 

		1.6	Statutes

 

Any reference in this Agreement to
any legislation (whether primary legislation or regulations or other subsidiary legislation made pursuant to primary legislation)
shall be construed as a reference to such statute, provision, statutory instrument, order or regulation as the same may have been,
or may from time to time be, amended or re-enacted .

 

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		1.7	Headings

 

Headings and sub-headings are for ease
of reference only and shall not affect the construction of this Agreement.

 

	2.	APPOINTMENT
OF THE AGENTS

 

		2.1	Appointment

 

The Issuer appoints each Agent solely
as its agent in relation to the Securities for the purposes specified in this Agreement and in the Conditions.

 

		2.2	Acceptance of appointment

 

Each Agent accepts its appointment as
agent of the Issuer in relation to the Securities and agrees to comply with the provisions of this Agreement.

 

		2.3	Obligations several

 

The obligations of the Agents under
this Agreement are several and not joint.

 

	3.	THE
SECURITIES; AUTHENTICATION

 

		3.1	Global Certificate

 

The Global Certificate shall:

 

		3.1.1	be in substantially the form set out in Schedule
1 (Form of Global Certificate);

 

		3.1.2	be executed manually or in facsimile by or on behalf of the Issuer and authenticated manually by or on
behalf of the Registrar.

 

		3.2	Individual Certificates

 

Each Individual Certificate shall:

 

		3.2.1	be in substantially the form set out in Schedule
2 (Form of Individual Certificate);

 

		3.2.2	have a unique certificate number printed thereon;

 

		3.2.3	be executed manually or in facsimile by or on behalf of the Issuer and authenticated manually by or on
behalf of the Registrar; and

 

		3.2.4	otherwise be in accordance with the format from time to time specified by the International Capital Market
Association or any successor body thereto.

 

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		3.3	Signatures

 

Any signature on a Certificate shall
be that of a person who is at the time of the creation and issue of the Securities an authorised signatory for such purpose of the Issuer
notwithstanding that such person has for any reason (including death) ceased to be such an authorised signatory at the time at which such
Certificate is delivered.

 

		3.4	The Global Certificate to be deposited with nominee for common depositary

 

The Global Certificate shall be deposited
with a common depositary. The Global Certificate shall be registered in the name of, a nominee for, and deposited with a common depositary
for the Clearing Systems.

 

		3.5	Availability of Individual Certificates

 

If
the Issuer is required to deliver Individual Certificates pursuant to the terms of the Global Certificate, the Issuer shall promptly arrange
for a stock of Individual Certificates (unauthenticated and with the names of the registered Holders left blank but executed on behalf
of the Issuer and otherwise complete) to be made available to the Registrar. The Issuer shall also arrange for such Global Certificates
and Individual Certificates as are required to enable the Registrar to perform their respective obligations under Clause 4 (Exchanges
of Global Certificates for Individual Certificates), Clause 5 (Transfers
of Securities) and Clause 6 (Replacement Certificates)
to be made available to or to the order of the Registrar from time to time.

 

		3.6	Authority to authenticate

 

The Registrar is authorised by the Issuer
to authenticate the Global Certificate and the Individual Certificates by the signature of any of its officers or any other person duly
authorised for the purpose by the Registrar.

 

		3.7	Duties of the Registrar

 

The
Registrar shall hold in safe keeping of all unauthenticated Global Certificates and Individual Certificates delivered to it in accordance
with Clause 3.5 (Availability of Individual Certificates) and shall
ensure that they are authenticated and delivered only in accordance with the terms hereof, of the Global Certificate (if applicable) and
of the Conditions.

 

		4.	EXCHANGES OF GLOBAL CERTIFICATE FOR INDIVIDUAL CERTIFICATES

 

If the Global Certificate becomes exchangeable
for Individual Certificates in accordance with its terms, the Registrar shall authenticate and deliver to each person designated by a
Clearing System an Individual Certificate in accordance with the terms of this Agreement and the Global Certificate.

 

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	5.	TRANSFERS
OF SECURITIES

 

		5.1	Maintenance of the Register

 

The Registrar shall maintain in relation
to the Securities a register (the "Register"), which shall be kept outside of the United Kingdom at its Specified Office
in accordance with the Conditions and be made available by the Registrar to the Issuer and the other Agents for inspection and for the
taking of copies or extracts therefrom at all reasonable times. The Register shall show the aggregate principal amount, serial numbers
and dates of issue of Certificates, the names and addresses of the initial Holders thereof and the dates of all transfers to, and the
names and addresses of, all subsequent Holders thereof, all cancellations of Certificates and all replacements of Certificates.

 

		5.2	Registration of transfers in the Register

 

The Registrar shall receive requests
for the transfer of Securities in accordance with the Conditions and the Regulations and shall make the necessary entries in the Register.

 

		5.3	Transfer Agent to receive requests for transfers of Securities

 

The Transfer Agent shall receive requests
for the transfer of Securities in accordance with the Conditions and the Regulations and assist, if required, in the issue of new Certificates
to give effect to such transfers and, in particular, upon any such request being duly made, shall promptly notify the Registrar of:

 

		5.3.1	the aggregate principal amount of the Securities to be transferred;

 

		5.3.2	the name(s) and addresses to be entered on the Register of the Holder(s) of the new Certificate(s) to
be issued in order to give effect to such transfer; and

 

		5.3.3	the place and manner of delivery of the new Certificate(s) to be delivered in respect of such
                                                                 transfer and shall forward the Certificate(s) relating to the
Securities to be transferred (with the relevant form(s) of transfer duly completed) to the Registrar with such notification.

 

	6.	REPLACEMENT
CERTIFICATES

 

		6.1	Delivery of Replacements

 

Subject
to receipt of replacement Global Certificates and/or Individual Certificates (as the case may be), the Registrar shall, upon and in
accordance with the instructions of the Issuer (which instructions may, without limitation, include terms as to the payment of
expenses and as to evidence, security and indemnity), complete, authenticate and deliver a Global Certificate or Individual
Certificate which the Issuer has determined to issue as a replacement for any Global Certificate or Individual Certificate which has
been mutilated or defaced or which has been or is alleged to have been destroyed, stolen or lost; provided, however,
that the Registrar shall not deliver any Global Certificate or
Individual Certificate as a replacement for any Global Certificate or Individual Certificate which has been mutilated or defaced
otherwise than against surrender of the same and shall not issue any replacement Global Certificate or Individual Certificate until
the applicant has furnished the Registrar with such evidence and indemnity as the Issuer and/or the Registrar may reasonably require
and has paid such costs and expenses as may be incurred in connection with such replacement.

 

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		6.2	Replacements to be Numbered

 

Each replacement Global Certificate
or Individual Certificate delivered hereunder shall bear a unique serial number.

 

		6.3	Cancellation and destruction

 

The Registrar shall cancel and destroy
each mutilated or defaced Global Certificate or Individual Certificate surrendered to it in respect of which a replacement has been delivered.

 

		6.4	Notification

 

The Registrar shall, upon request, notify
the Issuer and the other Agents of the delivery by it of any replacement Global Certificate or Individual Certificate, specifying the
serial number thereof and the serial number (if any and if known) of the Global Certificate or Individual Certificate which it replaces
and confirming (if such is the case) that the Global Certificate or Individual Certificate which it replaces has been cancelled and destroyed.

 

	7.	PAYMENTS
TO THE FISCAL AGENT

 

		7.1	Issuer to pay Fiscal Agent

 

In order to provide for the payment
of principal and Distribution in respect of the Securities as the same becomes due and payable, the Issuer shall pay to the Fiscal Agent,
on or before the day on which such payment becomes due, an amount equal to the amount of principal and/or (as the case may be) Distribution
falling due in respect of the Securities on such date.

 

		7.2	Manner of payment

 

Each
amount payable under Clause 7.1 (Issuer to pay Fiscal Agent) shall
be paid unconditionally by credit transfer in U.S.$ and in immediately available, freely transferable, cleared funds not later than 10.00
a.m. (Hong Kong time) on the relevant day to such account with such bank by RTGS in Hong Kong as the Fiscal Agent may from time to
time by notice to the Issuer specify for such purpose. The Issuer shall, before 10.00 a.m. (Local Time) on the second Local Banking
Day before the due date of each payment by it under Clause 7.1 (Issuer to pay Fiscal Agent),
procure that the bank effecting payment for it confirms by tested telex or authenticated SWIFT message to the Fiscal Agent the payment
instructions relating to such payment.

 

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		7.3	Exclusion of liens and interest

 

The
Fiscal Agent shall be entitled to deal with each amount paid to it under this Clause 7 (Payments to the Fiscal
Agent) in the same manner as other amounts paid to it as a banker (and
not as a trustee or on trust) by its customers; provided, however, that:

 

		7.3.1	it shall not exercise against the Issuer any lien, right of set-off or similar claim in respect thereof;
and

 

		7.3.2	it shall not be liable to any person for interest thereon or other amounts in respect of the money.

 

No monies held by any Paying Agent need be segregated except
as required by law.

 

		7.4	Application by Fiscal Agent

 

The
Fiscal Agent shall apply each amount paid to it hereunder in accordance with Clause 8 (Payments to Holders)
and shall not be obliged to repay any such amount unless the claim for the relevant payment becomes void under Condition 9 (Prescription),
in which event it shall refund at the written request of the Issuer such portion of such amount as relates to such payment by paying the
same by credit transfer in U.S.$ such account with such bank in New York City as the Issuer has by notice to the Fiscal Agent specified
for the purpose.

 

		7.5	Failure to confirm payment instructions

 

If
the Fiscal Agent has not, by 12.00 noon (Local Time) on the second Local Banking Day before the due date of any payment to it under Clause
7.1 (Issuer to pay Fiscal Agent), received confirmation of the
relevant payment instructions referred to in Clause 7.2 (Manner and time of payment),
it shall forthwith notify the Issuer and the other Paying Agents. If the Fiscal Agent subsequently receives confirmation of such payment
instructions, it shall forthwith notify the Issuer and the other Paying Agents.

 

		7.6	Withholding or deduction of FACTA Withholding Tax

 

If the Issuer determines in its sole
discretion that it will be required to withhold or deduct any FATCA Withholding Tax in connection with any payment due on any Securities,
then the Issuer will be entitled to re-direct or reorganise any such payment in any way that it sees fit in order that the payment may
be made without FATCA Withholding Tax.

 

		7.7	Tax information covenant

 

If the Issuer or the Agents are, in
respect of any payment in respect of the Securities, required to withhold or deduct any amount for or on account of any taxes (including
any FATCA Withholding Tax), duties, assessments or governmental charges, the Issuer hereby covenants with the Agents that it will give
written notice of that fact to the Agents as soon as reasonably practicable after the Issuer becomes aware of the requirement to make
the withholding or deduction and will provide the Agents with sufficient information so as to enable the Agents to assess and comply
with the requirement, and to determine whether or not the Agents are obliged to make any payments in respect of such withholding or deduction
(including any FATCA Withholding Tax. The obligations imposed on the Issuer under this Clause 7.7 are limited to the extent that the
Issuer, as applicable, has the relevant information in its possession or control and that provision of the information to the Agents
will not result in any breach of this Agreement, the Securities, or any applicable law or regulation.

 

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	8.	PAYMENTS
TO HOLDERS

 

		8.1	Payments by Paying Agents

 

Each
Paying Agent acting through its Specified Office shall make payments of principal and Distribution in respect of Securities in accordance
with the Conditions and, so long as the Securities are evidenced by the Global Certificate, the terms thereof; provided, however,
that:

 

		8.1.1	if any Global Certificate or Individual Certificate is presented or surrendered for payment to any Paying
Agent and such Paying Agent has delivered a replacement therefor or has been notified that the same has been replaced, such Paying Agent
shall forthwith notify, upon request, the Issuer of such presentation or surrender and shall not make payment against the same until it
is so instructed by the Issuer and has received the amount to be so paid;

 

		8.1.2	if for any reason the Agent considers in its sole discretion that the amounts to be received by it will
be, or the amounts actually received by it are, insufficient to satisfy all claims in respect of all payments then falling due in respect
of the Securities, no Paying Agent shall be obliged (but shall be entitled) to make such payments if:

 

		(a)	in the case of the Fiscal Agent, it has not received
the full amount of any payment due to it under Clause 7.1 (Issuer to pay Fiscal Agent);
or

 

		(b)	in the case of any other Paying Agent:

 

		(i)	it has been notified in accordance
with Clause 7.5 (Failure to confirm payment instructions) that
confirmation of the relevant payment instructions has not been received, unless it is subsequently notified that confirmation of such
payment instructions has been received; or

 

		(ii)	it is not able to establish that the Fiscal Agent
has received (whether or not at the due time) the full amount of any payment due to it under Clause 7.1 (Issuer to pay Fiscal
Agent);

 

		8.1.3	each Paying Agent shall cancel each Certificate against presentation and surrender of which it has made
full payment and shall deliver each Certificate so cancelled by it to, or to the order of, the Registrar; and

 

		8.1.4	notwithstanding any other provision of this Agreement, each Paying Agent shall be entitled to make a deduction
or withholding from any payment which it makes under this Agreement for or on account of any present or future taxes, duties, assessments
or government charges if and to the extent so required by Applicable Law, in which event such Paying Agent shall make such payment after
such withholding or deduction has been made and shall account to the relevant Authority for the amount so withheld or deducted, or, at
its option, shall reasonably promptly after making such payment return to the Issuer the amount so deducted or withheld, in which case, the Issuer shall
so account to the relevant Authority for such amount.

 

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		8.2	Exclusion of liens and commissions

 

No
Paying Agent shall exercise any lien, right of set-off or similar claim against any person to whom it makes any payment under Clause 8.1
(Payments by Paying Agents) in respect thereof, nor shall any commission
or expense be charged by it to any such person in respect thereof.

 

		8.3	Reimbursement by Fiscal Agent

 

If
a Paying Agent other than the Fiscal Agent makes any payment in accordance with Clause 8.1 (Payments by Paying Agents):

 

		8.3.1	it shall notify the Fiscal Agent of the amount so paid by it and the serial number and principal amount
of each Certificate in relation to which payment of principal or Distribution was made; and

 

		8.3.2	subject to and to the extent of compliance by
the Issuer with Clause 7.1 (Issuer to pay Fiscal Agent) (whether
or not at the due time), the Fiscal Agent shall pay to such Paying Agent out of the funds received by it under Clause 7.1 (Issuer
to pay Fiscal Agent), by credit transfer in U.S.$ and in immediately available,
freely transferable, cleared funds to such account with such bank in New York City as such Paying Agent has by notice to the Fiscal Agent
specified for the purpose, an amount equal to the amount so paid by such Paying Agent.

 

		8.4	Appropriation by Fiscal Agent

 

If
the Fiscal Agent makes any payment in accordance with Clause 8.1 (Payments by Paying Agents),
it shall be entitled to appropriate for its own account out of the funds received by it under Clause 7.1 (Issuer to pay Fiscal
Agent) an amount equal to the amount so paid by it.

 

		8.5	Reimbursement by Issuer

 

If the Agent pays any amounts to the
holders of Securities or to any other Paying Agent at a time when it has not received payment in full in respect of the relevant Securities
(the excess of the amounts so paid over the amounts so received being the "Shortfall"), the Issuer will, in addition
to paying amounts due, pay to the Agent on demand interest (at the rate per annum specified by the Paying Agent as reflecting its cost
of funds for the time being in relation to the unpaid amount) on the Shortfall (or the unreimbursed portion thereof) until the receipt
in full by the Agent of the Shortfall. For the avoidance of doubt, the Agent is not obliged to make any payment on the Securities, unless
and until it has received the full amount of the payment according to the terms of this Agreement.

 

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		8.6	Interest

 

Interest
shall accrue for the purpose of sub-clause 8.5.2 (Reimbursement by Issuer)
(as well after as before judgment) on the basis of a year of 360 days and the actual number of days elapsed and at the rate per
annum which is the aggregate of one per cent. per annum and the rate per annum specified by the Fiscal Agent as reflecting its cost
of funds for the time being in relation to the unpaid amount.

 

		8.7	Partial payments

 

If at any time and for any reason a
Paying Agent makes a partial payment in respect of the Global Certificate or any Individual Certificate presented for payment to it, such
Paying Agent shall enface thereon a statement indicating the amount and the date of such payment. In addition, if, on any due date for
payment, less than the full amount of any principal or Distribution is paid in respect of the Securities, the Registrar will note on the
Register a memorandum of the amount and date of any payment then made and, if the Global Certificate or any Individual Certificate is
presented for payment in accordance with the Conditions and no payment is then made, the date of presentation of the Global Certificate
or (as the case may be) such Individual Certificate.

 

	9.	MISCELLANEOUS
DUTIES OF THE AGENTS

 

		9.1	Records

 

Each of the Agents shall maintain records
of all documents received by it in connection with its duties hereunder and shall make such records available for inspection during normal
office hours by the Issuer and the other Agents and, in particular the Registrar shall (a) maintain a record of all Certificates
delivered hereunder and of their redemption, payment, cancellation, mutilation, defacement, alleged destruction, theft, loss and replacement
and (b) make such records available for inspection at all reasonable times by the Issuer and the other Agents, each stock exchange
(if any) on which the Securities are then listed and each Clearing System.

 

		9.2	The Agents shall make available to the Fiscal
Agent and the Registrar such information as is reasonably required for the maintenance of the records referred to in Clause 9.1 (Records).

 

		9.3	Cancellation

 

The Issuer may from time to time deliver
to, or to the order of, the Registrar Certificates of which it or any of its Subsidiaries is the Holder for cancellation, whereupon the
Registrar shall cancel the same and shall make the corresponding entries in the Register.

 

		9.4	Securities in issue

 

As soon as practicable (and in any event
within three months) after the Securities fall due for redemption, the Registrar shall notify the Issuer of the serial numbers and principal
amount of any Certificates against surrender of which payment has been made and of the serial numbers and principal amount of any Certificates
(and the names and addresses of the Holders thereof) which have not yet been surrendered for payment.

 

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		9.5	Forwarding of communications

 

Each Agent shall promptly forward to
the Issuer a copy of any notice or communication addressed to the Issuer by any Holder which is received by such Agent.

 

		9.6	Publication of notices

 

The Registrar shall upon and in accordance
with the instructions of the Issuer received at least 10 days before the proposed publication date, arrange for the publication and delivery
of any notice which is to be given to the Holders and shall supply a copy thereof to each other Agent, Euroclear, Clearstream, Luxembourg
and, upon specific request by the Issuer and provision of the contact details thereof, to any stock exchange on which the Securities are
listed.

 

		9.7	Documents available for inspection

 

The Issuer shall provide to each Agent:

 

		9.7.1	conformed copies of this Agreement and the Deed of Covenant;

 

		9.7.2	if the provisions of Condition 5(b) (Redemption
for tax reasons) become relevant in relation to the Securities, the documents
contemplated under Condition 5(b) (Redemption for tax reasons);

 

		9.7.3	such other documents as may from time to time be required by the SEHK to be made available at the Specified
Office of the Agent having its Specified Office; and

 

		9.7.4	if the provisions of Condition 5(c) (Redemption
- Redemption upon a ratings event) or Condition 5(d) (Redemption
- Redemption for accounting reasons) become relevant in relation to the Securities,
the documents contemplated under Condition 5(c) (Redemption -
Redemption upon a ratings event) or Condition 5(d) (Redemption
- Redemption for accounting reasons), as appropriate.

 

Each of the Agents shall make available
for inspection during normal business hours at its Specified Office the documents referred to above and, upon reasonable request, will
allow copies of such documents to be taken.

 

		9.8	Forms of Proxy and Block Voting Instructions

 

The
Registrar shall, at the request of the Holder of any Security, make available uncompleted and unexecuted Forms of Proxy and issue Block
Voting Instructions in a form and manner which comply with the provisions of Schedule 4 (Provisions for Meetings of the Holders)
to this Agreement. The Registrar shall keep a full record of completed and executed Forms of Proxy received by it and will give to the
Issuer, not less than 24 hours before the time appointed for any meeting or adjourned meeting, full particulars of duly completed Forms
of Proxy received by it and of Block Voting Instructions issued by it in respect of such meeting or adjourned meeting.

 

     - 13 -

     

    

 

		9.9	No other regulated activities

 

Nothing in this Agreement shall require
the Agent to carry on an activity of the kind specified by any provision of Part 1 of Schedule 5 of the Securities and Futures Ordinance
(Cap. 571) of the Laws of Hong Kong, or to lend money to the Issuer.

 

		9.10	Agent not responsible for Issuer's listing obligations

 

Nothing in this Agreement shall require
the Agent to assume an obligation of the Issuer arising under any provision of the listing, prospectus, disclosure or transparency rules (or
equivalent rules of any other applicable competent authority).

 

		9.11	Agent not responsible on Issuer’s default

 

In the case of any default by the Issuer,
the Agent shall have no duty or responsibility in the performance of the Issuer’s obligations under the Conditions

 

		9.12	Force Majeure

 

The
liability of the Agent under Clause 11.6 (Exclusion of liability)
will not extend to any Liabilities arising through any acts, events or circumstances not reasonably within its control, or resulting from
the general risks of investment in or the holding of assets in any jurisdiction, including, but not limited to, Liabilities arising from:
nationalisation, expropriation or other governmental actions; any law, order or regulation of a governmental, supranational or regulatory
body; regulation of the banking or securities industry including changes in market rules or practice, currency restrictions, devaluations
or fluctuations; market conditions affecting the execution or settlement of transactions or the value of assets; breakdown, failure or
malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism,
insurrection or revolution; and strikes or industrial action.

 

		9.13	No additional liability or expense

 

The Agent shall not be under any obligation
to take any action under this Agreement which it expects will result in any expense or liability accruing to it, the payment of which
within a reasonable time is not, in its opinion, assured to it.

 

		9.14	Illegality

 

In the event that the Agent should be
uncertain as to its duties or rights hereunder to comply with any Applicable Law, or the rules, operating procedures or market practice
of any relevant stock exchange or other market or clearing system or shall receive instructions, claims or demands from the Issuer, in
its opinion, conflict with any of the provisions of this Agreement, it should be entitled to take or refrain from taking any action until
it is directed in writing by a final order or judgment of a court of competent jurisdiction.

 

		9.15	Assignment

 

The Issuer should not be able to assign/transfer
unilaterally without the Agent’s prior agreement in writing.

 

     - 14 -

     

    

 

 

	9.16	Delegations

 

The
Agent should be permitted to execute any of its powers or perform any of its duties through delegates, agents or attorneys. The Agent
should not be liable for the acts of such delegates, agents or attorneys provided that the
Agent exercises due care in selecting any such delegate, agent or attorney.

 

	9.17	Instructions in writing

 

The Agent should not be obliged to act
or omit to act in accordance with any instruction, direction or request delivered to it by the Issuer unless such instruction, direction
or request is delivered to the Agent in writing.

 

	9.18	Provision of information

 

The Issuer shall promptly provide the
Agent with all information that it may reasonably require to perform the services under this Agreement.

 

	10.	FEES
AND EXPENSES

 

	10.1	Fees

 

The Issuer shall pay to the Fiscal Agent
for the account of the Agents such fees as have been agreed between the Issuer and the Fiscal Agent in respect of the services of the
Agents hereunder (plus any applicable value added tax).

 

	10.2	Front-end expenses

 

The Issuer shall on demand reimburse
the Fiscal Agent for all expenses incurred by it in the negotiation, preparation and execution of this Agreement, and shall on demand
reimburse each Agent for all expenses (including, without limitation, legal fees and any publication, advertising, communication, courier,
postage and other out-of-pocket expenses) properly incurred in connection with its services hereunder (plus any applicable value added
tax).

 

	10.3	Taxes

 

The
Issuer shall pay all stamp, registration and other taxes, duties, assessments or government charges (including any interest and
penalties thereon or in connection therewith) which are payable upon or in connection with the execution, performance, enforcement
and delivery of this Agreement, and the Issuer shall indemnify each Agent on demand against any claim, demand, action, liability,
damages, cost, loss or expense (including, without limitation, legal fees and any applicable value added tax) which it incurs as a
result or arising out of or in relation to any failure to pay or delay in paying any of the same or incurred in connection with the
Issuer's obligation to withhold or deduct an amount on account of tax. All payments by the Issuer under this Clause 10
(Fees and Expenses) or Clause 11.4 (Indemnity in
favour of the Agents) shall be made free and clear of, and without
withholding or deduction for, any taxes, duties, assessments or governmental charges of whatsoever nature imposed, levied,
collected, withheld or assessed by the Cayman Islands, Hong Kong or any political subdivision or any authority thereof or therein
having power to tax, unless such withholding or deduction is required by law. In that event, the Issuer shall pay such additional
amounts as will result in the receipt by the relevant Agent of such amounts as would have been received by it if no such withholding
or deduction had been required.

 

     - 15 -

     

    

 

	10.4	Fees not to be abated

 

The fees, commissions and expenses payable
to the Agent for services rendered and the performance of its obligations under this Agreement shall not be abated by any remuneration
or other amounts or profits receivable by the Agent (or to its knowledge by any of its associates) in connection with any transaction
effected by the Agent with or for the Issuer.

 

	11.	TERMS
OF APPOINTMENT

 

	11.1	Rights and powers

 

Each Agent shall, in connection with
its services hereunder:

 

		11.1.1	except as ordered by a court of competent jurisdiction or otherwise required by law and regardless of
any notice of ownership, trust or any other interest therein, any writing on the Certificate relating to any Security by any person (other
than a duly executed form of transfer), treat the registered Holder of any Security as its absolute owner for all purposes (whether or
not it is overdue and notwithstanding any notice of ownership or writing on it or any notice of previous loss or theft of it) and make
payments thereon accordingly;

 

		11.1.2	assume that the terms of the Global Certificate and each Individual Certificate as issued are correct;

 

		11.1.3	be protected and shall incur no liability for or in respect of any action taken, omitted or suffered in
reliance upon any telephone, facsimile, e-mail communication, instruction or document which it believes to be genuine and is from a person
purporting to be (and whom the Agent believes in good faith to be) the authorised representative of the Issuer, as sufficient instructions
and authority of the Issuer for the Agent to act. The Agent shall be under no duty to inquire into or investigate the validity, accuracy
or content of any such communication, instruction or document; and

 

		11.1.4	engage and consult, at the expense of the Issuer, with any lawyers or other experts or other professional
advisers selected by it whose advice or services it considers necessary and rely upon any advice so obtained (and such Agent and each
of their respective directors, officers, employees and duly appointed agents shall be protected and shall not be liable in respect of
any action taken, or permitted or omitted to be taken, or suffered to be taken, in accordance with such advice and in good faith).

 

     - 16 -

     

    

 

	11.2	Extent of duties

 

Each Agent shall only be obliged to
perform the duties expressly set out herein and no implied duties or obligations of any kind (including without limitation duties or obligations
of a fiduciary or equitable nature) shall be read into this Agreement against the Agent. No Agent shall:

 

		11.2.1	be under any fiduciary duty or other obligation towards or have any relationship of agency or trust (whether
express or implied) for or with any person; or

 

		11.2.2	be responsible for or liable in respect of the legality, validity or enforceability of the Securities
or any Certificate or this Agreement or any act or omission of any other person (including, without limitation, any other Agent).

 

	11.3	Freedom to transact

 

Any of the Agent, its officers, directors
and employees may become the owner of, and/or acquire any interest in, any Securities with the same rights that it or he would have had
if the Agent were not appointed under this Agreement, and may engage or be interested in any financial or other transaction with the Issuer,
and may act on, or as depositary, trustee or agent for, any committee or body of holders of Security or other obligations of the Issuer,
as freely as if the Agent were not appointed under this Agreement without regard to the interests of the Issuer and shall be entitled
to retain and shall not in any way be liable to account for any profit made or share of brokerage or commission or remuneration or other
amount or benefit received thereby or in connection therewith.

 

	11.4	Indemnity in favour of the Agents

 

The Issuer hereby unconditionally and
irrevocably covenants and undertakes to indemnify and hold harmless each Agent, its directors, officers, employees and agents (each an
 "indemnified party") in full at all times against any claim, demand, proceeding, action, liability, damages, penalties,
cost, loss or expense disbursements, and other liabilities whatsoever (the "Losses"), (including, without limitation,
legal fees and any liability or loss howsoever incurred in connection with the Issuer's obligation to withhold or deduct an amount on
account of tax or any applicable value added tax) which may be incurred, suffered or brought against such indemnified party as a result
or in connection with (a) their appointment or involvement hereunder or the exercise of any of their powers or duties hereunder or
the taking of any acts in accordance with the terms of this Agreement or its usual practice; (b) this Agreement and any other Transaction
documents, or (c) any instruction or other direction upon which the Agent may rely under this Agreement, as well as the costs and
expenses incurred by an indemnified party of defending itself against or investigating any claim or liability with respect of the foregoing
provided that this indemnity shall not apply in respect of an indemnified party to the extent but only to the extent that a court of competent
jurisdiction determines that any such Losses incurred or suffered by or brought against such indemnified party arises directly from the
fraud, wilful default or gross negligence of such indemnified party. The parties hereto acknowledge that the foregoing indemnities shall
survive the resignation or removal of the Agent or the termination of this Agreement.

 

     - 17 -

     

    

 

	11.5	Consequential damages disclaimer

 

Notwithstanding any provision of this
Agreement to the contrary, the liabilities of the Agents shall be limited to the amount of the Issuer’s actual loss which shall
be determined as at the date of default of the Agent, or if later, the date on which the loss arises as a result of such default, and
the Agents shall not in any event be liable under any circumstances for special, punitive or consequential loss or damage of any kind
whatsoever (including but not limited to loss of reputation, business, goodwill, opportunity, anticipated savings or profits), whether
arising directly or indirectly and whether or not foreseeable, even if the Agents are actually aware of or have been advised of the likelihood
of such loss or damage and regardless of whether the claim for loss or damage is made in negligence, for breach of contract or otherwise;
the provisions of this Clause shall survive the termination or expiry of this Agreement or the resignation or removal of the Agent.

 

	11.6	Exclusion of liability

 

The Agent will only be liable to the
Issuer for losses, liabilities, costs, expenses and demands arising directly from the performance of its obligations under this Agreement
suffered by or occasioned to the Issuer ("Liabilities") to the extent that the Agent has been grossly negligent, fraudulent
or in wilful default in respect of its obligations under this Agreement. The Agent shall not otherwise be liable or responsible for any
Liabilities or inconvenience which may result from anything done or omitted to be done by it in connection with this Agreement. For the
avoidance of doubt the failure of the Agent to make a claim for payment of interest and principal on the Issuer, or to inform any other
paying agent or clearing system of a failure on the part of the Issuer to meet any such claim or to make a payment by the stipulated date,
shall not be deemed to constitute gross negligence, fraud or wilful default on the part of the Agent.

 

	11.7	Anti-money laundering and terrorism

 

In connection with HSBC Group’s
commitment to comply with all applicable sanctions regimes, the Agent and any affiliate or subsidiary of HSBC Holdings plc may take any
action in its sole and absolute discretion that it considers appropriate to comply with any law, regulation, request of a public or regulatory
authority, any agreement between any member of the HSBC Group and any government authority or any HSBC Group policy that relates to the
prevention of fraud, money laundering, terrorism, tax evasion, evasion of economic or trade sanctions or other criminal activities (collectively
the "Relevant Requirements"). Such action may include, but is not limited to:

 

		11.7.1	screening, intercepting and investigating any transaction, instruction or communication, including the
source of, or intended recipient of, funds;

 

		11.7.2	delaying or preventing the processing of instructions or transactions or the Agent’s performance
of its obligations under this Agreement;

 

		11.7.3	the blocking of any payment; or

 

     - 18 -

     

    

 

		11.7.4	requiring the Issuer to enter into a financial crime compliance representations letter from time to time
in a form and substance acceptable to the HSBC Group.

 

Where possible and permitted, the Agent
will endeavour to notify the Issuer of the existence of such circumstances. To the extent permissible by law, neither the Agent nor any
member of the HSBC Group will be liable for loss (whether direct or consequential and including, without limitation, loss of profit or
interest) or damage suffered by any party arising out of, or caused in whole or in part by, any actions that are taken by the Agent or
any other member of the HSBC Group to comply with any Relevant Requirement. In this Clause 11.7, "HSBC Group" means HSBC
Holdings plc together with its subsidiary undertakings from time to time.

 

	11.8	Information Reporting and Sharing

 

Each party shall, within ten business
days of a written request by another party, supply to that other party such forms, documentation and other information relating to it,
its operations, or the Securities as that other party reasonably requests for the purposes of that other party's compliance with Applicable
Law and shall notify the relevant other party reasonably promptly in the event that it becomes aware that any of the forms, documentation
or other information provided by such party is (or becomes) inaccurate in any material respect; provided, however, that no party shall
be required to provide any forms, documentation or other information pursuant to this Clause to the extent that: (i) any such form,
documentation or other information (or the information required to be provided on such form or documentation) is not reasonably available
to such party and cannot be obtained by such party using reasonable efforts; or (ii) doing so would or might in the reasonable opinion
of such party constitute a breach of any: (a) Applicable Law; (b) fiduciary duty; or (c) duty of confidentiality.

 

	12.	CHANGES
IN AGENTS

 

	12.1	Resignation

 

Any
Agent may resign its appointment upon not less than 30 days' notice to the Issuer (with a copy, in the case of an Agent other than the
Fiscal Agent, to the Fiscal Agent); provided, however, that:

 

		12.1.1	if such resignation would otherwise take effect less than 30 days before or after any date for redemption
of the Securities or any Distribution Payment Date, it shall not take effect until the thirtieth day following such date; and

 

		12.1.2	in the case of the Registrar, or the Fiscal Agent,
such resignation shall not take effect until a successor has been duly appointed consistently with Clause 13.4 (Additional and
successor agents) or Clause 12.5 (Agents may appoint successors)
and notice of such appointment has been given to the Holders.

 

     - 19 -

     

    

 

	12.2	Revocation

 

The Issuer may revoke its
appointment of any Agent by not less than 30 days' notice to such Agent (with a copy, in the case of an Agent other than the Fiscal
Agent, to the Fiscal Agent; provided, however, that,
in the case of the Registrar, or the Fiscal Agent, such revocation shall not take effect until a successor has been duly appointed
consistently with Clause 12.4 ( Additional and successor agents)
or Clause 12.5 (Agents may appoint successors) and notice of
such appointment has been given to the Holders.

 

	12.3	Automatic termination

 

The
appointment of any Agent shall terminate forthwith if (a) such Agent becomes incapable of acting, (b) a secured party takes
possession, or a receiver, manager or other similar officer is appointed, of the whole or any part of the undertaking, assets and revenues
of such Agent, (c) such Agent admits in writing its insolvency or inability to pay its debts as they fall due, (d) an administrator
or liquidator of such Agent or the whole or any part of the undertaking, assets and revenues of such Agent is appointed (or application
for any such appointment is made), (e) such Agent takes any action for a readjustment or deferment of any of its obligations or makes
a general assignment or an arrangement or composition with or for the benefit of its creditors or declares a moratorium in respect of
any of its indebtedness, (f) an order is made or an effective resolution is passed for the winding-up of such Agent or (g) any
event occurs which has an analogous effect to any of the foregoing. If the appointment of the Registrar or Fiscal Agent is terminated
in accordance with the preceding sentence, the Issuer shall forthwith appoint a successor in accordance with Clause 12.4 (Additional
and successor agents).

 

	12.4	Additional and successor agents

 

The
Issuer may appoint a successor registrar, or fiscal agent and additional or successor Transfer Agent or paying agents and shall forthwith
give notice of any such appointment to the continuing Agents, the Holders, whereupon the Issuer, the continuing Agents, and the additional
or successor registrar, principal paying agent, transfer agent or paying agent shall acquire and become subject to the same rights and
obligations between themselves as if they had entered into an agreement in the form mutatis mutandis of
this Agreement.

 

	12.5	Agents may appoint successors

 

If
the Fiscal Agent gives notice of its resignation in accordance with Clause 12.1 (Resignation)
and by the tenth day before the expiry of such notice a successor has not been duly appointed in accordance with Clause 12.4 (Additional
and successor agents), the Registrar or (as the case may be) Fiscal Agent
may itself, following such consultation with the Issuer as is practicable in the circumstances, appoint as its successor any reputable
and experienced financial institution and give notice of such appointment to the Issuer, the remaining Agents and the Holders, whereupon
the Issuer, the remaining Agents and such successor shall acquire and become subject to the same rights and obligations between themselves
as if they had entered into an agreement in the form mutatis mutandis of
this Agreement.

 

     - 20 -

     

    

 

	12.6	Release

 

Upon
any resignation or revocation taking effect under Clause 12.1 (Resignation)
or 12.2 (Revocation) or any termination taking effect under Clause
12.3 (Automatic termination), the relevant Agent shall:

 

		12.6.1	be released and discharged from its obligations
under this Agreement (save that it shall remain entitled to the benefit of and subject to Clause 10.3 (Taxes),
Clause 11 (Terms of Appointment) and Clause 12 (Changes
in Agents));

 

		12.6.2	in the case of the Registrar, deliver to the
Issuer and to its successor a copy, certified as true and up-to-date by an officer or authorised signatory of the Registrar, of the records
maintained by it in accordance with Clause 5.1 (Maintenance of the Register);
and

 

		12.6.3	forthwith (upon payment to it of any amount due
to it in accordance with Clause 10 (Fees and Expenses) or Clause
11.4 (Indemnity in favour of the Agents) transfer all moneys and
papers (including any unissued Certificates held by it hereunder and any documents held by it pursuant to Clause 9.7 (Documents
available for inspection)) to its successor and, upon appropriate notice,
provide reasonable assistance to its successor for the discharge of its duties and responsibilities hereunder.

 

	12.7	Merger

 

Any
legal entity into which any Agent is merged or converted or any legal entity with which the Agent may be consolidated or any legal entity
resulting from any merger or conversion or consolidation to which such Agent is a party, or any legal entity to which the Agent shall
sell or otherwise transfer all or substantially all of its assets shall, on the date when the merger, conversion, consolidation or transfer
becomes effective and to the extent permitted by applicable law, become the successor to such Agent without any further formality, whereupon
the Issuer, the other Agents and such successor shall acquire and become subject to the same rights and obligations between themselves
as if they had entered into an agreement in the form mutatis mutandis of
this Agreement. Notice of any such merger or conversion or consolidation or transfer shall forthwith be given by such successor to the
Issuer, the other Agents and the Holders.

 

	12.8	Changes in Specified Offices

 

If
any Agent decides to change its Specified Office (which may only be effected within the same city unless the prior written approval of
the Issuer has been obtained), it shall give notice to the Issuer (with a copy to the other Agents) of the address of the new Specified
Office stating the date on which such change is to take effect, which date shall be not less than 30 days after the date of such notice.
The Issuer shall at its own expense not less than 14 days prior to the date on which such change is to take effect (unless the appointment
of the relevant Agent is to terminate pursuant to any of the foregoing provisions of this Clause 12 (Changes in Agents)
on or prior to the date of such change) give notice thereof to the Holders.

 

     - 21 -

     

    

 

	13.	NOTICES

 

	13.1	Addresses for notices

 

All notices and communications hereunder
shall be made in writing (by email in respect of the Issuer, and by letter or fax in respect of the Agent) and shall be sent as follows:

 

		13.1.1	if to the Issuer, to it at:

 

	 	 	Email:	[***]
	 	 	Attention:	[***]

 

		13.1.2	if to an Agent, to it at the address or fax number
specified against its name in Schedule 6 (Specified Offices of the Agents)
(or, in the case of an Agent not originally a party hereto, specified by notice to the parties hereto at the time of its appointment)
for the attention of the person or department specified therein;

 

or, in any case, to such other email
address, address or fax number or for the attention of such other person or department as the addressee has by prior notice to the sender
specified for the purpose.

 

	13.2	Effectiveness

 

Every
notice or communication sent in accordance with Clause 13.1 (Addresses for notices)
shall be effective, if sent by letter or fax, upon receipt by the addressee;

 

provided, however, that any such
notice or communication which would otherwise take effect after 4.00 p.m. on any particular day shall not take effect until 10.00
a.m. on the immediately succeeding business day in the place of the addressee.

 

	13.3	Notices to Holders

 

		13.3.1	Any notice required to be given to Holders under
this Agreement shall be given in accordance with the Conditions and at the expense of the Issuer; provided, however, that,
so long as any Securities are represented by the Global Certificate, notices to Holders shall be given in accordance with the terms of
the Global Certificate.

 

		13.3.2	The Issuer shall give notice of any cancellation
of Distribution under Condition 4(e) (Distribution cancellation)
to Holders not more than 10 nor less than five Business Days (as defined in the Conditions) prior to the relevant Distribution Payment
Date.

 

		13.3.3	The Issuer shall provide each Agent with details
of any early redemption under Condition 5 (Redemption) or cancellation
of Distribution under Condition 4(e) (Distribution cancellation)
pursuant to the Conditions or such other date as may be agreed between the Issuer and the Agents.

 

     - 22 -

     

    

 

	13.4	Notices in English

 

All notices and other communications
hereunder shall be made in the English language or shall be accompanied by a certified English translation thereof. Any certified English
translation delivered hereunder shall be certified a true and accurate translation by a professionally qualified translator or by some
other person competent to do so.

 

	14.	LAW
AND JURISDICTION

 

	14.1	Governing law

 

This Agreement and any non-contractual
obligations arising out of or in connection with it are governed by English law.

 

	14.2	English courts

 

The courts of England have exclusive
jurisdiction to settle any dispute (a "Dispute"), arising out of or in connection with this Agreement (including a dispute
relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection
with this Agreement ) or the consequences of its nullity.

 

	14.3	Appropriate forum

 

The parties agree that the courts of
England are the most appropriate and convenient courts to settle any Dispute and, accordingly, that they will not argue to the contrary.

 

	14.4	Rights of the Agents to take proceedings outside England

 

Clause
14.2 (English courts) is for the benefit of the Agents only. As
a result, nothing in this Clause 14 (Law and jurisdiction) prevents
the Agents from taking proceedings relating to a Dispute ("Proceedings") in any other courts with jurisdiction. To the
extent allowed by law, the Agents may take concurrent Proceedings in any number of jurisdictions.

 

	14.5	Service of process

 

The Issuer agrees that the documents
which start any Proceedings and any other documents required to be served in relation to those Proceedings may be served on it by being
delivered to Law Debenture Corporate Services Limited at Fifth Floor, 100 Wood Street, London EC2V 7EX, United Kingdom, or to such other
person with an address in England or Wales and/or at such other address in England or Wales as the Issuer may specify by notice in writing
to the Agents. Nothing in this paragraph shall affect the right of any Agent to serve process in any other manner permitted by law. This
clause applies to Proceedings in England and to Proceedings elsewhere.

 

	15.	RIGHTS OF THIRD PARTIES

 

A
person who is not a party to this Agreement shall have no rights under the Contracts (Rights of Third Parties)
Act 1999 to enforce any term of this Agreement, but this does not affect any right or remedy of a third party which exists or is available
apart from that Act.

 

     - 23 -

     

    

 

	16.	MODIFICATION

 

This Agreement may be amended by further
agreement among the parties hereto and without the consent of the Holders.

 

	17.	COUNTERPARTS

 

This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original. Any party may enter into this Agreement by signing any such counterpart.

 

AS WITNESS the hands of the duly authorised representatives
of the parties hereto the day and year first before written.

 

     - 24 -

     

    

 

SCHEDULE 1

FORM OF GLOBAL CERTIFICATE

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY SECURITIES
LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THE SECURITIES REPRESENTED HEREBY, AGREES FOR THE BENEFIT OF THE
ISSUER THAT THE SECURITIES REPRESENTED HEREBY MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
THE SECURITIES ACT AND OTHER APPLICABLE LAWS.

 

ISIN: XS1748857379

 

Common code: 174885737

 

FWD LIMITED

 

(incorporated
with limited liability under

the laws of the Cayman Islands)

 

U.S.$200,000,000

5.50 per cent. Subordinated Perpetual Capital Securities

 

GLOBAL CERTIFICATE

 

	1.	Introduction: This Global Certificate is issued in respect of the U.S.$200,000,000 5.50 per cent.
subordinated perpetual capital securities (the "Securities") of FWD Limited (the "Issuer"). The Securities
are constituted by a deed of covenant dated 1 February 2018 (as amended or supplemented from time to time, the "Deed of Covenant")
entered into by the Issuer and are the subject of an agency agreement dated 1 February 2018 (as amended or supplemented from time
to time, the "Agency Agreement") and made between the Issuer, The Hongkong and Shanghai Banking Corporation Limited as
registrar (the "Registrar", which expression includes any successor registrar appointed from time to time in connection
with the Securities), The Hongkong and Shanghai Banking Corporation Limited as fiscal agent and the other paying agents and the transfer
agent named therein.

 

	2.	References to Conditions: Any reference herein to the "Conditions" is to the terms
and conditions of the Securities attached hereto and any reference to a numbered "Condition" is to the correspondingly
numbered provision thereof.

 

	3.	Registered holder:

 

This is to certify that:

 

HSBC NOMINEES (HONG KONG) LIMITED

 

is the person registered in the register maintained by the
Registrar in relation to the Securities (the "Register") as the duly registered holder (the "Holder")
of

 

U.S.$200,000,000

(TWO HUNDRED MILLION UNITED STATES DOLLARS)

 

in aggregate principal amount of Securities
or such other principal amount as may from time to time be entered in the Register in accordance with the Agency Agreement and this Global
Certificate.

 

     - 25 -

     

    

 

	4.	Promise to pay: The
                                                                                                                 Issuer, for value received, hereby promises to pay Distribution on such principal sum in arrear on the dates and at the rate
                                                                                                                 specified in the Conditions, together with any additional amounts payable in accordance with the Conditions, all subject to and in
                                                                                                                 accordance with the Conditions and to pay such principal amount in the circumstances set out in Condition
                                                                                                                 5(b) (Redemption – Redemption for tax reasons),
                                                                                                                 Condition 5(c) (Redemption – Redemption upon a ratings event),
                                                                                                                 Condition 5(d) (Redemption – Redemption for accounting reasons),
                                                                                                                 Condition 5(e) (Redemption –
Redemption at the option of the Issuer), Condition 5(f) (Redemption – Redemption upon a Change of Control),
Condition 5(g) (Redemption – Redemption upon an initial public offering)
or Condition 5(h) (Redemption – Redemption for minimum outstanding amount).

 

	5.	Exchange for Individual Certificates:
This Global Certificate will be exchanged in whole (but not in part) for duly authenticated and completed individual note certificates
("Individual Certificates") in substantially the form (subject to completion) set out in Schedule 2 (Form of
Individual Certificate) to the Agency Agreement if any of the following events
occurs:

 

		(a)	Euroclear Bank SA/NV ("Euroclear")
or Clearstream Banking S.A. ("Clearstream, Luxembourg") is closed for business for a continuous period of 14 days (other
than by reason of legal holidays) or announces an intention permanently to cease business; or

 

		(b)	upon a Winding-Up of the Issuer,

 

such
exchange shall be effected in accordance with paragraph 7 (Delivery of Individual Certificates)
below. The Issuer shall notify the Holder of the occurrence of any of the events specified in (a) and (b) as soon as practicable
thereafter.

 

	6.	Failure to deliver Individual Certificates
or to pay: If Individual Certificates have not been issued and delivered by 5:00 p.m. (London time) on the thirtieth day after
the date on which the same are due to be issued and delivered in accordance with paragraph 7 (Delivery of Individual Certificates)
below, then, at 5:00 p.m. (London time) on such thirtieth day (the "Determination Date") the Accountholder shall
acquire Direct Rights in accordance with the Deed of Covenant, without prejudice to the rights which the Holder may have hereunder and
under the Deed of Covenant.

 

Terms defined in the Deed of Covenant
shall have the same meanings when used in this paragraph 6.

 

     - 26 -

     

    

 

	7.	Delivery of Individual Certificates: Whenever this Global Certificate is to be exchanged for Individual
Certificates, such Individual Certificates shall be issued in an aggregate principal amount equal to the principal amount of this Global
Certificate within five business days of the delivery, by or on behalf of the Holder, Euroclear and/or Clearstream, Luxembourg, to the
Registrar of such information as is required to complete and deliver such Individual Certificates (including, without limitation, the
names and addresses of the persons in whose names the Individual Certificates are to be registered and the principal amount of each such
person's holding) against the surrender of this Global Certificate at the Specified Office (as defined in the Conditions) of the Registrar.
Such exchange shall be effected in accordance with the provisions of the Agency Agreement and the regulations concerning the transfer
and registration of Securities scheduled thereto and, in particular, shall be effected without charge to any Holder, but against such
indemnity as the Registrar may require in respect of any tax or other duty of whatsoever nature which may be levied or imposed in connection
with such exchange. In this paragraph, "business day" means a day on which commercial banks are open for business (including
dealings in foreign currencies) in the city in which the Registrar has its Specified Office.

 

	8.	Payment Conditions:

 

		(a)	Payment Business Day: In relation to payments
made in respect of this Global Certificate, so long as this Global Certificate is held on behalf of Euroclear or Clearstream, Luxembourg
or any other clearing system, the definition for "business day" in Condition 6(d) (Payments on business
days) shall be amended and shall be any day which is a day on which banks
are open for general business (including dealings in foreign currencies) in New York City and Hong Kong.

 

		(b)	Payment Record Date: Each payment made
in respect of this Global Certificate will be made to the person shown as the Holder in the Register at the close of business (in the
relevant clearing system) on the Clearing System Business Day before the due date for such payment (the "Record Date")
where "Clearing System Business Day" means a day on which each clearing system for which this Global Certificate is being
held is open for business.

 

	9.	Conditions apply: Save as otherwise provided herein, the Holder of this Global Certificate shall
have the benefit of, and be subject to, the Conditions and, for the purposes of this Global Certificate, any reference in the Conditions
to "Certificate" or "Certificates" shall, except where the context otherwise requires, be construed
so as to include this Global Certificate.

 

	10.	Notices: Notwithstanding
Condition 14 (Notices), so long as this Global Certificate is held
on behalf of Euroclear, Clearstream, Luxembourg or any other clearing system (an "Alternative Clearing System"), notices
to Holders of Securities represented by this Global Certificate may be given by delivery of the relevant notice to Euroclear, Clearstream,
Luxembourg or (as the case may be) such Alternative Clearing System.

 

	11.	Determination of entitlement: This Global Certificate is evidence of entitlement only and is not
a document of title. Entitlements are determined by the Register and only the Holder is entitled to payment in respect of this Global
Certificate.

 

	12.	Authentication: This Global Certificate shall not be valid for any purpose until it has been authenticated
for and on behalf of The Hongkong and Shanghai Banking Corporation Limited as registrar.

 

     - 27 -

     

    

 

	13.	Governing law: This Global Certificate and any non-contractual obligations arising out of or in
connection with it are governed by English law.

 

AS WITNESS the manual or facsimile signature of a duly authorised
person for and on behalf of the Issuer.

 

FWD LIMITED

 

	By:		 
	 	[manual or facsimile signature]

                                                                (duly authorised)
	 

 

ISSUED on the issue date

 

AUTHENTICATED for and on behalf of

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

as registrar without recourse, warranty

or liability

 

	By:		 
	 	[manual signature]

                                                                (duly authorised)
	 

 

     - 28 -

     

    

 

FORM OF TRANSFER

 

FOR VALUE RECEIVED                                                  ,
being the registered holder of this          Global          Certificate,          hereby          transfers
to                                                                                                                                                    

                                                                                                                       of                             

                                                                                                                                                       

                                                                                                                                                       

                                                                                                                                                                          ,
U.S. dollars                                 
in principal amount of the U.S.$200,000,000 5.50 per cent. subordinated perpetual capital securities (the
 "Securities") of FWD Limited (the "Issuer") and irrevocably requests and authorises The Hongkong
and Shanghai Banking Corporation Limited, in its capacity as registrar in relation to the Securities (or any successor to The
Hongkong and Shanghai Banking Corporation Limited, in its capacity as such) to effect the relevant transfer by means of appropriate
entries in the register kept by it.

 

	Dated:		 	 
	 
	By:		 	 
	 	(duly authorised)	 	 

 

Securities

 

The name of the person by or on whose behalf this
form of transfer is signed must correspond with the name of the registered holder as it appears on the face of this Global Certificate.

 

	(a)	A representative of such registered holder should state the capacity in which he signs, e.g. executor.

 

	(b)	The signature of the person effecting a transfer shall conform to any list of duly authorised specimen
signatures supplied by the registered holder or be certified by a recognised bank, notary public or in such other manner as the Registrar
may require.

 

	(c)	Any transfer of Securities shall be in an amount equal to U.S.$200,000 or an integral multiple of U.S.$1,000
in excess thereof.

 

     - 29 -

     

    

 

[Attached to the Global Certificate:]

 

[Terms
and Conditions as set out in the [          ] Schedule]

 

[At the foot of the Terms and Conditions:]

 

FISCAL AGENT, PAYING AND TRANSFER AGENT AND REGISTRAR

 

The Hongkong and Shanghai
Banking Corporation Limited

30th
Floor, HSBC Building

1 Queen’s Road
Central

Hong Kong

 

     - 30 -

     

    

 

SCHEDULE 2

FORM OF INDIVIDUAL CERTIFICATE

 

[THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY SECURITIES
LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THE SECURITIES REPRESENTED HEREBY, AGREES FOR THE BENEFIT OF THE
ISSUER THAT THE SECURITIES REPRESENTED HEREBY MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
THE SECURITIES ACT AND OTHER APPLICABLE LAWS.]

 

Serial Number:             

 

FWD LIMITED

 

(incorporated
with limited liability under

the laws of the Cayman Islands)

 

U.S.$200,000,000

5.50 per cent. Subordinated Perpetual Capital Securities

 

This Certificate is issued in respect of the U.S.$200,000,000
5.50 subordinated perpetual capital securities (the "Securities") of FWD Limited (the "Issuer"). The
Securities are constituted by a deed of covenant dated 1 February 2018 and are the subject of an agency agreement (as amended or
supplemented from time to time, the "Agency Agreement") dated 1 February 2018 and made between the Issuer, The Hongkong
and Shanghai Banking Corporation Limited as registrar (the "Registrar", which expression includes any successor registrar
appointed from time to time in connection with the Securities), The Hongkong and Shanghai Banking Corporation Limited as fiscal agent
and the other paying agents and the transfer agent named therein.

 

Any reference herein to the "Conditions"
is to the terms and conditions of the Securities endorsed hereon and any reference to a numbered "Condition" is to the
correspondingly numbered provision thereof.

 

This is to certify that:

 

                                                          

 

of                                                      

 

                                                          

 

is the person registered in the register maintained
by the Registrar in relation to the Securities (the "Register") as the duly registered holder or, if more than one person
is so registered, the first-named of such persons (the "Holder") of:

 

U.S.$[•]

 

(U.S.$_______________________________________
UNITED STATES DOLLARS)

 

     - 31 -

     

    

 

in aggregate principal amount of the Securities.

 

The
Issuer, for value received, hereby promises to pay Distribution on such principal sum in arrear on the dates and at the rate specified
in the Conditions, together with any additional amounts payable in accordance with the Conditions, all subject to and in accordance with
the Conditions and to pay such principal amount in the circumstances set out in Condition 5(b) (Redemption – Redemption
for tax reasons), Condition 5(c) (Redemption – Redemption
upon a ratings event), Condition 5(d) (Redemption –
Redemption for accounting reasons), Condition 5(e) (Redemption
 – Redemption at the option of the Issuer), Condition 5(f) (Redemption
 – Redemption upon a Change of Control), Condition 5(g) (Redemption
 – Redemption upon an initial public offering) or Condition 5(h) (Redemption
 – Redemption for minimum outstanding amount).

 

This Certificate is evidence of entitlement only
and is not a document of title. Entitlements are determined by the Register and only the Holder is entitled to payment in respect of this
Certificate.

 

This Certificate shall not be valid for any purpose
until it has been authenticated for and on behalf of The Hongkong and Shanghai Banking Corporation Limited as registrar.

 

     - 32 -

     

    

 

AS WITNESS the manual or facsimile signature of a duly authorised
person for and on behalf of the Issuer.

 

FWD LIMITED

 

	By:		 
	 	[manual or facsimile signature]

                                                                (duly authorised)
	 

 

ISSUED
as of [issue date]

AUTHENTICATED for and on behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

as registrar without recourse, warranty

or liability

 

	By:		 
	 	[manual signature]

                                                                (duly authorised)
	 

 

     - 33 -

     

    

 

FORM OF TRANSFER

 

FOR
VALUE RECEIVED                                                ,
being the registered holder of this          Certificate,           hereby
           transfers to                                                                                                                                                                                                                                 

of                                                                                                                              

                                                                                                                                                                                              U.S.  
dollars                                       in principal amount of the U.S.$200,000,000 5.50 per cent. subordinated perpetual capital
securities (the "Securities") of FWD Limited (the "Issuer") and irrevocably requests and
authorises The Hongkong and Shanghai Banking Corporation Limited, in its capacity as registrar in relation to the Securities (or any
successor to The Hongkong and Shanghai Banking Corporation Limited, in its capacity as such) to effect the relevant transfer by
means of appropriate entries in the register kept by it.

 

	Dated:		 
	 	 	 
	By:		 
	 	(duly authorised)	 

 

Securities

 

The name of the person by or on whose behalf this
form of transfer is signed must correspond with the name of the registered holder as it appears on the face of this Certificate.

 

	(a)	A representative of such registered holder should
state the capacity in which he signs, e.g. executor.

 

	(b)	The signature of the person effecting a transfer shall conform to any list of duly authorised specimen
signatures supplied by the registered holder or be certified by a recognised bank, notary public or in such other manner as the Registrar
may require.

 

	(c)	Any transfer of Securities shall be in an amount equal to U.S.$200,000 or any integral multiple of U.S.$1,000
in excess thereof.

 

     - 34 -

     

    

 

[Attached to each Certificate:]

 

[Terms
and Conditions as set out in the [     ] Schedule]

 

[At the foot of the Terms and Conditions:]

 

FISCAL AGENT, PAYING AND TRANSFER AGENT AND REGISTRAR

 

The Hongkong and Shanghai
Banking Corporation Limited 

30th
Floor, HSBC Building 

1 Queen’s Road
Central 

Hong Kong

 

     - 35 -

     

    

 

SCHEDULE 3 

TERMS AND CONDITIONS OF THE SECURITIES

 

The following, subject to amendment and save
for the paragraphs in italics, are the Terms and Conditions of the Securities, substantially as they will appear on the reverse of each
of the definitive certificates evidencing the Securities.

 

The
U.S.$200,000,000 5.50 per cent. subordinated perpetual capital securities (the "Securities", which expression includes
any further securities issued pursuant to Condition 13 (Further issues)
and forming a single series therewith) of FWD Limited (the "Issuer") are constituted by a deed of covenant dated 1 February 2018
(as amended or supplemented from time to time, the "Deed of Covenant") entered into by the Issuer and are the subject
of a fiscal agency agreement dated 1 February 2018 (as amended or supplemented from time to time, the "Agency Agreement")
between the Issuer, The Hongkong and Shanghai Banking Corporation Limited as registrar (the "Registrar", which expression
includes any successor registrar appointed from time to time in connection with the Securities), The Hongkong and Shanghai Banking Corporation
Limited as fiscal agent (the "Fiscal Agent", which expression includes any successor fiscal agent appointed from time
to time in connection with the Securities), the transfer agent named therein (the "Transfer Agent", which expression
includes any successor or additional transfer agent appointed from time to time in connection with the Securities), the paying agents
named therein (together with the Fiscal Agent, the "Paying Agents", which expression includes any successor or additional
paying agents appointed from time to time in connection with the Securities) and The Hongkong and Shanghai Banking Corporation Limited
as calculation agent (the "Calculation Agent", which expression includes any successor or additional calculation agents
appointed from time to time in connection with the Securities). References herein to the "Agents" are to the Registrar,
the Fiscal Agent, the Transfer Agent, the Paying Agents and the Calculation Agent and any reference to an "Agent" is
to any one of them. Certain provisions of these terms and conditions (the "Conditions") are summaries of the Agency Agreement
and the Deed of Covenant and subject to their detailed provisions. The Holders (as defined in Condition 3(a) (Register,
Title and Transfers – Register)) are bound by, and are deemed to have
notice of, all the provisions of the Agency Agreement and the Deed of Covenant applicable to them. Copies of the Agency Agreement and
the Deed of Covenant are available for inspection by Holders with prior written notice during normal business hours at the principal office
for the time being of the Fiscal Agent, being at the date hereof 30th Floor, HSBC Building, 1 Queen's Road Central, Hong Kong and at the
Specified Offices (as defined in the Agency Agreement) of each of the Agents, the initial Specified Offices of which are set out below.

 

		1.	Form and
Denomination

 

The Securities are in registered form
in the denomination of U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof (each, an "Authorised Denomination").

 

		2.	Status
and Subordination of the Securities

 

		(a)	Status of the Securities: The Securities
constitute direct, unsecured and subordinated obligations of the Issuer which rank pari passu and
without any preference or priority of payment among themselves and with any Parity Obligations (as defined in Condition 4(h) (Distribution
 –Definitions)) of the Issuer. The rights and claims of the Holders
in respect of the Securities are subordinated as provided in this Condition 2.

 

     - 36 -

     

    

 

		(b)	Ranking of claims in respect of the Securities:
In the event of the Winding-Up (as defined in Condition 8(e) (Non-payment – Definitions)
of the Issuer, the rights and claims of the Holders in respect of the Securities shall rank ahead of those persons whose claims are in
respect of any Junior Obligations of the Issuer, but shall be subordinated in right of payment to the claims of all other present and
future senior and subordinated creditors of the Issuer, other than the claims of holders of Parity Obligations of the Issuer.

 

		(c)	Set-off – Securities:
Subject to applicable laws, no Holder may exercise, claim or plead any right of set-off, deduction, withholding or retention in respect
of any amount owed to it by the Issuer in respect of, or arising under or in connection with the Securities, and each Holder shall, by
virtue of his holding of any Securities, be deemed to have waived all such rights of set-off, deduction, withholding or retention against
the Issuer. Notwithstanding the preceding sentence, if any of the amounts owing to any Holder by the Issuer in respect of, or arising
under or in connection with the Securities is discharged by set-off, such Holder shall, subject to applicable law, immediately pay an
amount equal to the amount of such discharge to the Issuer (or, in the event of its Winding-Up or administration, the liquidator or, as
appropriate, administrator of the Issuer) and, until such time as payment is made, shall hold such amount in trust for the Issuer (or
the liquidator or, as appropriate, administrator of the Issuer) and accordingly any such discharge shall be deemed not to have taken place.

 

		3.	Register,
Title and Transfers

 

		(a)	Register: The Registrar will maintain
a register (the "Register") in respect of the Securities outside the United Kingdom in accordance with the provisions
of the Agency Agreement. In these Conditions, the "Holder" of a Security means the person in whose name such Security
is for the time being registered in the Register (or, in the case of a joint holding, the first named thereof). A certificate (each, a
 "Certificate") will be issued to each Holder in respect of its registered holding. Each Certificate will be numbered
serially with an identifying number which will be recorded in the Register.

 

Upon issue, the Securities will be
represented by a Global Certificate registered in the name of, and deposited with, a nominee of a common depositary for Euroclear and
Clearstream. The Terms and Conditions are modified by certain provisions contained in the Global Certificate. See "The Global Certificate".

 

		(b)	Title: The Holder of each Security shall
(except as otherwise required by law) be treated as the absolute owner of such Security for all purposes (whether or not it is overdue
and regardless of any notice of ownership, trust or any other interest therein, any writing on the Certificate relating thereto (other
than the endorsed form of transfer) or any notice of any previous loss or theft of such Certificate) and no person shall be liable for
so treating such Holder. No person shall have any right to enforce any term or condition of the Securities under the Contracts (Rights
of Third Parties) Act 1999.

 

		(c)	Transfers: Subject to paragraphs
                                                                                                                              (f) (Closed periods) and (g) (Regulations
                                                                                                                              concerning transfers and registration) below, a Security may be
                                                                                                                              transferred upon surrender of the relevant Certificate, with the endorsed form of transfer duly completed, at the Specified Office
                                                                                                                              of the Registrar or any Transfer Agent, together with such evidence as the Registrar or (as the case may be) such Transfer Agent may
                                                                                                                              reasonably require to prove the title of the transferor and the authority of the individuals who have executed the form of transfer; provided, however,
that a Security may not be transferred unless the principal amount of Securities transferred and (where not all of the Securities
held by a Holder are being transferred) the principal amount of the balance of Securities not transferred are Authorised Denominations.
Where not all the Securities represented by the surrendered Certificate are the subject of the transfer, a new Certificate in respect
of the balance of the Securities will be issued to the transferor.

 

     - 37 -

     

    

 

Transfers of interests in the Securities
evidenced by the Global Certificate will be effected in accordance with the rules of the relevant clearing systems.

 

		(d)	Registration and delivery of Certificates:
Within five business days of the surrender of a Certificate in accordance with paragraph (c) (Transfers)
above, the Registrar will register the transfer in question and deliver a new Certificate of a like principal amount to the Securities
transferred to each relevant Holder at its Specified Office or (as the case may be) the Specified Office of any Transfer Agent or (at
the request and risk of any such relevant Holder) by uninsured first class mail (airmail if overseas) to the address specified for the
purpose by such relevant Holder. In this paragraph, "business day" means a day, excluding a Saturday and a Sunday, on
which commercial banks are open for general business (including dealings in foreign currencies) in the city where the Registrar or (as
the case may be) the relevant Transfer Agent has its Specified Office.

 

Except in the limited circumstances
described herein (see "The Global Certificate"), owners of interests in the Securities will not be entitled to receive physical
delivery of Certificates.

 

		(e)	No charge: The transfer of a Security
will be effected without charge by or on behalf of the Issuer, the Registrar or any Transfer Agent but against such indemnity as the Registrar
or (as the case may be) such Transfer Agent may require in respect of any tax or other duty of whatsoever nature which may be levied or
imposed in connection with such transfer.

 

		(f)	Closed periods: Holders may not require
transfers to be registered during (i) the period of 15 days ending on the due date for any payment of principal or Distribution (as
defined in Condition 4(a) (Distribution – Accrual of Distribution))
in respect of the Securities or (ii) during the period of 15 days ending on (and including) any date on which the Securities may
be called for redemption by the Issuer at its option pursuant to Condition 5 (Redemption).

 

		(g)	Regulations concerning transfers and registration:
All transfers of Securities and entries on the Register are subject to the detailed regulations concerning the transfer of Securities
scheduled to the Agency Agreement. The parties to the Agency Agreement may agree, without the consent of the Holders, to any modifications
to any provisions thereof (including the regulations concerning the transfer of Securities). A copy of the current regulations will be
mailed (free of charge) by the Registrar to any Holder who requests in writing a copy of such regulations.

 

		(h)	Information Undertaking: So long as
                                                                                                                              any Security remains outstanding, the Issuer shall upload to its public website and provide to the Fiscal Agent to make available to
                                                                                                                              the Holders (A) its audited annual consolidated financial statements within forty five (45) days of the date on which the board
                                                                                                                              of directors of the Issuer approves the financial statements for the end of
the fiscal year to which they relate; and (B) its unaudited semi-annual consolidated financial statements within forty five (45)
days of the date on which the board of directors of the Issuer approves the unaudited semi-annual consolidated financial statements from
the end of the fiscal period to which they relate.

 

     - 38 -

     

    

 

		4.	Distribution

 

		(a)	Distribution: Subject to Condition 4(e) (Distribution
 – Distribution Cancellation), the Securities confer a right to receive
distribution (each a "Distribution") from 1 February 2018 (the "Issue Date") at the Distribution
Rate in accordance with this Condition 4 (Distribution). Subject
to Condition 4(e) (Distribution – Distribution Cancellation),
Distribution shall be payable on the Securities semi-annually in arrear in equal instalments on 1 February and 1 August of each
year (each, a "Distribution Payment Date"), with the first Distribution Payment Date falling on 1 August 2018.

 

Distributions
which are not paid and cancelled in accordance with Condition 4(e) (Distribution – Distribution Cancellation)
are non-cumulative and will not accumulate or compound and Holders will have no right to receive such Distributions at any time or be
entitled to any claim in respect thereof against the Issuer, even if subsequent Distributions are paid in the future. Unless otherwise
provided for in these Conditions, each Security will cease to confer the right to receive any Distribution from the due date for redemption
unless, upon due presentation, payment of the full amount due is improperly withheld or refused. In such latter event, Distribution will
continue to accrue at the applicable Distribution Rate (after as well as before any judgment) up to but excluding whichever is the earlier
of (i) the date on which all sums due in respect of any Security are received by or on behalf of the relevant Holder and (ii) the
day which is seven days after the Fiscal Agent has notified the Holders that it has received all sums due in respect of the Securities
up to such seventh day (except to the extent that there is a failure in the subsequent payment to the relevant Holders under these Conditions).

 

The amount of Distribution payable on
each Distribution Payment Date shall be calculated by applying the prevailing Distribution Rate to the Calculation Amount, multiplying
the product by the relevant Day Count Fraction, rounding the resulting figure to the nearest cent (half a cent being rounded upwards)
and multiplying such rounded figure by a fraction equal to the Authorised Denomination of such Security divided by the Calculation Amount,
where "Calculation Amount" means U.S.$1,000 and "Day Count Fraction" means, in respect of any period,
the number of days in the relevant period divided by 360 (the number of days to be calculated on the basis of a year of 360 days with
12 30-day months).

 

Distribution
payable under this Condition will be paid in accordance with Condition 6 (Payments).

 

		(b)	Rate of Distribution: Subject to Condition
4(d) (Increase in Distribution following a Change of Control),
the rate of distribution ("Distribution Rate") applicable to the Securities shall be:

 

		(i)	from, and including, the Issue Date to, but excluding, 1 February 2023 (the "First Call Date"),
5.50 per cent. per annum; and

 

     - 39 -

     

    

 

		(ii)	thereafter, in respect of the period from, and including, the First Call Date and each Reset Date falling
thereafter to, but excluding, the immediately following Reset Date (each a "Reset Period"), at the relevant Reset Distribution
Rate.

 

		(c)	Distribution Rate Determination: The Calculation
Agent will, on the relevant Calculation Date, determine the relevant Reset Distribution Rate in respect of the Securities. The Calculation
Agent will cause such Reset Distribution Rate determined by it to be notified to the Fiscal Agent, each of the Paying Agents and the Holders
as soon as possible after their determination but in any event no later than the fourth business day thereafter. If the Securities become
due and payable under Condition 8 (Non-payment), the relevant Reset
Distribution Rate and Distribution accrued per Calculation Amount shall nevertheless continue to be determined by the Calculation Agent
in accordance with this Condition 4 (Distribution) but no publication
of such Reset Distribution Rate so calculated need be made. All notifications, opinions, determinations, certificates, calculations, quotations
and decisions given, expressed, made or obtained for the purposes of this Condition 4 (Distribution)
by the Calculation Agent will (in the absence of manifest error) be binding on the Issuer, the Agents and the Holders and (subject as
aforesaid) no liability will attach to the Calculation Agent in connection with the exercise or non-exercise by it of its powers, duties
and discretions for such purposes.

 

		(d)	Increase
                                            in Distribution following a Change of Control: Upon
                                            the occurrence of a Change of Control, unless an irrevocable notice to redeem the Securities
                                            has been given to Holders by the Issuer pursuant to Condition 5(f) (Redemption
                                            — Redemption upon a Change of Control)
                                            by the 30th day following the occurrence of the Change of Control, the Distribution
                                            Rate will increase by 5.00 per cent. per annum from the then prevailing Distribution Rate
                                            with effect from (i) the next Distribution Payment Date; or (ii) if the date on
                                            which a Change of Control occurs is prior to the most recent preceding Distribution Payment
                                            Date, such Distribution Payment Date.

 

		(e)	Distribution cancellation: the Issuer
may, at its sole discretion, elect to cancel any payment of a Distribution, in whole or in part, by giving a notice to the Holders signed
by two directors of the Issuer, which shall be conclusive and binding on the Holders, of such election, in accordance with Condition 14
(Notices), and to the Fiscal Agent and the other Agents, no less
than five but not more than ten business days prior to the relevant Distribution Payment Date. The Issuer shall have no obligation to
pay any Distribution on any Distribution Payment Date if it validly elects not to do so in accordance with this Condition 4(e). Distributions
are non-cumulative and any Distribution that is cancelled shall therefore not be payable at any time thereafter, whether in a Winding-Up
or otherwise. For the purposes of this Condition 4(e), “business day” means a day (other than a Saturday, Sunday and
public holiday) on which commercial banks and foreign exchange markets are open for general business in London and Hong Kong.

 

		(f)	Restrictions in the case of cancellation:
If on any Distribution Payment Date, payment of all Distribution payments scheduled to be made on such date is not made in full by reason
of Condition 4(e) (Distribution – Distribution cancellation),
the Issuer shall not, and shall procure that none of its Subsidiaries will, prior to the next scheduled Distribution Payment Date:

 

     - 40 -

     

    

 

		(i)	declare, pay or make any discretionary dividends,
distributions or make any other discretionary payment on, and will procure that no discretionary dividend, distribution or other discretionary
payment is declared, paid or made on any Junior Obligations or Parity Obligations (except, in relation to the Parity Obligations of the
Issuer, where such dividend, distribution or other payment is made on a pro rata basis
with payment on the Securities), provided that such restriction shall not apply (i) to payments declared, paid or made in
respect of an employee benefit plan or similar arrangement with or for the benefit of employees, officers, directors or consultants or
(ii) in relation to a declaration or payment in respect of Parity Obligations only, where the Issuer undertakes to, within five Business
Days of such declaration, payment or making of discretionary dividends, distributions or any other discretionary payment, irrevocably
pay a sum equal to at least the amount of Distribution payable on the next subsequent Distribution Payment Date (x) to the Holders
or (y) to a segregated account secured for the benefit of the Holders; or

 

		(ii)	redeem, reduce, cancel, buy-back or acquire at
its discretion for any consideration any Junior Obligations or Parity Obligations (except, in relation to the Parity Obligations of the
Issuer, where such redemption, reduction, cancellation or buy-back is made on a pro rata basis
with a pro rata purchase of Securities), provided that such
restriction shall not apply (i) to an exchange or conversion of any Parity Obligations in whole for Junior Obligations or a repurchase
or other acquisition of any securities in respect of an employee benefit plan or similar arrangement with or for the benefit of employees,
officers, directors or consultants or (ii) to any redemption, reduction, cancellation, buy-back or acquisition under any Parity Obligations,
provided that the Issuer shall, within five Business Days of such redemption, reduction, cancellation, buy-back or acquisition
under such Parity Obligation, irrevocably pay a sum equal to the lesser of (x) the principal amount of the Securities then outstanding,
and (y) the principal amount of Parity Obligations to be redeemed, reduced, cancelled, bought back or acquired (which in the case
of any preference shares or convertible preference shares shall be the amount payable to the holders thereof on redemption, reduction,
cancellation, buy back or acquisition, as the case may be), to a segregated account secured for the benefit of the Holders.

 

unless and until permitted to do so by an Extraordinary Resolution
(as defined in the Agency Agreement) of the Holders.

 

		(g)	No default: Notwithstanding any other
provision in these Conditions, the cancellation of any Distribution payment in accordance with Condition 4(e) (Distribution
 – Distribution cancellation) shall not constitute a default for any
purpose (including, without limitation, pursuant to Condition 8 (Non-payment))
on the part of the Issuer.

 

		(h)	Definitions: For the purposes of these
Conditions:

 

"Accounting Event"
means that an opinion of a recognised accountancy firm of international standing has been delivered to the Issuer and the Fiscal Agent,
stating that as a result of a change or amendment to IFRS or any other generally accepted accounting standards adopted by the Issuer
(the "Relevant Accounting Standard"), the Securities must not or must no longer be recorded as "equity"
of the Issuer pursuant to the Relevant Accounting Standard;

 

     - 41 -

     

    

 

"Affiliate" means (i) Richard
Li and all entities and persons that are subject to the Control of Richard Li and (ii) any publicly traded company (or any of its
subsidiaries) where Richard Li is either (a) the chairman of such publicly traded company or (b) directly or indirectly (whether
through beneficial ownership, trusts with which he is connected to or otherwise) the largest effective voting interest holder in such
publicly traded company;

 

"Business Day" means
any day, excluding a Saturday and a Sunday, on which banks are open for general business (including dealings in foreign currencies) in
Hong Kong and New York;

 

"Calculation Date"
means the date falling two New York Business Days prior to each Reset Date;

 

		A	"Change of Control" occurs when:

 

		(i)	Mr. Richard Li or any Affiliate ceases to Control the Issuer;

 

		(ii)	any Person or Persons, other than Mr. Richard Li or any Affiliate, acting together acquires Control
of the Issuer; or

 

		(iii)	the Issuer consolidates with or merges into or sells or transfers all or substantially all of its assets
to any other Person, unless the consolidation, merger, sale or transfer will not result in the other Person or Persons acquiring Control
over the Issuer or the successor entity;

 

"Comparable Treasury Issue"
means the U.S. Treasury security selected by the Issuer as having a maturity of 5 years that would be utilised, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities with a maturity of 5 years;

 

"Comparable Treasury Price" means:

 

		(i)	the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) on the third New York Business Day preceding the relevant Reset Date, as set forth in the daily statistical
release (of any successor release) published by the Federal Reserve Bank of New York and designated "Composite 3:30 p.m. Quotations
for U.S. Government Securities"; or

 

		(ii)	if such release (or any successor release) is not published or does not contain such prices on such New
York Business Day, (i) the average of the Reference Treasury Dealer Quotations for the relevant Reset Date, after excluding the highest
and lowest of such Reference Treasury Dealer Quotations, or (ii) if fewer than three such Reference Treasury Dealer Quotations are
available, the average of all such quotations, if the Comparable Treasury Price cannot be determined in accordance with the above provisions,
as determined by the Independent Investment Bank;

 

     - 42 -

     

    

 

"Control" means the
acquisition or control of more than 50 per cent. of the voting rights of the issued share capital of the Issuer or the right to appoint
and/or remove all or the majority of the members of the Issuer's board of directors or other governing body, whether held or obtained
directly or indirectly, and whether held or obtained by ownership of share capital, the possession of voting rights, contract or otherwise
and the terms "Controlling" and "Controlled" shall have meanings correlative to the foregoing;

 

"Distribution Period"
means each period commencing on, and including, the Issue Date or any Distribution Payment Date and ending on, but excluding, the next
following Distribution Payment Date;

 

An "Equity Credit Classification
Event" means an amendment, clarification or change having occurred in the methodology of a Rating Agency, which amendment, clarification
or change results in the Securities being assigned a lower equity credit than the equity credit assigned to the Securities immediately
prior to such amendment, clarification or change;

 

"IFRS" means International Financial Reporting
Standards;

 

"Independent Investment Bank"
means an independent investment bank of international repute (acting as an expert) selected by the Issuer (at the expense of the Issuer)
and notified to the Fiscal Agent and Calculation Agent in writing;

 

"Initial
Public Offering" means the first offering and listing of shares of a holding company of the Issuer, that complies with the rules of
the relevant Stock Exchange, provided that such offer of shares
is for subscription or sale exclusively for cash, accompanied (or preceded) by the grant of listing of, and permission to deal, in such
shares by the Stock Exchange;

 

"Initial Spread" means 3.075 per cent;

 

"Junior
Obligation" means the ordinary shares of the Issuer or any other securities ranking pari passu therewith;

 

"New York Business Day"
means any day, excluding a Saturday and a Sunday, on which banks are open for general business (including dealings in foreign currencies)
in New York;

 

"Parity
Obligation" means any instrument or security (including preference shares) issued, entered into or guaranteed by the Issuer which
ranks or is expressed to rank, by its terms or by operation of law, pari passu with
the Securities;

 

"Person" means any
individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organisation, limited liability
company, government or any agency or political subdivision thereof or any other entity;

 

"Rating Agency" means one of Fitch Ratings
Limited, Moody's Investors Service, Inc. or any of their respective successors;

 

     - 43 -

     

    

 

"Reference Treasury Dealer"
means each of any three investment banks of recognised standing that is a primary U.S. Government securities dealer in New York, selected
by the Issuer (at the expense of the Issuer);

 

"Reference
Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any Reset Date, the average as determined
by the Calculation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Calculation Agent by such Reference Treasury Dealer at 5:00 p.m. on the third business
day pursuant to Condition 4 (Distribution)) preceding such Reset
Date;

 

"Reset Date" means
the First Call Date and each date that falls five, or a multiple of five, years following the First Call Date;

 

"Reset Distribution Rate"
means, in respect of any respective Reset Period, the sum of (x) the U.S. Treasury Benchmark Rate in relation to that Reset Period
and (y) the Initial Spread;

 

"Special
Event Redemption Price" means (a) prior to the First Call Date, 101 per cent. of the outstanding principal amount or (b) subsequent
to the First Call Date, the outstanding principal amount, in each case together with, subject to Condition 4(e) (Distribution
 – Distribution Cancellation), Distribution accrued but unpaid to the
date fixed for redemption;

 

"Stock Exchange" means
The Stock Exchange of Hong Kong Limited or any other internationally recognised stock exchange;

 

"Subsidiary" or "Subsidiaries"
of any Person means:

 

		(i)	any corporation, association or other business entity (other than a partnership, joint venture, limited
liability company or similar entity) of which more than 50 per cent. of the total ordinary voting power of shares of capital stock entitled
(without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof (or persons performing
similar functions); or

 

		(ii)	any partnership, joint venture limited liability company or similar entity of which more than 50 per cent.
of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable,
is, in the case of clauses (a) and (b), at the time owned or controlled, directly or indirectly, by (1) such Person, (2) such
Person and one or more Subsidiaries of such Person or (3) one or more Subsidiaries of such Person; and

 

     - 44 -

     

    

 

"U.S.
Treasury Benchmark Rate" means the rate notified by the Calculation Agent to the Issuer and the Holders (in accordance with
Condition 14 (Notices)) in per cent. per annum equal to the
yield, under the heading that represents the average for the week ending two New York Business Days prior to each Reset Date for
calculating the Distribution Rate under sub-paragraphs (b)(ii) and (iii) (Rate of Distribution)
of Condition 4 (Distribution), appearing in the most recently
published statistical release designated                     "H.15(519)"                    
(weblink: http://www.federalreserve.gov/releases/h15/current/default.htm) or any successor publication
that is published weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded US
Treasury securities adjusted to constant maturity under the caption "Treasury constant maturities" for the maturity
corresponding to the Comparable Treasury Issue. If such release (or any successor release) is not published during the week
preceding the relevant date for calculation or does not contain such yields, "U.S. Treasury Benchmark Rate" means
the rate in per cent. per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated
using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
Price for the applicable Reset Date under paragraph Condition 4(b) (Distribution - Rate
of Distribution);

 

		5.	Redemption

 

		(a)	No fixed redemption date: The Securities
are perpetual securities in respect of which there is no fixed redemption date and the Issuer shall (subject to the provisions of Condition
2 (Status and Subordination of the Securities) and without prejudice
to Condition 8 (Non-payment)), only have the right to redeem or
purchase them in accordance with the following provisions of this Condition 5.

 

		(b)	Redemption for tax reasons: The Securities
may be redeemed at the option of the Issuer in whole, but not in part, at any time, on giving not less than 30 nor more than 60 days'
notice to the Holders (which notice shall be irrevocable), the Registrar and the Fiscal Agent at their principal amount, together with,
subject to Condition 4(e) (Distribution – Distribution Cancellation),
Distribution accrued to the date fixed for redemption, if (A) the Issuer has or will become obliged to pay additional amounts as
provided or referred to in Condition 7 (Taxation) as a result of
any change in, or amendment to, the laws or regulations of the Cayman Islands or Hong Kong or any political subdivision or any authority
thereof or therein having power to tax, or any change in the application or official interpretation of such laws or regulations (including
a holding by a court of competent jurisdiction), which change or amendment becomes effective on or after 25 January 2018; and (B) such
obligation cannot be avoided by the Issuer taking reasonable measures available to it provided, however, that no such notice of
redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer would be obliged to pay such additional
amounts if a payment in respect of the Securities were then due.

 

Prior to the publication of any notice of redemption pursuant
to this Condition 5(b), the Issuer shall deliver or procure that there is delivered to the Fiscal Agent:

 

		(i)	a certificate, signed by two directors of the
Issuer, stating that the circumstances referred to in (A) and (B) above prevail and setting out the details of such circumstances;
and

 

		(ii)	an opinion of independent legal advisers of recognised standing to the effect that the Issuer has or will
become obliged to pay such additional amounts as a result of such change or amendment, provided that the Fiscal Agent may accept such
certificate or opinion without further investigation or enquiry.

 

Upon the expiry of any such notice as is referred to in this
Condition 5(b), the Issuer shall be bound to redeem the Securities in accordance with this Condition 5(b).

 

     - 45 -

     

    

 

		(c)	Redemption upon a ratings event: The Securities
may be redeemed at the option of the Issuer in whole, but not in part, at any time, on giving not less than 30 nor more than 60 days'
notice to the Holders (which notice shall be irrevocable), the Registrar and the Fiscal Agent upon the occurrence of an Equity Credit
Classification Event at the Special Event Redemption Price.

 

Prior to the publication of any notice
of redemption pursuant to this Condition 5(c), the Issuer shall deliver or procure that there is delivered to the Fiscal Agent a certificate
signed by two directors of the Issuer stating that the circumstances referred to above prevail and setting out the details of such circumstances.

 

Upon the expiry of any such notice as
is referred to in this Condition 5(c), the Issuer shall be bound to redeem the Securities in accordance with this Condition 5(c), provided
that such date for redemption shall be no earlier than the last day before the date on which the Securities be assigned a lower category
of equity credit.

 

		(d)	Redemption for accounting reasons: The
Securities may be redeemed at the option of the Issuer in whole, but not in part, at any time, on giving not less than 30 nor more than
60 days' notice to the Holders (which notice shall be irrevocable), the Registrar and the Fiscal Agent upon the occurrence of an Accounting
Event at the Special Event Redemption Price.

 

Prior to the publication of any notice of redemption pursuant
to this Condition 5(d), the Issuer shall deliver or procure that there is delivered to the Fiscal Agent:

 

		(i)	a certificate, signed by two directors of the
Issuer, stating that the circumstances referred to above prevail and setting out the details of such circumstances; and

 

		(ii)	an opinion of the Issuer's independent auditors stating that the circumstances referred to above prevail
and the date on which the relevant change or amendment to the Relevant Accounting Standard is due to take effect, provided that the Fiscal
Agent may accept such certificate or opinion without further investigation or enquiry,

 

provided,
however that no notice of redemption may be given under this Condition 5(d) earlier than 90 days prior to the date on
which the relevant change or amendment to the Relevant Accounting Standard is due to take effect in relation to the Issuer.

 

Upon the expiry of any such notice as
is referred to in this Condition 5(d), the Issuer shall be bound to redeem the Securities in accordance with this Condition 5(d) provided
that such date for redemption shall be no earlier than the last day before the date on which the Securities must not or must no longer
be so recorded as "equity" of the Issuer pursuant to the Relevant Accounting Standard.

 

		(e)	Redemption at the option of the Issuer:
The Securities may be redeemed at the option of the Issuer in whole, but not in part, on the Distribution Payment Date falling in 1 February 2023
or on any Distribution Payment Date thereafter (each, a "Call Settlement Date") on the Issuer's giving not less than
30 nor more than 60 days' notice to the Holders (which notice shall be irrevocable and shall oblige the Issuer to redeem the Securities
on the relevant Call Settlement Date at their principal amount plus,
subject to Condition 4(e) (Distribution – Distribution Cancellation),
Distribution accrued to such date).

 

     - 46 -

     

    

 

		(f)	Redemption upon a Change of Control: The
Securities may be redeemed at the option of the Issuer in whole, but not in part, at any time, on giving not less than 30 nor more than
60 days' notice to the Holders (which notice shall be irrevocable), the Registrar and the Fiscal Agent upon the occurrence of a Change
in Control at the Special Event Redemption Price.

 

The Issuer intends that, prior to
or concurrent with exercising its redemption right set out in this Condition 5(f), it will make an offer to all unsubordinated creditors,
present and future, of the Issuer and all subordinated creditors of the Issuer other than those whose claims (whether only in the event
of the Winding-up of the Issuer or otherwise) are in respect of Junior Obligations or Parity Obligations (the "Senior Creditors")
to repurchase any current or future indebtedness of the Issuer to Senior Creditors, in the form of, or represented or evidenced by bonds,
notes, debentures or other similar securities or instruments (or a guarantee thereof) which does not include protection for the holders
thereof in the event of a change of control (however defined) (the "Relevant Securities") at the lower of (i) their
market value or (ii) par plus accrued interest.

 

		(g)	Redemption upon an initial public offering:
The Securities may be redeemed at the option of the Issuer in whole, but not in part, at any time, on giving not less than 30 nor more
than 60 days' notice to the Holders (which notice shall be irrevocable), the Registrar and the Fiscal Agent, at the Special Event Redemption
Price if an Initial Public Offering has occurred.

 

		(h)	Redemption for minimum outstanding amount:
The Securities may be redeemed at the option of the Issuer in whole, but not in part, at any time on giving not less than 30 nor more
than 60 days' notice to the Holders (which notice will be irrevocable), the Registrar and the Fiscal Agent at their principal amount,
together with Distribution accrued to the date fixed for redemption if prior to the date of such notice at least 80 per cent. in principal
amount of the Securities originally issued (including any further Securities issued pursuant to Condition 13 (Further Issues)
and consolidated and forming a single series with the Securities) has already been redeemed or purchased and cancelled.

 

		(i)	No other redemption: The Issuer shall
not be entitled to redeem the Securities and shall have no obligation to make any payment of principal in respect of the Securities otherwise
than as provided in Conditions 5(b) (Redemption for tax reasons)
to 5(h) (Redemption for minimum outstanding amount) above.

 

		(j)	Cancellation: All Securities so redeemed
by the Issuer shall be cancelled and may not be reissued or resold.

 

The Fiscal Agent shall not be required
to take any steps to ascertain whether any events as described in this Condition 5 have occurred and shall not be responsible or liable
to the Holders, the Issuer, or any other person for any loss arising from any failure to do so.

 

     - 47 -

     

    

 

		6.	Payments

 

		(a)	Principal: Payments of principal shall
be made in U.S. dollars by U.S. dollar cheque drawn on, or, upon application by a Holder of a Security to the Specified Office of the
Fiscal Agent not later than the fifteenth day before the due date for any such payment, by transfer to a U.S. dollar account (in the case
of redemption) upon surrender (or, in the case of part payment only, endorsement) of the relevant Certificates at the Specified Office
of any Paying Agent.

 

		(b)	Distribution: Payments of Distribution
shall be made in U.S. dollars by U.S. dollar cheque drawn on, or upon application by a Holder of a Security to the Specified Office of
the Fiscal Agent not later than the fifteenth day before the due date for any such payment, by transfer to a U.S. dollar account (in the
case of Distribution payable on redemption) upon surrender (or, in the case of part payment only, endorsement) of the relevant Certificates
at the Specified Office of any Paying Agent.

 

		(c)	Payments subject to fiscal laws: All payments
in respect of the Securities are subject in all cases to (i) any applicable fiscal or other laws and regulations in the place of
payment, but without prejudice to the provisions of Condition 7 (Taxation)
and (ii) any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the U.S. Internal
Revenue Code of 1986 (the "Code") or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any regulations
or agreements thereunder, any official interpretations thereof, or (without prejudice to the provisions of Condition 7 (Taxation))
any law implementing an intergovernmental approach thereto. No commissions or expenses shall be charged to the Holders in respect of such
payments.

 

		(d)	Payments on business days: Where payment
is to be made by transfer to a U.S. dollar account, payment instructions (for value the due date, or, if the due date is not a business
day, for value the next succeeding business day) will be initiated and, where payment is to be made by U.S. dollar cheque, the cheque
will be mailed (i) (in the case of payments of principal and Distribution payable on redemption) on the later of the due date for
payment and the day on which the relevant Certificate is surrendered (or, in the case of part payment only, endorsed) at the Specified
Office of a Paying Agent and (ii) (in the case of payments of Distribution payable other than on redemption) on the due date for
payment. A Holder of a Security shall not be entitled to any Distribution or other payment in respect of any delay in payment resulting
from (A) the due date for a payment not being a business day or (B) a cheque mailed in accordance with this Condition 6 (Payments)
arriving after the due date for payment or being lost in the mail. In this paragraph, "business day" means any day, other
than a Saturday and a Sunday, on which banks are open for general business (including dealings in foreign currencies) in New York City
and Hong Kong and, in the case of surrender (or, in the case of part payment only, endorsement) of a Certificate, in the place in which
the Certificate is surrendered (or, as the case may be, endorsed).

 

		(e)	Partial payments: If a Paying Agent makes
a partial payment in respect of any Security, the Issuer shall procure that the amount and date of such payment are noted on the Register
and, in the case of partial payment upon presentation of a Certificate, that a statement indicating the amount and the date of such payment
is endorsed on the relevant Certificate.

 

     - 48 -

     

    

 

		(f)	Record date: Each payment in respect of
a Security will be made to the person shown as the Holder in the Register at the opening of business in the place of the Registrar's Specified
Office on the fifteenth day before the due date for such payment (the "Record Date"). Where payment in respect of a Security
is to be made by cheque, the cheque will be mailed to the address shown as the address of the Holder in the Register at the opening of
business on the relevant Record Date.

 

So long as the Securities are represented
by the Global Certificate, each payment will be made to, or to the order of, the person whose name is entered on the Register at the close
of business on the Clearing System Business Day immediately prior to the date of payment, where "Clearing System Business Day"
means a weekday (Monday to Friday, inclusive) except 25 December and 1 January.

 

		(g)	Calculations: The Agents shall not be
responsible for calculating or verifying the calculations of any amount payable under any notice of redemption and shall not be liable
to the Holders or any other person for not doing so.

 

		7.	Taxation

 

All payments of principal and Distribution
in respect of the Securities by or on behalf of the Issuer shall be made free and clear of, and without withholding or deduction for or
on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected,
withheld or assessed by or on behalf of the Cayman Islands or Hong Kong or any political subdivision thereof or any authority therein
or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments or governmental charges is as required
by law. In that event the Issuer shall pay such additional amounts as will result in receipt by the Holders of such amounts after such
withholding or deduction as would have been received by them had no such withholding or deduction been required, except that no such additional
amounts shall be payable in respect of any Security:

 

		(i)	held by a Holder which is liable to such taxes,
duties, assessments or governmental charges in respect of such Security by reason of its having some connection with the jurisdiction
by which such taxes, duties, assessments or charges have been imposed, levied, collected, withheld or assessed other than the mere holding
of the Security; or

 

		(ii)	where (in the case of a payment of principal or Distribution on redemption) the relevant Certificate is
surrendered for payment more than 30 days after the Relevant Date except to the extent that the relevant Holder would have been entitled
to such additional amounts if it had surrendered the relevant Certificate on the last day of such period of 30 days.

 

In these Conditions, "Relevant
Date" means whichever is the later of (1) the date on which the payment in question first becomes due and (2) if the
full amount payable has not been received in New York City by the Fiscal Agent on or prior to such due date, the date on which (the full
amount having been so received) notice to that effect has been given to the Holders.

 

Any
reference in these Conditions to principal or Distribution shall be deemed to include any additional amounts in respect of principal or
Distribution (as the case may be) which may be payable under this Condition 7 (Taxation).

 

     - 49 -

     

    

 

If the Issuer becomes subject at any
time to any taxing jurisdiction other than the Cayman Islands or Hong Kong, respectively, references in these Conditions to the Cayman
Islands or Hong Kong shall be construed as references to the Cayman Islands or (as the case may be) Hong Kong and/or such other jurisdiction.

 

The Agents shall not be responsible
for paying any tax, duty, charges, withholding or other payment referred to in this Condition 7 or for determining whether such amounts
are payable or the amount thereof, and none of them shall be responsible or liable for any failure by the Issuer, any Holder or any third
party (i) to pay such tax, duty, charges, withholding or other payment in any jurisdiction or (ii) to provide any notice or
information to the Agents that would permit, enable or facilitate the payment of any principal, premium (if any), interest or other amount
under or in respect of the Securities without deduction or withholding for or on account of any tax, duty, charge, withholding or other
payment imposed by or in any jurisdiction.

 

		8.	Non-payment

 

		(a)	Non-payment when due: Notwithstanding
any of the provisions below in this Condition 8, the right to institute Winding-Up (as defined in Condition 8(e) (Non-payment
 – Definitions)) proceedings is limited to circumstances where payment
has become due and is unpaid. In the case of any Distribution, such Distribution will not be due if the Issuer has elected to cancel that
Distribution in accordance with Condition 4(e) (Distribution – Distribution Cancellation).

 

		(b)	Proceedings for Winding-Up: If (i) an
order is made or an effective resolution is passed for the Winding-Up of the Issuer or (ii) the Issuer shall not make payment in
respect of the Securities for a period of ten days or more after the date on which such payment is due, the Issuer shall be deemed to
be in default under the Securities and Holders holding not less than 15 per cent. of the aggregate principal amount of the outstanding
Securities may institute proceedings for the Winding-Up of the Issuer and/or prove in the Winding-Up of the Issuer and/or claim in the
liquidation of the Issuer for such payment.

 

		(c)	Enforcement: Without prejudice to Condition
8(b) (Non-payment — Proceedings for Winding-Up), Holders
holding not less than 15 per cent. of the aggregate principal amount of the outstanding Securities may without further notice to the Issuer
institute such proceedings against the Issuer as it may think fit to enforce any term or condition binding on the Issuer under the Securities
(other than any payment obligation of the Issuer under or arising from the Securities, including, without limitation, payment of any principal
or premium or satisfaction of any Distributions in respect of the Securities, including any damages awarded for breach of any obligations)
and in no event shall the Issuer, by virtue of the institution of any such proceedings, be obliged to pay any sum or sums, in cash or
otherwise, sooner than the same would otherwise have been payable by it.

 

		(d)	Extent of Holders' remedy: No remedy against
the Issuer, other than as referred to in this Condition 8, shall be available to the Holders, whether for the recovery of amounts owing
in respect of the Securities or in respect of any breach by the Issuer of any of its other obligations under or in respect of the Securities.

 

     - 50 -

     

    

 

		(e)	Definitions: In these Conditions, "Winding-Up"
means a final and effective order or resolution by a competent authority in the jurisdiction of the Issuer for the winding up, liquidation
or similar proceedings in respect of the Issuer.

 

The Agents shall not be required to take any steps
to ascertain whether a non-payment, Winding-Up of the Issuer or enforcement has occurred and shall not be responsible or liable to the
Holders, the Issuer or any other person for any loss arising from any failure to do so.

 

		9.	Prescription

 

Claims for principal and Distribution
on redemption shall become void unless the relevant Certificates are surrendered for payment within ten years in the case of principal
and five years in the case of Distribution of the appropriate Relevant Date.

 

		10.	Replacement
of Certificates

 

If any Certificate is lost, stolen,
mutilated, defaced or destroyed, it may be replaced at the Specified Office of the Registrar, subject to all applicable laws and stock
exchange requirements, upon payment by the claimant of the expenses incurred in connection with such replacement and on such terms as
to evidence, security, indemnity and otherwise as the Issuer may reasonably require. Mutilated or defaced Certificates must be surrendered
before replacements will be issued.

 

		11.	Agents

 

In acting under the Agency Agreement
and in connection with the Securities, the Agents act solely as agents of the Issuer and do not assume any obligations towards or relationship
of agency or trust for or with any of the Holders.

 

The initial Agents and their initial
Specified Offices are listed below. The Issuer reserves the right at any time to vary or terminate the appointment of any Agent and to
appoint a successor registrar, fiscal agent, agent bank and additional or successor paying agents and transfer agent; provided, however,
that the Issuer shall at all times maintain a fiscal agent and a registrar.

 

Notice of any change in any of the Agents
or in their Specified Offices shall promptly be given to the Holders.

 

		12.	Meetings
of Holders; Modification

 

		(a)	Meetings of Holders: The Agency Agreement
contains provisions for convening meetings of Holders to consider matters relating to the Securities, including the modification of any
provision of these Conditions. Any such modification may be made if sanctioned by an Extraordinary Resolution. Such a meeting may be convened
by the Issuer and shall be convened by them upon the request in writing of Holders holding not less than one tenth of the aggregate principal
amount of the outstanding Securities. The quorum at any meeting convened to vote on an Extraordinary Resolution will be two or more persons
holding or representing one more than half of the aggregate principal amount of the outstanding Securities or, at any adjourned meeting,
two or more persons being or representing Holders whatever the principal amount of the Securities held or represented; provided, however,
that certain proposals (including any proposal to change any date fixed for payment of principal or Distribution in respect of the Securities,
to reduce the amount of principal or Distribution payable on any date in respect of the Securities, to alter the method of calculating
the amount of any payment in respect of the Securities or the date for any such payment, to change the currency of payments under the
Securities, to amend the subordination provisions in the Deed of Covenant or to change the quorum requirements relating to meetings or
the majority required to pass an Extraordinary Resolution (each, a "Reserved Matter")) may only be sanctioned by an Extraordinary
Resolution passed at a meeting of Holders at which two or more persons holding or representing not less than three quarters or, at any
adjourned meeting, one quarter of the aggregate principal amount of the outstanding Securities form a quorum. Any Extraordinary Resolution
duly passed at any such meeting shall be binding on all the Holders, whether present or not.

 

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In addition, (i) a resolution in writing
signed by or on behalf of Holders of not less than 90 per cent. of the aggregate principal amount of Securities for the time being outstanding
will take effect as if it were an Extraordinary Resolution, whether contained in one document or several documents in the same form, each
signed by or on behalf of one or more Holders and (ii) a resolution passed by way of electronic consents through the clearing systems
by or on behalf of Holders of not less than 75 per cent. in aggregate principal amount of Securities for the time being outstanding with
the effect as if it were an Extraordinary Resolution, in each case whether or not relating to a Reserved Matter.

 

		(b)	Modification: The Securities, these Conditions
and the Deed of Covenant may be amended without the consent of the Holders to correct a manifest error. In addition, the parties to the
Agency Agreement may agree to modify any provision thereof, but the Issuer shall not agree without the consent of the Holders to any such
modification unless it is of a formal, minor or technical nature or it is made to correct a manifest error.

 

		13.	Further
Issues

 

The Issuer may from time to time, without
the consent of the Holders, create and issue further securities having the same terms and conditions as the Securities in all respects
(or in all respects except for the first payment of Distribution) so as to form a single series with the Securities.

 

		14.	Notices

 

Notices to the Holders will be sent
to them by first class mail (or its equivalent) or (if posted to an overseas address) by airmail at their respective addresses on the
Register. Any such notice shall be deemed to have been given on the fourth day after the date of mailing.

 

So long as the Securities are represented
by the Global Certificate and the Global Certificate is held on behalf of Euroclear or Clearstream or the Alternative Clearing System,
notices to Holders may be given by delivery of the relevant notice to Euroclear or Clearstream or the Alternative Clearing System, for
communication by it to entitled account holders in substitution for notification as required by these Conditions and shall be deemed to
have been given on the date of delivery to such clearing system.

 

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		15.	Governing
Law and Jurisdiction

 

		(a)	Governing law: The Securities and any
non-contractual obligations arising out of or in connection with the Securities are governed by, and construed in accordance with, English
law, except that the subordination provisions set out in Condition 2(a) (Status and Subordination of the Securities —
Status of the Securities), Condition 2(b) (Status and Subordination
of the Securities — Ranking of claims in respect of the Securities)
and Condition 2(c) (Status and Subordination of the Securities — Set-off — Securities)
shall be governed by, and construed in accordance with, Cayman Islands law.

 

		(b)	English courts: The courts of England
have exclusive jurisdiction to settle any dispute (a "Dispute") arising out of or in connection with the Securities (including
any non-contractual obligation arising out of or in connection with the Securities).

 

		(c)	Appropriate forum: The Issuer agrees that
the courts of England are the most appropriate and convenient courts to settle any Dispute and, accordingly, that it will not argue to
the contrary.

 

		(d)	Rights of the Holders to take proceedings outside England:
Notwithstanding Condition 15(b) (English courts), any Holder
may take proceedings relating to a Dispute ("Proceedings") in any other courts with jurisdiction. To the extent allowed
by law, Holders may take concurrent Proceedings in any number of jurisdictions.

 

		(e)	Service of Process: The Issuer agrees
that the documents which start any Proceedings and any other documents required to be served in relation to those Proceedings may be served
on it by being delivered to Law Debenture Corporate Services Limited at Fifth Floor, 100 Wood Street, London EC2V 7EX, United Kingdom,
or to such other person with an address in England or Wales and/or at such other address in England or Wales as the Issuer may specify
by notice in writing to the Holders. Nothing in this paragraph shall affect the right of any Holder to serve process in any other manner
permitted by law. This Condition applies to Proceedings in England and to Proceedings elsewhere.

 

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SCHEDULE 4 

PROVISIONS FOR MEETINGS OF THE HOLDERS

 

		1.	Definitions

 

In this Agreement and the Conditions,
the following expressions have the following meanings:

 

"Block Voting Instruction"
means, in relation to any Meeting, a document in the English language issued by the Registrar:

 

		(a)	certifying:

 

		(i)	that certain specified Securities ("Blocked Securities") have been blocked in an account
with a clearing system and will not be released until the conclusion of the Meeting and that the holder of each Blocked Security or a
duly authorised person on its behalf has instructed the Registrar that the votes attributable to such Blocked Security are to be cast
in a particular way on each resolution to be put to the Meeting; and/or

 

		(ii)	that each registered Holder of certain specified Securities ("Relevant Securities") has
instructed the Registrar that the votes attributable to each Relevant Security held by it are to be cast in a particular way on each resolution
to be put to the Meeting,

 

and, in each case, that, during the period of 48 hours before
the time fixed for the Meeting, such instructions may not be amended or revoked;

 

		(b)	listing the total principal amount of the Blocked Securities and the Relevant Securities, distinguishing
for each resolution between those in respect of which instructions have been given to vote for, or against, the resolution; and

 

		(c)	authorising a named individual or individuals to vote in respect of the Blocked Securities and the Relevant
Securities in accordance with such instructions;

 

"Chairman" means, in
relation to any Meeting, the individual who takes the chair in accordance with paragraph 7 (Chairman);

 

"Extraordinary Resolution"
means a resolution passed at a Meeting duly convened and held in accordance with this Schedule by a majority of not less than three-quarters
of the votes cast;

 

"Form of Proxy"
means, in relation to any Meeting, a document in the English language available from the Registrar signed by a Holder or, in the case
of a corporation, executed under its seal or signed on its behalf by a duly authorised officer and delivered to the Registrar not later
than 48 hours before the time fixed for such Meeting, appointing a named individual or individuals to vote in respect of the Securities
held by such Holder;

 

"Meeting" means a meeting
of Holders (whether originally convened or resumed following an adjournment);

 

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"Proxy" means, in relation to any Meeting,
a person appointed to vote under a Block Voting Instruction or a Form of Proxy other than:

 

		(a)	any such person whose appointment has been revoked and in relation to whom the Registrar has been notified
in writing of such revocation by the time which is 48 hours before the time fixed for such Meeting; and

 

		(b)	any such person appointed to vote at a Meeting which has been adjourned for want of a quorum and who has
not been re-appointed to vote at the Meeting when it is resumed;

 

"Relevant Fraction" means:

 

		(a)	for all business other than voting on an Extraordinary Resolution, not less than one tenth ;

 

		(b)	for voting on any Extraordinary Resolution other than one relating to a Reserved Matter, one more than
half ; and

 

		(c)	for voting on any Extraordinary Resolution relating to a Reserved Matter, not less than three-quarters;

 

provided, however, that, in the case of a Meeting
which has resumed after adjournment for want of a quorum, it means:

 

		(i)	for all business other than voting on an Extraordinary
Resolution relating to a Reserved Matter, two or more persons holding or representing one more than half of the aggregate principal amount
of the outstanding Securities or, at any adjourned meeting, two or more persons being or representing Holders whatever the principal amount
of the Securities held or represented; and

 

		(ii)	for voting on any Extraordinary Resolution relating to a Reserved Matter, two or more persons holding
or representing not less than three-quarters or, at any adjourned meeting, one quarter of the aggregate principal amount of the outstanding
Securities form a quorum.

 

"Reserved Matter" means any proposal:

 

		(a)	to change any date fixed for payment of principal or Distribution in respect of the Securities, to reduce
the amount of principal or Distribution payable on any date in respect of the Securities or to alter the method of calculating the amount
of any payment in respect of the Securities or the date for any such payment;

 

		(b)	to change the currency of payments under the Securities;

 

		(c)	to amend the subordination provisions in the Deed of Covenant;

 

		(d)	to change the quorum requirements relating to meetings or the majority required to pass an Extraordinary
Resolution; or

 

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		(e)	to
amend this definition;

 

"Voter"
means, in relation to any Meeting (a) a Proxy or (b) (subject to paragraph 4 (Record Date))
a Holder; provided, however, that (subject to paragraph 4 (Record
Date)) any Holder which has appointed a Proxy under a Block Voting Instruction
or Form of Proxy shall not be a " Voter" except to the extent that such appointment has been revoked and the Registrar
notified in writing of such revocation at least 48 hours before the time fixed for such Meeting;

 

"Written Resolution"
means a resolution in writing signed by or on behalf of not less than 90 per cent. of the aggregate principal amount of the Securities
for the time being outstanding, whether contained in one document or several documents in the same form, each signed by or on behalf of
one or more such Holders;

 

"24 hours" means a
period of 24 hours including all or part of a day upon which banks are open for business in both the places where the relevant Meeting
is to be held and in each of the places where the Agents have their Specified Offices (disregarding for this purpose the day upon which
such Meeting is to be held) and such period shall be extended by one period or, to the extent necessary, more periods of 24 hours until
there is included as aforesaid all or part of a day upon which banks are open for business as aforesaid; and

 

"48 hours" means 2 consecutive periods of
24 hours.

 

		2.	Issue of Block Voting Instructions and Forms of Proxy

 

The holder of an interest in a Security
may require the Registrar to issue a Block Voting Instruction by arranging (to the satisfaction of the Registrar) for such Security to
be blocked in an account with a clearing system not later than 48 hours before the time fixed for the relevant Meeting. The registered
Holder of a Security may require the Registrar to issue a Block Voting Instruction by delivering to the Registrar written instructions
not later than 48 hours before the time fixed for the relevant Meeting. Any registered Holder of a Security may obtain an uncompleted
and unexecuted Form of Proxy from the Registrar. A Block Voting Instruction shall be valid until the release of the Blocked Securities
to which it relates. A Form of Proxy and a Block Voting Instruction cannot be outstanding simultaneously in respect of the same Security.

 

		3.	References to blocking/release of Securities

 

Where Securities are represented by
a Global Certificate and/or are held within a clearing system, references to the blocking or release of Securities shall be construed
in accordance with the usual practices (including blocking the relevant account) of such clearing system.

 

		4.	Record Date

 

The Issuer may fix a record date for
the purposes of any Meeting or any resumption thereof following its adjournment for want of a quorum provided that such record date is
not more than 10 days prior to the time fixed for such Meeting or (as the case may be) its resumption. The person in whose name a Security
is registered in the Register on the record date at close of business
in the city in which the Registrar has its Specified Office shall be deemed to be the Holder of such Security for the purposes of such
Meeting and notwithstanding any subsequent transfer of such Security or entries in the Register.

 

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		5.	Convening of Meeting

 

The Issuer may convene a Meeting at
any time, and shall be obliged to do so upon the request in writing of Holders holding not less than one tenth of the aggregate principal
amount of the outstanding Securities.

 

		6.	Notice

 

At least 21 days' notice (exclusive
of the day on which the notice is given and of the day on which the relevant Meeting is to be held) specifying the date, time and place
of the Meeting shall be given by the Issuer to the Holders and the Registrar (with a copy to the Issuer). The notice shall set out the
full text of any resolutions to be proposed and shall state that Securities may be blocked in clearing systems for the purposes of appointing
Proxies under Block Voting Instructions until 48 hours before the time fixed for the Meeting and that Holders may also appoint Proxies
either under a Block Voting Instruction by delivering written instructions to the Registrar or by executing and delivering a Form of
Proxy to the Specified Office of the Registrar, in either case until 48 hours before the time fixed for the Meeting.

 

		7.	Chairman

 

An individual (who may, but need not,
be a Holder) nominated in writing by the Issuer may take the chair at any Meeting but, if no such nomination is made or if the individual
nominated is not present within 15 minutes after the time fixed for the Meeting, those present shall elect one of themselves to take the
chair, failing which the Issuer may appoint a Chairman. The Chairman of an adjourned Meeting need not be the same person as was the Chairman
of the original Meeting.

 

		8.	Quorum

 

The
quorum at any Meeting shall be at least two Voters representing or holding not less than the Relevant Fraction of the aggregate principal
amount of the outstanding Securities; provided, however, that,
so long as at least the Relevant Fraction of the aggregate principal amount of the outstanding Securities is represented by a Global Certificate
or a single Individual Certificate, a single Voter appointed in relation thereto or being the Holder of the Securities represented thereby
shall be deemed to be two Voters for the purpose of forming a quorum.

 

		9.	Adjournment for want of quorum

 

If within 15 minutes after the time
fixed for any Meeting a quorum is not present, then:

 

		(a)	in the case of a Meeting requested by Holders, it shall be dissolved; and

 

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		(b)	in the case of any other Meeting, it shall be
adjourned for such period (which shall be not less than 14 days and not more than 42 days) and to such place as the Chairman determines;
provided, however, that:

 

		(i)	the Meeting shall be dissolved if the Issuer so decides; and

 

		(ii)	no Meeting may be adjourned more than once for want of a quorum.

 

		10.	Adjourned Meeting

 

The Chairman may, with the consent of
(and shall if directed by) any Meeting, adjourn such Meeting from time to time and from place to place, but no business shall be transacted
at any adjourned Meeting except business which might lawfully have been transacted at the Meeting from which the adjournment took place.

 

		11.	Notice following adjournment

 

Paragraph
7 (Notice) shall apply to any Meeting which is to be resumed after
adjournment for want of a quorum; provided, however, that:

 

		(a)	10 days' notice (exclusive of the day on which the notice is given and of the day on which the Meeting
is to be resumed) shall be sufficient; and

 

		(b)	the notice shall specifically set out the quorum requirements which will apply when the Meeting resumes.

 

It shall not be necessary to give notice of the resumption
of a Meeting which has been adjourned for any other reason.

 

		12.	Participation

 

The following may attend and speak at
a Meeting:

 

		(a)	Voters;

 

		(b)	representatives of the Issuer and the Registrar;

 

		(c)	the financial advisers of the Issuer;

 

		(d)	the legal counsel to the Issuer and the Registrar; and

 

		(e)	any other person approved by the Meeting.

 

		13.	Show of hands

 

Every question submitted to a Meeting
shall be decided in the first instance by a show of hands. Unless a poll is validly demanded before or at the time that the result is
declared, the Chairman's declaration that on a show of hands a resolution has been passed, passed by a particular majority, rejected or
rejected by a particular majority shall be conclusive, without proof of the number of votes cast for, or against, the resolution. Where
there is only one Voter, this paragraph shall not apply and the resolution will immediately be decided by means of a poll.

 

     - 58 -

     

    

 

		14.	Poll

 

A demand for a poll shall be valid if
it is made by the Chairman, the Issuer or one or more Voters representing or holding not less than one fiftieth of the aggregate principal
amount of the outstanding Securities. The poll may be taken immediately or after such adjournment as the Chairman directs, but any poll
demanded on the election of the Chairman or on any question of adjournment shall be taken at the Meeting without adjournment. A valid
demand for a poll shall not prevent the continuation of the relevant Meeting for any other business as the Chairman directs.

 

		15.	Votes

 

Every Voter shall have:

 

		(a)	on a show of hands, one vote; and

 

		(b)	on a poll, one vote in respect of each U.S.$1,000 in aggregate face amount of the outstanding Security(ies)
represented or held by him.

 

In the case of a voting tie the Chairman shall have a casting
vote.

 

Unless the terms of any Block Voting
Instruction state otherwise, a Voter shall not be obliged to exercise all the votes to which he is entitled or to cast all the votes which
he exercises in the same way.

 

		16.	Validity of Votes by Proxies

 

Any
vote by a Proxy in accordance with the relevant Form of Proxy or Block Voting Instruction shall be valid even if such Form of
Proxy or (as the case may be) Block Voting Instruction or any instruction pursuant to which it was given has been amended or revoked,
provided that the Registrar has not been notified in writing of such amendment or revocation by the time which is 48 hours before the
time fixed for the relevant Meeting. Unless revoked, any appointment of a Proxy under a Block Voting Instruction or Form of Proxy
in relation to a Meeting shall remain in force in relation to any resumption of such Meeting following an adjournment; provided,
however, that no such appointment of a Proxy in relation to a Meeting originally
convened which has been adjourned for want of a quorum shall remain in force in relation to such Meeting when it is resumed. Any person
appointed to vote at such a Meeting must be re-appointed under a Block Voting Instruction or Form of Proxy to vote at the Meeting
when it is resumed.

 

		17.	Powers

 

A Meeting shall have power (exercisable by Extraordinary
Resolution), without prejudice to any other powers conferred on it or any other person:

 

		(a)	to approve any Reserved Matter;

 

		(b)	to approve any proposal by the Issuer for any modification, abrogation, variation or compromise of any
of the Conditions or any arrangement in respect of the obligations of the Issuer under or in respect of the Securities;

 

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		(c)	to approve any proposal by the Issuer for any modification of any provision of the Deed of Covenant insofar
as it relates to the Deed of Covenant or any arrangement in respect of the obligations of the Issuer thereunder;

 

		(d)	to approve the substitution of any person for the Issuer (or any previous substitute) as principal obligor
under the Securities and the Deed of Covenant;

 

		(e)	to waive any breach or authorise any proposed breach by the Issuer of its obligations under or in respect
of the Securities or the Deed of Covenant or any act or omission which might otherwise constitute a default under the Securities;

 

		(f)	to authorise the Registrar or any other person to execute all documents and do all things necessary to
give effect to any Extraordinary Resolution;

 

		(g)	to give any other authorisation or approval which is required to be given by Extraordinary Resolution;
and

 

		(h)	to appoint any persons as a committee to represent the interests of the Holders and to confer upon such
committee any powers which the Holders could themselves exercise by Extraordinary Resolution.

 

		18.	Electronic communication

 

For so long as the Securities are in
the form of a Global Certificate registered in the name of any nominee for, one or more of Euroclear, Clearstream, Luxembourg or any other
relevant clearing system (the "relevant clearing system"), then, in respect of any resolution proposed by the Issuer
or the Fiscal Agent:

 

		18.1	Electronic Consent

 

Where the terms of the resolution proposed
by the Issuer or the Fiscal Agent (as the case may be) have been notified to the Holders through the relevant clearing system(s) as
provided in sub-paragraphs (i) and/or (ii) below, each of the Issuer and the Fiscal Agent shall be entitled to rely upon approval
of such resolution given by way of electronic consents communicated through the electronic communications systems of the relevant clearing
system(s) to the Fiscal Agent in accordance with their operating rules and procedures by or on behalf of the Holders of not
less than 75 per cent. in nominal amount of the Securities outstanding (the "Required Proportion") ("Electronic
Consent") by close of business on the date of the blocking of their accounts in the relevant clearing systems(s) (the "Consent
Date"). Any resolution passed in such manner shall be binding on all Holders, even if the relevant consent or instruction proves
to be defective. None of the Issuer or the Fiscal Agent shall be liable or responsible to anyone for such reliance.

 

		(i)	When a proposal for a resolution to be passed as an Electronic Consent has been made, at least 10 days'
notice (exclusive of the day on which the notice is given and of the day on which affirmative consents will be counted) shall be given
to the Holders through the relevant clearing system(s). The notice shall specify, in sufficient detail to enable Holders to give their
consents in relation to the proposed resolution, the method by which their consents may be given (including, where applicable, the Consent
Date by which they must be received in order for such consents to be validly given, in each case subject to and in accordance with the
operating rules and procedures of the relevant clearing system(s)).

 

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		(ii)	If, on the Consent Date on which the consents in respect of an Electronic Consent are first counted, such
consents do not represent the Required Proportion, the resolution shall, if the party proposing such resolution (the "Proposer")
so determines, be deemed to be defeated. Such determination shall be notified in writing to the other parties to this Agreement. Alternatively,
the Proposer may give a further notice to Holders that the resolution will be proposed again on such date and for such period as shall
be agreed with the Fiscal Agent (unless the Fiscal Agent is the Proposer). Such notice must inform Holders that insufficient consents
were received in relation to the original resolution and the information specified in sub-paragraph (i) above. For the purpose of
such further notice, references to "Consent Date" shall be construed accordingly.

 

For the avoidance of doubt, an Electronic
Consent may only be used in relation to a resolution proposed by the Issuer or the Fiscal Agent which is not then the subject of a meeting
that has been validly convened in accordance with paragraph 5 above, unless that meeting is or shall be cancelled or dissolved; and

 

		18.2	Written Resolution

 

Where Electronic Consent is not being
sought, the Issuer and the Fiscal Agent shall be entitled to rely on consent or instructions given in writing directly to the Issuer and/or
the Fiscal Agent, as the case may be, (a) by accountholders in the clearing system(s) with entitlements to such Global Certificate
and/or, (b) where the accountholders hold any such entitlement on behalf of another person, on written consent from or written instruction
by the person identified by that accountholder as the person for whom such entitlement is held. For the purpose of establishing the entitlement
to give any such consent or instruction, the Issuer and the Fiscal Agent shall be entitled to rely on any certificate or other document
issued by, in the case of (a) above, Euroclear, Clearstream, Luxembourg or any other relevant clearing system and, in the case of
(b) above, the relevant clearing system and the accountholder identified by the relevant clearing system for the purposes of (b) above.
Any resolution passed in such manner shall be binding on all Holders, even if the relevant consent or instruction proves to be defective.
Any such certificate or other document shall be conclusive and binding for all purposes. Any such certificate or other document may comprise
any form of statement or print out of electronic records provided by the relevant clearing system (including Euroclear's EUCLID or Clearstream,
Luxembourg's CreationOnline system) in accordance with its usual procedures and in which the accountholder of a particular principal or
nominal amount of the Securities is clearly identified together with the amount of such holding. None of the Issuer nor the Fiscal Agent
shall be liable to any person by reason of having accepted as valid or not having rejected any certificate or other document to such effect
purporting to be issued by any such person and subsequently found to be forged or not authentic.

 

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		19.	Extraordinary Resolution binds all Holders

 

An Extraordinary Resolution shall be
binding upon all Holders, whether or not present at such Meeting, and each of the Holders shall be bound to give effect to it accordingly.
Notice of the result of every vote on an Extraordinary Resolution shall be given to the Holders and the Agents (with a copy to the Issuer)
within 14 days of the conclusion of the Meeting.

 

		20.	Minutes

 

Minutes
shall be made of all resolutions and proceedings at each Meeting. The Chairman shall sign the minutes, which shall be prima
facie evidence of the proceedings recorded therein. Unless and until the
contrary is proved, every such Meeting in respect of the proceedings of which minutes have been summarised and signed shall be deemed
to have been duly convened and held and all resolutions passed or proceedings transacted at it to have been duly passed and transacted.

 

		21.	Written Resolution or Electronic Consent

 

A Written Resolution or Electronic Consent
shall take effect as if it were an Extraordinary Resolution.

 

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SCHEDULE 5

REGULATIONS CONCERNING
TRANSFERS AND REGISTRATION OF

SECURITIES

 

		1.	The Securities are in the denomination of U.S.$200,000 and integral multiples of U.S.$1,000 in excess
thereof. Securities may only be held in holdings in the aggregate principal amount of U.S.$200,000 and integral multiples of U.S.$1,000
in excess thereof (each, an "authorised holding").

 

		2.	Subject to paragraph 4 and paragraph 11 below, Securities may be transferred by execution of the relevant
form of transfer under the hand of the transferor or, where the transferor is a corporation, under its common seal or under the hand of
two of its officers duly authorised in writing. Where the form of transfer is executed by an attorney or, in the case of a corporation,
under seal or under the hand of two of its officers duly authorised in writing, a copy of the relevant power of attorney certified by
a financial institution in good standing or a notary public or in such other manner as the Registrar may require or, as the case may be,
copies certified in the manner aforesaid of the documents authorising such officers to sign and witness the affixing of the seal must
be delivered with the form of transfer. In this Schedule, "transferor" shall, where the context permits or requires,
include joint transferors and shall be construed accordingly.

 

		3.	The Certificate issued in respect of the Securities to be transferred must be surrendered for registration,
together with the form of transfer (including any certification as to compliance with restrictions on transfer included in such form of
transfer) endorsed thereon, duly completed and executed, at the Specified Office of the Registrar or any Transfer Agent, and together
with such evidence as the Registrar or (as the case may be) the relevant Transfer Agent may reasonably require to prove the title of the
transferor and the authority of the persons who have executed the form of transfer. The signature of the person effecting a transfer of
a Security shall conform to any list of duly authorised specimen signatures supplied by the Holder of such Security or be certified by
a financial institution in good standing, notary public or in such other manner as the Registrar or such Transfer Agent may require.

 

		4.	No Holder may require the transfer of a Security to be registered during the period of 15 calendar days
ending on the due date for any payment of principal or Distribution in respect of such Security.

 

		5.	No Holder which has executed a Form of Proxy in relation to a Meeting may require the transfer of
a Security covered by such Form of Proxy to be registered until the earlier of the conclusion of the Meeting and its adjournment
for want of a quorum.

 

		6.	The executors or administrators of a deceased Holder of a Security (not being one of several joint Holders)
and, in the case of the death of one or more of several joint Holders, the survivor or survivors of such joint Holders, shall be the only
persons recognised by the Issuer as having any title to such Security.

 

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		7.	Any person becoming entitled to any Securities in consequence of the death or bankruptcy of the Holder
of such Securities may, upon producing such evidence that he holds the position in respect of which he proposes to act under this paragraph
or of his title as the Registrar or the relevant Transfer Agent may require (including legal opinions), become registered himself
as the Holder of such Securities or, subject to the provisions of these Regulations, the Securities and the Conditions as to transfer,
may transfer such Securities. The Issuer, the Transfer Agent, the Registrar and the Paying Agents shall be at liberty to retain any amount
payable upon the Securities to which any person is so entitled until such person is so registered or duly transfers such Securities.

 

		8.	Unless otherwise required by him and agreed by the Issuer and the Registrar, the Holder of any Securities
shall be entitled to receive only one Certificate in respect of his holding.

 

		9.	The joint Holders of any Security shall be entitled to one Certificate only in respect of their joint
holding which shall, except where they otherwise direct, be delivered to the joint Holder whose name appears first in the Register in
respect of the joint holding.

 

		10.	Where there is more than one transferee (to hold other than as joint Holders), separate forms of transfer
(obtainable from the Specified Office of the Registrar or any Transfer Agent) must be completed in respect of each new holding.

 

		11.	A Holder of Securities may transfer all or part only of his holding of Securities provided that both the
principal amount of Securities transferred and the principal amount of the balance not transferred are an Authorised Holding. Where a
Holder of Securities has transferred part only of his holding of Securities, a new Certificate in respect of the balance of such holding
will be delivered to him.

 

		12.	The Issuer, the Transfer Agent and the Registrar
shall, save in the case of the issue of replacement Securities pursuant to Condition 10 (Replacement of Certificates),
make no charge to the Holders for the registration of any holding of Securities or any transfer thereof or for the issue of any Securities
or for the delivery thereof at the Specified Office of any Transfer Agent or the Registrar or by uninsured post to the address specified
by the Holder, but such registration, transfer, issue or delivery shall be effected against such indemnity from the Holder or the transferee
thereof as the Registrar or the relevant Transfer Agent may require in respect of any tax or other duty of whatever nature which may be
levied or imposed in connection with such registration, transfer, issue or delivery.

 

		13.	Provided a transfer of a Security is duly made in accordance with all applicable requirements and restrictions
upon transfer and the Security(s) transferred are presented to a Transfer Agent and/or the Registrar in accordance with the Agency
Agreement and these Regulations, and subject to unforeseen circumstances beyond the control of such Transfer Agent or the Registrar arising,
such Transfer Agent or the Registrar will, within five business days of the request for transfer being duly made, deliver at its Specified
Office to the transferee or despatch by uninsured post (at the request and risk of the transferee) to such address as the transferee entitled
to the Securities in relation to which such Certificate is issued may have specified, a Certificate in respect of which entries have been
made in the Register, all formalities complied with and the name of the transferee completed on the Certificate by or on behalf of the
Registrar; and, for the purposes of this paragraph, "business day" means a day on which commercial banks are open for
business (including dealings in foreign currencies) in the cities in which the Registrar and (if applicable) the relevant Transfer Agent
have their respective Specified Offices.

 

     - 64 -

     

    

 

SCHEDULE 6

SPECIFIED OFFICES OF THE AGENTS

 

The Registrar, the Fiscal Agent, the Transfer Agent, the Calculation
Agent and the Paying Agent:

 

The Hongkong and Shanghai Banking Corporation Limited

Level 30, HSBC Main Building

1 Queen's Road Central

Hong Kong

 

		Fax:	+852
3478 9198

 

		Attention:	Corporate
Trust and Loan Agency

 

     - 65 -

     

    

 

SIGNATURES

 

The Issuer

 

For and on behalf of

 

		FWD LIMITED	[***]

 

 

By:

 

[Signature Page -
Fiscal Agency Agreement]

 

      

     

    

 

The Registrar, the Fiscal Agent, the Transfer Agent, the Calculation
Agent and the Paying Agent

 

For and on behalf of

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

 

		By:	[***]

 

 

[***]

 

[Signature Page - Fiscal Agency Agreement]Exhibit 10.20

 

		 

 

EXECUTION VERSION

 

FWD GROUP LIMITED

 

AS BORROWER

 

FWD GROUP FINANCIAL SERVICES PTE. LTD.

 

ACTING AS GUARANTOR

 

ARRANGED BY

 

HSBC BANK PLC

 

AS MANDATED LEAD ARRANGER

 

THE FINANCIAL INSTITUTIONS

 

AS ORIGINAL LENDERS

 

WITH

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

ACTING AS AGENT

 

AND SECURITY AGENT

 

	 	 

                                                                                             FACILITY AGREEMENT

 

RELATING
TO AN UP TO USD175,000,000 TERM LOAN

FACILITY

 

	 

 

     

     

    

 

CONTENTS

 

	Clause	Page

 

		1.	Definitions and Interpretation     	1

		2.	The Facility    	 26

		3.	Purpose    	 26

		4.	Conditions of Utilisation   	  27

		5.	Utilisation   	  28

		6.	Repayment   	  29

		7.	Prepayment and Cancellation  	   29

		8.	Interest   	  34

		9.	Interest Periods    	 35

		10.	Changes to the Calculation of Interest  	   35

		11.	Fees    	 37

		12.	Tax Gross-up and Indemnities   	  41

		13.	Increased Costs  	   46

		14.	Mitigation by the Lenders    	 48

		15.	Other Indemnities    	 49

		16.	Costs and Expenses   	  52

		17.	Guarantee and Indemnity 	    54

		18.	Representations   	  58

		19.	Information Undertakings  	   63

		20.	Financial Covenants   	  68

		21.	General Undertakings  	   70

		22.	Events of Default  	   82

		23.	Changes to the Parties   	  87

		24.	Disclosure of Information   	  95

		25.	Role of the Administrative Parties    	 100

		26.	The Security Agent   	  111

		27.	Change of Security Agent and Delegation   	  122

		28.	Application of Proceeds    	 124

		29.	Sharing among the Finance Parties   	  126

		30.	Payment Mechanics    	 128

		31.	Set-off 	    133

		32.	Notices    	 133

		33.	Calculations and Certificates  	   137

		34.	Partial Invalidity  	   137

 

    - i - 

     

    

 

		35.	Remedies and Waivers     	137

		36.	Amendments and Waivers    	 138

		37.	Counterparts   	  141

		38.	Governing Law   	  142

		39.	Enforcement 	    142

	Schedule 1 The Original Lenders	 	144
	Schedule 2 Conditions Precedent	 	145
	Schedule 3 Requests	 	148
	Schedule 4 Form of Transfer Certificate	 	150
	Schedule 5 Form of Compliance Certificate	 	154
	Schedule 6 Timetables	 	155
	Schedule 7 Form of Hedge Counterparty Accession Undertaking	 	156
	Schedule 8 Existing Security	 	158
	Schedule 9 Lenders' Details	 	159

 

    - ii - 

     

    

 

THIS AGREEMENT is dated
____4 February____ 2019 and made

 

BETWEEN:

 

		(1)	FWD GROUP LIMITED, an exempted company incorporated under the laws of the Cayman Islands with limited
liability and with company number 274405 (the "Borrower");

 

		(2)	FWD GROUP FINANCIAL SERVICES PTE. LTD., a limited private company incorporated under the laws of
the Republic of Singapore with limited liability and company number 201302761R (the "Guarantor");

 

		(3)	HSBC BANK PLC as mandated lead arranger (the "Mandated Lead Arranger");

 

		(4)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 (The Original Lenders) as lenders (the "Original
Lenders");

 

		(5)	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED of Level 30, HSBC Main Building, 1 Queen's
Road Central, Hong Kong as agent of the Finance Parties (other than itself) (the "Agent"); and

 

		(6)	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED of Level 30, HSBC Main Building, 1 Queen's
Road Central, Hong Kong as security trustee for the Secured Parties (the "Security Agent").

 

IT IS AGREED as follows:

 

SECTION 1

INTERPRETATION

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions

 

In this Agreement:

 

"Account Charge" means
the deed of charge to be entered into between the Borrower and the Security Agent granting first ranking security over the Interest Reserve
Account.

 

"Acquisition" means
the acquisition by the Bidco of the Target Shares on the terms of the Acquisition Documents.

 

"Acquisition Agreement"
means the sale and purchase agreement dated 22 October 2018 relating to, amongst others, the sale and purchase of the Target Shares
and made between the Bidco, the Vendors, Commonwealth International Holdings Pty Limited, CMG Asia Life Holdings Limited, PT Gala Arta
Jaya and Commonwealth Bank of Australia.

 

     - 1 -

     

    

 

"Acquisition Costs"
means all fees, costs and expenses, stamp, registration and other Taxes incurred by the Bidco or any other member of the Group in connection
with the Acquisition or the Acquisition Documents.

 

"Acquisition Documents"
means the Acquisition Agreement, the Bancassurance Agreement and any other document designated as an "Acquisition Document"
by the Agent and the Borrower.

 

"Administrative Party"
means each of the Agent, the Mandated Lead Arranger and the Security Agent.

 

"Affiliate" means,
in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.

 

"APLMA" means the Asia Pacific Loan
Market Association Limited.

 

"Assignment Agreement"
means an agreement substantially in a recommended form of the APLMA or any other form agreed between the relevant assignor, assignee and
the Agent.

 

"Authorisation"
means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, lodgement or registration.

 

"Availability Period"
means the period from and including the date of this Agreement to and including the Long-Stop Date.

 

"Available
Commitment" means at any time a Lender's Commitment minus:

 

		(a)	the aggregate amount of its participations in any outstanding Loans; and

 

		(b)	in relation to any proposed Utilisation, the aggregate amount of its participations in any Loans that
are due to be made on or before the proposed Utilisation Date.

 

"Available Facility"
means at any time the aggregate of the Lenders' Available Commitments.

 

"Bail-In Action" means the exercise
of any Write-down and Conversion Powers.

 

"Bail-In Legislation"
means in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU
establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law or
regulation as described in the EU Bail-In Legislation Schedule from time to time.

 

"Bancassurance Agreement"
means the bancassurance agreement entered into or to be entered into in connection with the Acquisition Agreement between PT Bank Commonwealth
and PT Commonwealth Life.

 

     - 2 -

     

    

 

"Bidco" means
PT FWD Life Indonesia, a company incorporated in Indonesia, whose registered office is at Pacific Century Place, 20th Floor, SCBD Lot
10, Jl. Jend. Sudirman Kav 52-53 Jakarta Selatan.

 

"Borrower
Receipts" has the meaning given to that term in Clause 21.13 (Income to Interest Reserve Account).

 

"Break Costs" means the amount (if
any) by which:

 

		(a)	the interest (excluding the Margin) which a Lender should have received pursuant to the terms of this
Agreement for the period from the date of receipt of all or any part of the principal amount of a Loan or Unpaid Sum to the last day of
the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last
day of that Interest Period;

 

exceeds:

 

		(b)	the amount of interest which that Lender would be able to obtain by placing an amount equal to the principal
amount or Unpaid Sum received by it on deposit with a leading bank in the Relevant Interbank Market for a period starting on the Business
Day following receipt or recovery and ending on the last day of the current Interest Period.

 

"Business Day" means:

 

		(a)	for the purposes of determining LIBOR, a day (other than a Saturday or Sunday) on which banks are open
for the transaction of domestic and foreign exchange business in London;

 

		(b)	for the purposes of making payments, a day (other than a Saturday or Sunday) on which banks are open for
the transaction of domestic and foreign exchange business in New York and Hong Kong; and

 

		(c)	for all other purposes, a day (other than a Saturday or Sunday) on which banks are open for general business
in Hong Kong.

 

"Charged Property" means all of the
assets which from time to time are, or are expressed to be, the subject of Transaction Security.

 

"Code" means the US Internal Revenue
Code of 1986.

 

"Commitment" means:

 

		(a)	in relation to an Original Lender, the amount
set opposite its name under the heading "Commitment" in Schedule 1 (The Original Lenders)
and the amount of any other Commitment transferred to it under this Agreement; and

 

     - 3 -

     

    

 

		(b)	in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement,

 

to the extent not cancelled, reduced or transferred
by it under this Agreement.

 

"Completion"
means the completion of the Acquisition in accordance with clause 6 of the Acquisition Agreement.

 

"Compliance
Certificate" means a certificate delivered pursuant to Clause 19.2 (Compliance Certificate)
and signed by one director of the Borrower substantially in the form set out in Schedule 5 (Form of Compliance Certificate).

 

"Confidential Information"
means all information relating to the Borrower, any Obligor, the Group, the Finance Documents (including any documents referred to in
the Side Letter), the Acquisition Documents (and the parties to the Acquisition Documents), the Finance Parties or the Facility of which
a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party
in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facility from either:

 

		(a)	any member of the Group or any Target or any of their respective advisers; or

 

		(b)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly from
any member of the Group or any Target or any their respective advisers,

 

in whatever form, and includes
information given orally and any document, electronic file or any other way of representing or recording information which contains or
is derived or copied from such information but excludes information that:

 

		(i)	is or becomes public information other than as
a direct or indirect result of any breach by that Finance Party of Clause 24 (Disclosure of Information);
or

 

		(ii)	is identified in writing at the time of delivery as non-confidential by any member of the Group or any
Target or any of their respective advisers; or

 

		(iii)	is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs
(a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance
Party is aware, unconnected with the Group or any Target and which, in either case, as far as that Finance Party is aware, has not been
obtained in breach of, and is not otherwise subject to, any obligation of confidentiality.

 

     - 4 -

     

    

 

"Confidentiality Undertaking"
means a confidentiality undertaking substantially in a recommended form of the APLMA or in any other form agreed between the Borrower
and the Agent.

 

"Deal
Site" has the meaning given to that term in Clause 32.6 (Use of deal site by the Agent).

 

"Debt Purchase Transaction"
means, in relation to a person, a transaction where such person:

 

		(a)	purchases by way of assignment or transfer;

 

		(b)	enters into any Participation in respect of,

 

any Commitment or amount outstanding under this Agreement.

 

"Default"
means an Event of Default or any event or circumstance specified in Clause 22 (Events of Default)
which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any
combination of any of the foregoing) be an Event of Default.

 

"Defaulting Lender"
means any Lender (other than a Lender which is a Shareholder Affiliate):

 

		(a)	which has failed to make its participation in
a Loan available (or has notified the Agent or the Borrower (which has notified the Agent) that it will not make its participation in
a Loan available) by the Utilisation Date of that Loan in accordance with Clause 5.4 (Lenders' participations);

 

		(b)	which has otherwise rescinded or repudiated a Finance Document; or

 

		(c)	with respect to which an Insolvency Event has occurred and is continuing, unless, in the case of paragraph
(a) above:

 

		(i)	its failure to pay is caused by:

 

		(A)	administrative or technical error; or

 

		(B)	a Disruption Event; and

 

payment is made within three Business Days
of its due date; or

 

		(ii)	the Lender is disputing in good faith whether it is contractually obliged to make the payment in question.

 

"Delegate" means any delegate, agent,
attorney or co-trustee appointed by the Security Agent.

 

     - 5 -

     

    

 

"Disruption Event" means either or
both of:

 

		(a)	a material disruption to those payment or communications systems or to those financial markets which are,
in each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions
contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties;
and

 

		(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related nature)
to the treasury or payments operations of a Party preventing that, or any other Party:

 

		(i)	from performing its payment obligations under the Finance Documents; or

 

		(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents,

 

and which (in either such case)
is not caused by, and is beyond the control of, the Party whose operations are disrupted.

 

"EEA Member Country"
means any member state of the European Union, Iceland, Liechtenstein and Norway.

 

"EU Bail-In Legislation
Schedule" means the document described as such and published by the Loan Market Association (or any successor person) from time
to time.

 

"Event
of Default" means any event or circumstance specified as such in Clause 22 (Events of Default).

 

"Existing Facility"
means the facility(ies) made available to the Borrower under the Existing Facility Agreement.

 

"Existing Facility Agreement"
means the facility agreement dated 25 July 2018 between, amongst others, the Borrower as borrower, the Guarantor as guarantor and
Standard Chartered Bank (Hong Kong) Limited as agent.

 

"Existing Facility Agreement
Amendment Agreement" means the waiver, consent and amendment agreement in the agreed form dated 23 January 2019 relating
to certain amendments to be made to, and certain consents and waivers to be given in relation to, the Existing Facility Agreement, which
include (without limitation):

 

		(a)	consents relating to:

 

		(i)	the incurrence of indebtedness under the Finance Documents;

 

		(ii)	the creation of security under the Finance Documents; and

 

     - 6 -

     

    

 

		(iii)	the provision of the guarantees and indemnities contemplated by the Finance Documents; and

 

		(b)	amendments made or to be made to the provisions of the Existing Facility Agreement relating to the mandatory
prepayment of the proceeds of an initial public offering (in the event of a shortfall) and the arrangements relating to the funding of
the interest reserve account on an ongoing basis with the effect that such proceeds shall only apply to the Existing Facility Relevant
Proportion of those relevant amounts; and

 

		(c)	amendments made or to be made to the provisions
of the Existing Facility Agreement relating to income that may be withdrawn from the interest reserve account to ensure consistency with
Clause 21.12 (Minimum Interest Reserve Amount).

 

"Existing Facility Relevant
Proportion" means, in relation to the Existing Facility, the proportion from time to time that (a) the outstanding principal
amount of the loans under the Existing Facility bears to (b) the aggregate outstanding principal amount of (i) the Loans and
(ii) the loans under the Existing Facility.

 

"Existing Indebtedness"
means the indebtedness arising under the Existing Facility Agreement.

 

"Facility"
means the term loan facility made available under this Agreement as described in Clause 2.1 (The Facility).

 

"Facility IR Risks"
means any interest rate liabilities and/or risks relating to the Facility.

 

"Facility Office" means:

 

		(a)	in respect of a Lender, the office or offices notified by that Lender to the Agent in writing on or before
the date it becomes a Lender (or, following that date, by not less than five Business Days' written notice) as the office or offices through
which it will perform its obligations under this Agreement; or

 

		(b)	in respect of any other Finance Party, the office in the jurisdiction which it is resident for tax purposes.

 

"FATCA" means:

 

		(a)	sections 1471 to 1474 of the Code or any associated regulations;

 

		(b)	any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement
between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to
in paragraph (a) above; or

 

     - 7 -

     

    

 

		(c)	any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs
(a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other
jurisdiction.

 

"FATCA Application Date"
means:

 

		(a)	in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code
(which relates to payments of interest and certain other payments from sources within the US), 1 July 2014; or

 

		(b)	in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling
within paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA.

 

"FATCA Deduction"
means a deduction or withholding from a payment under a Finance Document required by FATCA.

 

"FATCA Exempt
Party" means a Party that is entitled to receive payments free from any FATCA Deduction.

 

"Fee
Letter" means any letter or letters referring to this Agreement or the Facility between one or more Administrative Parties and
the Borrower setting out any of the fees referred to in Clause 11 (Fees)
or in connection with the Facility.

 

"Final Repayment
Date" means the date falling 36 Months after the date of this Agreement.

 

"Finance Document"
means this Agreement, the Side Letter, each Transaction Security Document, each Hedging Agreement, any Fee Letter, any Utilisation Request,
any Subordination Deed and any other document designated as such by the Agent and the Borrower provided that where the term "Finance
Document" is used in, and construed for the purposes of, this Agreement (but not, for the avoidance of doubt any Transaction Security
Document or any Subordination Deed), a Hedging Agreement shall be a Finance Document only for the purposes of:

 

		(a)	the definition of "Default";

 

		(b)	the definition of "Material Adverse Effect";

 

		(c)	the definition of "Secured Liabilities";

 

		(d)	the definition of "Transaction Security Document";

 

		(e)	paragraph (a)(iv) of Clause 1.2 (Construction);

 

		(f)	Clause 17 (Guarantee and Indemnity);

 

		(g)	Clause 18.13 (Pari passu ranking);
and

 

     - 8 -

     

    

 

 

		(h)	Clause
22 (Events of Default) (other than
Clause 22.16 (Acceleration)).

 

"Finance Party"
means the Agent, the Security Agent, the Mandated Lead Arranger, a Lender or a Hedge Counterparty provided that where the term
 "Finance Party" is used in, and construed for the purposes of, this Agreement (but not, for the avoidance of doubt any Transaction
Security Document or any Subordination Deed), a Hedge Counterparty shall be a Finance Party only for the purposes of:

 

		(a)	the definition of "Secured Party";

 

		(b)	paragraph
                                            (a)(i) of Clause 1.2 (Construction);

 

		(c)	paragraph (c) of the definition of
                                            "Material Adverse Effect";

 

		(d)	Clause
                                            14.3 (Conduct of business by the Finance Parties);
                                            and

 

		(e)	Clause
                                            17 (Guarantee and Indemnity).

 

"Financial Indebtedness" means any
indebtedness for or in respect of:

 

		(a)	moneys borrowed;

 

		(b)	any amount raised by acceptance under
                                            any acceptance credit facility or dematerialised equivalent;

 

		(c)	any amount raised pursuant to any note
                                            purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

 

		(d)	the amount of any liability in respect
                                            of any lease or hire purchase contract which would, in accordance with GAAP, be treated as
                                            a balance sheet liability (other than any liability in respect of a lease or hire purchase
                                            contract which would, in accordance with GAAP in force prior to the date of this Agreement,
                                            have been treated as an operating lease);

 

		(e)	receivables sold or discounted (other
                                            than any receivables to the extent they are sold on a non-recourse basis);

 

		(f)	any amount raised under any other transaction
                                            (including any forward sale or purchase agreement) having the commercial effect of a borrowing;

 

		(g)	any derivative or other transaction entered
                                            into in connection with protection against or benefit from fluctuation in any rate or price
                                            or pursuant to any ISDA agreement, global master repurchase agreement (GMRA) or any credit
                                            support arrangement in relation to any ISDA agreement (and, when calculating the value of
                                            such derivative or other transaction only the marked to market value (or, if any actual amount
                                            is due as a result of the termination or close out of that derivative transaction, that amount),
                                            as at that time shall be taken into account);

 

     - 9 -

     

    

 

		(h)	any counter-indemnity obligation in respect
                                            of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument
                                            issued by a bank or financial institution; and

 

		(i)	(without double counting) the amount of
                                            any liability in respect of any guarantee or indemnity for any of the items referred to (and
                                            subject to the limitations set out) in paragraphs (a) to (h) above,

 

provided, however, that any indebtedness
for or in respect of any amount raised pursuant to any issue of bonds, notes, debentures or any similar instrument which would, in accordance
with GAAP, be treated as "equity" and so recorded on the balance sheet of the issuing entity shall not constitute "Financial
Indebtedness".

 

"Funding
Rate" means any individual rate notified by a Lender to the Agent pursuant to paragraph (a)(ii) of Clause 10.4 (Cost
of funds).

 

"GAAP" means generally accepted accounting
principles in:

 

		(a)	(in relation to entities incorporated
                                            in Indonesia) Indonesia;

 

		(b)	(in relation to entities incorporated
                                            in the Cayman Islands) the Cayman Islands; and

 

		(c)	(in relation to entities incorporated
                                            in Singapore) Singapore,

 

in each case, including IFRS.

 

"Governmental Agency"
means any government or any governmental agency, semi-governmental or judicial entity or authority (including, without limitation, any
stock exchange or any self-regulatory organisation established under statute).

 

"Group" means the Borrower and its
Subsidiaries from time to time.

 

"Hedge
Counterparty" means any person which has become Party as a "Hedge Counterparty" in accordance with Clause 23.11 (Accession
of Hedge Counterparties) including any such Hedge Counterparty notwithstanding
that it may have subsequently ceased to be a Lender or an Affiliate of a Lender.

 

"Hedge
Counterparty Accession Undertaking" means an undertaking substantially in the form set out in Schedule 7 (Form of
Hedge Counterparty Accession Undertaking).

 

"Hedging Agreement"
means any master agreement, confirmation, schedule or other agreement entered into by the Borrower and a Hedge Counterparty for the purpose
of hedging Facility IR Risks.

 

"Hedging Costs"
means any amount falling due from the Borrower under a Hedging Agreement except for any Hedging Termination Payment.

 

     - 10 -

     

    

 

"Hedging Termination
Payment" means any amount falling due from or, as the case may be, to the Borrower under a Hedging Agreement as a direct or
indirect result of the termination of that Hedging Agreement (or any termination or close-out of any transaction under that Hedging Agreement),
other than interest accruing on any amount not paid when due.

 

"Holding Company"
means, in relation to a person, any other person in respect of which it is a Subsidiary.

 

"IFRS" means
international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial
statements.

 

"Indirect Tax"
means any goods and services tax, consumption tax, value added tax or any tax of a similar nature, wherever imposed.

 

"Insolvency Event" in relation to
an entity means that the entity:

 

		(a)	is dissolved (other than pursuant to a
                                            consolidation, amalgamation or merger);

 

		(b)	becomes insolvent or is unable to pay
                                            its debts or fails or admits in writing its inability generally to pay its debts as they
                                            become due;

 

		(c)	makes a general assignment, arrangement
                                            or composition with or for the benefit of its creditors;

 

		(d)	institutes or has instituted against it,
                                            by a regulator, supervisor or any similar official with primary insolvency, rehabilitative
                                            or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation
                                            or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency
                                            or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar
                                            law affecting creditors' rights, or a petition is presented for its winding-up or liquidation
                                            by it or such regulator, supervisor or similar official;

 

		(e)	has instituted against it a proceeding
                                            seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or
                                            insolvency law or other similar law affecting creditors' rights, or a petition is presented
                                            for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted
                                            or presented against it, such proceeding or petition is instituted or presented by a person
                                            or entity not described in paragraph (d) above and:

 

		(i)	results in a judgment of insolvency or
                                            bankruptcy or the entry of an order for relief or the making of an order for its winding-up
                                            or liquidation; or

 

		(ii)	is not dismissed, discharged, stayed
                                            or restrained in each case within 30 days of the institution or presentation thereof;

 

     - 11 -

     

    

 

		(f)	has a resolution passed for its winding-up,
                                            official management or liquidation (other than pursuant to a consolidation, amalgamation
                                            or merger);

 

		(g)	seeks or becomes subject to the appointment
                                            of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or
                                            other similar official for it or for all or substantially all its assets (other than, for
                                            so long as it is required by law or regulation not to be publicly disclosed, any such appointment
                                            which is to be made, or is made, by a person or entity described in paragraph (d) above);

 

		(h)	has a secured party take possession of
                                            all or substantially all its assets or has a distress, execution, attachment, sequestration
                                            or other legal process levied, enforced or sued on or against all or substantially all its
                                            assets and such secured party maintains possession, or any such process is not dismissed,
                                            discharged, stayed or restrained, in each case within 30 days thereafter;

 

		(i)	causes or is subject to any event with
                                            respect to it which, under the applicable laws of any jurisdiction, has an analogous effect
                                            to any of the events specified in paragraphs (a) to (h) above; or

 

		(j)	takes any action in furtherance of, or
                                            indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.

 

"Interest
Period" means, in relation to a Loan, each period determined in accordance with Clause 9 (Interest Periods)
and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default interest).

 

"Interest Rate Hedging"
means, in relation to a Hedge Counterparty, the aggregate of the notional amounts hedged by the Borrower under each Hedging Agreement
to which that Hedge Counterparty is party.

 

"Interest Reserve Account" means
the account of the Borrower with the Security Agent with account number [***].

 

"Interpolated Screen
Rate" means, in relation to LIBOR for any Loan and any Interest Period relating thereto, the rate (rounded upwards to four decimal
places) for a period equal in length to such Interest Period which results from interpolating on a linear basis between:

 

		(a)	the applicable Screen Rate for the longest
                                            period (for which that Screen Rate is available) which is less than the Interest Period of
                                            that Loan; and

 

		(b)	the applicable Screen Rate for the shortest
                                            period (for which that Screen Rate is available) which exceeds the Interest Period of that
                                            Loan,

 

each as of the Specified Time on the Quotation Day
for the currency of that Loan.

 

     - 12 -

     

    

 

"IPO"
means the first offering and listing of any of the shares of the Borrower (or any Holding Company of the Borrower) on any stock exchange
provided that such offer of securities is accompanied (or preceded) by the grant of the listing of, and permission to deal in, such shares
by such exchange.

 

"ISDA" means the International
Swaps and Derivatives Association.

 

"Legal
Opinion" means any legal opinion delivered to the Agent under Clause 4.1 (Initial conditions precedent).

 

"Legal Reservations" means:

 

	(a)	the principle that equitable remedies (or
                                            remedies that are analogous to equitable remedies in other jurisdictions) may be granted
                                            or refused at the discretion of a court and the limitation of enforcement by laws relating
                                            to bankruptcy, insolvency, liquidation, court schemes, moratoria, administration, examinership,
                                            reorganisation and other laws generally affecting the rights of creditors;

 

	(b)	the time barring of claims under any limitation
                                            laws, the possibility that an undertaking to assume liability for or indemnity a person against
                                            non-payment of stamp duty or other Taxes may be void and defences of set-off or counterclaim;

 

	(c)	similar principles, rights and defences
                                            under the laws of any Relevant Jurisdiction; and

 

	(d)	any other matters which are set out as qualifications
                                            or reservations as to matters of law of general applications in any Legal Opinion.

 

"Lender" means:

 

	(a)	any Original Lender; and

 

	(b)	any
                                            bank, financial institution, trust, fund or other entity which has become party hereto as
                                            a "Lender" in accordance with Clause 23 (Changes to the Parties),

 

which in each case has not ceased to be
a Party as such in accordance with the terms of this Agreement.

 

"LIBOR" means, in relation
to any Loan and any Interest Period:

 

	(a)	the applicable Screen Rate;

 

	(b)	(if no Screen Rate is available for the
                                            Interest Period of that Loan) the Interpolated Screen Rate for that Loan and that Interest
                                            Period; or

 

	(c)	if:

 

		(i)	no
Screen Rate is available for the currency of that Loan; or

 

     - 13 -

     

    

 

		(ii)	no Screen Rate is available for the
                                            Interest Period of that Loan and it is not possible to calculate an Interpolated Screen Rate
                                            for that Loan,

 

the Reference Bank Rate; or

 

		(d)	as
otherwise determined pursuant to Clause 10.1 (Unavailability of Screen Rate),

 

as of, in the case of paragraphs
(a) and (c) above, the Specified Time on the Quotation Day for the currency of that Loan and for a period equal in length to
the Interest Period of that Loan and, if any such rate is below zero, LIBOR will be deemed to be zero.

 

"Loan" means,
as the context requires, a loan made or to be made under the Facility or the principal amount outstanding at any time of that loan.

 

"Long-Stop Date" means the later
of:

 

		(a)	the date falling six months after the
                                            date of the Acquisition Agreement; and

 

		(b)	in the event the Borrower has notified
                                            the Agent (and provided it with satisfactory evidence) prior to the date referred to in paragraph
                                            (a) above that the PTCL Majority Sellers (as defined in the Acquisition Agreement) had
                                            exercised their option to extend the long stop date in accordance with the Acquisition Agreement,
                                            the date falling nine months after the date of the Acquisition Agreement.

 

"Majority Lenders" means a Lender or Lenders
whose Commitments aggregate more than 662/3 per cent. of the
Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 66 2/3
per cent. of the Total Commitments immediately prior to the reduction).

 

"Margin" means 2.00 per cent. per
annum.

 

"Material Adverse Effect" means a
material adverse effect on:

 

		(a)	the business, assets or financial condition
                                            of the Group (taken as a whole);

 

		(b)	the ability of any of the Obligors to
                                            perform its material obligations under the Finance Documents; or

 

		(c)	(subject to the applicable Legal Reservations
                                            and the Perfection Requirements (which are not overdue)) the validity or enforceability of
                                            the whole or any part of any of the Finance Documents or the rights or remedies of the Finance
                                            Parties under the Finance Documents or the effectiveness or ranking of any Transaction Security
                                            which would be materially adverse to the interests of the Finance Parties.

  

     - 14 -

     

    

 

"Minimum Interest Reserve Amount" means:

 

	(a)	on any date prior to the occurrence of
                                            any material breach of the terms, or an early termination, of the Bancassurance Agreement
                                            (which, in each case, is continuing), the amount, as determined by the Agent and notified
                                            to the Borrower, equal to the aggregate of:

 

		(i)	the projected amount of interest on the
                                            Loans which would accrue in respect of the six-Month period commencing on such date, calculated
                                            on the basis of the following assumptions:

 

		(A)	throughout such six-Month period the
                                            principal amount of the Loans is equal to the amount of the Loans on the date of calculation
                                            (after the application of any prepayment of any part of any Loan made or to be made on that
                                            date but excluding any repayment or prepayment of all or any part of any Loan that may be
                                            made or is due to be made during such six-Month period); and

 

		(B)	the rate of interest applicable to each
                                            Loan throughout such six-Month period is equal to the prevailing rate of interest on the
                                            Loans as at the date of calculation; and

 

		(ii)	the Borrower Receipts as at such date,

 

	(b)	on any date on and after the occurrence
                                            of any material breach of the terms, or an early termination, of the Bancassurance Agreement
                                            (which, in each case, is continuing), the amount, as determined by the Agent and notified
                                            to the Borrower, equal to the aggregate of:

 

		(i)	the projected amount of interest on the
                                            Loans which would accrue under the Facility prior to the Final Repayment Date, calculated
                                            on the basis of the following assumptions:

 

		(A)	throughout such period the principal
                                            amount of the Loans is equal to the amount of the Loans on the date of calculation (after
                                            the application of any prepayment of any part of any Loan made or to be made on that date
                                            but excluding any repayment or prepayment of all or any part of any Loan that may be made
                                            or is due to be made during such period); and

 

		(B)	the rate of interest applicable to each
                                            Loan throughout such period is equal to the prevailing rate of interest on the Loans as at
                                            the date of calculation; and

 

		(ii)	the Borrower Receipts as at such date,

 

but,
in each case, deducting any payments made from the Interest Reserve Account in accordance with paragraph (d) of Clause 21.12
(Minimum Interest Reserve Amount), provided that, following
such deductions, the Minimum Interest Reserve Amount shall not at any time be less than the amount referred to in paragraph (a)(i) or
(as the case may be) paragraph (b)(i) above.

 

     - 15 -

     

    

 

"Money
Laundering Laws" has the meaning given to that term in Clause 18.20 (Anti-Money Laundering).

 

"Month" means a period starting on
one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:

 

		(a)	subject to paragraph (c) below,
                                            if the numerically corresponding day is not a Business Day, that period shall end on the
                                            next Business Day in that calendar month in which that period is to end if there is one,
                                            or if there is not, on the immediately preceding Business Day;

 

		(b)	if there is no numerically corresponding
                                            day in the calendar month in which that period is to end, that period shall end on the last
                                            Business Day in that calendar month; and

 

		(c)	if an Interest Period begins on the last
                                            Business Day of a calendar month, that Interest Period shall end on the last Business Day
                                            in the calendar month in which that Interest Period is to end.

 

The above rules will apply only to the last Month
of any period.

 

"Net
IPO Proceeds" has the meaning given to that term in Clause 7.3 (Mandatory prepayment from proceeds of IPO).

 

"New
Lender" has the meaning given to that term in Clause 23 (Changes to the Parties).

 

"Obligors" means the Borrower and
the Guarantor and "Obligor" means each one of them.

 

"Original Financial Statements" means:

 

		(a)	in relation to the Borrower, its audited
                                            consolidated financial statements for the financial year ended 31 December 2017;

 

		(b)	in relation to the Guarantor, its audited
                                            unconsolidated financial statements for the financial year ended 31 December 2017; and

 

		(c)	in relation to each Target, the audited
                                            consolidated financial statements of the Targets for the financial year ended 31 December 2017.

 

"Participation" means, in relation
to a person, a transaction where such person:

 

		(a)	enters into any sub-participation in respect
                                            of any or all of its rights and/or obligations under the Finance Documents;

 

		(b)	declares a trust (or similar arrangement)
                                            in respect of any or all of its rights under any Finance Document; or

 

     - 16 -

     

    

 

		(c)	enters into any other arrangement under
                                            which payments are to be made or may be made by reference to one or more Finance Documents,
                                            the Facility or the Borrower.

 

"Party" means a party to
this Agreement.

 

"Perfection
Requirement" means any registration, filing, endorsement, notarisation, stamping, notification or other action or step to be
made or procured in any jurisdiction in order to perfect Transaction Security created by a Transaction Security Document and/or in order
to achieve the relevant priority for the Transaction Security created thereunder.

 

"Permitted
Reorganisation" means a PTCL Permitted Reorganisation or a PT FWD Permitted Reorganisation, in each case which is carried out
on a solvent basis.

 

"Permitted
Termination" means, in respect of a Hedging Agreement, the termination or close-out in whole or in part of any hedging transaction
under that Hedging Agreement prior to its stated maturity if:

 

	(a)	the
                                            Agent exercises any of its rights pursuant to paragraph (b), (c) or (d) of Clause
                                            22.16 (Acceleration);
                                            or

 

	(b)	all amounts outstanding under this Agreement
                                            are not repaid in full on the Final Repayment Date.

 

"Persons"
has the meaning given to that term in Clause 18.22 (Sanctions).

 

"PT Bank Commonwealth" means
PT Bank Commonwealth, a company incorporated in the Republic of Indonesia whose registered office is at World Trade Centre 6, Ground
Floor and 2nd Floor, Jl Jend. Sudirman Kav. 29-31, Jakarta, 12920, Indonesia.

 

"PT Commonwealth Life" means
PT Commonwealth Life, a company incorporated in the Republic of Indonesia whose registered office is at World Trade Centre 6, 8th
Floor, Jl Jend. Sudirman Kav. 29-31, Jakarta, 12920, Indonesia.

 

"PT FWD Permitted Reorganisation"
means:

 

		(a)	a
                                            merger, consolidation or amalgamation between Bidco and PT Commonwealth Life where Bidco
                                            is the surviving entity and is liable for, and assumes, all the rights and obligations of
                                            PT Commonwealth Life; or

 

		(b)	a
transfer of all assets from PT Commonwealth Life to Bidco.

 

"PTCL Permitted Reorganisation"
means:

 

		(a)	a
                                            merger, consolidation or amalgamation between Bidco and PT Commonwealth Life where PT Commonwealth
                                            Life is the surviving entity and is liable for, and assumes, all the rights and obligations
                                            of Bidco; or

 

		(b)	a
transfer of all assets from Bidco to PT Commonwealth Life.

 

     - 17 -

     

    

 

"Quotation Day" means:

 

		(a)	in relation to any period for which an
                                            interest rate is to be determined, two Business Days before the first day of that period
                                            unless market practice differs in the Relevant Interbank Market in which case the Quotation
                                            Day will be determined by the Agent (acting reasonably) in accordance with market practice
                                            in the Relevant Interbank Market (and if quotations would normally be given by leading banks
                                            in the Relevant Interbank Market on more than one day, the Quotation Day will be the last
                                            of those days); and

 

		(b)	in
                                            relation to any Interest Period the duration of which is selected by the Agent pursuant to
                                            Clause 8.3 (Default interest),
                                            such date as may be determined by the Agent (acting reasonably).

 

"Receiver" means
a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property.

 

"Reference Bank Rate"
means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request by the Reference
Banks, as the rate at which the relevant Reference Bank could borrow funds in the London interbank market in US dollars and for the relevant
period, were it to do so by asking for and then accepting interbank offers for deposits in reasonable market size in US dollars and for
that period.

 

"Reference Banks"
means a minimum of two banks or financial institutions as may be appointed by the Agent in consultation with the Borrower.

 

"Relevant Interbank Market" means
the London interbank market.

 

"Relevant Jurisdiction" means, in
relation to an Obligor:

 

		(a)	its jurisdiction of incorporation;

 

		(b)	any jurisdiction where its assets which
                                            are subject to the Transaction Security to be created by it are situated;

 

		(c)	any jurisdiction in which it conducts
                                            a material part of its business; and

 

		(d)	the jurisdiction whose laws govern the
                                            perfection of any of the Transaction Security Documents entered into by it.

 

"Relevant Proportion"
means from time to time, the proportion that (a) the outstanding principal amount of the Loans bears to (b) the aggregate outstanding
principal amount of (i) the Loans and (ii) the loans under the Existing Facility.

 

"Relevant
Reduction" means any prepayment under Clause 7.6 (Voluntary prepayment of Loans)
or cancellation under Clause 7.5 (Voluntary cancellation).

 

     - 18 -

     

    

 

"Repeating
Representations" means each of the representations set out in Clauses 18.1 (Status)
to 18.5 (Validity and admissibility in evidence), 18.7 (Governing
law and enforcement), paragraph (a) of Clause 18.10 (No default),
paragraph (d) of Clause 18.11 (No misleading information),
paragraphs (a) and (b) of Clause 18.12 (Financial statements),
Clauses 18.16 (Ranking of Security), 18.17 (Good title
to assets), 18.18 (Ownership and control),
18.19 (Legal and beneficial ownership) to 18.22 (Sanctions).

 

"Report" means each of
the following reports:

 

		(a)	the legal due diligence report dated
                                            9 November 2018 prepared and issued by Ginting & Reksodiputro;

 

		(b)	the actuarial due diligence report dated
                                            16 October 2018 prepared and issued by Milliman Ltd.; and

 

		(c)	the financial and tax due diligence report
                                            dated 7 November 2018 prepared and issued by KPMG Advisory (Hong Kong) Limited.

 

"Representative"
means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

 

"Resolution
Authority" means any body which has authority to exercise any Write-down and Conversion Powers.

 

"Retiring
Security Agent" has the meaning given to that term in Clause 27 (Change of Security Agent and Delegation).

 

"Sanctions"
has the meaning given to that term in Clause 18.22 (Sanctions).

 

"Screen Rate"
means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the
administration of that rate) for the relevant period displayed on page LIBOR01 of the Reuters screen (or any replacement Reuters
page which displays the rate), or on the appropriate page of such other information service which publishes that rate from
time to time in place of Reuters. If such page or service ceases to be available, the Agent may specify another page or service
displaying the relevant rate after consultation with the Borrower.

 

"Secured Liabilities"
means all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any
other capacity whatsoever) of each Obligor to any Secured Party under each Finance Document.

 

"Secured Party" means a
Finance Party, a Receiver or any Delegate.

 

"Security"
means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement
having a similar effect.

 

     - 19 -

     

    

 

"Security Agent's Spot Rate of Exchange"
means:

 

		(a)	the Security Agent's spot rate of exchange;
                                            or

 

		(b)	(if the Security Agent does not have an
                                            available spot rate of exchange) any publicly available spot rate of exchange selected by
                                            the Security Agent (acting reasonably),

 

for the purchase of the relevant
currency with the currency of the Loan in the Hong Kong foreign exchange market at or about 11:00 a.m. Hong Kong time on a particular
day.

 

"Security Property" means:

 

		(a)	the Transaction Security expressed to
                                            be granted in favour of the Security Agent as trustee for the Secured Parties and all proceeds
                                            of that Transaction Security;

 

		(b)	all obligations expressed to be undertaken
                                            by an Obligor to pay amounts in respect of the Secured Liabilities to the Security Agent
                                            as trustee for the Secured Parties and secured by the Transaction Security together with
                                            all representations and warranties expressed to be given by an Obligor in favour of the Security
                                            Agent as trustee for the Secured Parties; and

 

		(c)	any other amounts or property, whether
                                            rights, entitlements, choses in action or otherwise, actual or contingent, which the Security
                                            Agent is required by the terms of the Finance Documents to hold as trustee on trust for the
                                            Secured Parties.

 

"Shareholder Affiliate"
means any shareholder of any member of the Group and the Affiliates of such shareholder but excluding any member of the Group.

 

"Side
Letter" means the side letter in the agreed form entered into before the date on which the Agent gives the notice referred to
in Clause 4.1 (Initial conditions precedent) between the Borrower
and the Agent.

 

"Specified
Time" means a time determined in accordance with Schedule 6 (Timetables).

 

"Subordination Deed"
means a subordination deed in the agreed form (or in such other form acceptable to the Agent) entered into by a member of the Group,
a Shareholder Affiliate and the Security Agent.

 

"Subsidiary"
means, in relation to any company or corporation, a company or corporation:

 

		(a)	which is controlled, directly or indirectly,
                                            by the first mentioned company or corporation;

 

		(b)	more than half the issued equity share
                                            capital of which is beneficially owned, directly or indirectly, by the first mentioned company
                                            or corporation; or

 

     - 20 -

     

    

 

		(c)	which is a Subsidiary of another Subsidiary
                                            of the first mentioned company or corporation,

 

and for this purpose, a company
or corporation shall be treated as being controlled by another if that other company or corporation is able to direct its affairs and/or
to control the composition of its board of directors or equivalent body.

 

"Target Shares"
means 100 per cent. of the share capital in each Target on a fully diluted basis.

 

"Targets" means:

 

		(a)	PT Commonwealth Life; and

 

		(b)	PT First State Investments Indonesia,
                                            a company incorporated under the laws of Indonesia.

 

"Tax" means
any tax, levy, impost, duty or other charge or withholding of a similar nature that is imposed by law or by a governmental agency (including
any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

 

"Tax
Deduction" has the meaning given to such term in Clause 12.1 (Tax definitions).

 

"Total Commitments"
means at any time the aggregate of the Commitments (being USD175,000,000 as at the date of this Agreement).

 

"Total Interest Rate
Hedging" means the aggregate amount of all Interest Rate Hedging.

 

"Transaction Security"
means the Security created or evidenced or expressed to be created or evidenced under the Transaction Security Documents.

 

"Transaction Security Document" means:

 

		(a)	the Account Charge;

 

		(b)	any other document evidencing or creating
                                            or expressed to evidence or create Security over any asset to secure any obligation of any
                                            Obligor to a Secured Party under the Finance Documents; or

 

		(c)	any other document designated as such
                                            by the Security Agent and the Borrower.

 

"Transfer
Certificate" means a certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate)
or any other form agreed between the Agent and the Borrower.

 

     - 21 -

     

    

 

"Transfer Date" means,
in relation to an assignment or a transfer, the later of:

 

		(a)	the proposed Transfer Date specified
                                            in the relevant Assignment Agreement or Transfer Certificate; and

 

		(b)	the date on which the Agent executes
                                            the relevant Assignment Agreement or Transfer Certificate.

 

"Ultimate Shareholder"
has the meaning given to it in the Side Letter.

 

"Upfront Access
Fee" means an upfront fee of IRD900 billion payable by PT Commonwealth Life to PT Bank Commonwealth on the date of the Bancassurance
Agreement (or such other date as is agreed by the parties to the Bancassurance Agreement).

 

"Unpaid Sum"
means any sum due and payable but unpaid by an Obligor under the Finance Documents.

 

"US" means the United States
of America.

 

"US Tax Obligor" means:

 

		(a)	the Borrower, if it is resident for tax
                                            purposes in the US; or

 

		(b)	an Obligor some or all of whose payments
                                            under the Finance Documents are from sources within the US for US federal income tax purposes.

 

"Utilisation" means a utilisation
of the Facility.

 

"Utilisation
Date" means the date of a Utilisation, being the date on which the relevant Loan is to be made.

 

"Utilisation
Request" means a notice substantially in the form set out in Part I of Schedule 3 (Requests).

 

"Vendor"
means each of PT Bank Commonwealth, PT Gala Arta Jaya, CMG Asia Life Holdings Limited and Commwealth International Holdings Pty Limited.

 

"Write-down
and Conversion Powers" means in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time
to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule.

 

		1.2	Construction

 

		(a)	Unless a contrary indication appears,
                                            any reference in this Agreement to:

 

		(i)	any "Administrative Party",
                                            the "Agent", the "Mandated Lead Arranger", any "Finance
                                            Party", any "Lender", any "Obligor", any "Party",
                                            any "Secured Party", the "Security Agent" or other person shall be construed
so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under
the Finance Documents;

 

     - 22 -

     

    

 

		(ii)	"agreed form" means
                                            a document that is in the form agreed by or on behalf of the Borrower and the Agent on or
                                            before the date of this Agreement;

 

		(iii)	"assets" includes
                                            present and future properties, revenues and rights of every description;

 

		(iv)	a "Finance Document"
                                            or any other agreement or instrument is a reference to that Finance Document or other agreement
                                            or instrument as amended, novated, supplemented, extended or restated;

 

		(v)	"including" shall be
                                            construed as "including without limitation" (and cognate expressions shall be construed
                                            similarly);

 

		(vi)	a "group of Lenders"
                                            includes all the Lenders;

 

		(vii)	"indebtedness" includes
                                            any obligation (whether incurred as principal or as surety) for the payment or repayment
                                            of money, whether present or future, actual or contingent;

 

		(viii)	a Lender's "participation"
                                            in a Loan or Unpaid Sum includes an amount (in the currency of such Loan or Unpaid Sum) representing
                                            the fraction or portion (attributable to such Lender by virtue of the provisions of this
                                            Agreement) of the total amount of such Loan or Unpaid Sum and the Lender's rights under this
                                            Agreement in respect thereof;

 

		(ix)	a "person" includes
                                            any individual, firm, company, corporation, government, state or agency of a state or any
                                            association, trust, joint venture, consortium, partnership or other entity (whether or not
                                            having separate legal personality);

 

		(x)	a "regulation" includes
                                            any regulation, rule, official directive, request or guideline (whether or not having the
                                            force of law) of any governmental, intergovernmental or supranational body, agency, department
                                            or of any regulatory, self-regulatory or other authority or organisation;

 

		(xi)	a provision of law is a reference to
                                            that provision as amended or re-enacted; and

 

		(xii)	a time of day is a reference to Hong
                                            Kong time.

 

     - 23 -

     

    

 

		(b)	The determination of the extent to which
                                            a rate is "for a period equal in length" to an Interest Period shall disregard
                                            any inconsistency arising from the last day of that Interest Period being determined pursuant
                                            to the terms of this Agreement.

 

		(c)	Section, Clause and Schedule headings
                                            are for ease of reference only.

 

		(d)	Unless a contrary indication appears,
                                            a term used in any other Finance Document or in any notice given under or in connection with
                                            any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.

 

		(e)	A Default (other than an Event of Default)
                                            is "continuing" if it has not been remedied or waived and an Event of Default
                                            is "continuing" if it has not been remedied or waived.

 

		(f)	Where this Agreement specifies an amount
                                            in a given currency (the "specified currency") "or its equivalent",
                                            the "equivalent" is a reference to the amount of any other currency which,
                                            when converted into the specified currency utilising the Agent's spot rate of exchange (or,
                                            if the Agent does not have an available spot rate of exchange, any publicly available spot
                                            rate of exchange selected by the Agent (acting reasonably)) for the purchase of the specified
                                            currency with that other currency at or about 11 a.m. on the relevant date, is equal
                                            to the relevant amount in the specified currency.

 

		(g)	If and to the extent that any Finance
                                            Party (acting individually or as a collective) is required to act reasonably under the terms
                                            of a Finance Document with respect to any matter, each relevant Finance Party must act reasonably
                                            with respect to such matter.

 

		1.3	Currency Symbols and Definitions

 

"USD"
and "US dollars" denote the lawful currency of the US.

 

		1.4	Personal liability

 

No director, officer,
employee or other person acting (or purporting to act) on behalf of the Borrower, the Guarantor or any other member of the Group (or
any Affiliate of a member of the Group) shall be personally liable for any representation, certification or statement made (or deemed
to be made) by that person, the Borrower, the Guarantor or any other member of the Group in any Finance Document or any certificate,
notice or other document required to be delivered under, or in connection with, any Finance Document, whether or not signed by that person.

 

     - 24 -

     

    

 

 

	1.5	Third party rights

 

		(a)	Unless expressly provided to the contrary
                                            in a Finance Document, a person who is not a Party has no right under the Contracts (Rights
                                            of Third Parties) Ordinance (Cap. 623) (the "Third Parties Ordinance") to
                                            enforce or to enjoy the benefit of any term of this Agreement.

 

		(b)	Notwithstanding any term of any Finance
                                            Document, the consent of any person who is not a Party is not required to rescind or vary
                                            this Agreement at any time.

 

		(c)	Any Receiver or Delegate may, subject
                                            to this Clause 1.5 and the Third Parties Ordinance, rely on any Clause of this Agreement
                                            which expressly confers rights on it.

 

		1.6	Contractual recognition of bail-in

 

Notwithstanding any other term of any
Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any
liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant
Resolution Authority and acknowledges and accepts to be bound by the effect of:

 

		(a)	any Bail-In Action in relation to any
                                            such liability, including (without limitation):

 

		(i)	a reduction, in full or in part, in the
                                            principal amount, or outstanding amount due (including any accrued but unpaid interest) in
                                            respect of any such liability;

 

		(ii)	a conversion of all, or part of, any such
                                            liability into shares or other instruments of ownership that may be issued to, or conferred
                                            on, it; and

 

		(iii)	a cancellation of any such liability;
                                            and

 

		(b)	a variation of any term of any Finance
                                            Document to the extent necessary to give effect to any Bail-In Action in relation to any
                                            such liability.

 

     - 25 -

     

    

 

SECTION 2 

THE FACILITY

 

		2.	THE
FACILITY

 

		2.1	The Facility

 

Subject to the terms of this Agreement,
the Lenders agree to make available to the Borrower a US dollar term loan facility in an aggregate amount equal to the Total Commitments.

 

		2.2	Finance Parties' rights and obligations

 

		(a)	The obligations of the Finance Parties
                                            under the Finance Documents are several. Failure by a Finance Party to perform its obligations
                                            under the Finance Documents does not affect the obligations of any other Party under the
                                            Finance Documents. No Finance Party is responsible for the obligations of any other Finance
                                            Party under the Finance Documents.

 

		(b)	The rights of each Finance Party under
                                            or in connection with the Finance Documents are separate and independent rights and any debt
                                            arising under the Finance Documents to a Finance Party from an Obligor is a separate and
                                            independent debt in respect of which a Finance Party shall be entitled to enforce its rights
                                            in accordance with paragraph (c) below. The rights of each Finance Party include any
                                            debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt,
                                            any part of a Loan or any other amount owed by an Obligor which relates to a Finance Party's
                                            participation in the Facility or its role under a Finance Document (including any such amount
                                            payable to the Agent on its behalf) is a debt owing to that Finance Party by that Obligor.

 

		(c)	A Finance Party may, except as specifically
                                            provided in the Finance Documents, separately enforce its rights under or in connection with
                                            the Finance Documents.

 

		3.	PURPOSE

 

		3.1	Purpose

 

The Borrower shall apply all amounts
borrowed by it under the Facility towards:

 

		(a)	funding
                                            the Interest Reserve Account in an amount equal to the amount determined in accordance with
                                            paragraph (a)(i) or (as the case may be) paragraph (b)(i) of the definition of
                                            "Minimum Interest Reserve Amount" in Clause 1.1 (Definitions);

 

		(b)	funding the payment of fees and expenses
                                            incurred in relation to the Facility; and

 

     - 26 -

     

    

 

		(c)	general corporate purposes and/or funding
                                            requirements of members of the Group, including to part finance (i) the purchase price
                                            payable to the Vendors under the Acquisition Agreement, (ii) the Acquisition Costs and/or
                                            (iii) the Upfront Access Fee.

 

		3.2	Monitoring

 

No Finance Party is bound to monitor
or verify the application of any amount borrowed pursuant to this Agreement.

 

		4.	CONDITIONS
OF UTILISATION

 

		4.1	Initial conditions precedent

 

		(a)	The
                                            Borrower may not deliver a Utilisation Request unless the Agent has received all of the documents
                                            and other evidence listed in Schedule 2 (Conditions Precedent)
                                            in form and substance satisfactory to the Agent (acting on the instructions of all Lenders).
                                            The Agent shall notify the Borrower and the Lenders promptly upon being so satisfied.

 

		(b)	Other than to the extent that the Majority
                                            Lenders notify the Agent in writing to the contrary before the Agent gives the notification
                                            described in paragraph (a) above, the Lenders authorise (but do not require) the Agent
                                            to give that notification. The Agent shall not be liable for any damages, costs or losses
                                            whatsoever as a result of giving any such notification.

 

		4.2	Further conditions precedent

 

The
Lenders will be obliged to comply with Clause 5.4 (Lenders' participations)
only if on the date of the Utilisation Request and on the proposed Utilisation Date:

 

		(a)	no
                                            Default is continuing or would result from the proposed Loan and none of the circumstances
                                            described in Clauses 7.2 (Mandatory prepayment on change of control or share ownership)
                                            to Clause 7.4 (Mandatory prepayment on failure to obtain FSA approval)
                                            has occurred; and

 

		(b)	the Repeating Representations to be made
                                            by each Obligor are true in all material respects.

 

		4.3	Maximum number of Loans

 

The Borrower may not deliver a Utilisation
Request if as a result of the proposed Utilisation more than one Loan would be outstanding.

 

     - 27 -

     

    

 

SECTION 3 

UTILISATION

 

		5.	UTILISATION

 

		5.1	Delivery of a Utilisation Request

 

The Borrower may utilise the Facility
by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time.

 

		5.2	Completion of a Utilisation Request

 

		(a)	Each Utilisation Request is irrevocable
                                            and will not be regarded as having been duly completed unless:

 

		(i)	the proposed Utilisation Date is a Business
                                            Day within the Availability Period;

 

		(ii)	the
                                            currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount);
                                            and

 

		(iii)	the
                                            proposed first Interest Period complies with Clause 9 (Interest Periods).

 

		(b)	Only one Loan may be requested in each
                                            Utilisation Request.

 

		5.3	Currency and amount

 

		(a)	The currency specified in a Utilisation
                                            Request must be US dollars.

 

		(b)	The amount of the proposed Loan must
                                            be an amount which is not more than the applicable Available Facility and which is a minimum
                                            of USD175,000,000 or, if less, the applicable Available Facility.

 

		5.4	Lenders' participations

 

		(a)	If
                                            the conditions set out in Clause 4 (Conditions of Utilisation)
                                            and 5.1 (Delivery of a Utilisation Request)
                                            to 5.3 (Currency and amount)
                                            have been met, each Lender shall make its participation in each Loan available by the Utilisation
                                            Date through its Facility Office.

 

		(b)	The amount of each Lender's participation
                                            in each Loan will be equal to the proportion borne by its Available Commitment to the Available
                                            Facility immediately prior to making that Loan.

 

		(c)	The Agent shall notify each Lender of
                                            the amount of each Loan and the amount of its participation in that Loan by the Specified
                                            Time.

 

		5.5	Cancellation of Available Facility

 

The Commitments which, at that time,
are unutilised shall be immediately cancelled at 5 p.m. on the last day of the Availability Period.

 

     - 28 -

     

    

 

	SECTION 4
	REPAYMENT, PREPAYMENT
    AND CANCELLATION

 

	6.	REPAYMENT
	 	 
	6.1	Repayment of Loans
	 	 
	 	The Borrower shall repay
    each Loan in full on the Final Repayment Date.
	 	 
	6.2	Reborrowing
	 	 
	 	The Borrower may not reborrow
    any part of the Facility which is repaid.
	 	 
	7.	PREPAYMENT AND CANCELLATION

 

		7.1	Illegality

 

If, at any time, it is or will become
unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or
maintain its participation in any Loan or it is or will become unlawful for any Affiliate of a Lender for that Lender to do so:

 

		(a)	that Lender shall promptly notify the
                                            Agent upon becoming aware of that event;

 

		(b)	upon the Agent notifying the Borrower,
                                            the Available Commitment of that Lender will be immediately cancelled; and

 

		(c)	to
                                            the extent that such Lender's participation has not been transferred pursuant to paragraph
                                            (d) of Clause 7.7 (Right of prepayment and cancellation in relation to a single
                                            Lender), the Borrower shall
                                            repay that Lender's participation in the Loans on the last day of the Interest Period for
                                            each Loan occurring after the Agent has notified the Borrower or, if earlier, the date specified
                                            by the Lender in the notice delivered to the Agent (being no earlier than the last day of
                                            any applicable grace period permitted by law) and that Lender's corresponding Commitment
                                            shall be cancelled in the amount of the participation repaid.

 

		7.2	Mandatory prepayment on change of control
                                            or share ownership

 

If:

 

		(a)	(prior to the occurrence of an IPO) the
                                            Ultimate Shareholder does not or ceases to beneficially own, directly or indirectly, including
                                            by way of being the beneficiary under a trust, 60 per cent. or more of the shares of the
                                            Borrower; or

 

		(b)	the Guarantor does not or ceases to beneficially
                                            own, directly or indirectly, at least 79.05 per cent. of the shares in the Bidco or, following
                                            a PTCL Permitted Reorganisation, PT Commonwealth Life; or

 

     - 29 -

     

    

 

		(c)	the Borrower does not or ceases to beneficially
                                            own, directly or indirectly, at least 80.492 per cent. of the shares in FWD Life Insurance
                                            Public Company Limited; or

 

		(d)	(prior to the occurrence of an IPO) the
                                            Borrower does not or ceases to beneficially own, directly or indirectly, 60 per cent. or
                                            more of the shares in FWD Fuji Life Insurance Company, Limited; or

 

		(e)	(on or following the occurrence of an
                                            IPO) the Borrower does not or ceases to beneficially own, directly or indirectly, more than
                                            50 per cent. of the shares in FWD Fuji Life Insurance Company, Limited; or

 

		(f)	(on and after the date of Completion
                                            up to and including the time immediately prior to when a Permitted Reorganisation has been
                                            effected) the Bidco does not or ceases to beneficially own, directly or indirectly, 100 per
                                            cent. of the shares in PT Commonwealth Life,

 

all outstanding Loans, together with
accrued interest and all other amounts accrued under the Finance Documents will be immediately due and payable, and the Total Commitments
will be immediately cancelled.

 

		7.3	Mandatory prepayment from proceeds
                                            of IPO

 

		(a)	If, on or following the occurrence of
                                            an IPO, the Ultimate Shareholder's direct or indirect shareholding in the Borrower, including
                                            by way of being a beneficiary under a trust, ceases to be more than 50 per cent., the Borrower
                                            shall promptly apply or procure the application of the net proceeds of that IPO (the "Net
                                            IPO Proceeds") in or towards prepayment of all outstanding Loans (or, if such Net
                                            IPO Proceeds are not sufficient to discharge all outstanding Loans together with all outstanding
                                            loans under the Existing Facility, the Relevant Proportion of such Net IPO Proceeds in or
                                            towards prepayment of the outstanding Loans) and (if any Available Commitment remains outstanding
                                            after prepayment of the Loans in full) cancellation of the Available Commitments, together
                                            with accrued interest and all other amounts accrued under the Finance Documents and the corresponding
                                            part of the Total Commitments will be immediately cancelled.

 

		(b)	If the relevant Net IPO Proceeds are not
                                            sufficient to discharge all outstanding Loans together with all outstanding loans under the
                                            Existing Facility, the Borrower shall promptly provide a certificate to the Agent (in form
                                            and substance satisfactory to the Agent) confirming the Relevant Proportion and the Existing
                                            Facility Relevant Proportion and the basis of their calculations.

 

     - 30 -

     

    

 

		7.4	Mandatory prepayment on failure to
                                            obtain FSA approval

 

If the Bidco fails to (i) obtain
the approval by the Financial Services Authority of the Republic of Indonesia in relation to the Acquisition or (ii) complete the
Acquisition, in each case, by the Long-Stop Date:

 

		(a)	the Borrower shall promptly notify the
                                            Agent upon becoming aware of that event;

 

		(b)	a Lender shall not be obliged to fund
                                            a Utilisation;

 

		(c)	the Lenders and the Borrower shall enter
                                            into negotiations (for a period of not more than 10 Business Days) with a view to agreeing
                                            to an extension to the Long-Stop Date. Any extension to the Long-Stop Date agreed pursuant
                                            to this paragraph (c) shall, with the prior consent of all the Lenders and the Borrower,
                                            be binding on all Parties; and

 

		(d)	if the 10-Business Day period referred
                                            to in paragraph (c) above has expired and the Lenders have not consented to an extension
                                            of the Long-Stop Date, all outstanding Loans, together with accrued interest and all other
                                            amounts accrued under the Finance Documents will be immediately due and payable, and the
                                            Total Commitments will be immediately cancelled.

 

		7.5	Voluntary cancellation

 

The Borrower may, if it gives the Agent
not less than five Business Days' (or such shorter period as the Majority Lenders may agree) prior written notice, reduce the Available
Facility to zero or by such amount (being a minimum amount of USD50,000,000 and an integral multiple of USD5,000,000 or, if less, the
Available Facility) as the Borrower may specify in such notice. Any such reduction under this Clause 7.5 shall reduce the Commitments
of the Lenders rateably.

 

		7.6	Voluntary prepayment of Loans

 

The Borrower may, if it gives the Agent
not less than 10 Business Days' (or such shorter period as the Majority Lenders may agree) prior written notice, prepay the whole or
any part of any Loan, provided that:

 

		(a)	(in the case of any prepayment of a
                                            Loan in part) the amount of such prepayment reduces the amount of that Loan by a minimum
                                            amount of USD50,000,000 or, if less, the outstanding amount of that Loan; and

 

		(b)	a Loan is prepaid only after the last
                                            day of the Availability Period (or, if earlier, the day on which the Available Facility is
                                            zero).

 

     - 31 -

     

    

 

		7.7	Right of prepayment and cancellation
                                            in relation to a single Lender

 

		(a)	If:

 

		(i)	any
                                            sum payable to any Lender by an Obligor is required to be increased under paragraph (a) of
                                            Clause 12.2 (Tax gross-up);
                                            or

 

		(ii)	any
                                            Lender claims indemnification from the Borrower under Clause 12.3 (Tax indemnity)
                                            or Clause 13.1 (Increased costs),

 

the Borrower may, whilst the circumstance
giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment
of that Lender and its intention to procure the prepayment of that Lender's participation in the Loans or give the Agent notice of its
intention to replace that Lender in accordance with paragraph (d) below.

 

		(b)	On receipt of a notice of cancellation
                                            referred to in paragraph (a) above, the Commitment of that Lender shall immediately
                                            be reduced to zero.

 

		(c)	On the last day of each Interest Period
                                            which ends after the Borrower has given notice of cancellation under paragraph (a) above
                                            (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall prepay
                                            that Lender's participation in the relevant Loan.

 

		(d)	If:

 

		(i)	any of the circumstances set out in paragraph
                                            (a) above apply to a Lender; or

 

		(ii)	the
                                            Borrower becomes obliged to pay any amount in accordance with Clause 7.1 (Illegality)
                                            to any Lender,

 

the
Borrower may, on 10 Business Days' prior notice to the Agent (or such shorter period as the Agent agrees) and that Lender, replace that
Lender by requiring that Lender to (and, to the extent permitted by law, that Lender shall) transfer pursuant to Clause 23 (Changes
to the Parties) all (and not part only) of its rights and obligations under
this Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Borrower which confirms
its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 23 (Changes
to the Parties) for a purchase price in cash or other cash payment payable
at the time of the transfer equal to the outstanding principal amount of such Lender's participation in the outstanding Loans and all
accrued interest), Break Costs and other amounts payable in relation thereto under the Finance Documents.

 

     - 32 -

     

    

 

		(e)	The replacement of a Lender pursuant
                                            to paragraph (d) above shall be subject to the following conditions:

 

		(i)	the Borrower shall have no right to replace
                                            the Agent;

 

		(ii)	neither the Agent nor any Lender shall
                                            have any obligation to find a replacement Lender;

 

		(iii)	in no event shall the Lender replaced
                                            under paragraph (d) above be required to pay or surrender any of the fees received by
                                            such Lender pursuant to the Finance Documents; and

 

		(iv)	no Lender shall be obliged to execute a
                                            Transfer Certificate unless it is satisfied that it has completed all "know your customer"
                                            and other similar procedures that it is required (or deems desirable) to conduct in relation
                                            to the transfer to such replacement Lender.

 

		(f)	A Lender shall perform the procedures
                                            described in paragraph (e)(iv) above as soon as reasonably practicable following delivery
                                            of a notice referred to in paragraph (d) above and shall notify the Agent and the Borrower
                                            when it is satisfied that it has completed those checks.

 

		7.8	Restrictions

 

		(a)	Any notice of cancellation or prepayment
                                            given by any Party under this Clause 7 shall be irrevocable and, unless a contrary indication
                                            appears in this Agreement, shall specify the date or dates upon which the relevant cancellation
                                            or prepayment is to be made and the amount of that cancellation or prepayment.

 

		(b)	Any prepayment under this Agreement shall
                                            be made together with accrued interest on the amount prepaid and, subject to any Break Costs,
                                            without premium or penalty.

 

		(c)	The Borrower may not reborrow any part
                                            of the Facility which is prepaid.

 

		(d)	The Borrower shall not repay or prepay
                                            all or any part of any Loan or reduce any Commitment except at the times and in the manner
                                            expressly provided for in this Agreement.

 

		(e)	If any Commitment is reduced in accordance
                                            with this Agreement, the amount of such reduction may not be subsequently reinstated.

 

		(f)	If the Agent receives a notice under
                                            this Clause 7 it shall promptly forward a copy of that notice to either the Borrower or the
                                            affected Lender, as appropriate.

 

		(g)	If all or part of a Loan is repaid or
                                            prepaid and is not available for redrawing, an amount of the Commitments (equal to the amount
                                            of the Loan which is repaid or prepaid) will be deemed to be cancelled on the date of repayment
                                            or prepayment.
Any cancellation under this paragraph (g) (save in connection with any repayment or, as the case may be, prepayment under paragraph
(c) of Clause 7.1 (Illegality) or paragraph (c) of Clause
7.7 (Right of prepayment and cancellation in relation to a single Lender))
shall reduce the Commitments of the Lenders rateably.

 

     - 33 -

     

    

 

SECTION 5 

COSTS OF UTILISATION

 

		8.	INTEREST

 

		8.1	Calculation of interest

 

The rate of interest on each Loan for
each Interest Period is the percentage rate per annum which is the aggregate of the applicable:

 

		(a)	Margin; and

 

		(b)	LIBOR.

 

		8.2	Payment of interest

 

The Borrower shall pay accrued interest
on each Loan on the last day of each Interest Period applicable to that Loan (and, if the Interest Period is longer than six Months,
on the dates falling at six monthly intervals after the first day of the Interest Period).

 

		8.3	Default interest

 

		(a)	If an Obligor fails to pay any amount
                                            payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid
                                            Sum from the due date to the date of actual payment (both before and after judgment) at a
                                            rate which is, subject to paragraph (b) below, two per cent. per annum higher than the
                                            rate which would have been payable if the Unpaid Sum had, during the period of non-payment,
                                            constituted a Loan in the currency of the Unpaid Sum for successive Interest Periods, each
                                            of a duration selected by the Agent (acting reasonably). Any interest accruing under this
                                            Clause 8.3 shall be immediately payable by the Obligor on demand by the Agent.

 

		(b)	If any Unpaid Sum consists of all or
                                            part of a Loan which became due on a day which was not the last day of an Interest Period
                                            relating to that Loan:

 

		(i)	the first Interest Period for that Unpaid
                                            Sum shall have a duration equal to the unexpired portion of the current Interest Period relating
                                            to that Loan; and

 

		(ii)	the rate of interest applying to the Unpaid
                                            Sum during that first Interest Period shall be two per cent. per annum higher than the rate
                                            which would have applied if the Unpaid Sum had not become due.

 

		(c)	Default interest (if unpaid) arising
                                            on an Unpaid Sum will be compounded with the Unpaid Sum at the end of each Interest Period
                                            applicable to that Unpaid Sum but will remain immediately due and payable.

 

     - 34 -

     

    

 

		8.4	Notification
of rates of interest

 

The Agent shall promptly notify the relevant Lenders and
the Borrower of the determination of a rate of interest under this Agreement.

 

		9.	INTEREST
PERIODS

 

		9.1	Duration of Interest Periods

 

		(a)	Each Interest Period for a Loan will
                                            be three Months unless otherwise agreed between the Borrower, the Agent and all the Lenders.

 

		(b)	An Interest Period for a Loan shall not
                                            extend beyond the Final Repayment Date.

 

		(c)	Each Interest Period for a Loan shall
                                            start on the Utilisation Date for such Loan or (if a Loan has already been made) on the last
                                            day of the preceding Interest Period of such Loan.

 

		9.2	Non-Business Days

 

If an Interest Period would otherwise
end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there
is one) or the preceding Business Day (if there is not).

 

		9.3	Consolidation and division of Loans

 

The Borrower may not request that a
Loan be consolidated or divided.

 

		10.	CHANGES
TO THE CALCULATION OF INTEREST

 

		10.1	Unavailability of Screen Rate

 

		(a)	Reference
                                            Bank Rate: If no Screen Rate
                                            is available for LIBOR for:

 

		(i)	the currency of a Loan; or

 

		(ii)	the Interest Period of a Loan and it is
                                            not possible to calculate the Interpolated Screen Rate,

 

the applicable LIBOR shall be the Reference
Bank Rate as of the Specified Time for the currency of that Loan and for a period equal in length to the Interest Period of that Loan.

 

		(b)	Cost
                                            of funds: If paragraph (a) above
                                            applies but no Reference Bank Rate is available for the relevant currency or Interest Period
                                            there shall be no LIBOR for that Loan and Clause 10.4 (Cost of funds)
                                            shall apply to that Loan for that Interest Period.

 

     - 35 -

     

    

 

		10.2	Calculation of Reference Bank Rate

 

		(a)	Subject to paragraph (b) below,
                                            if LIBOR is to be determined on the basis of a Reference Bank Rate but a Reference Bank does
                                            not supply a quotation by the Specified Time, the Reference Bank Rate shall be calculated
                                            on the basis of the quotations of the remaining Reference Banks.

 

		(b)	If at or about noon (London time) on
                                            the Quotation Day, none or only one of the Reference Banks supplies a quotation, there shall
                                            be no Reference Bank Rate for the relevant Interest Period.

 

		10.3	Market disruption

 

If
before 5 p.m. in Hong Kong on the Business Day immediately following the Quotation Day for the relevant Interest Period, the Agent
receives notifications from a Lender or Lenders (whose participations in a Loan exceed 40 per cent. of that Loan) that the cost to it
of funding its participation in that Loan from whatever source it may reasonably select would be in excess of LIBOR then Clause 10.4
(Cost of funds) shall apply to that Loan for the relevant Interest
Period.

 

		10.4	Cost of funds

 

		(a)	If this Clause 10.4 applies, the rate
                                            of interest on each Lender's share of the relevant Loan for the relevant Interest Period
                                            shall be the percentage rate per annum which is the sum of:

 

		(i)	the Margin; and

 

		(ii)	the rate notified to the Agent by that
                                            Lender as soon as practicable and in any event within five Business Days of the first day
                                            of that Interest Period (or, if earlier, on the date falling five Business Days before the
                                            date on which interest is due to be paid in respect of that Interest Period), to be that
                                            which expresses as a percentage rate per annum the cost to the relevant Lender of funding
                                            its participation in that Loan from whatever source it may reasonably select.

 

		(b)	If this Clause 10.4 applies and the Agent
                                            or the Borrower so requires, the Agent and the Borrower shall enter into negotiations (for
                                            a period of not more than 30 days) with a view to agreeing a substitute basis for determining
                                            the rate of interest.

 

		(c)	Any alternative basis agreed pursuant
                                            to paragraph (b) above shall, with the prior consent of all the Lenders and the Borrower,
                                            be binding on all Parties.

 

		(d)	If
                                            this Clause 10.4 applies pursuant to Clause 10.3 (Market disruption)
                                            and:

 

		(i)	a Lender's Funding Rate is less than
                                            LIBOR; or

 

     - 36 -

     

    

 

		(ii)	a Lender does not supply a quotation by
                                            the time specified in paragraph (a)(ii) above,

 

the cost to that Lender of funding its participation in that
Loan for that Interest Period shall be deemed, for the purposes of paragraph (a) above, to be LIBOR.

 

		10.5	Notification to Borrower

 

If
Clause 10.4 (Cost of funds) applies the Agent shall, as soon as
practicable, notify the Borrower.

 

		10.6	Break Costs

 

		(a)	The Borrower shall, within three Business
                                            Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable
                                            to all or any part of a Loan or Unpaid Sum being paid by the Borrower on a day other than
                                            the last day of an Interest Period for that Loan or Unpaid Sum.

 

		(b)	Each Lender shall, as soon as reasonably
                                            practicable after a demand by the Agent, provide a certificate confirming the amount of its
                                            Break Costs for any Interest Period in which they accrue.

 

		11.	FEES

 

		11.1	Upfront fee

 

The Borrower shall pay to the Agent
(for the account of each Original Lender) an upfront fee in the amount and at the times agreed in a Fee Letter.

 

		11.2	Agency fee

 

The Borrower shall pay to the Agent
(for its own account) an agency fee in the amount and at the times agreed in a Fee Letter.

 

		11.3	Security Agency fee

 

The Borrower shall pay to the Security
Agent (for its own account) a security agency fee in the amount and at the times agreed in a Fee Letter.

 

		11.4	Commitment fee

 

		(a)	The Borrower shall pay to the Agent
                                            (for the account of each Lender) a fee in dollars computed and accruing on a daily basis
                                            at the percentage rate per annum that is 35 per cent. of the Margin on the undrawn and uncancelled
                                            amount of each Lender's Commitment under the Facility for the period commencing on and from
                                            the date falling four Months after the date of this Agreement to and including the last day
                                            of the Availability Period (the "Relevant Period").

 

		(b)	The accrued commitment fee is payable
                                            on the last day of each successive period of three Months which ends during the Relevant
                                            Period, on the last day of the Relevant Period and, if a Lender's Commitment is reduced to
                                            zero before the last day of the Relevant Period, on the day on which such
reduction to zero becomes effective.

 

		11.5	Fees payable

 

Any
fees payable pursuant to Clauses 11.1 (Upfront fee) to 11.4 (Commitment
fee) which are (in each case) payable on or before the Utilisation Date
but unpaid may, upon request by the Borrower, be paid from the proceeds of the Utilisation, and in such case, the Agent is hereby authorised
to deduct the amount of such fees from the proceeds of Utilisation and apply the same towards payment of such fees on behalf of the Borrower.

 

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SECTION 6 

ADDITIONAL PAYMENT OBLIGATIONS

 

		12.	TAX
GROSS-UP AND INDEMNITIES

 

		12.1	Tax definitions

 

		(a)	In this Clause 12:

 

"Tax Credit"
means a credit against, relief or remission for, or repayment of any Tax.

 

"Tax Deduction"
means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.

 

"Tax
Payment" means an increased payment made by an Obligor to a Finance Party under Clause 12.2 (Tax gross-up)
or a payment under Clause 12.3 (Tax indemnity).

 

		(b)	Unless a contrary indication appears, in this Clause 12 a reference to "determines" or
 "determined" means a determination made in the absolute discretion of the person making the determination acting reasonably
and in good faith.

 

		12.2	Tax gross-up

 

		(a)	All payments to be made by an Obligor to any Finance Party under the Finance Documents shall be made free
and clear of and without any Tax Deduction unless such Obligor is required to make a Tax Deduction, in which case the sum payable by such
Obligor (in respect of which such Tax Deduction is required to be made) shall be increased to the extent necessary to ensure that such
Finance Party receives a sum net of any deduction or withholding equal to the sum which it would have received had no such Tax Deduction
been made or required to be made.

 

		(b)	The Borrower shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there
is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on
becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify
the Borrower and that Obligor.

 

		(c)	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any
payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.

 

     - 38 -

     

    

 

		(d)	Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax
Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the payment evidence reasonably
satisfactory to that Finance Party (acting reasonably) that the Tax Deduction has been made or (as applicable) any appropriate payment
paid to the relevant taxing authority.

 

		12.3	Tax indemnity

 

		(a)	Without prejudice to Clause 12.2 (Tax
gross-up), if any Finance Party is required to make any payment of or on
account of Tax on or in relation to any sum received or receivable under the Finance Documents (including any sum deemed for the purposes
of Tax to be received or receivable by such Finance Party whether or not actually received or receivable) or if any liability in respect
of any such payment is asserted, imposed, levied or assessed against any Finance Party, the Borrower shall, within three Business Days
of demand of the Agent, promptly indemnify the Finance Party which suffers a loss or liability as a result against such payment or liability,
together with any interest, penalties, costs and expenses payable or incurred in connection therewith, provided that this Clause
12.3 shall not apply to:

 

		(i)	any Tax imposed on and calculated by reference to the net income actually received or receivable by such
Finance Party (but, for the avoidance of doubt, not including any sum deemed for the purposes of Tax to be received or receivable by such
Finance Party but not actually receivable) by the jurisdiction in which such Finance Party is incorporated;

 

		(ii)	any Tax imposed on and calculated by reference to the net income of the Facility Office or other permanent
establishment of such Finance Party actually received or receivable by such Finance Party (but, for the avoidance of doubt, not including
any sum deemed for the purposes of Tax to be received or receivable by such Finance Party but not actually receivable) by the jurisdiction
in which its Facility Office or other permanent establishment is located;

 

		(iii)	any Tax relating to a FATCA Deduction required to be made by a Party; or

 

		(iv)	the extent that such payment or liability is
compensated for by an increased payment under Clause 12.2 (Tax gross-up).

 

		(b)	A Finance Party intending to make a claim under paragraph (a) above shall notify the Agent of the
event giving rise to the claim, whereupon the Agent shall notify the Borrower thereof.

 

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		(c)	A Finance Party shall, on receiving a payment from an Obligor under this Clause 12.3, notify the Agent.

 

		12.4	Tax credit

 

If an Obligor makes
a Tax Payment and the relevant Finance Party determines that:

 

		(a)	a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax
Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and

 

		(b)	that Finance Party has obtained and utilised that Tax Credit,

 

the Finance Party shall
pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as
it would have been in had the Tax Payment not been required to be made by the Obligor.

 

		12.5	Stamp taxes

 

The Borrower shall:

 

		(a)	pay all stamp duty, registration and other similar Taxes payable in respect of any Finance Document, and

 

		(b)	within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability
that Finance Party incurs in relation to any stamp duty, registration or other similar Tax paid or payable in respect of any Finance Document,

 

save that this Clause
12.5 shall not apply in relation to any such stamp duty, registration or other similar Taxes which arise as a result of a Lender assigning
or otherwise disposing any of its rights under this Agreement.

 

		12.6	Indirect tax

 

		(a)	All amounts set out or expressed in a Finance Document to be payable by any Party to a Finance Party shall
be deemed to be exclusive of any Indirect Tax. If any Indirect Tax is chargeable on any supply made by any Finance Party to any Party
in connection with a Finance Document, that Party shall pay to the Finance Party (in addition to and at the same time as paying the consideration)
an amount equal to the amount of the Indirect Tax.

 

		(b)	Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any costs or
expenses, that Party shall also at the same time pay and indemnify the Finance Party against all Indirect Tax incurred by that Finance
Party in respect of the costs or expenses to the extent the Finance Party reasonably determines that it is not entitled to credit or repayment
in respect of the Indirect Tax.

 

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		12.7	FATCA information

 

		(a)	Subject to paragraph (c) below, each Party shall, within 10 Business Days of a reasonable request
by another Party:

 

		(i)	confirm to that other Party whether it is:

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party;

 

		(ii)	supply to that other Party such forms, documentation and other information relating to its status under
FATCA as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; and

 

		(iii)	supply to that other Party such forms, documentation and other information relating to its status as that
other Party reasonably requests for the purposes of that other Party's compliance with any other law, regulation, or exchange of information
regime.

 

		(b)	If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt
Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party
as soon as reasonably practicable.

 

		(c)	Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above
shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of:

 

		(i)	any law or regulation;

 

		(ii)	any fiduciary duty; or

 

		(iii)	any duty of confidentiality.

 

		(d)	If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation
or other information requested in accordance with paragraph (a)(i) or (ii) above (including, for the avoidance of doubt, where
paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them)
as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation
or other information.

 

     - 41 -

     

    

 

		(e)	If the Borrower is a US Tax Obligor or the Agent reasonably believes that its obligations under FATCA
or any other applicable law or regulation require it, each Lender shall, within ten Business Days of:

 

		(i)	where the Borrower is a US Tax Obligor and the relevant Lender is an Original Lender, the date of this
Agreement;

 

		(ii)	where the Borrower is a US Tax Obligor on a date on which any Lender becomes a Party as a Lender, that
date; or

 

		(iii)	where the Borrower is not a US Tax Obligor, the date of a request from the Agent,

 

supply to the Agent:

 

		(A)	a withholding certificate on Form W-8, Form W-9 or any other relevant form; or

 

		(B)	any withholding statement or other document, authorisation or waiver as the Agent may require to certify
or establish the status of such Lender under FATCA or that other law or regulation.

 

		(f)	The Agent shall provide any withholding certificate, withholding statement, document, authorisation or
waiver it receives from a Lender pursuant to paragraph (e) above to the Borrower.

 

		(g)	If any withholding certificate, withholding statement, document, authorisation or waiver provided to the
Agent by a Lender pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, that Lender shall promptly update
it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Agent unless it is
unlawful for the Lender to do so (in which case the Lender shall promptly notify the Agent). The Agent shall provide any such updated
withholding certificate, withholding statement, document, authorisation or waiver to the Borrower.

 

		(h)	The Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver
it receives from a Lender pursuant to paragraph (e) or (g) above without further verification. The Agent shall not be liable
for any action taken by it under or in connection with paragraph (e), (f) or (g) above.

 

     - 42 -

     

    

 

		(i)	Without prejudice to any other term of this Agreement, if a Lender fails to supply any withholding
                                                                certificate, withholding statement, document, authorisation, waiver or information in accordance with paragraph (e) above, or
                                                                any withholding certificate, withholding statement, document, authorisation, waiver or information provided by a Lender to the Agent
                                                                is or becomes materially inaccurate
or incomplete, then such Lender shall indemnify the Agent, within three Business Days of demand, against any cost, loss, Tax or liability
(including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Agent (including any related
interest and penalties) in acting as Agent under the Finance Documents as a result of such failure.

 

		(j)	If, in accordance with paragraph (f) above, the Agent provides an Obligor with sufficient information
to determine its withholding obligations under FATCA, but the Obligor fails to withhold as required by FATCA, the Borrower shall indemnify
the Agent, within three Business Days of demand, against any cost, loss, Tax or liability (including, without limitation, for negligence
or any other category of liability whatsoever) incurred by the Agent (including any related interest and penalties) in acting as Agent
under the Finance Documents as a result of such failure.

 

		12.8	FATCA deduction

 

		(a)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection
with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction
or otherwise compensate the recipient of the payment for that FATCA Deduction.

 

		(b)	Each Party shall as soon as reasonably practicable, upon becoming aware that it must make a FATCA Deduction
(or that there is any change in the rate or the basis of such FATCA Deduction), and in any case at least three Business Days prior to
making a FATCA Deduction, notify the Party to whom it is making the payment and, on or prior to the day on which it notifies that Party,
shall also notify the Borrower, the Agent and the other Finance Parties.

 

		13.	INCREASED
                                            COSTS

 

		13.1	Increased costs

 

		(a)	Subject to Clause 13.3
                                                                                                                                 (Exceptions) the Borrower shall, within three Business Days
                                                                                                                                 of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased
Costs incurred by that Finance Party or any of its Affiliates as a result of (i) the introduction of or any change in (or in the
interpretation, administration or application of) any law or regulation or (ii) compliance with any law or regulation made after
the date of this Agreement. The terms "law" and "regulation" in this paragraph (a) shall include any law or regulation
concerning capital adequacy, prudential limits, liquidity, reserve assets or Tax.

 

     - 43 -

     

    

 

		(b)	In this Agreement "Increased Costs" means:

 

		(i)	a reduction in the rate of return from the Facility or on a Finance Party's (or its Affiliate's) overall
capital (including as a result of any reduction in the rate of return on capital brought about by more capital being required to be allocated
by such Finance Party);

 

		(ii)	an additional or increased cost; or

 

		(iii)	a reduction of any amount due and payable under any Finance Document,

 

which is incurred or suffered
by a Finance Party or any of its Affiliates to the extent that it is attributable to the undertaking, funding or performance by such Finance
Party of any of its obligations under any Finance Document or any participation of such Finance Party in any Loan or Unpaid Sum.

 

		13.2	Increased cost claims

 

		(a)	A Finance Party (other than the Agent) intending
to make a claim pursuant to Clause 13.1 (Increased costs) shall
notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrower.

 

		(b)	Each Finance Party (other than the Agent) shall, as soon as practicable after a demand by the Agent, provide
a certificate confirming the amount of its Increased Costs.

 

		13.3	Exceptions

 

		(a)	Clause 13.1 (Increased costs)
does not apply to the extent any Increased Cost is:

 

		(i)	attributable to a Tax Deduction required by law to be made by an Obligor;

 

		(ii)	attributable to a FATCA Deduction required to be made by a Party;

 

		(iii)	compensated for by Clause 12.3 (Tax
indemnity) (or would have been compensated for under Clause 12.3 (Tax
indemnity) but was not so compensated solely because the exclusion in paragraph
(a) of Clause 12.3 (Tax indemnity) applied);

 

		(iv)	attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation;
or

 

		(v)	attributable to the implementation or application
of or compliance with the "International Convergence of Capital Measurement and Capital Standards, a Revised Framework"
published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement ("Basel
II") or any other law or regulation which implements Basel II
(whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates).

 

     - 44 -

     

    

 

		(b)	In this Clause 13.3, a reference to a "Tax
Deduction" has the same meaning given to the term in Clause 12.1 (Tax definitions).

 

		14.	MITIGATION BY THE LENDERS

 

		14.1	Mitigation

 

		(a)	Each Finance Party shall, in consultation with
the Borrower, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable
under or pursuant to, or cancelled pursuant to, any of Clause 7.1 (Illegality),
Clause 12 (Tax gross-up and indemnities) or Clause 13 (Increased
costs), including:

 

		(i)	providing such information as the Borrower may reasonably request in order to permit the Borrower to determine
its entitlement to claim any exemption or other relief (whether pursuant to a double taxation treaty or otherwise) from any obligation
to make a Tax Deduction; and

 

		(ii)	in relation to any circumstances which arise following the date of this Agreement, transferring its rights
and obligations under the Finance Documents to another Affiliate or Facility Office.

 

		(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents.

 

		14.2	Limitation of liability

 

		(a)	The Borrower shall promptly indemnify each Finance
Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 14.1 (Mitigation).

 

		(b)	A Finance Party is not obliged to take any steps
under Clause 14.1 (Mitigation) if, in the opinion of that Finance
Party (acting reasonably), to do so might be prejudicial to it.

 

		14.3	Conduct of business by the Finance Parties

 

		(a)	No provision of any Finance Document will:

 

		(i)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner
it thinks fit;

 

		(ii)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available
to it or the extent, order and manner of any claim; or

 

     - 45 -

     

    

 

		(iii)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax.

 

		(b)	Unless a contrary indication appears, in this Clause 14 a reference to "determines" or
 "determined" means a determination made in the absolute discretion of the person making the determination acting reasonably
and in good faith.

 

		15.	OTHER INDEMNITIES

 

		15.1	Currency indemnity

 

		(a)	If any sum due from an Obligor under the Finance Documents (a "Sum"), or any order, judgment
or award given or made in relation to a Sum, has to be converted from the currency (the "First Currency") in which that
Sum is payable into another currency (the "Second Currency") for the purpose of:

 

		(i)	making or filing a claim or proof against that Obligor; or

 

		(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

 

that Obligor shall as
an independent obligation, within five Business Days of demand, indemnify each Finance Party to whom that Sum is due against any cost,
loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used
to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person
at the time of its receipt of that Sum.

 

		(b)	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents
in a currency or currency unit other than that in which it is expressed to be payable.

 

		15.2	Other indemnities

 

Each Obligor shall,
within five Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as
a result of:

 

		(a)	the occurrence of any Event of Default;

 

		(b)	any information produced or approved by any Obligor being or being alleged to be misleading and/or deceptive
in any respect;

 

		(c)	any enquiry, investigation, subpoena (or similar order) or litigation with respect to any Obligor or with
respect to the transactions contemplated or financed under this Agreement;

 

     - 46 -

     

    

 

		(d)	a failure by an Obligor to pay any amount due
under a Finance Document on its due date or in the relevant currency, including without limitation, any cost, loss or liability arising
as a result of Clause 29 (Sharing among the Finance Parties);

 

		(e)	funding, or making arrangements to fund, its participation in a Loan requested by the Borrower in a Utilisation
Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default
or negligence by that Finance Party alone); or

 

		(f)	a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by the Borrower.

 

		15.3	Indemnity to the Agent

 

		(a)	Each Obligor shall immediately on demand indemnify the Agent against any cost, loss or liability incurred
by the Agent (acting reasonably) as a result of:

 

		(i)	investigating any event which it reasonably believes is a Default;

 

		(ii)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct
and appropriately authorised; or

 

		(iii)	instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under this Agreement,

 

unless such cost, loss or liability is caused
by its gross negligence, fraud or wilful misconduct.

 

		(b)	This indemnity given under this Clause is a continuing obligation, independent of each Obligor's other
obligations under or in connection with this Agreement or any other Finance Document and survives after this Agreement or such other Finance
Document is terminated. It is not necessary for a person to pay any amount or incur any expense before enforcing an indemnity under or
in connection with this Agreement or any other Finance Document.

 

		15.4	Obligors' indemnity to the Security Agent

 

		(a)	Each Obligor shall immediately on demand indemnify the Security Agent and every Receiver and Delegate
against any cost, loss or liability incurred by any of them:

 

		(i)	as a result of:

 

		(A)	any failure by the Borrower to comply with obligations
under Clause 16 (Costs and expenses);

 

     - 47 -

     

    

 

		(B)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct
and appropriately authorised;

 

		(C)	the taking, holding, protection or enforcement of the Transaction Security;

 

		(D)	the exercise of any of the rights, powers, discretions and remedies vested in the Security Agent and each
Receiver and Delegate by the Finance Documents or by law; or

 

		(E)	any default by any Obligor in the performance of any of the obligations expressed to be assumed by it
in the Finance Documents; or

 

		(ii)	which otherwise relates to any of the Charged Property or the performance of the terms of the Finance
Documents (otherwise than as a result of its gross negligence or wilful misconduct),

 

unless such cost, loss or liability is caused
by its gross negligence, fraud or wilful misconduct.

 

		(b)	This indemnity given under this Clause is a continuing obligation, independent of each Obligor's other
obligations under or in connection with this Agreement or any other Finance Document and survives after this Agreement or such other Finance
Document is terminated. It is not necessary for a person to pay any amount or incur any expense before enforcing an indemnity under or
in connection with this Agreement or any other Finance Document.

 

		15.5	Priority of indemnity

 

		(a)	The Security Agent and every Receiver and Delegate
may, in priority to any payment to the Secured Parties, indemnify itself out of the Charged Property in respect of, and pay and retain,
all sums necessary to give effect to the indemnity in Clause 15.4 (Obligors' indemnity to the Security Agent)
and shall have a lien on the Transaction Security and the proceeds of enforcement of the Transaction Security for all moneys payable to
it.

 

		(b)	This indemnity given under this Clause is a continuing obligation, independent of each Obligor's other
obligations under or in connection with this Agreement or any other Finance Document and survives after this Agreement or such other Finance
Document is terminated. It is not necessary for a person to pay any amount or incur any expense before enforcing an indemnity under or
in connection with this Agreement or any other Finance Document.

 

     - 48 -

     

    

 

		16.	COSTS
AND EXPENSES

 

		16.1	Transaction expenses

 

The Borrower shall,
within five Business Days of demand, pay the Administrative Parties the amount of all reasonable costs and expenses (including legal fees)
reasonably and properly incurred by any of them (and, in the case of the Security Agent, any Receiver or Delegate) in connection with:

 

		(a)	the negotiation, preparation, printing, execution and perfection of:

 

		(i)	this Agreement and any other documents referred to in this Agreement or in a Transaction Security Document;
and

 

		(ii)	any other Finance Documents executed after the date of this Agreement; and

 

		(b)	the administration of the Facility including (without limitation) the disbursement of the Loans.

 

		16.2	Amendment costs

 

If:

 

		(a)	an Obligor requests an amendment, waiver or consent; or

 

		(b)	an amendment or waiver is contemplated or agreed
pursuant to Clause 30.9 (Replacement of Screen Rate),

 

the Borrower shall,
within five Business Days of demand, reimburse the Agent for the amount of all reasonable costs and expenses (including legal fees) reasonably
and properly incurred by the Agent in responding to, evaluating, negotiating or complying with or implementing that request or requirement
or actual or contemplated agreement.

 

		16.3	Security Agent's ongoing costs

 

		(a)	Any amount payable to the Security Agent under
Clause 15.4 (Obligors' indemnity to the Security Agent), Clause
16 (Costs and expenses), Clause 26.20 (Lenders' indemnity
to the Security Agent) and this Clause shall include the cost of utilising
the Security Agent's management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as
the Security Agent may notify to the Borrower and the Lenders, and is in addition to any other fee paid or payable to the Security Agent
under Clause 11 (Fees).

 

		(b)	In the event of (i) an Event of Default or (ii) the Security Agent considering it necessary
or expedient or (iii) the Security Agent being requested by an Obligor or the Majority Lenders to undertake duties which the Security
Agent and the Borrower agree to be of an exceptional nature and/or outside the scope of the normal duties of the Security Agent under
the Finance Documents, the Borrower shall pay to the Security Agent any
additional remuneration (together with any applicable Indirect Tax) that may be agreed between them.

 

     - 49 -

     

    

 

		(c)	If the Security Agent and the Borrower fail to agree upon the nature of the duties or upon any additional
remuneration, that dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security
Agent and approved by the Borrower or, failing approval, nominated (on the application of the Security Agent) by the President for the
time being of the Law Society of Hong Kong (the costs of the nomination and of the investment bank being payable by the Borrower) and
the determination of any investment bank shall be final and binding upon the parties to this Agreement.

 

		16.4	Enforcement and preservation costs

 

The Borrower shall,
within five Business Days of demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by
that Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document and the Transaction
Security and any proceedings instituted by or against that Secured Party as a consequence of it entering into a Finance Document, taking
or holding the Transaction Security, or enforcing those rights.

 

     - 50 -

     

    

 

SECTION 7

GUARANTEE

 

		17.	GUARANTEE
AND INDEMNITY

 

		17.1	Guarantee and indemnity

 

The Guarantor irrevocably
and unconditionally:

 

		(a)	guarantees to each Finance Party punctual performance by the Borrower of all the Borrower's obligations
under the Finance Documents;

 

		(b)	undertakes with each Finance Party that whenever the Borrower does not pay any amount when due under or
in connection with any Finance Document, the Guarantor shall immediately on demand pay that amount as if it was the principal obligor;
and

 

		(c)	agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid
or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss
or liability it incurs as a result of the Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality,
have been payable by it under any Finance Document on the date when it would have been due. The amount payable by the Guarantor under
this indemnity will not exceed the amount it would have had to pay under this Clause 17 if the amount claimed had been recoverable on
the basis of a guarantee.

 

		17.2	Continuing guarantee

 

This guarantee is a
continuing guarantee and will extend to the ultimate balance of sums payable by the Borrower under the Finance Documents, regardless of
any intermediate payment or discharge in whole or in part.

 

		17.3	Reinstatement

 

If any discharge, release
or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by a
Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency,
liquidation, administration or otherwise, without limitation, then the liability of the Guarantor under this Clause 17 will continue or
be reinstated as if the discharge, release or arrangement had not occurred.

 

		17.4	Waiver of defences

 

The obligations of the
Guarantor under this Clause 17 will not be affected by an act, omission, matter or thing which, but for this Clause 17, would reduce,
release or prejudice any of its obligations under this
Clause 17 (without limitation and whether or not known to it or any Finance Party) including:

 

		(a)	any time, waiver or consent granted to, or composition with, any Obligor or other person;

 

     - 51 -

     

    

 

 

		(b)	the release of the Borrower or any other person under the terms of any composition or arrangement with
any creditor of any member of the Group;

 

		(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
execute, take up or enforce, any rights against, or security over assets of, the Borrower or other person or any non-presentation or non-observance
of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

 

		(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members
or status of the Borrower or any other person;

 

		(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more
onerous) or replacement of any Finance Document or any other document or security including without limitation any change in the purpose
of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document
or security;

 

		(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document
or any other document or security;

 

		(g)	any insolvency or similar proceedings; or

 

		(h)	this Agreement or any other Finance Document not being executed by or binding upon any other party.

 

		17.5	Immediate recourse

 

The Guarantor waives
any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other
rights or security or claim payment from any person before claiming from the Guarantor under this Clause 17. This waiver applies irrespective
of any law or any provision of a Finance Document to the contrary.

 

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		17.6	Appropriations

 

Until all amounts which
may be or become payable by the Borrower under or in connection with the Finance Documents have been irrevocably paid in full, each Finance
Party (or any trustee or agent on its behalf) may:

 

		(a)	refrain from applying or enforcing any other moneys, security or rights held or received by that Finance
Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it
sees fit (whether against those amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and

 

		(b)	hold in a non-interest bearing suspense account any moneys received from the Guarantor or on account of
the Guarantor's liability under this Clause 17.

 

		17.7	Deferral of Guarantor's rights

 

Until all amounts which
may be or become payable by the Borrower under or in connection with the Finance Documents have been irrevocably paid in full and unless
the Agent otherwise directs, the Guarantor will not exercise or otherwise enjoy the benefit of any right which it may have by reason of
performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under
this Clause 17:

 

		(a)	to be indemnified by the Borrower;

 

		(b)	to claim any contribution from any other guarantor of or provider of security for the Borrower's obligations
under the Finance Documents;

 

		(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights
of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the
Finance Documents by any Finance Party;

 

		(d)	to bring legal or other proceedings for an order
requiring any Obligor to make any payment, or perform any obligation, in respect of which the Guarantor has given a guarantee, undertaking
or indemnity under Clause 17.1 (Guarantee and indemnity);

 

		(e)	to exercise any right of set-off against any Obligor; and/or

 

		(f)	to claim or prove as a creditor of any Obligor in competition with any Finance Party.

 

If the Guarantor shall
receive any benefit, payment or distribution in relation to any such right it shall hold that benefit, payment or distribution (or so
much of it as may be necessary to enable all amounts which may be or become payable to the Finance Parties by
the Obligors under or in connection with the Finance Documents to be paid in full) on trust for the Finance Parties, and shall promptly
pay or transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 30 (Payment Mechanics).

 

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		17.8	Additional security

 

This guarantee is in
addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party.

 

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SECTION 8

REPRESENTATIONS, UNDERTAKINGS AND EVENTS
OF DEFAULT

 

		18.	REPRESENTATIONS

 

Each Obligor makes the
representations and warranties set out in this Clause 18 to each Finance Party on the date of this Agreement.

 

		18.1	Status

 

		(a)	It is a corporation, duly incorporated, validly existing, and, if applicable, in good standing under the
laws, in the case of the Borrower, of the Cayman Islands and, in the case of the Guarantor, of Singapore.

 

		(b)	It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being
conducted.

 

		18.2	Binding obligations

 

Subject to the Legal
Reservations and the Perfection Requirements:

 

		(a)	the obligations expressed to be assumed by it and the Bidco in each Finance Document to which it is a
party and each Acquisition Document to which it or the Bidco is a party are legal, valid, binding and enforceable obligations; and

 

		(b)	(without limiting the generality of paragraph (a) above), each Transaction Security Document to which
it is a party creates the security interests which that Transaction Security Document purports to create and those security interests
are valid and effective

 

		18.3	Non-conflict with other obligations

 

The entry into and performance
by it and the Bidco of, and the transactions contemplated by, the Finance Documents to which it is a party and the Acquisition Documents
to which it or the Bidco is a party and the granting of the Transaction Security do not and will not conflict with:

 

		(a)	any law or regulation applicable to it or the Bidco;

 

		(b)	each Obligor's, the Bidco's and their Subsidiaries' constitutional documents; or

 

		(c)	any agreement or instrument binding upon the Obligors, the Bidco or any of their Subsidiaries or any of
each Obligor's, the Bidco's and their Subsidiaries' assets to the extent that such conflict has or is reasonably likely to have a Material
Adverse Effect.

 

		18.4	Power and authority

 

It and the Bidco have the power to
enter into, perform and deliver, and have taken all necessary corporate action to authorise its and the Bidco's entry into,
performance and delivery of, the Finance
Documents to which it is a party and the Acquisition Documents to which it or the Bidco is a party and the transactions contemplated by
those Finance Documents and those Acquisition Documents.

 

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		18.5	Validity and admissibility in evidence

 

Except
for registration of the Transaction Security Documents in accordance with Clause 18.6 (Registration requirements),
all Authorisations required:

 

		(a)	to enable it and the Bidco lawfully to enter into, exercise its rights and comply with its obligations
in the Finance Documents to which it is a party and the Acquisition Documents to which it or the Bidco is a party;

 

		(b)	subject to the Legal Reservations and the Perfection Requirements, to make the Finance Documents to which
it is a party and the Acquisition Documents to which it or the Bidco is a party admissible in evidence in its jurisdiction of incorporation;
and

 

		(c)	for each Obligor, the Bidco and their Subsidiaries to carry on their business, and which are material,

 

have been obtained or effected and are in
full force and effect.

 

		18.6	Registration requirements

 

Except for registration
of each Transaction Security Document in the register of mortgages and charges maintained by the Borrower in accordance with section 54
of the Companies Law (2018 Revision) (as amended) of the Cayman Islands and registration of the Account Charge with the Hong Kong Companies
Registry within one month of its execution, it is not necessary to file, register or record any Finance Document in any public place or
elsewhere.

 

		18.7	Governing law and enforcement

 

Subject to the Legal
Reservations:

 

		(a)	the choice of Hong Kong law as the governing law of the Finance Documents will be recognised and enforced
in its jurisdiction of incorporation; and

 

		(b)	any judgment obtained in Hong Kong in relation to a Finance Document will be recognised and enforced in
its jurisdiction of incorporation.

 

		18.8	Deduction of Tax

 

It is not required
under the law of the Cayman Islands to make any deduction for or on account of Tax from any payment it may make under any Finance Document.

 

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		18.9	No filing or stamp taxes

 

It is not necessary
under the laws of its Relevant Jurisdictions that the Finance Documents be filed, recorded or enrolled with any court or other authority
in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions
contemplated by the Finance Documents, except any filing recording or enrolling or any tax or fee payable in relation to any Transaction
Security Document which is referred to in any Legal Opinion and which will be made or paid promptly after the date of the relevant Finance
Document, provided that Cayman Islands stamp duty will be payable on any document that is executed in, brought into or produced
before a court in the Cayman Islands.

 

		18.10	No default

 

		(a)	No Event of Default is continuing or is reasonably likely to result from the making of any Utilisation.

 

		(b)	No other event or circumstance is outstanding which constitutes a default under any other agreement or
instrument which is binding on it or any of its Subsidiaries or to which its (or any of its Subsidiaries') assets are subject which is
reasonably likely to have a Material Adverse Effect.

 

		18.11	No misleading information

 

So far as the Borrower
and the Guarantor are aware (having made due and careful enquiries) and save as specifically disclosed to the Agent prior to the date
of this Agreement:

 

		(a)	any factual written information (other than information of a general economic nature) provided by any
member of the Group for the purposes of the Facility was true and accurate in all material respects as at the date it was provided or
as at the date (if any) at which it is stated;

 

		(b)	any financial projections contained in the information supplied in connection with the Facility have been
prepared on the basis of recent historical information and on the basis of reasonable assumptions, it being understood that the projections
are subject to significant uncertainties and contingencies many of which are beyond the control of the Group and that no assurance can
be given that the projections will be realised;

 

		(c)	nothing has occurred or been omitted from the information supplied in connection with the Facility and
no information has been given or withheld that results in the information supplied in connection with the Facility being untrue or misleading
in any material respect, it being understood that the projections are subject to significant uncertainties and contingencies many of which
are beyond the control of the Group and that no
assurance can be given that the projections will be realised; and

 

     - 57 -

     

    

 

		(d)	all written information supplied by any member of the Group was true, complete and accurate in all material
respects as at the date it was given and was not misleading in any material respect.

 

		18.12	Financial statements

 

		(a)	To the best of its knowledge (having made due and careful enquiry), its and the Targets' financial statements
most recently supplied to the Agent (which, at the date of this Agreement, are the Original Financial Statements) were prepared in accordance
with GAAP consistently applied save to the extent expressly disclosed in such financial statements.

 

		(b)	To the best of its knowledge (having made due and careful enquiry), its and the Targets' financial statements
most recently supplied to the Agent (which, at the date of this Agreement, are the Original Financial Statements) if audited, give a true
and fair view of or, if unaudited, fairly represent in all material respects, in the case of the Borrower, its consolidated and, in the
case of the Guarantor, its unconsolidated, and in the case of the Targets, the Targets' consolidated, financial condition and operations
during the relevant financial year save to the extent expressly disclosed in such financial statements.

 

		(c)	There has been no material adverse change in its business or financial condition (or the business or consolidated
financial condition of the Group) since 31 December 2017.

 

		18.13	Pari passu ranking

 

Subject
to the Legal Reservations, the payment obligations under the Finance Documents rank at least pari passu with
the claims of all of its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to
companies generally.

 

		18.14	No proceedings pending or threatened

 

		(a)	No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency
which, if adversely determined, would be reasonably likely to have a Material Adverse Effect have (to the best of its knowledge and belief)
been started or threatened in writing against it or any of its Subsidiaries.

 

		(b)	No judgment or order of a court, arbitral body or agency which would be reasonably likely to have a Material
Adverse Effect has (to the best of its knowledge and belief) been made against it or its Subsidiaries.

 

     - 58 -

     

    

 

		18.15	Authorised Signatures

 

Any
person specified as its authorised signatory under Schedule 2 (Conditions Precedent)
or paragraph (i) of Clause 19.4 (Information: miscellaneous)
is authorised to sign Utilisation Requests (in the case of the Borrower only) and other notices on its behalf.

 

		18.16	Ranking of Security

 

Subject
to the Legal Reservations and Perfection Requirements, the Transaction Security has or will have first ranking priority and it is not
subject to any prior ranking or pari passu ranking Security.

 

		18.17	Good title to assets

 

It and each of its Subsidiaries
has a good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the material assets
necessary to carry on its business as presently conducted.

 

		18.18	Ownership and control

 

		(a)	The Guarantor's entire issued share capital is legally and beneficially owned and controlled by the Borrower.

 

		(b)	The shares in the capital of each Obligor are fully paid and are not subject to any option to purchase
or similar rights.

 

		18.19	Legal and beneficial ownership

 

It is the sole legal
and beneficial owner of the respective assets over which it purports to grant Security.

 

		18.20	Anti-Money Laundering

 

The operations of the
Obligors, their Subsidiaries and their Affiliates are and have been conducted at all times in material compliance with applicable financial
recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations thereunder and any related
or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency having jurisdiction over the
Obligors or any of their Subsidiaries or any of their Affiliates (collectively, the "Money Laundering Laws") and no action,
suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Obligors, any of their
Subsidiaries, any of their Affiliates or any of their respective directors, officers, agents or employees, in each case, with respect
to the Money Laundering Laws is pending or, to the best knowledge of any Obligor, threatened.

 

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		18.21	Anti-bribery and corruption

 

None of the Obligors,
nor to the knowledge of any Obligor, any director, officer, agent, employee, Affiliates or other person acting on behalf of that Obligor
or any of its Subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons
of any applicable anti-bribery law, including but not limited to, the United Kingdom Bribery Act 2010 (the "UK Bribery Act")
and the U.S. Foreign Corrupt Practices Act of 1977 (the "FCPA"). Furthermore, each Obligor and, to the knowledge of the
relevant Obligor, its Affiliates have conducted their businesses in compliance with the UK Bribery Act, the FCPA and similar laws, rules or
regulations and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue
to ensure, continued compliance therewith.

 

		18.22	Sanctions

 

None of the Obligors,
any of its or their Subsidiaries, any director or officer, or any employee, agent or Affiliates of the Obligors or any of their Subsidiaries
is an individual or entity ("Person") that is, or is owned or controlled by Persons that are, (a) the target or
subject of any sanctions administered or enforced by the US Department of the Treasury's Office of Foreign Assets Control, the US Department
of State, the United Nations Security Council, the European Union, Her Majesty's Treasury or the Hong Kong Monetary Authority (collectively,
 "Sanctions") or (b) located, organised or resident in a country or territory that is the target or subject of Sanctions,
including, without limitation (as at the date of this Agreement), the Crimea region, Cuba, Iran, North Korea, Sudan and Syria, provided
that this Clause shall not apply to the extent that any compliance with this Clause would result in a violation of Council Regulation
(EC) No 2271/96 (as amended) by any of those entities.

 

		18.23	Repetition

 

The Repeating Representations
are deemed to be made by each Obligor by reference to the facts and circumstances then existing on the date of each Utilisation Request
and the first day of each Interest Period.

 

		19.	INFORMATION UNDERTAKINGS

 

The undertakings in
this Clause 19 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or
any Commitment is in force.

 

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		19.1	Financial statements

 

The Borrower shall supply
to the Agent in sufficient copies for all the Lenders:

 

		(a)	as soon as the same become available, but in any event within 120 days:

 

		(i)	after the end of each of its financial years, its audited consolidated financial statements for that financial
year;

 

		(ii)	after the end of each of the Guarantor's financial years, the audited unconsolidated financial statements
of the Guarantor for that financial year; and

 

		(iii)	after the end of the Targets' financial year ending 31 December 2018, the audited consolidated financial
statements of the Targets for that financial year; and

 

		(b)	as soon as the same become available, but in any event within 90 days after the end of the first half
of each of its financial years, its consolidated financial statements for that financial half year.

 

		19.2	Compliance Certificate

 

The
Borrower shall supply to the Agent, with each set of financial statements delivered pursuant to paragraphs (a)(i) and (b) of
Clause 19.1 (Financial statements), a Compliance Certificate setting
out (in reasonable detail) computations as to compliance with Clause 20 (Financial Covenants)
as at the date as at which those financial statements were drawn up.

 

		19.3	Requirements as to financial statements

 

		(a)	Each set of financial statements of the Borrower,
the Guarantor and each Target delivered pursuant to Clause 19.1 (Financial statements)
shall be certified by a director of the Borrower, the Guarantor or (as the case may be) such Target as fairly representing its financial
condition as at the date as at which those financial statements were drawn up.

 

		(b)	The Borrower shall procure that each set of financial
statements of a person delivered pursuant to Clause 19.1 (Financial statements)
is prepared using GAAP, accounting practices and financial reference periods consistent with those applied in the preparation of the Original
Financial Statements for that person unless, in relation to any set of financial statements, it notifies the Agent that there has been
a change in GAAP, the accounting practices or reference periods and its auditors (or, if appropriate, the auditors of that person) deliver
to the Agent:

 

		(i)	a description of any change necessary for those financial statements to reflect the GAAP, accounting practices
and reference periods upon which that person's Original Financial Statements were prepared; and

 

     - 61 -

     

    

 

		(ii)	sufficient information, in form and substance
as may be reasonably required by the Agent, to enable the Lenders to determine whether Clause 20 (Financial Covenants)
has been complied with and make an accurate comparison between the financial position indicated in those financial statements and that
person's Original Financial Statements.

 

Any reference in this
Agreement to those financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis
upon which the Original Financial Statements were prepared.

 

		19.4	Information: miscellaneous

 

The Borrower shall supply
to the Agent (in sufficient copies for all the Finance Parties, if the Agent so requests):

 

		(a)	all documents dispatched by the Borrower or any Target to its shareholders generally (or any class of
them) as required by law or its constitutional documents (excluding for the avoidance of doubt any such requirement set out in any contract
referenced in the Borrower's or (as the case may be) that Target's constitutional documents) or its creditors generally at the same time
as they are despatched;

 

		(b)	promptly upon becoming aware of them, the details of any material litigation, arbitration or administrative
proceedings (except for frivolous or vexatious proceedings) which are current, threatened or pending against any member of the Group;

 

		(c)	promptly upon becoming aware of them, the details of any material judgment or order of a court, arbitral
body or agency which is made against any member of the Group;

 

		(d)	promptly, such information as the Security Agent may reasonably require about the Charged Property and
compliance of the Obligors with the terms of any Transaction Security Documents;

 

		(e)	promptly, details of:

 

		(i)	any change in the direct shareholding in the Borrower which (A) results in any person becoming (or
ceasing to be) a direct shareholder of 5 per cent. or more of the entire issued share capital of the Borrower or (B) otherwise relates
to 5 per cent. or more of the entire issued share capital of the Borrower;

 

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		(ii)	any change of 10 per cent. or more in the direct or indirect shareholding (including by way of being a
beneficiary under a trust) of the Ultimate Shareholder in the Borrower; and

 

		(iii)	any change in shareholding which results in the direct or indirect shareholding (including by way of being
a beneficiary under a trust) of the Ultimate Shareholder in the Borrower falling below (A) (prior to the occurrence of an IPO) 60
per cent. or (B) (on or following the occurrence of an IPO) 50 per cent.;

 

		(f)	any notification required to be delivered by
it pursuant to paragraph (c)(x) of Clause 21.4 (Negative pledge);

 

		(g)	promptly, details of any changes in the constitutive documents of the Borrower or the Guarantor which
has a material adverse impact on the rights of the Finance Parties (taken as a whole) under the Finance Documents, together with documentary
evidence of reasonable details showing that such change has been made;

 

		(h)	promptly, such further information regarding any member of the Group as any Finance Party (through the
Agent) may reasonably request;

 

		(i)	promptly, notice of any change in authorised signatories of any Obligor signed by a director or company
secretary of such Obligor accompanied by specimen signatures of any new authorised signatories;

 

		(j)	promptly, such information regarding the Acquisition and the Acquisition Documents as any Finance Party
(through the Agent) may reasonably request; and

 

		(k)	promptly upon its occurrence (and in any event no later than three days after its occurrence), details
and the date of the occurrence of any event or circumstance which results in or is reasonably likely to result in a breach of the Bancassurance
Agreement or the Bancassurance Agreement being terminated or being terminable at the option of any party thereto, and promptly upon any
of such events or circumstances ceasing to continue (including the date of cessation).

 

		19.5	Notification of default

 

		(a)	Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly
upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor).

 

		(b)	Promptly upon a request by the Agent, the Borrower shall supply to the Agent a certificate signed by a
director or an authorised signatory on its behalf certifying that no Default is continuing (or
if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it).

 

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		19.6	Use of websites

 

		(a)	The Borrower may satisfy its obligation under this Agreement to deliver any information in relation to
those Lenders (the "Website Lenders") who accept this method of communication by posting the information onto an electronic
website designated by the Borrower and the Agent (the "Designated Website") if:

 

		(i)	the Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication
of the information by this method;

 

		(ii)	both the Borrower and the Agent are aware of the address of and any relevant password specifications for
the Designated Website; and

 

		(iii)	the information is in a format previously agreed between the Borrower and the Agent.

 

If any Lender (a "Paper
Form Lender") does not agree to the delivery of information electronically then the Agent shall notify the Borrower accordingly
and the Borrower shall supply the information to the Agent (in sufficient copies for each Paper Form Lender) in paper form. In any
event the Borrower shall supply the Agent with at least one copy in paper form of any information required to be provided by it.

 

		(b)	The Agent shall supply each Website Lender with the address of and any relevant password specifications
for the Designated Website following designation of that website by the Borrower and the Agent.

 

		(c)	The Borrower shall promptly upon becoming aware of its occurrence notify the Agent if:

 

		(i)	the Designated Website cannot be accessed due to technical failure;

 

		(ii)	the password specifications for the Designated Website change;

 

		(iii)	any new information which is required to be provided under this Agreement is posted onto the Designated
Website;

 

		(iv)	any existing information which has been provided under this Agreement and posted onto the Designated Website
is amended; or

 

		(v)	the Borrower becomes aware that the Designated Website or any information posted onto the Designated Website
is or has been infected by any electronic virus or similar software.

 

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If the Borrower notifies
the Agent under paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by the Borrower under this Agreement
after the date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the
circumstances giving rise to the notification are no longer continuing.

 

		(d)	Any Website Lender may request, through the Agent, one paper copy of any information required to be provided
under this Agreement which is posted onto the Designated Website. The Borrower shall comply with any such request within ten Business
Days.

 

		19.7	"Know your customer" checks

 

		(a)	Each Obligor shall promptly upon the request of the Agent and/or the Security Agent supply, or procure
the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender (including
for any Lender on behalf of any prospective new Lender)) and/or the Security Agent in order for the Agent, the Security Agent, such Lender
or any prospective new Lender to conduct all "know your customer" and other similar procedures that it is required (or deems
desirable) to conduct.

 

		(b)	Each Lender shall promptly upon the request of the Agent and/or the Security Agent supply, or procure
the supply of, such documentation and other evidence as is reasonably requested by the Agent and/or the Security Agent (in each case,
for itself) in order for the Agent and the Security Agent to conduct all "know your customer" and other similar procedures that
they are required (or deem desirable) to conduct.

 

		19.8	Non-Disclosure

 

Nothing
in this Clause 19 (Information Undertakings) or any other Finance
Document shall oblige an Obligor to supply or disclose or to procure the supply or disclosure of information or provide copies of information
or documents, that would cause that Obligor to breach any law or applicable regulation.

 

		20.	FINANCIAL
COVENANTS

 

		20.1	Financial definitions

 

In this Clause 20:

 

"Consolidated
Tangible Net Assets" means at any time the aggregate of the amounts paid up or credited as paid up on the issued ordinary share
capital of the Borrower and the amount standing to the credit of the reserves of the Group, including any amount credited to the share
premium account, but deducting:

 

 

		(a)	any debit balance on the profit and loss account of the Group;

 

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		(b)	(to the extent included) any amount shown in respect of goodwill of the Group;

 

		(c)	any amount in respect of interests of non-Group members in Group subsidiaries; and

 

		(d)	any amount in respect of any dividend or distribution declared, recommended or made by any member of the
Group to the extent payable to a person who is not a member of the Group and to the extent such distribution is not provided for in the
most recent financial statements,

 

and so that no amount shall be included or
excluded more than once.

 

"Consolidated
Total Debt" means, at any time, the outstanding principal, capital or nominal amount and any fixed or minimum premium payable
on prepayment or redemption of any indebtedness for or in respect of Financial Indebtedness of the Group (other than in respect of any
Financial Indebtedness falling under paragraph (g) of that definition and excluding any Financial Indebtedness owed by any member
of the Group to any direct or indirect shareholder of the Borrower which is not a member of the Group provided that such Financial
Indebtedness is subordinated to the claims of the Secured Parties under the Finance Documents pursuant to a Subordination Deed in accordance
with Clause 21.14 (Subordination of shareholder loans) or otherwise
on terms acceptable to the Agent (acting on the instructions of the Majority Lenders (acting reasonably))) and any amount raised by the
issue of redeemable shares which are redeemable before the Final Repayment Date but excluding any such obligations to any other member
of the Group.

 

		20.2	Financial conditions

 

		(a)	The Borrower shall ensure that:

 

		(i)	Gearing

 

Consolidated Total Debt
shall not at any time exceed USD1,000,000,000.

 

		(ii)	Minimum Consolidated Tangible Net Assets

 

Consolidated Tangible
Net Assets shall not at any time be less than USD300,000,000.

 

		(b)	The financial covenants set out in
                                                                                                                                paragraph (a) above shall be tested by reference to each set of financial statements delivered pursuant to paragraphs
                                                                                                                                (a)(i) and (b) of Clause 19.1 (Financial statements)
                                                                                                                                and each Compliance Certificate delivered pursuant to Clause 19.2 (Compliance Certificate)
                                                                                                                                in respect of each financial year of the Borrower
and the first half of each financial year of the Borrower.

 

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		21.	GENERAL UNDERTAKINGS

 

The undertakings in
this Clause 21 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or
any Commitment is in force.

 

		21.1	Authorisations

 

Each Obligor shall promptly
obtain, comply with and do all that is necessary to maintain in full force and effect any Authorisation of a Relevant Jurisdiction required
to enable it to perform its obligations under the Finance Documents and to ensure (subject to the Legal Reservations and in the case of
the Transaction Security Documents, the Perfection Requirements) the legality, validity, enforceability or admissibility in evidence in
its jurisdiction of incorporation of any Finance Document.

 

		21.2	Compliance with laws

 

Each Obligor shall comply
in all respects with all laws to which it may be subject, if failure so to comply has or is reasonably likely to have a Material Adverse
Effect.

 

		21.3	Pari passu ranking

 

Subject
to the Legal Reservations and the Perfection Requirements, each Obligor shall ensure that its payment obligations under the Finance Documents
rank and continue to rank at least pari passu with the claims of
all of its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.

 

		21.4	Negative pledge

 

In this Clause 21.4,
 "Quasi-Security" means an arrangement or transaction described in paragraph (b) below.

 

		(a)	No Obligor shall (and the Borrower shall ensure that no other member of the Group will) create or permit
to subsist any Security over any of its assets.

 

		(b)	No Obligor shall (and the Borrower shall ensure that no other member of the Group will):

 

		(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to
or re-acquired by an Obligor or any other member of the Group;

 

		(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms;

 

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		(iii)	enter into or permit to subsist any title retention arrangement;

 

		(iv)	enter into or permit to subsist any arrangement under which money or the benefit of a bank or other account
may be applied, set-off or made subject to a combination of accounts; or

 

		(v)	enter into or permit to subsist any other preferential arrangement having a similar effect,

 

in circumstances where
the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition
of an asset.

 

		(c)	Paragraphs (a) and (b) above do not apply to:

 

		(i)	any Security or Quasi-Security listed in Schedule
8 (Existing Security) except to the extent the principal amount
secured by that Security or Quasi-Security exceeds the amount stated in that Schedule;

 

		(ii)	any Security or Quasi-Security as required under the Life Insurance Act of Thailand and any other applicable
insurance-related laws or regulations (or any replacement Security or Quasi-Security on the same or fewer assets);

 

		(iii)	any Security or Quasi-Security created pursuant to any Finance Document;

 

		(iv)	any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its
banking arrangements (including, in relation to the operation and/or maintenance of the Interest Reserve Account);

 

		(v)	any payment or close out netting or set-off arrangement pursuant to any transaction entered into by the
Borrower pursuant to any ISDA agreement or global master repurchase agreement (GMRA) in the ordinary course of business and for non-speculative
purposes only, and any Security or Quasi-Security under any credit support arrangement in relation to any such ISDA agreement;

 

		(vi)	any Security or Quasi-Security arising by operation of law and in the ordinary course of trading and not
arising as a result of any default or omission by any member of the Group;

 

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		(vii)	any Security or Quasi-Security over or affecting any asset acquired by a member of the Group after the
date of this Agreement if:

 

		(A)	the Security or Quasi-Security was not created in contemplation of the acquisition of that asset by a
member of the Group;

 

		(B)	the principal amount secured has not been increased in contemplation of, or since the acquisition of that
asset by a member of the Group; and

 

		(C)	the Security or Quasi-Security is removed or discharged within 2 months of the date of acquisition
                                                                of such asset;

 

		(viii)	any Security or Quasi-Security over or affecting any asset of any person which becomes a member of the
Group after the date of this Agreement, where the Security or Quasi-Security is created prior to the date on which that person becomes
a member of the Group, if:

 

		(A)	the Security or Quasi-Security was not created in contemplation of the acquisition of that person;

 

		(B)	the principal amount secured has not increased in contemplation of or since the acquisition of that person;
and

 

		(C)	the Security or Quasi-Security is removed or discharged within

 

		2	months of that person becoming a member of the Group;

 

		(ix)	any Security or Quasi-Security arising under any retention of title, hire purchase or conditional sale
arrangement or arrangements having similar effect in respect of goods supplied to a member of the Group in the ordinary course of trading
and on the supplier's standard or usual terms and not arising as a result of any default or omission by any member of the Group;

 

		(x)	any Security or Quasi-Security arising out of judgments or awards and/or arising by operation of law or
the rules of any applicable court in respect of litigation involving any member of the Group (including any escrow payment into court)
provided that the Borrower notifies the Agent of any such Security or Quasi-Security securing amounts greater than USD500,000 (or
its equivalent in any other currency or currencies) within five Business Days of such Security or Quasi-Security arising;

 

		(xi)	any Security over any rental deposits in respect of any property leased or licensed by a member of the
Group in an amount not exceeding 12 months' rent to secure rental payment obligations;

 

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		(xii)	any cash collateral provided in respect of letters of credit or bank guarantees to the issuer of those
letters of credit or bank guarantees (where such letters of creditor or bank guarantees are issued for the benefit of a member of the
Group);

 

		(xiii)	any Security or Quasi-Security (arising by operation of law or pursuant to mandatory provisions of applicable
law) over any assets of any member of the Group as security for the payment of any taxes, assessments, charges or claims of or imposed
by any Governmental Agency against or on such member of the Group; or

 

		(xiv)	any Security or Quasi-Security securing indebtedness the outstanding principal amount of which (when aggregated
with the outstanding principal amount of any other indebtedness which has the benefit of Security given by any member of the Group other
than any permitted under the preceding paragraphs of this Clause) does not exceed USD1,000,000 (or its equivalent in any other currency
or currencies) at any time.

 

		(d)	Paragraph (c) above shall not apply in relation to any Security or Quasi-Security over or in respect
of:

 

		(i)	any shares in the Guarantor (or its Holding Company(ies)) owned by the Borrower;

 

		(ii)	any shares in FWD Life Insurance Public Company Limited (or its Holding Company(ies)) owned, directly
or indirectly, by either Obligor;

 

		(iii)	any shares in FWD Fuji Life Insurance Company, Limited (or its Holding Company(ies)) owned, directly or
indirectly, by the Borrower;

 

		(iv)	any shares in the Bidco (or its Holding Company(ies)) owned, directly or indirectly, by either Obligor;

 

		(v)	any shares in either of the Targets (or any member of the Group that directly or indirectly holds or beneficially
owns any shares in either Target) owned, directly or indirectly, by either Obligor or the Bidco;

 

		(vi)	any shares in either Target's Subsidiaries (or any member of the Group that directly or indirectly holds
or beneficially owns any shares in any such Subsidiary) owned, directly or indirectly, by that Target or either Obligor; or

 

		(vii)	the Interest Reserve Account or any other asset subject to Transaction Security.

 

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		21.5	Disposals

 

		(a)	No Obligor shall (and the Borrower shall ensure that no other member of the Group will) enter into a single
transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise
dispose of any asset.

 

		(b)	Paragraph (a) shall not apply in relation to any disposal:

 

		(i)	where such disposal would not have a Material Adverse Effect; and

 

		(ii)	arising as a direct result of a Permitted Reorganisation.

 

		21.6	Merger

 

		(a)	No Obligor shall (and the Borrower shall ensure that no other member of the Group will) enter into any
amalgamation, demerger, merger or corporate reconstruction (which, for the avoidance of doubt, does not include any IPO).

 

		(b)	Paragraph (a) above shall not apply in relation to:

 

		(i)	any amalgamation, demerger, merger or corporate reconstruction that would not have a Material Adverse
Effect provided that if such amalgamation, demerger, merger or corporate reconstruction relates to an Obligor, the surviving or
resulting entity of such amalgamation, demerger, merger or corporate reconstruction is that Obligor, such amalgamation, demerger, merger
or corporate reconstruction is carried out on a solvent basis and the Agent has been provided with evidence satisfactory to it that such
Obligor's obligations under the Finance Documents remain legal, valid, binding and enforceable obligations and in full force and effect;
and

 

		(ii)	any Permitted Reorganisation.

 

		21.7	Change of business

 

The Borrower shall procure
that no material change is made to the nature or scope of the business of the Obligors or the Group from that carried on at the date of
this Agreement.

 

		21.8	Acquisitions

 

		(a)	No Obligor shall (and the Borrower shall ensure that no other member of the Group will) acquire any company,
business, assets or undertaking or make any investment.

 

		(b)	Paragraph (a) above shall not apply in relation to the acquisition of any company, business, assets
or undertaking or the making of any investment:

 

		(i)	that would not have a Material Adverse Effect; or

 

     - 71 -

     

    

 

		(ii)	arising as a direct result of a Permitted Reorganisation.

 

		21.9	Loans and guarantees

 

		(a)	No Obligor shall (and the Borrower shall ensure that no member of the Group will) make or allow to subsist
any loans, grant any credit (save in the ordinary course of business) or give or allow to remain outstanding any guarantee or indemnity
(except as required under any of the Finance Documents) to or for the benefit of any person or otherwise voluntarily assume any liability,
whether actual or contingent, in respect of any obligation of any person.

 

		(b)	Paragraph (a) above does not apply to:

 

		(i)	any loan or credit made available by any member of the Group to another member of the Group (including
as a direct result of a Permitted Reorganisation);

 

		(ii)	any guarantees, indemnities or other contingent liabilities incurred or assumed in connection with the
Existing Facility Agreement except to the extent the principal amount guaranteed, indemnified, incurred or assumed exceeds USD300,000,000;

 

		(iii)	any credit extended by any member of the Group in the ordinary course of business and/or any advance payment
made in relation to capital expenditure in the ordinary course of business (but excluding any loans referred to in paragraphs (vii) and
(viii) below);

 

		(iv)	any cash credit balance at a bank or other financial institution;

 

		(v)	any loans made to an employee share option scheme or unit trust scheme (or to directors or other employees
for the purposes of participating in such schemes);

 

		(vi)	any guarantees, indemnities or other contingent liabilities incurred or assumed in the ordinary course
of business (including in connection with financing transactions and mergers and acquisitions transactions) (but excluding any loans referred
to in paragraphs (vii) and (viii) below);

 

		(vii)	any loan made available by the Borrower to FWD Limited prior to the date of this Agreement; and

 

		(viii)	any loan made available by the Borrower to FWD Limited or FWD Limited's Subsidiaries on or after the date
of this Agreement if the amount of that loan when aggregated with the amount of all loans made to FWD Limited and FWD Limited's Subsidiaries
by the Borrower on or after the date of this Agreement does not exceed US$40,000,000 (or its equivalent) at any time provided that
the proceeds of such loans shall only be applied
by FWD Limited and its Subsidiaries for the purpose of funding the capital expenditure (A) of their businesses in Vietnam or (B) of
their Subsidiaries located in Vietnam and shall not be applied towards, without limitation, the payment of any dividends or distributions
to FWD Limited's shareholders or any other person.

 

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		21.10	Financial Indebtedness

 

		(a)	No Obligor shall (and the Borrower shall ensure that no other member of the Group will) incur or permit
to remain outstanding any Financial Indebtedness.

 

		(b)	Paragraph (a) above does not apply to:

 

		(i)	any Financial Indebtedness incurred pursuant to any Finance Documents;

 

		(ii)	any Financial Indebtedness owed to another member of the Group (including as a direct result of a Permitted
Reorganisation);

 

		(iii)	the Existing Indebtedness except to the extent the principal amount of the Existing Indebtedness exceeds
USD300,000,000;

 

		(iv)	any Financial Indebtedness that is subordinated
to the claims of the Secured Parties under the Finance Documents pursuant to a Subordination Deed in accordance with Clause 21.14 (Subordination
of shareholder loans) or otherwise on terms that are acceptable to the Agent
(acting on the instructions of the Majority Lenders (acting reasonably));

 

		(v)	any Financial Indebtedness raised by the issue of redeemable shares which are held by another member of
the Group;

 

		(vi)	any Financial Indebtedness described in paragraph (g) of the definition of "Financial Indebtedness"
incurred in the ordinary course of business and for non-speculative purposes only and any guarantees granted in respect of such Financial
Indebtedness;

 

		(vii)	insurance contracts in the form of financed insurance premiums in each case, in the ordinary course of
business and other regular or customary activities; and

 

		(viii)	any Financial Indebtedness not permitted by the preceding paragraphs of this Clause and the outstanding
principal amount of which does not exceed USD1,000,000 (or its equivalent in any other currency or currencies) in aggregate (for any and
all such Financial Indebtedness of any or all members of the Group) at any time.

 

     - 73 -

     

    

 

		21.11	Further assurance

 

		(a)	Each Obligor shall (and the Borrower shall procure that each member of the Group will) promptly do all
such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the Security
Agent may reasonably specify (and in such form as the Security Agent may reasonably require in favour of the Security Agent or its nominee(s)):

 

		(i)	to perfect the Security created or intended to be created under or evidenced by the Transaction Security
Documents (which may include the execution of a mortgage, charge, assignment or other Security over all or any of the assets which are,
or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies of the Security
Agent or the Secured Parties provided by or pursuant to the Finance Documents or by law;

 

		(ii)	to confer on the Security Agent or confer on the Secured Parties, Security over any property and assets
of that Obligor located in any jurisdiction equivalent or similar to the Security intended to be conferred by or pursuant to the Transaction
Security Documents; and/or

 

		(iii)	following the taking of any action pursuant to
Clause 22.16 (Acceleration) to facilitate the realisation of the
assets which are, or are intended to be, the subject of the Transaction Security.

 

		(b)	Each Obligor shall (and the Borrower shall procure that each member of the Group shall) take all such
action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation, perfection,
protection or maintenance of any Transaction Security conferred or intended to be conferred on the Security Agent or the Secured Parties
by or pursuant to the Finance Documents.

 

		21.12	Minimum Interest Reserve Amount

 

		(a)	The Borrower shall ensure that immediately following
the Utilisation Date, the credit balance of the Interest Reserve Account is at least equal to the amount as determined in accordance with
paragraph (a)(i) or (as the case may be) paragraph (b)(i) of the definition of "Minimum Interest Reserve Amount" in
Clause 1.1 (Definitions).

 

		(b)	If, at any time following the Utilisation Date, the credit balance of the Interest Reserve Account
                                                                is less than the Minimum Interest Reserve Amount, the Borrower shall, within five Business Days of the occurrence of the
                                                                circumstances giving rise to the same (including any increase in LIBOR, any payment referred to in paragraph (d) below or any
                                                                material breach of the terms, or
an early termination, of the Bancassurance Agreement (which, in each case, is continuing) as referred to in paragraph (b)(i) of the
definition of "Minimum Interest Reserve Amount" in Clause 1.1 (Definitions)),
transfer such amounts to the Interest Reserve Account to ensure that the credit balance of the Interest Reserve Account is at least equal
to the Minimum Interest Reserve Amount.

 

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		(c)	If, at any time following the Utilisation Date,
the credit balance of the Interest Reserve Account is more than the Minimum Interest Reserve Amount (including as a result of a reduction
in LIBOR, a Relevant Reduction or any of the circumstances set out in paragraph (b)(i) of the definition of "Minimum Interest
Reserve Amount" in Clause 1.1 (Definitions) cease to be continuing),
the Borrower may deliver a written request to the Agent requesting a withdrawal and such request shall be signed by or on behalf of the
Borrower and confirm

 

		(i)	the credit balance of the Interest Reserve Account, (ii) the Minimum Interest Reserve Amount as at
the date of such request, (iii) the amount in the Interest Reserve Account which is in excess of the Minimum Interest Reserve Amount
as at the date of such request, (iv) the details of the account to which such withdrawal is to be transferred to, (v) the purpose
of such withdrawal and (vi) that no Event of Default is continuing or would result from such withdrawal. The Agent shall, within
five Business Days of such request, transfer to the Borrower from the Interest Reserve Account such amounts such that, immediately following
such transfer, the credit balance of the Interest Reserve Account is equal to or greater than the Minimum Interest Reserve Amount.

 

		(d)	The Borrower shall not make any withdrawal from the Interest Reserve Account except:

 

		(i)	for the payment of interest under this Agreement;

 

		(ii)	for the payment of scheduled amounts due under any Hedging Agreement and amounts payable on a Permitted
Termination;

 

		(iii)	for the payment on the Final Repayment Date of any amount then due under and pursuant to the Finance Documents;
and

 

		(iv)	that amounts to be applied by the Borrower towards capital injections into the Borrower's direct Subsidiaries
may be withdrawn by the Borrower from the Interest Reserve Account,

 

provided that, in each case, no Event
of Default is continuing or would result from such withdrawal.

 

		(e)	Without prejudice to paragraphs (a) to (d) of this Clause, the Borrower hereby irrevocably
                                                                authorises the Agent to apply such amounts of the credit balance of the Interest Reserve Account for the payment of interest under
                                                                this Agreement on the last day of each
Interest Period of each and every Loan and for the payment of scheduled amounts due under any Hedging Agreement and amounts payable on
a Permitted Termination.

 

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		21.13	Income to Interest Reserve Account

 

		(a)	The Borrower shall ensure that the Relevant Proportion of all amounts received by it (including, without
limitation, all income, dividends, shareholder loans or repayments, other distributions, income and capital receipts) shall be promptly
paid into the Interest Reserve Account (the aggregate amounts from time to time transferred to the Interest Reserve Account pursuant to
this Clause being the "Borrower Receipts").

 

		(b)	The Borrower shall, at the same time any Borrower Receipt is paid into the Interest Reserve Account, provide
a certificate to the Agent (in form and substance satisfactory to the Agent) confirming the Relevant Proportion and the Existing Facility
Relevant Proportion and the basis of their calculations.

 

		21.14	Subordination of shareholder loans

 

The
Borrower shall ensure that (to the extent the following have not been previously entered into and/or provided, as the case may be), within
five Business Days of it or any member of the Group incurring any Financial Indebtedness to any Shareholder Affiliate, it or that member
of the Group and such Shareholder Affiliate enter into a Subordination Deed to fully and effectively subordinate that Financial Indebtedness
to the claims of the Secured Parties under the Finance Documents and that the conditions precedent listed in schedule 1 (Conditions
Precedent) of the agreed form Subordination Deed in connection with the Borrower's
or that member of the Group's and the relevant Shareholder Affiliate's entry into the Subordination Deed are provided to the Secured Parties.

 

		21.15	Dividends and share redemption

 

The Borrower shall not:

 

		(a)	declare, make or pay any dividend, charge, fee or other distribution or any amount of any nature whatsoever
and in whatsoever form (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect
of its share capital (or any class of its share capital);

 

		(b)	repay or distribute any dividend or share premium reserve;

 

		(c)	pay or allow any member of the Group to pay any management, advisory or other fee to or to the order of
any of the shareholders of the Borrower; or

 

		(d)	redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so.

 

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		21.16	Sanctions

 

None of the Obligors
will, directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any Subsidiary,
joint venture partner or other Person (a) to fund any activities or business of or with any Person, or in any country or territory
that, at the time of such funding, is the target or subject of Sanctions or (b) in any other manner that would result in a violation
of Sanctions by any Person (including any Person participating in the Loans, whether as underwriter, advisor, investor or otherwise),
provided that this Clause shall not apply to the extent that any compliance with this Clause would result in a violation of Council
Regulation (EC) No 2271/96 (as amended) by any of those entities.

 

		21.17	Anti-bribery and corruption

 

Each Obligor shall ensure
that no part of the proceeds of the Loans will be used, directly or indirectly, for any payments that could constitute a violation of
any applicable anti-bribery law.

 

		21.18	Hedging arrangements

 

		(a)	The Borrower shall procure that at all times the Total Interest Rate Hedging which benefits from the Transaction
Security does not exceed 105 per cent. of the Loans.

 

		(b)	The Borrower shall ensure that no hedging transaction under a Hedging Agreement may be terminated or closed-out
in whole or in part prior to its stated maturity unless such termination or close-out is a Permitted Termination.

 

		21.19	Acquisition Documents

 

The Borrower shall comply
with all terms of the Acquisition Documents.

 

		21.20	Most favoured nation

 

Each Obligor shall ensure
that, at all times:

 

		(a)	the Existing Indebtedness is on terms no more onerous to the Obligors, in respect of the rate (expressed
as a percentage) of the interest margin and the amount (expressed as a percentage) of all other up-front, arrangement, commitment or other
similar fees or any other fees that would be regarded as part of the "all-in" pricing associated with the relevant financing,
than those contained in this Agreement;

 

		(b)	the Existing Indebtedness ranks no higher (in
respect of claims relating to the payment obligations of the Obligors) than pari passu with
the claims of the Secured Parties under the Finance Documents (other than, for the avoidance of doubt,
any Security or Quasi-Security listed in Schedule 8 (Existing Security));
and

 

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		(c)	the Existing Indebtedness is not incurred on terms which place more onerous obligations on the Obligors
and/or the Group than those set out in the Finance Documents,

 

and,
notwithstanding paragraphs (a), (b) and (c) above, to the extent that the Existing Indebtedness is incurred on terms which place
more onerous obligations on the Obligors and/or the Group than those set out in this Agreement, each Obligor agrees that such more onerous
terms shall be deemed to be set out and incorporated in the Finance Documents in full, mutatis mutandis and
each Obligor agrees to promptly formally amend the Finance Documents to reflect the same.

 

		21.21	Conditions subsequent

 

		(a)	The Borrower shall procure that the Account Charge is duly registered with the Hong Kong Companies Registry
within 1 month of its execution, and evidence of such registration is delivered to the Agent promptly after completion of such registration.

 

		(b)	The Borrower shall, prior to the date of the Completion, deliver to the Agent a screenshot of the online
banking statement of an unsecured account opened by the Bidco with PT Bank HSBC Indonesia showing that no less than IDR 5,000,000,000,000
has been deposited into such account.

 

		(c)	The Borrower shall within five Business Days
after the date of the Bancassurance Agreement, provide to the Agent (in sufficient copies for all the Finance Parties) a copy of the Bancassurance
Agreement executed by the parties to that document (substantially in the form referred to in paragraph 3(b) of Schedule 2 (Conditions
Precedent)).

 

		(d)	The Borrower shall within one Month after the
date of this Agreement, provide to the Agent (in sufficient copies for all the Finance Parties) a copy of a letter (executed by the parties
to that document) containing certain amendments to be made to, and certain consents to be given in relation to, the Existing Facility
Agreement, which include (without limitation) permitting (i) existing loans made by the Borrower to FWD Limited prior to the date
of that letter in the manner contemplated by paragraph (b)(vii) of Clause 21.9 (Loans and guarantees)
and (ii) additional loans of up to US$40,000,000 to be made by the Borrower to FWD Limited and FWD Limited's Subsidiaries at the
times and in the manner contemplated by paragraph (b)(viii) of Clause 21.9 (Loans and guarantees).

 

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		22.	EVENTS OF DEFAULT

 

Each
of the events or circumstances set out in the following sub-clauses of this Clause 22 (other than Clause 22.16 (Acceleration))
is an Event of Default.

 

		22.1	Non-payment

 

An Obligor does not
pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to
be payable unless its failure to pay is caused by:

 

		(a)	an administrative or technical error; or

 

		(b)	a Disruption Event,

 

and payment is made within three Business
Days of its due date.

 

		22.2	Financial covenants

 

		(a)	Any requirement of Clause 20 (Financial
Covenants) is not satisfied.

 

		(b)	If the requirements of any of the financial covenants
in Clause 20 (Financial Covenants) are not met (or would but for
this paragraph (b) not be met) at any time but such payments are made by any person and/or transactions or steps occur (that would
not otherwise cause an Event of Default) within 20 Business Days of the earlier of (A) the Agent giving notice to the Borrower of
its failure to satisfy the relevant financial covenant(s) and (B) the Borrower becoming aware of the failure to satisfy the
relevant financial covenant(s), such that if the applicable financial covenant(s) were deemed to be retested on the relevant original
date of determination giving effect to such aforementioned payments and/or transactions and the requirements of the financial covenants
would have been met, then such financial covenant(s) shall be deemed to have been satisfied as at the relevant original date of determination
as though there had been no failure to comply and any Default occasioned thereby shall be deemed to have been remedied for all purposes
under the Finance Documents. For the avoidance of doubt, prior to the expiry of the relevant cure period detailed in this paragraph, no
Event of Default under this Clause 22.2 will occur.

 

		22.3	Other obligations

 

		(a)	An Obligor does not comply with any provision
of the Finance Documents (other than those referred to in Clause 22.1 (Non-payment)
and Clause 22.2 (Financial covenants)).

 

		(b)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of
                                                                remedy and is remedied within 20 Business Days of the earlier of (A) the Agent giving notice to the Borrower and (B) the
                                                                Borrower or, as the case may be, the relevant Obligor becoming
aware of the failure to comply.

 

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		22.4	Misrepresentation

 

		(a)	Subject to paragraph (b) below, any representation or statement made or deemed to be made by an Obligor
in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document
is or proves to have been incorrect or misleading in any material respect when made or deemed to be made.

 

		(b)	No Event of Default under paragraph (a) above will occur if the circumstances underlying such failure
to comply are capable of being remedied and are so remedied within 20 Business Days of the Agent giving written notice to the Borrower
requiring it to remedy or, if earlier, within 20 Business Days of the date on which the Borrower or, as the case may be, the relevant
Obligor first became aware of such failure to comply.

 

		22.5	Cross default

 

		(a)	Any Financial Indebtedness of any member of the Group is not paid when due nor within any originally applicable
grace period.

 

		(b)	Any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due and payable
prior to its specified maturity as a result of an event of default (however described).

 

		(c)	Any commitment for any Financial Indebtedness of any member of the Group is cancelled or suspended by
a creditor of any member of the Group as a result of an event of default (however described).

 

		(d)	Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any
member of the Group due and payable prior to its specified maturity as a result of an event of default (however described).

 

		(e)	No Event of Default will occur under this Clause 22.5 if the aggregate amount of Financial Indebtedness
or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than USD10,000,000 (or its equivalent
in any other currency or currencies).

 

		22.6	Insolvency

 

		(a)	A member of the Group is or is presumed or deemed to be unable or admits inability to pay its debts (in
the case of the Borrower, within the meaning of Section 93 of the Companies Law (2018 Revision) (as amended) of the Cayman Islands;
in the case of the Guarantor, within the meaning of Section 254 of the Companies Act, Chapter 50 of Singapore), suspends making payments
on any of its debts or, by reason
of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (other than any Finance Party
in its capacity as such in relation to the Facility) with a view to rescheduling any of its indebtedness.

 

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		(b)	The value of the assets of any member of the Group is less than its liabilities (taking into account contingent
and prospective liabilities).

 

		(c)	A moratorium is declared in respect of any indebtedness of any member of the Group.

 

		22.7	Insolvency proceedings

 

Any corporate action,
legal proceedings or other procedure or step is taken in relation to:

 

		(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, judicial management,
administration, provisional supervision or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any
member of the Group other than a solvent liquidation or reorganisation of any member of the Group which is not an Obligor;

 

		(b)	a composition or arrangement with any creditor of any member of the Group, or an assignment for the benefit
of creditors generally (other than any Finance Party in its capacity as such in relation to the Facility) of any member of the Group or
a class of such creditors;

 

		(c)	the appointment of a liquidator (other than in respect of a solvent liquidation of a member of the Group
which is not an Obligor), receiver, judicial manager, receiver and manager, administrator, administrative receiver, compulsory manager,
provisional supervisor or other similar officer in respect of any member of the Group or any of its assets; or

 

		(d)	enforcement of any Security over any assets of any member of the Group,

 

or any analogous procedure or step is taken
in any jurisdiction.

 

Paragraph (a) above shall not apply
to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.

 

		22.8	Creditors' process

 

Any expropriation, attachment,
sequestration, distress or execution affects any asset or assets of a member of the Group having an aggregate value of USD10,000,000 (or
its equivalent in any other currency or currencies) and is not discharged within 10 Business Days.

 

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		22.9	Unlawfulness

 

		(a)	It is or becomes unlawful for an Obligor to perform any of its material obligations under the Finance
Documents or any Transaction Security created or expressed to be created or evidenced by the Transaction Security Documents ceases to
be effective.

 

		(b)	Any obligation or obligations of any Obligor under any Finance Documents are (subject to the Legal Reservations
and Perfection Requirements (which are not overdue)) not or cease to be legal, valid, binding or enforceable and the cessation individually
or cumulatively materially and adversely affects the interests of the Lenders under the Finance Documents.

 

		(c)	Subject to the Legal Reservations and Perfection Requirements (which are not overdue), any Finance Document
ceases to be in full force and effect.

 

		(d)	Any Transaction Security ceases to be legal, valid, binding, enforceable or effective or is alleged by
a party to it (other than a Finance Party) to be ineffective, or does not or ceases to have first ranking priority.

 

		22.10	Repudiation and rescission of agreements

 

An Obligor (or any other
relevant party other than a Finance Party) rescinds or purports to rescind or repudiates or purports (in writing) to repudiate a Finance
Document or any of the Transaction Security or evidences in writing an intention to rescind or repudiate a Finance Document or any Transaction
Security.

 

		22.11	Cessation of business

 

Either Obligor suspends
or ceases to carry on all or a material part of its business or of the business of the Group taken as a whole.

 

		22.12	Change of ownership of Guarantor

 

The Borrower ceases
to directly own 100 per cent. of the issued shares in the Guarantor.

 

		22.13	Material adverse change

 

Any
event or circumstance (other than any circumstances where it is reasonably likely that any of the financial covenants set out in Clause
20 (Financial Covenants) may not be complied with as at the relevant
date of testing pursuant to Clause 20.2(b) or would not be complied with at the relevant time (as if such financial covenants were
re-tested at such time) (each a "Testing Date"), at any time prior to the end of the cure period specified in paragraph
(b) of Clause 22.2 (Financial Covenants) in respect of that
Testing Date) occurs that has a Material Adverse Effect.

 

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		22.14	Declared default

 

Any Obligor is declared
by the Minister for Finance of Singapore to be a company to which Part IX of the Companies Act, Chapter 50 of Singapore applies.

 

		22.15	Non-compliance

 

Any term of the documents
as detailed in the Side Letter is not complied with.

 

		22.16	Acceleration

 

On and at any time after
the occurrence of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority Lenders, by notice to
the Borrower:

 

		(a)	without prejudice to the participations of any Lender in any Loans then outstanding:

 

		(i)	cancel the Commitments (and reduce them to zero), whereupon they shall immediately be cancelled (and reduced
to zero); or

 

		(ii)	cancel any part of any Commitment (and reduce such Commitment accordingly), whereupon the relevant part
shall immediately be cancelled (and the relevant Commitment shall be immediately reduced accordingly); and/or

 

		(b)	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or
outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable; and/or

 

		(c)	declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable
on demand by the Agent on the instructions of the Majority Lenders; and/or

 

		(d)	exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions
under the Finance Documents.

 

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SECTION 9

CHANGES TO PARTIES

 

		23.	CHANGES
TO THE PARTIES

 

		23.1	Assignments and transfers by the Lenders

 

Subject to this Clause
23, a Lender (the "Existing Lender") may:

 

		(a)	assign any of its rights; or

 

		(b)	transfer by novation any of its rights and obligations, under the Finance Documents
to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose
of making, purchasing or investing in loans, securities or other financial assets (the "New Lender").

 

		23.2	Conditions of assignment or transfer

 

		(a)	The prior consent of the Borrower is required for any assignment or transfer by a Lender pursuant to this
Clause 23 unless either (a) an Event of Default is continuing or (b) the assignment or transfer is to a Lender or an Affiliate
of a Lender.

 

		(b)	The consent of the Borrower to a transfer or assignment referred to in paragraph

 

(a) above must not
be unreasonably withheld or delayed. The Borrower will be deemed to have given its consent five Business Days after the Existing Lender
has requested it unless consent is expressly refused by the Borrower within that time.

 

		(c)	A transfer will be effective only if the procedure
set out in Clause 23.5 (Procedure for transfer) is complied with.

 

		(d)	An assignment will be effective only if the procedure
and conditions set out in Clause 23.6 (Procedure for assignment)
are complied with.

 

		(e)	If:

 

		(i)	a Lender assigns, transfers or
sub-participates any of its rights or obligations under the Finance Documents or changes its Facility Office, branch or lending office;
and

 

		(ii)	as a result of circumstances existing at the
date the assignment, transfer, sub-participation or change occurs, an Obligor would be obliged to make a payment to the New Lender or
Lender acting through its new Facility Office, branch or lending office under Clause 12 (Tax Gross-Up and Indemnities)
or Clause 13.1 (Increased costs), then the New Lender or
Lender acting through its new Facility Office, branch or lending office is not entitled to receive a payment under those Clauses (by reason
of such circumstances so existing or any continuation thereof) to the extent such payment would be greater than the payment that would
have been made to the Existing Lender or Lender acting through its previous Facility Office, lending office or branch had the assignment,
transfer, sub-participation or other change had not occurred.

 

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		23.3	Assignment or transfer fee

 

The
New Lender shall, on the date upon which the completed Transfer Certificate or Assignment Agreement is delivered to the Agent in accordance
with paragraph (a) of Clause 23.5 (Procedure for transfer)
or paragraph (a) of Clause 23.6 (Procedure for assignment)
respectively, pay to the Agent (for its own account) a fee of USD3,500.

 

		23.4	Limitation of responsibility of Existing Lenders

 

		(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes
no responsibility to a New Lender for:

 

		(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other
documents;

 

		(ii)	the financial condition of any Obligor;

 

		(iii)	the performance and observance by any Obligor of its obligations under the Finance Documents or any other
documents; or

 

		(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document
or any other document,

 

and any representations or warranties implied
by law are excluded.

 

		(b)	Each New Lender confirms to the Existing Lender, the other Finance Parties and the Secured Parties that
it:

 

		(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied
exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and

 

		(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related
entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

 

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		(c)	Nothing in any Finance Document obliges an Existing Lender to:

 

		(i)	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned
or transferred under this Clause 23; or

 

		(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance
by any Obligor of its obligations under the Finance Documents or otherwise.

 

		23.5	Procedure for transfer

 

		(a)	Subject to the conditions set out in Clause 23.2
(Conditions of assignment or transfer) a transfer is effected in
accordance with paragraph (c) below when the Agent executes an otherwise duly completed Transfer Certificate delivered to it by the
Existing Lender and the New Lender, which delivery by the Existing Lender and the New Lender shall be no later than five (5) Business
Days prior to the proposed Transfer Date specified in the Transfer Certificate. The Agent shall, subject to paragraph (b) below,
as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the
terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate.

 

		(b)	The Agent shall not be obliged to execute a Transfer Certificate delivered to it by the Existing Lender
and the New Lender unless it is satisfied that it has completed all "know your customer" and other similar procedures that it
is required (or deems desirable) to conduct in relation to the transfer to such New Lender.

 

		(c)	On the Transfer Date:

 

		(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights
and obligations under the Finance Documents and in respect of the Transaction Security each of the Obligors and the Existing Lender shall
be released from further obligations towards one another under the Finance Documents and in respect of the Transaction Security and their
respective rights against one another shall be cancelled (being the "Discharged Rights and Obligations");

 

		(ii)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights
against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed
and/or acquired the same in place of that Obligor and the Existing Lender;

 

     - 86 -

     

    

 

		(iii)	the Agent, the Mandated Lead Arranger, the Security Agent, the New Lender, the other Lenders and the Hedge
Counterparties shall acquire the same rights and assume the same obligations between themselves and in respect of the Transaction Security
as they would have acquired and assumed had the New Lender been an original party hereto as a Lender with the rights and/or obligations
acquired or assumed by it as a result of the transfer and to that extent the Agent, the Mandated Lead Arranger, the Security Agent and
the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and

 

		(iv)	the New Lender shall become a Party as a "Lender".

 

		(d)	The procedure set out in this Clause 23.5 shall not apply to any right or obligation under any Finance
Document (other than this Agreement) if and to the extent its terms, or any laws or regulations applicable thereto, provide for or require
a different means of transfer of such right or obligation or prohibit or restrict any transfer of such right or obligation, unless such
prohibition or restriction shall not be applicable to the relevant transfer or each condition of any applicable restriction shall have
been satisfied.

 

		23.6	Procedure for assignment

 

		(a)	Subject to the conditions set out in paragraph
(d) below and in Clause 23.2 (Conditions of assignment or transfer),
an assignment may be effected in accordance with paragraph (b) below when the Agent executes an otherwise duly completed Assignment
Agreement delivered to it by the Existing Lender and the New Lender, which delivery by the Existing Lender and the New Lender shall be
no later than five (5) Business Days prior to the proposed Transfer Date specified in the Assignment Agreement. The Agent shall,
subject to paragraph (d)(ii) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement
appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute
that Assignment Agreement.

 

		(b)	On the Transfer Date:

 

		(i)	the Existing Lender will assign absolutely to the New Lender the rights under the Finance Documents and
in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement;

 

		(ii)	the Existing Lender will be released
                                            by each Obligor and the other Finance Parties from the obligations owed by it (the "Relevant
                                            Obligations") and expressed to be the subject of the release in the Assignment Agreement
                                            (and any corresponding obligations by which it is bound in respect of the Transaction Security);
                                            and

 

     - 87 -

     

    

 

		(iii)	the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent
to the Relevant Obligations.

 

		(c)	Lenders may utilise procedures other than those
set out in this Clause 23.6 to assign their rights under the Finance Documents (but not, without the consent of the relevant Obligor or
unless in accordance with Clause 23.5 (Procedure for transfer),
to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent obligations
by a New Lender) provided that they comply with the conditions set out in paragraph (d) below.

 

		(d)	An assignment (whether pursuant to an Assignment Agreement or paragraph (c) above) will only be effective
on:

 

		(i)	receipt by the Agent (whether in an Assignment Agreement or otherwise) of written confirmation from the
New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other Finance
Parties and the Secured Parties as it would have been under if it was an original party hereto as a Lender; and

 

		(ii)	performance by the Agent of all necessary "know your customer" or other similar checks under
all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify
to the Existing Lender and the New Lender. The Agent shall not be obliged to execute an Assignment Agreement delivered to it by an Existing
Lender and the New Lender or any document delivered to it pursuant to paragraph (c) above unless it is satisfied that it has completed
all "know your customer" and other similar procedures that it is required (or deems desirable) to conduct in relation to the
assignment to such New Lender.

 

		(e)	The procedure set out in this Clause 23.6 shall not apply to any right or obligation under any Finance
Document (other than this Agreement) if and to the extent its terms, or any laws or regulations applicable thereto, provide for or require
a different means of assignment of such right or release or assumption of such obligation or prohibit or restrict any assignment of such
right or release or assumption of such obligation, unless such prohibition or restriction shall not be applicable to the relevant assignment,
release or assumption or each condition of any applicable restriction shall have been satisfied.

 

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		23.7	Copy of Transfer Certificate or Assignment Agreement to Borrower

 

The Agent shall, as
soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Borrower a copy of
that Transfer Certificate or Assignment Agreement.

 

		23.8	Existing consents and waivers

 

A New Lender shall be
bound by any consent, waiver, election or decision given or made by the relevant Existing Lender under or pursuant to any Finance Document
prior to the coming into effect of the relevant assignment or transfer to such New Lender.

 

		23.9	Exclusion of Agent's liability

 

In relation to any assignment
or transfer pursuant to this Clause 23, each Party acknowledges and agrees that the Agent shall not be obliged to enquire as to the accuracy
of any representation or warranty made by a New Lender in respect of its eligibility as a Lender.

 

		23.10	Permitted Debt Purchase Transactions

 

		(a)	The Borrower shall not, and shall procure that each other member of the Group shall not, (i) enter
into any Debt Purchase Transaction or (ii) be a Lender or a party to a Debt Purchase Transaction of the type referred to in paragraph
(b) of the definition of "Debt Purchase Transaction".

 

		(b)	For so long as a Shareholder Affiliate (i) beneficially owns a Commitment or

 

		(ii)	has entered into Participation relating to a Commitment and such Participation has not been terminated:

 

		(i)	in ascertaining the Majority Lenders or whether any given percentage (including, for the avoidance of
doubt, unanimity) of the Total Commitments has been obtained to approve any request for a consent, waiver, amendment or other vote under
the Finance Documents, such Commitment shall be deemed to be zero; and

 

		(ii)	for the purposes of Clause 36.2 (Exceptions),
such Shareholder Affiliate or the person with whom it has entered into such Participation shall be deemed not to be a Lender.

 

		(c)	Each Lender shall, unless such Debt Purchase Transaction is an assignment or transfer, promptly notify
the Agent in writing if it knowingly enters into a Debt Purchase Transaction with a Shareholder Affiliate (a "Notifiable Debt
Purchase Transaction").

 

     - 89 -

     

    

 

		(d)	A Lender shall promptly notify the Agent if a Notifiable Debt Purchase Transaction to which it is a party:

 

		(i)	is terminated; or

 

		(ii)	ceases to be with a Shareholder Affiliate.

 

		(e)	Each Shareholder Affiliate that is a Lender agrees that:

 

		(i)	in relation to any meeting or conference call to which all the Lenders are invited to attend or participate,
it shall not attend or participate in the same if so requested by the Agent or be entitled to receive the agenda or any minutes of the
same; and

 

		(ii)	in its capacity as Lender, it shall not be entitled to receive any report or other document prepared at
the behest of, or on the instructions of, the Agent or one or more of the Lenders.

 

		23.11	Accession of Hedge Counterparties

 

		(a)	The Borrower may, if it enters into any master agreement, confirmation, schedule or other agreement with
a Lender or an Affiliate of a Lender (each a "Relevant Counterparty") for the purpose of hedging any Facility IR Risks,
procure that such Relevant Counterparty accedes to this Agreement as a Hedge Counterparty within 10 Business Days of entering into such
master agreement, confirmation, schedule or other agreement by executing a Hedge Counterparty Accession Undertaking and delivering it
to the Agent.

 

		(b)	The Agent is not obliged to countersign such Hedging Counterparty Accession Undertaking unless it is satisfied
that it has completed all "know your customer" and other similar procedures that it is required (or deems desirable) to conduct
in relation to the accession of such Hedge Counterparty

 

		(c)	With effect from the date of acceptance by the Agent of a Hedge Counterparty Accession Undertaking duly
executed by the Relevant Counterparty, that Relevant Counterparty shall, as from that date, become party to this Agreement as a "Hedge
Counterparty" and assume the same obligations and become entitled to the same rights as if it had been an original Party to this
Agreement in the capacity of Hedge Counterparty.

 

		(d)	If any amount payable to a Hedge Counterparty falls due for payment, that Hedge Counterparty and the Borrower
shall, by written notice to the Agent, confirm:

 

		(i)	the amount falling due, and the date on which that amount falls due, for payment; and

 

     - 90 -

     

    

 

		(ii)	details of amounts owed to it (with supporting documentation) upon request by the Agent for the purpose
of, and to enable, the Agent to meet its obligations in the Facility Agreement.

 

		23.12	Change of Hedge Counterparty

 

		A Hedge Counterparty may (in accordance
                                                                                                                              with the terms of the relevant Hedging Agreement to which it is a party and subject to any consent required under that Hedging
                                                                                                                              Agreement) transfer any of its rights and benefits or obligations in respect of that Hedging Agreement to which it is a party to
                                                                                                                              another Lender or Affiliate of a Lender if such Lender or Affiliate of a Lender has (if not already party to this Agreement as a
                                                                                                                              Hedge Counterparty) become (or simultaneously with that transfer becomes) party to this Agreement as a "Hedge
                                                                                                                              Counterparty" pursuant to Clause 23.11 (Accession of Hedge Counterparties).

 

		23.13	Security over Lenders' rights

 

In addition to the other
rights provided to Lenders under this Clause 23, each Lender may without consulting with or obtaining consent from any Obligor, at any
time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under
any Finance Document to secure obligations of that Lender including, without limitation:

 

		(a)	any charge, assignment or other Security to secure obligations
to a federal reserve or central bank; and

 

		(b)	any charge, assignment or other Security granted to any holders (or trustee or representatives of holders)
of obligations owed, or securities issued, by that Lender as security for those obligations or securities,

 

except that no such charge, assignment or
Security shall:

 

		(i)	release a Lender from any of
its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Lender
as a party to any of the Finance Documents; or

 

		(ii)	require any payments to be made by an Obligor other than or in excess of, or grant to any person any more
extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.

 

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		23.14	Universal Succession (Assignments and Transfers)

 

		(a)	If a Lender is to be merged with any other person by universal succession, such Lender shall, at its own
cost within 45 days of that merger furnish to the Agent:

 

		(i)	an original or certified true copy of a legal opinion issued by a qualified legal counsel practicing law
in its jurisdiction of incorporation confirming that all such Lender's assets, rights and obligations generally have been duly vested
in the succeeding entity who has succeeded to all relationships as if those assets, rights and obligations had been originally acquired,
incurred or entered into by the succeeding entity; and

 

		(ii)	an original or certified true copy of a written confirmation by either the Lender's legal counsel or such
other legal counsel acceptable to the Agent and for the benefit of the Agent (in its capacity as agent of the Lenders) that the laws of
Hong Kong and of the jurisdiction in which the Facility Office of such Lender is located recognise such merger by universal succession
under the relevant foreign laws,

 

whereupon a transfer and
novations of all such Lender's assets, rights and obligations to its succeeding entity shall have been, or be deemed to have been, duly
effected as at the date of the said merger.

 

		(b)	If such Lender, in a universal succession, does not comply with the requirements under this Clause, the
Agent has the right to decline to recognise the succeeding entity and demand such Lender and the succeeding entity to either sign and
deliver a Transfer Certificate to the Agent evidencing the disposal of all rights and obligations of such Lender to that succeeding entity,
or provide or enter into such documents, or make such arrangements acceptable to the Agent (acting on the advice of the Lender's legal
counsel (any legal costs so incurred shall be borne by the relevant Lender)) in order to establish that all rights and obligations of
the relevant Lender under this Agreement have been transferred to and assumed by the succeeding entity.

 

		23.15	Assignments and transfers by Obligors

 

An Obligor may not assign
or transfer any of its rights or obligations under any Finance Document, except with the prior written consent of all the Lenders.

 

		24.	DISCLOSURE
OF INFORMATION

 

		24.1	Confidential Information

 

Each
Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent
permitted by Clause 24.2 (Disclosure of Confidential Information),
and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own
confidential information.

 

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		24.2	Disclosure of Confidential Information

 

Any Finance Party may
disclose:

 

		(a)	to any of its Affiliates and any of its or their officers, directors, employees, service providers, professional
advisers, auditors, insurers, insurance brokers, partners and Representatives such Confidential Information as that Finance Party shall
consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is made aware
in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except
that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality
of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information and provided
that none of the documents referred to in the Side Letter may be provided to any service provider, insurer, insurance, broker, partner
or any Representatives of any person detailed in this paragraph, without the consent of the Borrower;

 

		(b)	to any person:

 

		(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its
rights and/or obligations under one or more Finance Documents and to any of that person's Affiliates, Representatives and professional
advisers;

 

		(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one
or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates, Representatives and professional advisers;

 

		(iii)	appointed by any Finance Party or by a person
to whom paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents delivered pursuant
to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph (b) of Clause 25.14 (Relationship
with the other Finance Parties)), provided that none of the documents
referred to in the Side Letter may be provided to any such person without the consent of the Borrower;

 

     - 93 -

     

    

 

		(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or
indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above;

 

		(v)	to whom information is required or requested to be disclosed by any court or tribunal of competent jurisdiction
or any governmental, quasi-governmental, banking, taxation or other regulatory, supervisory or administrative authority or similar body,
the rules of any relevant stock exchange or pursuant to any applicable law or regulation;

 

		(vi)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitration, administrative or other investigations, proceedings or disputes provided that none of the documents referred to in
the Side Letter may be provided to any such person without the consent of the Borrower unless such litigation, arbitration, administrative
or other investigations, proceedings or disputes are against any of the Obligors and the Ultimate Shareholder under or in connection with
the Finance Documents;

 

		(vii)	to whom or for whose benefit that Finance Party
charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 23.13 (Security over Lenders' rights);

 

		(viii)	who is a Party; or

 

		(ix)	with the consent of the Borrower,

 

in each case, such Confidential Information as that
Finance Party shall consider appropriate if:

 

		(A)	in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential
Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality
Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the
Confidential Information;

 

		(B)	in relation to paragraphs (b)(iv) and (b)(vii) above, the person to whom the Confidential Information
is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to
the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;

 

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		(C)	in relation to paragraphs (b)(v) and (b)(vi) above, the person to whom the Confidential Information
is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information
except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the
circumstances;

 

		(c)	to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above
applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation,
in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to
be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider
to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA
Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking
agreed between the Borrower and the relevant Finance Party; and

 

		(d)	to any rating agency or direct or indirect provider of credit protection (including its or their professional
advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating
activities in relation to the Finance Documents and/or the Obligors if the rating agency to whom the Confidential Information is to be
given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information
provided that none of the documents referred to in the Side Letter may be provided to any such person without the consent of the
Borrower.

 

		24.3	Personal data

 

The Finance
Parties may collect, use and disclose personal data about each of the Obligors and Finance Parties (if it is an individual) or
individuals associated with each of the Obligors and Finance Parties (whether or not it is an individual), so that the Finance
Parties can carry out their obligations to the Obligors and/or, as the case may be, Finance Party and for other related purposes,
including auditing, monitoring and analysis of its business, fraud and crime prevention, money laundering, legal and regulatory
compliance, and the marketing by the Finance Parties or their affiliates of other services. The Finance Parties may also transfer
the personal data to any country (including countries outside where the Finance Parties provide the services to be provided under
the terms of the Finance Documents where there may be less stringent data protection laws) to process information on the Finance
Parties' behalf. Wherever it is processed, the personal data will be protected by security measures and a degree of care to which
that Finance Party, its affiliates and their staff are subject and will only be used in accordance with the relevant Obligor's
and/or, as the case may be, Finance Party's instructions.

 

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		24.4	Entire agreement

 

This Clause 24 constitutes
the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential
Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

 

		24.5	Inside information

 

Each of the Finance
Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such
information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse
and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.

 

		24.6	Notification of disclosure

 

Each of the Finance
Parties agrees (to the extent permitted by law and regulation) to inform the Borrower:

 

		(a)	of the circumstances of any disclosure of Confidential
Information made pursuant to paragraph (b)(v) of Clause 24.2 (Disclosure of Confidential Information)
except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory
or regulatory function; and

 

		(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 24.

 

		24.7	Continuing obligations

 

The obligations in this
Clause 24 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of 12 months from the
earlier of:

 

		(a)	the date on which all amounts payable by the Obligors under or in connection with this Agreement have
been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

 

		(b)	the date on which such Finance Party otherwise ceases to be a Finance Party.

 

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SECTION 10

THE FINANCE PARTIES

 

		25.	ROLE
OF THE ADMINISTRATIVE PARTIES

 

		25.1	Appointment of the Agent

 

		(a)	Each of the other Finance Parties appoints the Agent to act as its agent under and in connection with
the Finance Documents.

 

		(b)	Each of the other Finance Parties authorises the Agent to perform the duties, obligations and responsibilities
and to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance
Documents together with any other incidental rights, powers, authorities and discretions.

 

		25.2	Duties of the Agent

 

		(a)	The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

 

		(b)	Subject to paragraph (c) below, the Agent shall promptly forward to a Party the original or a copy
of any document which is delivered to the Agent for that Party by any other Party.

 

		(c)	Without prejudice to Clause 23.7 (Copy
of Transfer Certificate or Assignment Agreement to Borrower), paragraph (b) above
shall not apply to any Transfer Certificate or any Assignment Agreement.

 

		(d)	Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or
check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

		(e)	If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating
that the circumstance described is a Default, it shall promptly notify the Lenders.

 

		(f)	If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable
to a Finance Party (other than to any Administrative Party) under this Agreement, it shall promptly notify the Lenders.

 

		(g)	The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance
Documents to which it is expressed to be a party (and no others shall be implied).

 

		(h)	Nothing in the Finance Documents shall require the Agent to carry on an activity of the kind specified
by any provision of Part 1 of Schedule 5 of the Securities and Futures Ordinance (Cap. 571), or to lend
money to the Borrower in its capacity as Agent.

 

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		(i)	The Agent shall be entitled to deal with money paid to it by any person for the purposes of the Finance
Documents in the same manner as other money paid to a banker by its customers except that it shall not be liable to account to any person
for any interest or other amounts in respect of the money.

 

		(j)	The fees. commissions and expenses payable to the Agent for services rendered and the performance of its
obligations under the Finance Documents shall not be abated by any remuneration or other amounts or profits receivable by the Agent (or
by any of its associates) in connection with any transaction effected by the Agent with or for the Lenders or the Obligors.

 

		25.3	Role of the Mandated Lead Arranger

 

Except as specifically
provided in the Finance Documents, the Mandated Lead Arranger has no obligations of any kind to any other Party under or in connection
with any Finance Document.

 

		25.4	No fiduciary duties

 

		(a)	Nothing in any Finance Document constitutes any Administrative Party as a trustee or fiduciary of any
other person.

 

		(b)	No Administrative Party shall be bound to account to any Lender for any sum or the profit element of any
sum received by it for its own account.

 

		25.5	Business with the Group

 

Any Administrative Party
may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group.

 

		25.6	Rights and discretions of the Agent

 

		(a)	The Agent may:

 

		(i)	rely on any representation, communication, notice or document believed by it to be genuine, correct and
appropriately authorised;

 

		(ii)	assume that:

 

		(A)	any instructions received by it from the Majority Lenders, any Lender or any group of Lenders are duly
given in accordance with the terms of the Finance Documents; and

 

		(B)	unless it has received notice of revocation, those instructions have not been revoked; and

 

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		(iii)	rely on a certificate from any person:

 

		(A)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge
of that person; or

 

		(B)	to the effect that such person approves of any particular dealing, transaction, step, action or thing,

 

as sufficient evidence that that is the case
and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

 

		(b)	The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders)
that:

 

		(i)	no Default has occurred (unless it has actual
knowledge of a Default arising under Clause 22.1 (Non-payment));

 

		(ii)	any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised;
and

 

		(iii)	any notice or request made by the Borrower (other than a Utilisation Request) is made on behalf of and
with the consent and knowledge of the Guarantor.

 

		(c)	The Agent may engage, and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors
or other professional advisers or experts.

 

		(d)	Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Agent
may at any time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate from any lawyers
instructed by the Lenders) if the Agent in its reasonable opinion deems this to be necessary.

 

		(e)	The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other
professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable for any damages, costs
or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

 

		(f)	Any Administrative Party may act in relation to the Finance Documents through its officers, employees
and agents.

 

		(g)	Unless a Finance Document expressly provides otherwise the Agent may disclose to any other Party any information
it reasonably believes it has received as agent under this Agreement.

 

		(h)	Notwithstanding any other provision of any Finance Document to the contrary, no Administrative Party is
obliged to do or omit to do anything if it would or might in its reasonable opinion constitute
a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

 

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		(i)	Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend
or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or
the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity
against, or security for, such risk or liability is not reasonably assured to it.

 

		25.7	Majority Lenders' instructions

 

		(a)	The Agent shall:

 

		(i)	unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right,
power, authority or discretion vested in it as Agent in accordance with any instructions given to it by:

 

		(A)	all Lenders if the relevant Finance Document stipulates the matter is an all-Lender decision; and

 

		(B)	in all other cases, the Majority Lenders; and

 

		(ii)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph
(i) above.

 

		(b)	The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority
Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that
Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority
or discretion. The Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.

 

		(c)	Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under
the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Agent by the
Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties.

 

		(d)	The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders
until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that
contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying
with those instructions.

 

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		(e)	In the absence of instructions, the Agent may act (or refrain from acting) as it considers in its discretion
to be appropriate.

 

		(f)	The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender's consent)
in any legal or arbitration proceedings relating to any Finance Document.

 

		25.8	Responsibility for documentation

 

No Administrative Party
is responsible or liable for:

 

		(a)	the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by any
Administrative Party, an Obligor or any other person given in or in connection with any Finance Document;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Transaction
Security or any other agreement, arrangement or document entered into, made or executed in anticipation of or in connection with any Finance
Document or the Transaction Security; or

 

		(c)	for any determination as to whether any information provided or to be provided to any Finance Party is
non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or
otherwise.

 

		25.9	No duty to monitor

 

The Agent shall not
be bound to enquire:

 

		(a)	whether or not any Default has occurred;

 

		(b)	as to the performance, default or any breach by any Party of its obligations under any Finance Document;
or

 

		(c)	whether any other event specified in any Finance Document has occurred.

 

		25.10	Exclusion of liability

 

		(a)	Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance
Document excluding or limiting the liability of the Agent), the Agent will not be liable for:

 

		(i)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising
as a result of taking or not taking any action under or in connection with any Finance Document, unless directly caused by its gross negligence
or wilful misconduct;

 

		(ii)	exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection
with, any Finance Document or any other agreement, arrangement
or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document, other than by reason
of its gross negligence or wilful misconduct; or

 

     - 101 -

     

    

 

		(iii)	without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or
losses to any person, any diminution in value or any liability whatsoever (but not including any claim based on the fraud of the Agent)
arising as a result of:

 

		(A)	any act, event or circumstance not reasonably within its control; or

 

		(B)	the general risks of investment in, or the holding of assets in, any jurisdiction,

 

including (in each case)
such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental
actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of
transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport,
telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes
or industrial action.

 

		(b)	No Party (other than the Agent) may take any
proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the Agent or in respect
of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or
agent of the Agent may rely on this Clause 25.10 subject to Clause 1.5 (Third Party Rights)
and the provisions of the Third Parties Ordinance.

 

		(c)	The Agent will not be liable for any delay (or any related consequences) in crediting an account with
an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably
practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for
that purpose.

 

		(d)	Nothing in this Agreement shall oblige any Administrative Party to conduct:

 

		(i)	any "know your customer" or other procedures in relation to any person; or

 

		(ii)	any check on the extent to which any transaction contemplated by this Agreement might be unlawful for
any Lender or for any Affiliate of any Lender, on behalf of any Lender
and each Lender confirms to each Administrative Party that it is solely responsible for any such procedures or check it is required to
conduct and that it shall not rely on any statement in relation to such procedures or check made by any Administrative Party.

 

     - 102 -

     

    

 

		(e)	Without prejudice to any provision of any Finance Document excluding or limiting the Agent's liability,
any liability of the Agent arising under or in connection with any Finance Document shall be limited to the amount of actual loss which
has been suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a
result of such default) but without reference to any special conditions or circumstances known to the Agent at any time which increase
the amount of that loss. In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or
anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the possibility
of such loss or damages.

 

		(f)	The provisions of this Clause shall survive the termination or expiry of this Agreement or the resignation
or removal of the Agent.

 

		25.11	Lenders' indemnity to the Agent

 

		(a)	Each Lender shall, in accordance with paragraph (b) below, indemnify the Agent, within three Business
Days of demand, against any cost, loss or liability (including, without limitation, in relation to any FATCA-related liability or any
other category of liability whatsoever) incurred by the Agent (otherwise than by reason of the Agent's gross negligence or wilful misconduct)
in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document) and
the Obligors should jointly and severally indemnify each Lender against any payment made by it under this Clause 25.10(a) (other
than any payment in respect of any FATCA-related liability).

 

		(b)	The proportion of such cost, loss or liability to be borne by each Lender shall be:

 

		(i)	if there is any Loan then outstanding, the proportion borne by (A) the sum of its participation(s) in
the Loan(s) then outstanding to (B) the aggregate amount of such Loan(s), or

 

		(ii)	if there is no Loan then outstanding and the Available Facility is then greater than zero, the proportion
borne by (A) its Available Commitment to (B) the Available Facility, or

 

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		(iii)	if
there is no Loan then outstanding and the Available Facility is then zero;

 

		(A)	if the Available Facility became zero after a Loan ceased to be outstanding, the proportion borne by
                                                                                 (A) its Available Commitment to (B) the Available Facility immediately before the Available Facility became zero, or

 

		(c)	if a Loan ceased to be outstanding after the Available Facility became zero, the proportion borne by (A) the
sum of its participation(s) in the Loan(s) outstanding immediately before any Loan ceased to be outstanding to (B) the
aggregate amount of such Loan(s).

 

		(d)	This indemnity given under this Clause is a continuing obligation, independent of each Lender's other
obligations under or in connection with this Agreement or any other Finance Document and survives after this Agreement or such other Finance
Document is terminated. It is not necessary for a person to pay any amount or incur any expense before enforcing an indemnity under or
in connection with this Agreement or any other Finance Document.

 

		25.12	Resignation of the Agent

 

		(a)	The Agent may resign and appoint one of its Affiliates as successor by giving notice to the Lenders and
the Borrower.

 

		(b)	Alternatively, the Agent may resign by giving notice to the Lenders and the Borrower, in which case the
Majority Lenders (after consultation with the Borrower) may appoint a successor Agent.

 

		(c)	If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above
within 30 days after notice of resignation was given, the Agent (after consultation with the Borrower) may appoint a successor Agent.

 

		(d)	The retiring Agent shall make available to the successor Agent such documents and records and provide
such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance
Documents.

 

		(e)	The Agent's resignation notice shall take effect only upon the appointment of a successor.

 

		(f)	Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation
in respect of the Finance Documents (other than its obligations under paragraph (d) above) but shall remain entitled to the benefit
of this Clause 25 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that
date). Any successor and each of the other Parties shall have the same
rights and obligations amongst themselves as they would have had if such successor had been an original Party.

 

     - 104 -

     

    

 

		(g)	After consultation with the Borrower, the Majority Lenders may, by notice to the Agent, require it to
resign in accordance with paragraph (b) above. In this event, the Agent shall resign in accordance with paragraph (b) above.

 

		(h)	The Agent shall resign in accordance with paragraph (b) above if on or after the date which is three
months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents:

 

		(i)	the Agent fails to respond to a request under
Clause 12.7 (FATCA information) and a Lender reasonably believes
that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

 

		(ii)	the information supplied by the Agent pursuant
to Clause 12.7 (FATCA information) indicates that the Agent will
not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

 

		(iii)	the Agent notifies the Borrower and the Lenders that the Agent will not be (or will have ceased to be)
a FATCA Exempt Party on or after that FATCA Application Date,

 

and (in each case) a Lender
reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt
Party, and that Lender, by notice to the Agent, requires it to resign.

 

		25.13	Confidentiality

 

		(a)	In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division
which shall be treated as a separate legal person from any other of its branches, divisions or departments.

 

		(b)	If information is received by another branch, division or department of the legal person which is the
Agent, it may be treated as confidential to that branch, division or department and the Agent shall not be deemed to have notice of it.

 

		(c)	The Agent shall not be obliged to disclose to any Finance Party any information supplied to it by the
Borrower or any Affiliates of the Borrower on a confidential basis and for the purpose of evaluating whether any waiver or amendment is
or may be required or desirable in relation to any Finance Document.

 

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		25.14	Relationship with the other Finance Parties

 

		(a)	Subject to Clause 30.2 (Distributions
by the Agent), the Agent may treat each Lender as a Lender, entitled to payments
under this Agreement and acting through its Facility Office unless it has received not less than five Business Days prior notice from
that Lender to the contrary in accordance with the terms of this Agreement.

 

		(b)	The Lenders shall supply the Agent with any information that the Security Agent may reasonably specify
(through the Agent) as being necessary or desirable to enable the Security Agent to perform its functions as Security Agent. Each Lender
shall deal with the Security Agent exclusively through the Agent.

 

		(c)	Any Lender may by notice to the Agent appoint
a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under
the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic
means is permitted under Clause 32.4 (Electronic communication))
electronic mail address and/or any other information required to enable the sending and receipt of information by that means (and, in
each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute
address, fax number, electronic mail address, department and officer by that Lender for the purposes of Clause 32.2 (Addresses)
and paragraph (a)(ii) of Clause 32.4 (Electronic communication)
and the Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and
documents as though that person were that Lender.

 

		25.15	Credit appraisal by the Lenders

 

Without affecting the
responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms
to each Administrative Party that it has been, and will continue to be, solely responsible for making its own independent appraisal and
investigation of all risks arising under or in connection with any Finance Document including:

 

		(a)	the financial condition, status and nature of each member of the Group;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Transaction
Security and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document or the Transaction Security;

 

		(c)	whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party
or any of its respective assets under or in connection with any Finance Document,
the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed
in anticipation of, under or in connection with any Finance Document;

 

     - 106 -

     

    

 

		(d)	the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any
other person under or in connection with any Finance Document, the Transaction Security, the transactions contemplated by the Finance
Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document or the Transaction Security; and

 

		(e)	the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property,
the priority of any of the Transaction Security or the existence of any Security affecting the Charged Property.

 

		25.16	Deduction from amounts payable by the Agent

 

If any Party owes an
amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that
amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount
deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having
received any amount so deducted.

 

		25.17	Agent's Management Time

 

Any
amount payable to the Agent under Clause 15.3 (Indemnity to the Agent),
Clause 16 (Costs and Expenses) and Clause 25.11 (Lenders'
indemnity to the Agent) shall include the cost of utilising the Agent's management
time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to the Borrower
and the Lenders, and is in addition to any fee paid or payable to the Agent under Clause 11 (Fees).

 

		25.18	Reliance, release and engagement letters

 

Each of the Finance
Parties confirms that the Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any reports, including
but not limited to the Reports, already accepted by the Agent) the terms of any reliance letter, release letter or engagement letter relating
to the Reports or any report or letters provided in connection with the Finance Documents or the transactions contemplated in the Finance
Documents and to bind it in respect of those Reports, reports or letters and to sign such letters on its behalf and further confirms that
it accepts the terms and qualifications set out in such letters.

 

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		26.	THE
SECURITY AGENT

 

		26.1	Trust

 

		(a)	The Security Agent declares that it shall hold the Security Property on trust for the Secured Parties
on the terms contained in this Agreement.

 

		(b)	Each of the parties to this Agreement agrees that the Security Agent shall have only those duties, obligations
and responsibilities expressly specified in this Agreement or in the Transaction Security Documents to which the Security Agent is expressed
to be a party (and no others shall be implied).

 

		26.2	No independent power

 

The Secured Parties
shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any rights or powers
arising under the Transaction Security Documents except through the Security Agent.

 

		26.3	Instructions to Security Agent and exercise of discretion

 

		(a)	Subject to paragraphs (d) and (e) below, the Security Agent shall act in accordance with any
instructions given to it by the Majority Lenders or, if so instructed by the Majority Lenders, refrain from exercising any right, power,
authority or discretion vested in it as Security Agent and shall be entitled to assume that (i) any instruction received by it from
the Agent, the Lenders or the Majority Lenders are duly given in accordance with the terms of the Finance Documents and (ii) unless
it has received actual notice of revocation, that those instructions or directions have not been revoked. The Security Agent shall not
be liable for any act (or omission) if it acts (or refrains from acting) in accordance with this Clause (or, if this Agreement stipulates
that such matter is a decision for any other creditor or group of creditors, in accordance with instructions given to it by that creditor
or group of creditors).

 

		(b)	The Security Agent shall be entitled to request instructions, or clarification of any direction, from
the Majority Lenders as to whether, and in what manner, it should exercise or refrain from exercising any rights, powers, authorities
and discretions and the Security Agent may refrain from acting unless and until those instructions or clarification are received by it.

 

		(c)	Any instructions given to the Security Agent by the Majority Lenders shall override any conflicting instructions
given by any other Parties.

 

		(d)	Paragraph (a) above shall not apply:

 

		(i)	where a contrary indication appears in this Agreement;

 

		(ii)	where this Agreement requires the Security Agent to act in a specified manner or to take a specified action;

 

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		(iii)	in respect of any provision which protects the
Security Agent's own position in its personal capacity as opposed to its role of Security Agent for the Secured Parties including, without
limitation, the provisions set out in Clauses 26.5 (Security Agent's discretions)
to Clause 26.19 (Trustee division separate);

 

		(iv)	in respect of the exercise of the Security Agent's discretion to exercise a right, power or authority
under any of:

 

		(A)	Clause 28.1 (Order of application);

 

		(B)	Clause 28.2 (Prospective liabilities);
and

 

		(C)	Clause 28.5 (Permitted Deductions).

 

		(e)	If giving effect to instructions given by the
Majority Lenders would (in the Security Agent's opinion) have an effect equivalent to an amendment or waiver referred to in Clause 36.2
(Exceptions), the Security Agent shall not act in accordance with
those instructions unless consent to it so acting is obtained from each Party (other than the Security Agent) whose consent would have
been required in respect of that amendment or waiver.

 

		(f)	In exercising any discretion to exercise a right, power or authority under this Agreement where either:

 

		(i)	it has not received any instructions from the Majority Lenders as to the exercise of that discretion;
or

 

		(ii)	the exercise of that discretion is subject to paragraph (d)(iv) above,

 

the Security Agent shall do so as it considers
in its discretion to be appropriate.

 

		(g)	The Security Agent may carry out what in its discretion it considers to be administrative acts, or acts
which are incidental to any instruction, without any instructions (though not contrary to any such instruction), but so that no such instruction
shall have any effect in relation to any administrative or incidental act performed prior to actual receipt of such instruction by the
Security Agent.

 

		(h)	Notwithstanding any provision of any Finance Document to the contrary, the Security Agent is not obliged
to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities
or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity
against, or security for, such risk or liability is not reasonably assured to it.

 

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		26.4	Security Agent's Actions

 

Without
prejudice to the provisions of Clause 26.3 (Instructions to Security Agent and exercise of discretion),
the Security Agent may (but shall not be obliged to), in the absence of any instructions to the contrary, take such action in the exercise
of any of its powers and duties under the Finance Documents as it considers in its discretion to be appropriate.

 

		26.5	Security Agent's discretions

 

The Security Agent may:

 

		(a)	assume (unless it (in its capacity as security agent for the Secured Parties) has received actual notice
to the contrary from the Agent) that (i) no Default has occurred and no Obligor or other person is in breach of or default under
its obligations under any of the Finance Documents and (ii) any right, power, authority or discretion vested by any Finance Document
in any person has not been exercised;

 

		(b)	if it receives any instructions or directions to take any action in relation to the Transaction Security,
assume that all applicable conditions under the Finance Documents for taking that action have been satisfied;

 

		(c)	engage, pay for and rely on the advice or services of any legal advisers, accountants, tax advisers, surveyors
or other experts (whether obtained by the Security Agent or by any other Secured Party) whose advice or services may at any time seem
necessary, expedient or desirable and shall not be liable for any damage, costs or losses to any person, any diminution in value or any
liability whatsoever arising as a result of its so relying;

 

		(d)	rely upon any communication or document believed by it to be genuine and, as to any matters of fact which
might reasonably be expected to be within the knowledge of a Secured Party, or an Obligor, upon a certificate signed by or on behalf of
that person;

 

		(e)	refrain from acting in accordance with the instructions of any Party (including bringing any legal action
or proceeding arising out of or in connection with the Finance Documents) until it has received any indemnification and/or security that
it may in its discretion require (whether by way of payment in advance or otherwise) for all costs, losses and liabilities which it may
incur in so acting; and

 

		(f)	(and any Receiver and any Delegate may) act in relation to the Finance Document and the Charged
                                                                Property through its officers, employees and agents and shall not (i) be liable for any error of judgement made by any such
                                                                person; or (ii) be bound to supervise, or be in
any way responsible for any loss incurred by reason of misconduct, omission or default on the part of any such person.

 

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		26.6	Security Agent's obligations

 

The Security Agent shall
promptly:

 

		(a)	copy to the Agent the contents of any notice or document received by it from any Obligor under any Finance
Document;

 

		(b)	forward to a Party the original or a copy of any document which is delivered to the Security Agent for
that Party by any other Party provided that the Security Agent is not obliged to review or check the adequacy, accuracy or completeness
of any document it forwards to another Party; and

 

		(c)	inform the Agent of the occurrence of any Default or any default by an Obligor in the due performance
of or compliance with its obligations under any Finance Document of which the Security Agent has received notice from any other Party.

 

		26.7	Excluded obligations

 

Notwithstanding anything
to the contrary expressed or implied in the Finance Documents, the Security Agent shall not:

 

		(a)	be bound to enquire as to (i) whether or not any Default has occurred, (ii) the performance,
default or any breach by an Obligor of its obligations under any of the Finance Documents or (iii) whether any other event specified
in any Finance Document has occurred;

 

		(b)	be bound to account to any other Party for any sum or the profit element of any sum received by it for
its own account;

 

		(c)	be bound to disclose to any other person (including but not limited to any Secured Party) (i) any
confidential information or (ii) any other information if disclosure would, or might in its reasonable opinion, constitute a breach
of any law or be a breach of fiduciary duty;

 

		(d)	have or be deemed to have any relationship of trust or agency with, any Obligor or any subordinated debtor
or creditor.

 

		26.8	Exclusion of liability

 

		(a)	None of the Security Agent, any Receiver nor any Delegate shall accept responsibility or be liable for:

 

		(i)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Security
Agent or any other person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents, or
any other agreement, arrangement or document entered into, made
or executed in anticipation of, under or in connection with any Finance Document;

 

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		(ii)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Security
Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document or the Security Property;

 

		(iii)	any damages, costs or losses to any person, any diminution in value or any liability arising as a result
of taking or refraining from taking any action in relation to any of the Finance Documents, the Security Property or otherwise, whether
in accordance with an instruction from the Agent or otherwise unless directly caused by its gross negligence or wilful misconduct;

 

		(iv)	the exercise of, or the failure to exercise, any judgment, discretion or power given to it by or in connection
with any of the Finance Documents, the Security Property or any other agreement, arrangement or document entered into, made or executed
in anticipation of, under or in connection with, the Finance Documents or the Security Property; or

 

		(v)	any shortfall which arises on the enforcement or realisation of the Security Property.

 

		(b)	Without prejudice to any provision of any Finance Document excluding or limiting the Security Agent's,
any Receiver's or any Delegate's liability, any liability of the Security Agent, any Receiver or any Delegate arising under or in connection
with any Finance Document or the Security Property shall be limited to the amount of actual loss which has been judicially determined
to have been suffered (as determined by reference to the date of default of the Security Agent, Receiver or Delegate or, if later, the
date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the
Security Agent. Receiver or Delegate (as the case may be) at any time which increase the amount of that loss. In no event shall the Security
Agent, Receiver or Delegate be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for
special, punitive, indirect or consequential damages, whether or not the Security Agent, Receiver or Delegate has been advised of the
possibility of such loss or damages.

 

		(c)	The provisions of this Clause shall survive the termination or expiry of this Agreement or the resignation
or removal of the Security Agent.

 

		26.9	No proceedings

 

No Party (other
than the Security Agent, that Receiver or that Delegate) may take any proceedings against any officer, employee or agent of the
Security Agent, a Receiver or a Delegate in respect of any claim it might
have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer, employee
or agent in relation to any Finance Document or any Security Property and any officer, employee or agent of the Security Agent, a
Receiver or a Delegate may rely on this Clause subject to Clause 1.5 (Third party rights)
and the provisions of the Third Parties Ordinance.

 

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		26.10	Own responsibility

 

Without affecting the
responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Secured Party
confirms to the Security Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal
and investigation of all risks arising under or in connection with any Finance Document including but not limited to:

 

		(a)	the financial condition, status and nature of each member of the Group;

 

		(b)	the legality, validity, effectiveness, adequacy and enforceability of any Finance Document, the Security
Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document or the Security Property;

 

		(c)	whether that Secured Party has recourse, and the nature and extent of that recourse, against any Party
or any of its respective assets under or in connection with any Finance Document, the Security Property, the transactions contemplated
by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
connection with any Finance Document or the Security Property;

 

		(d)	the adequacy, accuracy and/or completeness of any information provided by the Security Agent or by any
other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement,
arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and

 

		(e)	the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property,
the priority of any of the Transaction Security or the existence of any Security affecting the Charged Property,

 

and each Secured Party warrants to the Security
Agent that it has not relied on and will not at any time rely on the Security Agent in respect of any of these matters.

 

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		26.11	No responsibility to perfect Transaction Security

 

The Security Agent shall
not be liable for any failure to:

 

		(a)	require the deposit with it of any deed or document certifying, representing or constituting the title
of any Obligor to any of the Charged Property;

 

		(b)	obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability
or admissibility in evidence of any of the Finance Documents or the Transaction Security;

 

		(c)	register, file or record or otherwise protect any of the Transaction Security (or the priority of any
of the Transaction Security) under any applicable laws in any jurisdiction or to give notice to any person of the execution of any of
the Finance Documents or of the Transaction Security;

 

		(d)	take, or to require any of the Obligors to take, any steps to perfect or protect its title to any of the
Charged Property or to render the Transaction Security effective or to secure the creation of any ancillary Security under the laws and
regulations of any jurisdiction; or

 

		(e)	require any further assurances in relation to any of the Transaction Security Documents.

 

		26.12	Insurance by Security Agent

 

		(a)	The Security Agent shall not be under any obligation to insure any of the Charged Property, to require
any other person to maintain any insurance or to verify any obligation to arrange or maintain insurance contained in the Finance Documents.
The Security Agent shall not be responsible for any loss which may be suffered by any person as a result of the lack of or inadequacy
of any such insurance.

 

		(b)	Where the Security Agent is named on any insurance policy as an insured party, it shall not be responsible
for any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of any material fact relating
to the risk assumed by such insurers or any other information of any kind, unless the Agent shall have requested it to do so in writing
and the Security Agent shall have failed to do so within fourteen days after receipt of that request.

 

		26.13	Custodians and nominees

 

The Security Agent
may appoint and pay any person to act as a custodian or nominee on any terms in relation to any assets of the trust as the Security
Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust
created under this Agreement and the Security Agent shall not be responsible for any loss, liability, expense, demand, cost, claim
or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this
Agreement or be bound to supervise the proceedings or acts of any person.

 

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		26.14	Acceptance of title

 

The Security Agent shall
be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any of the Obligors may have
to any of the Charged Property and shall not be liable for or bound to require any Obligor to remedy any defect in its right or title.

 

		26.15	Refrain from illegality

 

Notwithstanding anything
to the contrary expressed or implied in the Finance Documents, the Security Agent may refrain from doing anything which in its opinion
will or may be contrary to any relevant law, directive or regulation of any jurisdiction and the Security Agent may do anything which
is, in its opinion, necessary to comply with any such law, directive or regulation.

 

		26.16	Business with the Obligors

 

The Security Agent may
accept deposits from, lend money to, and generally engage in any kind of banking or other business with any of the Obligors.

 

		26.17	Winding up of trust

 

If the Security Agent,
with the approval of the Majority Lenders, determines that all of the Secured Liabilities and all other liabilities secured by the Transaction
Security Documents have been fully and finally discharged and none of the Secured Parties is under any commitment, obligation or liability
(actual or contingent) to make advances or provide other financial accommodation to any Obligor pursuant to the Finance Documents:

 

		(a)	the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse
or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Transaction Security Documents; and

 

		(b)	any Retiring Security Agent shall release, without recourse or warranty, all of its rights under each
of the Transaction Security Documents.

 

		26.18	Powers supplemental

 

The rights, powers
and discretions conferred upon the Security Agent by this Agreement shall be supplemental to the Trustee Ordinance (Cap. 29 of the
Laws of Hong Kong) (as amended by the Trust Law (Amendment) Ordinance 2013, the "Amended Trustee Ordinance") and in
addition to any which may be vested in the Security Agent by general law or otherwise. The statutory duty of care set out in section
3A of the Amended Trustee Ordinance shall not apply to the duties of the Security Agent in relation to the trusts constituted by
this Agreement. Where there are any inconsistencies between the Amended Trustee Ordinance and the provisions of this Agreement, the
provisions of this Agreement shall, to the extent permitted by law and regulation, prevail.

 

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		26.19	Trustee division separate

 

		(a)	In acting as trustee for the Secured Parties, the Security Agent shall be regarded as acting through its
trustee division which shall be treated as a separate entity from any of its other divisions or departments.

 

		(b)	If information is received by another division or department of the Security Agent, it may be treated
as confidential to that division or department and the Security Agent shall not be deemed to have notice of it.

 

		26.20	Lenders' indemnity to the Security Agent

 

		(a)	Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are
then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Security Agent and every
Receiver and every Delegate, within three Business Days of demand, against any cost, loss or liability (including, without limitation,
in relation to any FATCA-related liability or any other category of liability whatsoever) incurred by any of them (otherwise than by reason
of the Security Agent's gross negligence or wilful misconduct) in acting as Security Agent, Receiver or Delegate under the Finance Documents
(unless the relevant Security Agent, Receiver or Delegate has been reimbursed by an Obligor pursuant to a Finance Document) and the Obligors
shall jointly and severally indemnify each Lender against any payment made by it under this Clause 26.20 (other than any payment in respect
of any FATCA-related liability).

 

		(b)	This indemnity given under this Clause is a continuing obligation, independent of each Lender's other
obligations under or in connection with this Agreement or any other Finance Document and survives after this Agreement or such other Finance
Document is terminated. It is not necessary for a person to pay any amount or incur any expense before enforcing an indemnity under or
in connection with this Agreement or any other Finance Document.

 

		26.21	Conflict with the Transaction Security Documents

 

If there is any conflict
between this Agreement and any Transaction Security Document with regard to instructions to, or other matters affecting, the Security
Agent, this Agreement will prevail.

 

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		26.22	Disapplication

 

Section 1 of the
Trustee Ordinance (Cap. 29) shall not apply to the duties of the Security Agent in relation to the trusts constituted by this Agreement.
Where there are any inconsistencies between the Trustee Ordinance (Cap. 29) and the provisions of this Agreement, the provisions of this
Agreement shall, to the extent allowed by law and regulation, prevail and, in the case of any inconsistency with the Trustee Ordinance
(Cap. 29), the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act.

 

		26.23	Enforcement instructions

 

		(a)	The Security Agent may refrain from enforcing the Transaction Security unless instructed otherwise by
the Majority Lenders.

 

		(b)	If any Transaction Security becomes enforceable
in accordance with its terms (subject to Clause 22.16 (Acceleration)),
the Majority Lenders may give or refrain from giving instructions to the Security Agent to enforce or refrain from enforcing that Transaction
Security as they see fit.

 

		(c)	The Security Agent is entitled to rely on and comply with instructions given in accordance with this Clause.

 

		(d)	The Security Agent may, subject to any contrary instructions from the Majority Lenders, cease enforcement
at any time.

 

		26.24	Manner of enforcement

 

The Security Agent shall,
subject to the terms of the Transaction Security Documents, enforce any Transaction Security in such manner as the Majority Lenders shall
instruct or, in the absence of any such instructions, as the Security Agent considers in its discretion to be appropriate.

 

		26.25	Waiver of rights

 

To the extent permitted
under applicable law, each of the Obligors waives all rights it may otherwise have to require that the Transaction Security be enforced
in any particular order or manner or at any particular time or that any sum received or recovered from any person, or by virtue of the
enforcement of any Transaction Security or any other security interest, which is capable of being applied in or towards discharge of any
of the Secured Liabilities is so applied.

 

		26.26	Duties owed

 

Each of the
Secured Parties and the Obligors acknowledges that, in the event that the Security Agent enforces or is instructed to enforce the
Charged Property prior to the date on which the Security Agent is satisfied (acting on the instructions of all of the Lenders) that
the Secured Liabilities have been irrevocably and unconditionally discharged in full and the Security Agent is under no further
actual or contingent obligation to make advances or provide other financial accommodation to the Borrower or any other person under
any of the Finance Documents, the duties of the Security Agent and of any Receiver or Delegate owed to the Lenders in respect of the
method, type and timing of that enforcement or of the exploitation, management or realisation of any of that Charged Property shall
be no different to or greater than the duty that is owed by the Security Agent, Receiver or Delegate to the Obligors under general
law.

 

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		26.27	Individual position

 

If it is also a Secured
Party in a different capacity, the Security Agent shall (in that different capacity) have the same rights and powers under the Finance
Documents as any other Secured Party (in that capacity) and may exercise those rights and powers (in that different capacity) as though
it were not the Security Agent.

 

		26.28	Securities and Futures Ordinance

 

		(a)	Notwithstanding anything in any Finance Document to the contrary, the Security Agent shall not do, or
be authorised or required to do, anything which might constitute a regulated activity for the purpose of Part 1 of Schedule 5 of
the Securities and Futures Ordinance (Cap. 571), unless it is authorised under the Securities and Futures Ordinance (Cap. 571) to do so.

 

		(b)	The Security Agent shall have the discretion at any time:

 

		(i)	to delegate any of the functions which fall to be performed by an authorised person under the Securities
and Futures Ordinance (Cap. 571) to any other agent or person which also has the necessary authorisations and licences; and

 

		(ii)	to apply for authorisation under the Securities and Futures Ordinance (Cap. 571) and perform any or all
such functions itself if, in its absolute discretion, it considers it necessary, desirable or appropriate to do so.

 

		26.29	Mergers and transfer

 

If the Security Agent:

 

		(a)	merges or consolidates with any person; or

 

		(b)	transfers to any person all or substantially all of its assets or all or substantially all of its corporate
trust and loan agency business,

 

that person (or, in
the case of any merger or consolidation, any person which results from the merger or consolidation) shall be a Party and shall be the
Security Agent without that person or any Party doing anything (including executing or registering any document).

 

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		26.30	Obligors : power of attorney

 

Each Obligor by way
of security for its obligations under this Agreement irrevocably appoints the Security Agent to be its attorney to do anything which the
Obligor has authorised the Security Agent or any other Party to do under this Agreement or is itself required to do under this Agreement
but has failed to do (and the Security Agent may delegate that power on such terms as it sees fit).

 

		26.31	Information and dealing

 

The Security Agent may
treat each person shown in the records of the Agent at the opening of business on a day (in the place of the Security Agent's principal
office as notified to the Secured Parties from time to time) as a Secured Party:

 

		(a)	entitled to or liable for any payment due under any Finance Document on that day; and

 

		(b)	entitled to receive and act upon any notice, request, document or communication or make any decision or
determination under any Finance Document made or delivered on that day.

 

		26.32	Deduction from amounts payable by the Security Agent

 

If any Party owes an
amount to the Security Agent under the Finance Documents the Security Agent may, after giving notice to that Party, deduct an amount not
exceeding that amount from any payment to that Party which the Security Agent would otherwise be obliged to make under the Finance Documents
and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall
be regarded as having received any amount so deducted.

 

		27.	CHANGE
OF SECURITY AGENT AND DELEGATION

 

		27.1	Resignation of the Security Agent

 

		(a)	The Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the Borrower
and the Majority Lenders.

 

		(b)	Alternatively the Security Agent may resign by giving notice to the Lenders in which case the Majority
Lenders may appoint a successor Security Agent.

 

		(c)	If the Majority Lenders have not appointed a successor Security Agent in accordance with paragraph (b) above
within 30 days after the notice of resignation was given, the Security Agent (after consultation with the Agent) may appoint a successor
Security Agent.

 

		(d)	The retiring Security Agent (the "Retiring Security Agent") shall make available to
                                                                the successor Security Agent such documents and records and provide such assistance as the successor Security Agent may reasonably
                                                                request for the purposes of performing its functions
as Security Agent under the Finance Documents.

 

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		(e)	The Security Agent's resignation notice shall only take effect upon (i) the appointment of a successor
and (ii) the transfer of all of the Security Property to that successor.

 

		(f)	Upon the appointment of a successor, the Retiring
Security Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph
(b) of Clause 26.17 (Winding up of trust) and under paragraph
(d) above) but shall, in respect of any act or omission by it whilst it was the Security Agent, remain entitled to the benefit of
Clauses 26 (The Security Agent), 15.4 (Obligors' indemnity
to the Security Agent) and 26.20 (Lenders' indemnity to the Security
Agent). Its successor and each of the other Parties shall have the same rights
and obligations amongst themselves as they would have had if that successor had been an original Party.

 

		(g)	The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph
(b) above. In this event, the Security Agent shall resign in accordance with paragraph (b) above and the cost in connection
with paragraph (d) above shall be for the account of the Borrower.

 

		27.2	Delegation

 

		(a)	Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate by power of attorney
or otherwise to any person for any period, all or any of the rights, powers and discretions vested in it by any of the Finance Documents.

 

		(b)	That delegation may be made upon any terms and conditions (including the power to sub delegate) and subject
to any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) considers in its discretion to be appropriate
in the interests of the Secured Parties and it shall not be bound to supervise, or be in any way responsible for any loss incurred by
reason of any omission, act, misconduct or default on the part of any such delegate or sub delegate.

 

		27.3	Additional Security Agents

 

		(a)	The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee
or as a co-trustee jointly with it (i) if it considers that appointment to be appropriate or (ii) for the purposes of conforming
to any legal requirements, restrictions or conditions which the Security Agent deems to be relevant or (iii) for obtaining or enforcing
any judgment in any jurisdiction, and the Security
Agent shall give prior notice to the Borrower and each of the Agents of that appointment.

  

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		(b)	Any person so appointed shall have the rights, powers and discretions (not exceeding those conferred on
the Security Agent by this Agreement) and the duties and obligations that are conferred or imposed by the instrument of appointment.

 

		(c)	The remuneration that the Security Agent may pay to that person, and any costs and expenses (together
with any applicable Indirect Tax) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes
of this Agreement, be treated as costs and expenses incurred by the Security Agent.

 

		28.	APPLICATION
OF PROCEEDS

 

		28.1	Order of application

 

Subject
to Clause 28.2 (Prospective liabilities), all amounts from time
to time received or recovered by the Security Agent pursuant to the terms of any Finance Document or Hedging Agreements or in connection
with the realisation or enforcement of all or any part of the Transaction Security (for the purposes of this Clause 28, the "Recoveries")
shall be held by the Security Agent on trust to apply them at any time as the Security Agent (in its discretion) sees fit, to the extent
permitted by applicable law (and subject to the provisions of this Clause 28), in the following order:

 

		(a)	in discharging any sums owing to the Security Agent, any Receiver or any Delegate;

 

		(b)	in payment of all costs and expenses incurred by the Agent or any Secured Party in connection with any
realisation or enforcement of the Transaction Security taken in accordance with the terms of this Agreement;

 

		(c)	in payment to the Agent for application in accordance
with Clause 30.5 (Partial payments);

 

		(d)	if none of the Obligors is under any further actual or contingent liability under any Finance Document
or any Hedging Agreement, in payment to any person to whom the Security Agent is obliged to pay in priority to any Obligor; and

 

		(e)	the balance, if any, in payment to the relevant Obligor.

 

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		28.2	Prospective liabilities

 

Following
enforcement of any of the Transaction Security the Security Agent may, in its discretion, hold any amount of the Recoveries in a non
interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including
itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) for later
application under Clause 28.1 (Order of application) in
respect of:

 

		(a)	any sum payable to the Security Agent, any Receiver or any Delegate; and

 

		(b)	any part of the Secured Liabilities,

 

that the Security Agent reasonably considers,
in each case, might become due or owing at any time in the future.

 

		28.3	Investment of proceeds

 

Prior
to the application of the Recoveries in accordance with Clause 28.1 (Order of application)
the Security Agent may, in its discretion, hold all or part of those proceeds in a non interest bearing suspense or impersonal account(s) in
the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit
(the interest being credited to the relevant account) pending the application from time to time of those moneys in the Security Agent's
discretion in accordance with the provisions of this Clause 28.

 

		28.4	Currency Conversion

 

		(a)	For the purpose of, or pending the discharge of, any of the Secured Liabilities the Security Agent may
convert any moneys received or recovered by the Security Agent from one currency to another, at the Security Agent's Spot Rate of Exchange.

 

		(b)	The obligations of any Obligor to pay in the due currency shall only be satisfied to the extent of the
amount of the due currency purchased after deducting the costs of conversion.

 

		28.5	Permitted Deductions

 

The Security Agent shall
be entitled, in its discretion:

 

		(a)	to set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings
(on account of taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment made
by it under this Agreement; and

 

		(b)	to pay all Taxes which may be assessed against it in respect of any of the Charged Property, or as a consequence
of performing its duties, or by virtue of its capacity as Security Agent under any of the Finance Documents or otherwise (other than in
connection with its remuneration for performing its duties under this Agreement).

 

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		28.6	Good Discharge

 

		(a)	Any payment to be made in respect of the Secured Liabilities by the Security Agent may be made to the
Agent on behalf of the Finance Parties and the Hedge Counterparties and any payment made in that way shall be a good discharge, to the
extent of that payment, by the Security Agent.

 

		(b)	The Security Agent is under no obligation to make the payments to the Agent under paragraph (a) above
in the same currency as that in which the obligations and liabilities owing to the relevant Finance Party and the Hedge Counterparties
are denominated.

 

		29.	SHARING AMONG THE FINANCE PARTIES

 

		29.1	Payments to Finance Parties

 

If
a Finance Party or a Hedge Counterparty (a "Recovering Finance Party") receives or recovers (whether by set-off or otherwise)
any amount from an Obligor other than in accordance with Clauses 28 (Application of Proceeds)
and 30 (Payment Mechanics) (a "Recovered Amount")
and applies that amount to a payment due under a Finance Document or a Hedging Agreement then:

 

		(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery,
to the Agent;

 

		(b)	the Agent shall determine whether the receipt
or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or
made by the Agent and distributed in accordance with Clause 30 (Payment Mechanics),
without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and

 

		(c)	the Recovering Finance Party shall, within three
Business Days of demand by the Agent, pay to the Agent an amount (the "Sharing Payment") equal to such receipt or recovery
less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in
accordance with Clause 30.5 (Partial payments).

 

		29.2	Redistribution of payments

 

The
Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties and
the Hedge Counterparties (as the case may be) (other than the Recovering Finance Party) (the "Sharing Finance Parties")
in accordance with Clause 30.5 (Partial payments) towards the obligations
of that Obligor to the Sharing Finance Parties.

 

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		29.3	Recovering Finance Party's rights

 

		(a)	On a distribution by the Agent under Clause 29.2
(Redistribution of payments) of a payment received by a Recovering
Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal
to the Sharing Payment will be treated as not having been paid by that Obligor.

 

		(b)	If and to the extent that the Recovering Finance Party is not able to rely on its rights under paragraph
(a) above, the relevant Obligor shall be liable to the Recovering Finance Party for a debt equal to the Sharing Payment which is
immediately due and payable.

 

		29.4	Reversal of redistribution

 

If any part of the Sharing
Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:

 

		(a)	each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that
Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary
to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party
is required to pay) (the "Redistributed Amount"); and

 

		(b)	as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant
Redistributed Amount will be treated as not having been paid by that Obligor.

 

		29.5	Exceptions

 

		(a)	This Clause 29 shall not apply to the extent that the Recovering Finance Party would not, after making
any payment pursuant to this Clause 29.5, have a valid and enforceable claim against the relevant Obligor.

 

		(b)	A Recovering Finance Party is not obliged to share with any other Finance Party or Hedge Counterparty
any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

 

		(i)	it notified that other Finance Party or Hedge Counterparty of the legal or arbitration proceedings; and

 

		(ii)	that other Finance Party or Hedge Counterparty had an opportunity to participate in those legal or arbitration
proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration
proceedings.

 

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SECTION 11

ADMINISTRATION

 

		30.	PAYMENT
MECHANICS

 

		30.1	Payments to the Agent

 

		(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that
Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on
the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the
relevant currency in the place of payment.

 

		(b)	Payment shall be made to such account in the principal financial centre of the country of that currency
and with such bank as the Agent, in each case, specifies.

 

		30.2	Distributions by the Agent

 

		(a)	Each payment received by the Agent under the
Finance Documents for another Party shall, subject to Clause 30.3 (Distributions to an Obligor)
and Clause 30.4 (Clawback) be made available by the Agent as soon
as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for
the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five Business Days' notice
with a bank specified by that Party in the principal financial centre of the country of that currency.

 

		(b)	The Agent shall distribute payments received
by it in relation to all or any part of a Loan to the Lender indicated in the records of the Agent as being so entitled on that date provided
that the Agent is authorised to distribute payments to be made on the date on which any transfer becomes effective pursuant to Clause
23 (Changes to the Parties) to the Lender so entitled immediately
before such transfer took place regardless of the period to which such sums relate.

 

		30.3	Distributions to an Obligor

 

The
Agent may (with the consent of the Obligor or in accordance with Clause 31 (Set-off))
apply any amount received by it for that Obligor in or towards payment (in the currency and funds of receipt) of any amount due from that
Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.

 

		30.4	Clawback

 

		(a)	Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not
obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract)
until it has been able to establish to its satisfaction that it has actually received that sum.

 

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		(b)	If the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually
received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall
on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent,
calculated by the Agent to reflect its cost of funds.

 

		30.5	Partial payments

 

		(a)	If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable
by an Obligor under the Finance Documents and the Hedging Agreements, the Agent shall apply that payment towards the obligations of that
Obligor under the Finance Documents and the Hedging Agreements in the following order:

 

		(i)	first, in or towards payment pro
rata of any unpaid fees, costs and expenses of, and other amounts owed to,
the Agent, the Security Agent, any Receiver or any Delegate under the Finance Documents;

 

		(ii)	secondly, in or towards payment
pro rata of any accrued interest, fee (other than as provided in (i) above)
or commission or Hedging Costs due but unpaid under the Finance Documents and the Hedging Agreements;

 

		(iii)	thirdly, in or towards payment
pro rata of any principal due but unpaid under the Finance Documents and
any Hedging Termination Payments; and

 

		(iv)	fourthly, in or towards payment
pro rata of any other sum due but unpaid under the Finance Documents and
Hedging Agreements.

 

		(b)	The Agent shall, if so directed by the Majority Lenders and (if the variation would adversely affect them)
the Hedge Counterparties, vary the order set out in paragraphs (a)(ii) to (iv) above.

 

		(c)	Paragraphs (a) and (b) above will override any appropriation made by an Obligor.

 

		30.6	No set-off by Obligors

 

All payments to be made
by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or
counterclaim.

 

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		30.7	Business Days

 

		(a)	Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall
be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

 

		(b)	During any extension of the due date for payment of any principal or Unpaid Sum under paragraph (a) above,
interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.

 

		30.8	Currency of account

 

		(a)	Subject to paragraphs (b) and (c) below, US dollars is the currency of account and payment for
any sum due from an Obligor under any Finance Document.

 

		(b)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs,
expenses or Taxes are incurred.

 

		(c)	Any amount expressed to be payable in a currency other than US dollars shall be paid in that other currency.

 

		30.9	Replacement of Screen Rate

 

		(a)	If a Screen Rate Replacement Event has occurred in relation to any Screen Rate for a currency which can
be selected for a Loan, any amendment or waiver which relates to:

 

		(i)	providing for the use of a Replacement Benchmark in relation to that currency in place of (or in addition
to) that Screen Rate; and

 

(ii)

 

		(A)	aligning any provision of any Finance Document to the use of that Replacement Benchmark;

 

		(B)	enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including,
without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement);

 

		(C)	implementing market conventions applicable to that Replacement Benchmark;

 

		(D)	providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark;
or

 

		(E)	adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic
value from one Party to another as
a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally
designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation,
nomination or recommendation),

 

     - 127 -

     

    

 

may be made with the consent of the Agent
(acting on the instructions of the Majority Lenders) and the Borrower.

 

		(b)	If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a) above
within 30 days (or such longer time period in relation to any request which the Borrower and the Agent may agree) of that request being
made:

 

		(i)	its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under
the Facility when ascertaining whether any relevant percentage of Total Commitments has been obtained to approve that request; and

 

		(ii)	its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any
specified group of Lenders has been obtained to approve that request.

 

		(c)	For the purposes of this Clause:

 

"Relevant Nominating
Body" means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or
committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

 

"Replacement
Benchmark" means a benchmark rate which is:

 

		(i)	formally designated, nominated or recommended as the replacement for a Screen Rate by:

 

		(A)	the administrator of that Screen Rate (provided that the market or economic reality that such benchmark
rate measures is the same as that measured by that Screen Rate); or

 

		(B)	any Relevant Nominating Body,

 

and if replacements have,
at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Benchmark"
will be the replacement under paragraph (ii) above;

 

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		(ii)	in the opinion of the Majority Lenders and the Borrower, generally accepted in the international or any
relevant domestic syndicated loan markets as the appropriate successor to that Screen Rate; or

 

		(iii)	in the opinion of the Majority Lenders and the Borrower, an appropriate successor to a Screen Rate.

 

"Screen Rate Replacement Event" means,
in relation to a Screen Rate:

 

		(i)	the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Majority
Lenders, and the Borrower materially changed;

 

(ii)

 

		(A)	

 

		(1)	the administrator of that Screen Rate or its supervisor publicly announces that such administrator is
insolvent; or

 

		(2)	information is published in any order, decree, notice, petition or filing, however described, of or filed
with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms
that the administrator of that Screen Rate is insolvent,

 

provided that, in each case, at that
time, there is no successor administrator to continue to provide that Screen Rate;

 

		(B)	the administrator of that Screen Rate publicly announces that it has ceased or will cease, to provide
that Screen Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Screen
Rate;

 

		(C)	the supervisor of the administrator of that Screen Rate publicly announces that such Screen Rate has been
or will be permanently or indefinitely discontinued; or

 

		(D)	the administrator of that Screen Rate or its supervisor announces that that Screen Rate may no longer
be used; or

 

		(iii)	the administrator of that Screen Rate determines that that Screen Rate should be calculated in accordance
with its reduced submissions or other contingency or fallback policies or arrangements and either:

 

     - 129 -

     

    

 

		(A)	the circumstance(s) or event(s) leading to such determination are not (in the opinion of the
Majority Lenders and the Borrower) temporary; or

 

		(B)	that Screen Rate is calculated in accordance with any such policy or arrangement for a period no less
than three Months; or

 

		(iv)	in the opinion of the Majority Lenders and the Borrower, that Screen Rate is otherwise no longer appropriate
for the purposes of calculating interest under this Agreement.

 

		31.	SET-OFF

 

			A Finance Party may set off any matured obligation due from an Obligor under the Finance Documents
                                                         (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor,
                                                         regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies,
                                                         the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the
                                                         set-off.

 

		32.	NOTICES

 

		32.1	Communications in writing

 

Any communication to
be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by email
(including scanned copies of executed documents and other attachments), fax or letter.

 

		32.2	Addresses

 

The email address, address
and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication
or document to be made or delivered under or in connection with the Finance Documents is:

 

		(a)	in the case of the Borrower and the Guarantor, that identified with its name below;

 

		(b)	in the case of each Original Lender, that identified
with its name in Schedule 9 (Lenders' Details) and, in the case
of each other Lender, that notified in writing to the Agent on or prior to the date on which it becomes a Party; and

 

		(c)	in the case of the Agent and the Security Agent, that identified with its name below,

 

or any substitute email
address, address, fax number or department or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties,
if a change is made by the Agent) by not less than five Business Days' notice.

 

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		32.3	Delivery

 

		(a)	Any communication or document made or delivered by one person to another under or in connection with the
Finance Documents will be effective:

 

		(i)	if by way of email, only when received in legible form by at least one of the relevant email addresses
of the person(s) to whom the communication is made;

 

		(ii)	if by way of posting by any Party on a Deal Site, on the earlier of:

 

		(A)	one Business Day after such communication is posted on the Deal Site; and

 

		(B)	receipt by the Agent of acknowledgement from the Deal Site that such communication has been posted;

 

		(iii)	if by way of fax, only when received in legible form; or

 

		(iv)	if by way of letter, only when it has been left at the relevant address or five Business Days after being
deposited in the post postage prepaid in an envelope addressed to it at that address;

 

and,
if a particular department or officer is specified as part of its address details provided under Clause 32.2 (Addresses),
if addressed to that department or officer.

 

		(b)	Any communication or document to be made or delivered to the Agent or the Security Agent will be effective
only when actually received by the Agent or the Security Agent and then only if it is sent to the correct email address(es) or, in the
case of a fax or a letter, expressly marked for the attention of the department or officer identified with the Agent's or the Security
Agent's signature below (or any substitute department or officer as the Agent or Security Agent shall specify for this purpose).

 

		(c)	All notices from or to an Obligor shall be sent through the Agent.

 

		(d)	Any communication or document made or delivered to the Borrower in accordance with this Clause 32 will
be deemed to have been made or delivered to the Guarantor.

 

		(e)	Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above,
after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

 

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		32.4	Electronic communication

 

		(a)	Any communication to be made between any two Parties under or in connection with the Finance Documents
may be made by electronic mail or other electronic means to the extent that
those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication and if those
two Parties:

 

		(i)	notify each other in writing of their electronic mail address and/or any other information required to
enable the sending and receipt of information by that means; and

 

		(ii)	notify each other of any change to their address or any other such information supplied by them by not
less than five Business Days' notice.

 

		(b)	Any electronic communication made between those two Parties will be effective only when actually received
in readable form and in the case of any electronic communication made by a Party to the Agent or the Security Agent only if it is addressed
in such a manner as the Agent or the Security Agent shall specify for this purpose.

 

		(c)	Any electronic communication which becomes effective, in accordance with paragraph (b) above, after
5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

 

		32.5	English language

 

		(a)	Any notice given under or in connection with any Finance Document must be in English.

 

		(b)	All other documents provided under or in connection with any Finance Document must be:

 

		(i)	in English; or

 

		(ii)	if not in English, and if so required by the Agent, accompanied by a certified English translation and,
in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document.

 

		32.6	Use of deal site by the Agent

 

		(a)	The Agent may elect that:

 

		(i)	any Obligor may satisfy its obligations under this Agreement to deliver any information to the Agent;

 

		(ii)	any Lender may satisfy its obligations under this Agreement to deliver any information to the Agent; and/or

 

		(iii)	the Agent may satisfy its obligations under this Agreement to deliver any information to any Obligor or
any Lender, by posting such information
on an electronic website designated by the Agent for such purpose (the "Deal Site") by notifying each such affected Obligor
and Lender of its intention that such Deal Site be used for such purpose (whereupon each such Obligor or Lender or the Agent may so satisfy
such obligations).

 

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		(b)	Any costs and expenses incurred by the Agent in relation to the Deal Site shall be for the account of
the Borrower. If applicable, each Obligor consents to the use of its logo on the Deal Site.

 

		(c)	The Agent shall, at its discretion or upon request of the relevant Party, disclose the website (or other
electronic) address of and any relevant password specifications for the Deal Site ("Access Information") to one or more
officers, directors, employees or other representatives ("Deal Site Representatives") of each Party that the Agent has
elected to deliver information to or receive information from through the Deal Site.

 

		(d)	Each Party using the Deal Site agrees to:

 

		(i)	keep all Access Information confidential and not to disclose it to anyone, other than such of its Deal
Site Representatives as it has requested the Agent to provide Access Information to; and

 

		(ii)	ensure that all persons to whom they give access
can properly receive the information available on the Deal Site, including (in the case of a Lender) under Clause 24 (Disclosure
of Information).

 

		(e)	If the Deal Site is not available for any reason, promptly following this being brought to its attention,
the Agent shall provide communications to the affected Parties by another means as contemplated by this Clause 32. A Party will notify
the Agent promptly if it is (despite being in receipt of the relevant Access Information) unable to access or use the Deal Site or if
it becomes aware that the Deal Site is or has been infected by an electronic virus or similar software.

 

		(f)	Each of the Parties agrees that:

 

		(i)	the Agent shall not be liable for any cost, loss or liability incurred by any Party as a result of its
access or use of the Deal Site or its inability to access or use the Deal Site; and

 

		(ii)	the Agent is under no obligation to monitor access to or the availability of the Deal Site.

 

		(g)	The Agent may terminate a Deal Site at any time. If such termination occurs whilst amounts remain outstanding
under the Facility the Agent shall (unless such termination arises as a result of technical failure of the Deal Site (including as a result
of infection by an electronic virus or similar software) or as a result of a concern as to the
security and confidentiality of the Deal Site), if reasonably practicable, give not less than 1 days' prior notice to each affected Party
of such termination.

 

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		(h)	The Security Agent shall be entitled to carry out all dealings with the Lenders and the Mandated Lead
Arranger through the Agent and may give to the Agent any notice or other communication required to be given by the Security Agent to a
Lender.

 

		33.	CALCULATIONS AND CERTIFICATES

 

		33.1	Accounts

 

In
any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained
by a Finance Party are prima facie evidence of the matters to which
they relate.

 

		33.2	Certificates and determinations

 

Any certification or
determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence
of the matters to which it relates.

 

		33.3	Day count convention

 

Any interest, commission
or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed
and a year of 360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice.

 

		34.	PARTIAL INVALIDITY

 

If, at any time, any
provision of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither
the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under
the law of any other jurisdiction will in any way be affected or impaired.

 

		35.	REMEDIES AND WAIVERS

 

No failure to exercise,
nor any delay in exercising, on the part of any Finance Party, any right or remedy under the Finance Documents shall operate as a waiver
of any such right or remedy or constitute an election to affirm any of the Finance Documents. No election to affirm any of the Finance
Documents on the part of any Finance Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy
shall prevent any further or other exercise or the exercise of any other right or remedy.

 

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The rights and remedies provided in each
Finance Document are cumulative and not exclusive of any rights or remedies provided by law.

 

		36.	AMENDMENTS
AND WAIVERS

 

		36.1	Required consents

 

		(a)	Subject to Clause 36.2 (Exceptions)
any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Obligors and any such
amendment or waiver will be binding on all Parties.

 

		(b)	The Agent may effect, on behalf of any Finance Party or any Hedge Counterparty, any amendment or waiver
permitted by this Clause 36.

 

		36.2	Exceptions

 

		(a)	Subject to Clause 30.9 (Replacement
of Screen Rate), an amendment or waiver of any term of any Finance Document
that has the effect of changing or which relates to:

 

		(i)	the definition of "Majority Lenders"
in Clause 1.1 (Definitions);

 

		(ii)	an extension to the date of payment of any amount under the Finance Documents;

 

		(iii)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or
commission payable;

 

		(iv)	a change in currency of payment of any amount under the Finance Documents;

 

		(v)	an increase in the amount of any Commitment or an extension of the period of availability for utilisation
of any Commitment or any requirement that a cancellation of Commitments reduces the Commitments of the Lenders rateably;

 

		(vi)	any provision which expressly requires the consent of all the Lenders;

 

		(vii)	Clause 2.2 (Finance Parties' rights
and obligations), Clause
5.1 (Delivery of a Utilisation Request), Clause 7.1 (Illegality),
Clauses 7.2 (Mandatory prepayment on change of control or share ownership)
to Clause 7.4 (Mandatory prepayment on failure to obtain FSA approval),
paragraph (b)(viii) of Clause 21.9 (Loans and guarantees),
Clause 23 (Changes to the Parties), Clause 29 (Sharing
among the Finance Parties), this Clause 36, Clause 38 (Governing
Law), or Clause 39.1 (Jurisdiction of Hong Kong courts);

 

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		(viii)	the nature or scope or release of the guarantee
and indemnity granted under Clause 17 (Guarantee and indemnity)
or of any Transaction Security unless permitted under any Finance Document; or

 

		(ix)	the manner in which the proceeds of enforcement of the Transaction Security are distributed,

 

shall not be made without the prior consent
of all the Lenders.

 

		(b)	The Borrower and the Agent or Security Agent, as applicable, may amend or waive a term of a Fee Letter
to which they are party.

 

		(c)	An amendment or waiver which relates to the rights or obligations of any Administrative Party or Hedge
Counterparty may not be effected without the consent of such Administrative Party or such Hedge Counterparty.

 

		(d)	The Security Agent is deemed to be hereby authorised by the Lenders to execute from time to time any Subordination
Deed without any further consents from any Lender or other Finance Party.

 

		36.3	Excluded Commitments

 

If any Lender fails
to accept or to reject a request by or on behalf of the Obligors for a consent, waiver or amendment of or in relation to any of the terms
of any Finance Document or any other vote of Lenders under the terms of this Agreement within 10 Business Days of that request being made
(unless the Borrower and the Agent agree to a longer time period in relation to any request):

 

		(a)	its Commitment(s) shall not be included for the purpose of calculating the Total Commitments when
ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Commitments has been obtained
to approve that request; and

 

		(b)	its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any
specified group of Lenders has been obtained to approve that request.

 

		36.4	Disenfranchisement of Defaulting Lenders

 

		(a)	For so long as a Defaulting Lender has any Available Commitment, in ascertaining:

 

		(i)	the Majority Lenders; or

 

		(ii)	whether:

 

		(A)	any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments under
the Facility; or

 

     - 136 -

     

    

 

		(B)	the
agreement of any specified group of Lenders,

 

has been obtained to
approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents, that Defaulting Lender's Commitments
under the Facility will be reduced by the amount of its Available Commitments under the Facility and, to the extent that that reduction
results in that Defaulting Lender's Total Commitments being zero, that Defaulting Lender shall be deemed not to be a Lender for the purposes
of paragraphs (i) and (ii) above.

 

		(b)	For the purposes of this Clause 36.4, the Agent may assume that the following Lenders are Defaulting Lenders:

 

		(i)	any Lender which has notified the Agent that it has become a Defaulting Lender; and

 

		(ii)	any Lender in relation to which it is aware that any of the events or circumstances referred to in the
definition of "Defaulting Lender" has occurred, unless it has received notice to the contrary from the Lender concerned (together
with any supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting
Lender.

 

		36.5	Replacement of a Defaulting Lender

 

		(a)	The Borrower may, at any time a Lender has become
and continues to be a Defaulting Lender, by giving 10 Business Days' prior written notice to the Agent and such Lender replace such Lender
by requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 23 (Changes
to the Parties) all (and not part only) of its rights and obligations under
this Agreement to a Lender or other bank, financial institution, trust, fund or other entity (a "Replacement Lender")
selected by the Borrower (i) is not a member of the Group and (ii) which confirms its willingness to assume and does assume
all the obligations, or all the relevant obligations, of the transferring Lender in accordance with Clause 23 (Changes to the
Parties).

 

		(b)	Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 36.5 shall be subject
to the following conditions:

 

		(i)	the Borrower shall have no right to replace the Agent or Security Agent;

 

		(ii)	neither the Agent nor the Defaulting Lender shall have any obligation to the Borrower to find a Replacement
Lender;

 

		(iii)	the transfer must take place no later than 60 days after the notice referred to in paragraph (a) above;

 

     - 137 -

     

    

 

		(iv)	in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any
of the fees received by the Defaulting Lender pursuant to the Finance Documents; and

 

		(v)	the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph
(a) above once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under
all applicable laws and regulations in relation to that transfer to the Replacement Lender.

 

		(c)	The Defaulting Lender shall perform the checks described in paragraph (b)(v) above as soon as reasonably
practicable following delivery of a notice referred to in paragraph (a) above and shall notify the Agent and the Borrower when it
is satisfied that it has complied with those checks.

 

		37.	COUNTERPARTS

 

Each Finance Document
may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single
copy of the Finance Document.

 

     - 138 -

     

    

 

SECTION 12

GOVERNING LAW AND ENFORCEMENT

 

		38.	GOVERNING LAW

 

This Agreement is governed
by the laws of Hong Kong.

 

		39.	ENFORCEMENT

 

		39.1	Jurisdiction of Hong Kong courts

 

		(a)	The courts of Hong Kong have exclusive jurisdiction to settle any dispute arising out of or in connection
with this Agreement (including any dispute regarding the existence, validity or termination of this Agreement) (a "Dispute").

 

		(b)	The Parties agree that the courts of Hong Kong are the most appropriate and convenient courts to settle
Disputes and accordingly no Party will argue to the contrary.

 

		(c)	This Clause 39.1 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be
prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance
Parties may take concurrent proceedings in any number of jurisdictions.

 

		39.2	Service of process

 

Without prejudice to
any other mode of service allowed under any relevant law, each Obligor:

 

		(a)	irrevocably appoints FWD Group Management Holdings Limited of 28/F FWD Financial Centre, 308 Des Voeux
Rd Central, Hong Kong as its agent for service of process in relation to any proceedings before the Hong Kong courts in connection with
any Finance Document; and

 

		(b)	agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate
the proceedings concerned.

 

Each Obligor expressly agrees and consents
to the provisions of this Clause 39.2.

 

		39.3	Waiver of immunities

 

Each Obligor irrevocably
waives, to the extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended
use), all immunity on the grounds of sovereignty or other similar grounds from:

 

		(a)	suit;

 

		(b)	jurisdiction of any court;

 

     - 139 -

     

    

 

		(c)	relief by way of injunction or order for specific performance or recovery of property;

 

		(d)	attachment of its assets (whether before or after judgment); and

 

		(e)	execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled
in any proceedings in the courts of any jurisdiction (and irrevocably agrees, to the extent permitted by applicable law, that it will
not claim any immunity in any such proceedings).

 

THIS AGREEMENT has been entered into on the
date stated at the beginning of this Agreement.

 

     - 140 -

     

    

 

SCHEDULE 1 

THE ORIGINAL LENDERS

 

	Name of Original Lender	 	Commitment (USD)	 
	HSBC Bank plc	 	 	75,000,000	 
	Sumitomo Mitsui Banking Corporation	 	 	50,000,000	 
	United Overseas Bank Limited	 	 	50,000,000	 
	Total:	 	 	175,000,000	 

 

     - 141 -

     

    

 

SCHEDULE 2

CONDITIONS PRECEDENT

 

		1.	Obligors

 

		(a)	A copy of the constitutional documents
                                            and, if applicable, statutory registers of each Obligor.

 

		(b)	A copy of a resolution of the board of
                                            directors of each Obligor:

 

		(i)	approving the terms of, and the transactions
                                            contemplated by, the Finance Documents to which it is a party and resolving that it execute
                                            the Finance Documents to which it is a party;

 

		(ii)	authorising a specified person or persons
                                            to execute the Finance Documents to which it is a party on its behalf;

 

		(iii)	authorising a specified person or persons,
                                            on its behalf, to sign and/or despatch all documents and notices (including, if relevant,
                                            any Utilisation Request) to be signed and/or despatched by it under or in connection with
                                            the Finance Documents to which it is a party; and

 

		(iv)	in the case of the Guarantor, resolving
                                            that it is in the best interests of the Guarantor to enter into the transactions contemplated
                                            by the Finance Documents to which it is a party.

 

		(c)	A specimen of the signature of each person
                                            authorised by the resolution referred to in paragraph (b) above.

 

		(d)	A copy of a resolution signed by the
                                            Borrower as the holder of all the issued shares in the Guarantor, approving the terms of,
                                            and the transactions contemplated by, the Finance Documents to which the Guarantor is a party.

 

		(e)	A certificate from each Obligor (signed
                                            by a director) confirming that borrowing, securing or guaranteeing, as appropriate, the Total
                                            Commitments would not cause any borrowing, securing, guaranteeing or similar limit binding
                                            on it to be exceeded.

 

		(f)	A certificate of an authorised signatory
                                            of the relevant Obligor certifying that each copy document relating to it specified in this
                                            Schedule 2 is correct, complete and in full force and effect as at a date no earlier than
                                            the date of this Agreement.

 

		(g)	A certificate of good standing issued
                                            by the Registrar of Companies in the Cayman Islands in respect of the Borrower.

 

		2.	Legal opinions

 

		(a)	A legal opinion in relation to Hong
                                            Kong law from Clifford Chance addressed to the Mandated Lead Arranger, the Agent, the Security
                                            Agent and the Original Lenders originally party to this Agreement, substantially in the
form distributed to the Original Lenders prior to the signing of this Agreement.

 

     - 142 -

     

    

 

		(b)	A legal opinion as to the laws of Singapore
                                            from Clifford Chance Pte. Ltd. addressed to the Mandated Lead Arranger, the Agent, the Security
                                            Agent and the Original Lenders originally party to this Agreement, substantially in the form
                                            distributed to the Original Lenders prior to the signing of this Agreement.

 

		(c)	A legal opinion as to the laws of the
                                            Cayman Islands from Walkers (Singapore) Limited Liability Partnership addressed to the Mandated
                                            Lead Arranger, the Agent, the Security Agent and the Original Lenders originally party to
                                            this Agreement, substantially in the form distributed to the Original Lenders prior to the
                                            signing of this Agreement.

 

		3.	Acquisition
and Acquisition Documents

 

		(a)	A copy of each of the Acquisition Documents
                                            (other than the Bancassurance Agreement) executed by the parties to those documents.

 

		(b)	A copy of the Bancassurance Agreement
                                            in agreed form between the parties to that document.

 

		(c)	A copy of each Report.

 

		4.	Existing
Facility

 

		(a)	A
copy of the Existing Facility Agreement Amendment Agreement executed by the parties to that document.

 

		(b)	Evidence
that all conditions precedent (if any) under the Existing Facility Agreement Amendment Agreement have been satisfied or will be
satisfied by the Utilisation Date.

 

		5.	Other
documents and evidence

 

		(a)	Evidence
                                            that any process agent referred to in Clause 39.2 (Service of process),
                                            has accepted its appointment.

 

		(b)	The Original Financial Statements of each
                                            Obligor.

 

		(c)	Evidence
                                            that the fees, costs and expenses then due from the Borrower pursuant to Clauses 11.1 (Upfront
                                            fee) to 11.3 (Security
                                            Agency fee) and Clause 16 (Costs
                                            and Expenses) have been paid
                                            or will be paid by the Utilisation Date.

 

		(d)	Evidence that the Interest Reserve Account
                                            has been opened.

 

		(e)	Evidence
                                            that the Interest Reserve Account has been, or will on the Utilisation Date be, funded with
                                            an amount at least equal to the amount as determined in accordance with paragraph (a)(i) or
                                            (as the case may be) paragraph (b)(i) of the definition of "Minimum Interest Reserve
                                            Amount" in Clause 1.1 (Definitions).

 

     - 143 -

     

    

 

		(f)	Evidence required and reasonably requested
                                            by each Finance Party in respect of the Obligors and in relation to the Acquisitions for
                                            the purpose of any "know your customer", anti-money laundering or similar identification
                                            procedures under applicable laws and regulations and internal policies.

 

		(g)	Evidence of completion of all due diligence
                                            or other similar checks by the Finance Parties in relation to the Facility, the Obligors,
                                            the Bidco, the Targets and the Acquisition.

 

		(h)	A copy of the Group's organisational chart
                                            setting out the Borrower and the key operating Subsidiaries of the Borrower (i) prior
                                            to Completion and (ii) assuming Completion has occurred.

 

		6.	Security
and other Finance Documents

 

		(a)	A copy of each Finance Document duly
                                            executed by the relevant parties thereto, including the Account Charge.

 

		(b)	A copy of the Subordination Deed in the
                                            agreed form.

 

		(c)	A copy of the documents as detailed in
                                            the Side Letter duly executed by the relevant parties thereto.

 

		(d)	A
                                            copy of all notices required to be sent, and acknowledgments thereto required to be delivered,
                                            under any Transaction Security Document executed by the applicable parties as required by
                                            such Transaction Security Document (where such notices and acknowledgments are required to
                                            be delivered on the date of execution of such Transaction Security Document or otherwise
                                            prior to the date on which the Agent gives the notice referred to in Clause 4.1 (Initial
                                            conditions precedent)).

 

		(e)	All
                                            other documents and evidence required, pursuant to the terms of any Finance Document, to
                                            be delivered upon execution of such Finance Document or otherwise prior to the date on which
                                            the Agent gives the notice referred to in Clause 4.1 (Initial conditions precedent).

 

     - 144 -

     

    

 

SCHEDULE 3

REQUESTS 

Utilisation Request

 

	From:	FWD Group Limited as Borrower

 

	To:	The
Hongkong and Shanghai Banking Corporation Limited as Agent

 

Dated:

 

FWD Group Limited –
Facility Agreement relating to a USD175,000,000 term loan facility 

dated [ ] (the "Facility Agreement")

 

		1.	We refer to the Facility Agreement. This
                                            is a Utilisation Request. Terms defined in the Facility Agreement shall have the same meaning
                                            in this Utilisation Request.

 

		2.	We wish to borrow a Loan on the following
                                            terms:

 

	 	Proposed Utilisation Date:	[ ] (or, if that is not a Business Day, the next Business Day)
	 	 	 
	 	Amount:	[ ] or, if less, the Available Facility
	 	 	 
	 	First Interest Period:	[Three Months] / [ ]

 

		3.	We
                                            confirm that each condition specified in Clause 4.2 (Further conditions precedent)
                                            of the Facility Agreement is satisfied on the date of this Utilisation Request and, unless
                                            otherwise notified to you by us in writing, on the proposed Utilisation Date.

 

		4.	[We
                                            authorise you to deduct from the proceeds of this Loan any fees payable pursuant to Clauses
                                            11.1 (Upfront fee)
                                            to 11.4 (Commitment fee)
                                            and Clause 16 (Costs and Expenses)
                                            of the Facility Agreement, which fees, costs and expenses are (in each case) payable on or
                                            before the Utilisation Date but unpaid.]

 

		5.	The
                                            proceeds of this Loan in the amount of [ ] should be credited to the Interest Reserve Account,
                                            the details of which are as follows: [insert account details]. The balance (after the deduction
                                            of any fees payable under paragraph 4 above) should be credited to [account in
                                            the name of the Borrower or the Vendors under the Acquisition Documents].

 

		6.	We
                                            confirm that the proceeds of this Loan will be applied towards such purposes as are permitted
                                            under Clause 3 (Purpose)
                                            of the Facility Agreement.

 

		7.	This Utilisation Request is irrevocable.

 

     - 145 -

     

    

 

 

  

authorised signatory for 

FWD Group Limited

 

     - 146 -

     

    

 

SCHEDULE 4 

FORM OF TRANSFER CERTIFICATE

 

		To:	The
Hongkong and Shanghai Banking Corporation Limited as Agent

 

		From:	[the
                                            Existing Lender] (the "Existing
                                            Lender") and [the New Lender]
                                            (the "New Lender")

 

Dated:

 

FWD Group Limited – Facility
Agreement relating to a USD175,000,000 term loan facility dated [ ] (the "Facility Agreement")

 

		1.	We
                                            refer to Clause 23.5 (Procedure for transfer)
                                            of the Facility Agreement. This is a Transfer Certificate. Terms used in the Facility Agreement
                                            shall have the same meaning in this Transfer Certificate.

 

		2.	The
                                            Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender
                                            by novation, and in accordance with Clause 23.5 (Procedure for transfer)
                                            of the Facility Agreement, all of the Existing Lender's rights and obligations under the
                                            Facility Agreement and the other Finance Documents which relate to that portion of the Existing
                                            Lender's Commitment and participations in Loans under the Facility Agreement as specified
                                            in the Schedule.

 

		3.	The
proposed Transfer Date is [ ].

 

		4.	The
                                            Facility Office and address, fax number and attention particulars for notices of the New
                                            Lender for the purposes of Clause 32.2 (Addresses)
                                            of the Facility Agreement are set out in the Schedule.

 

		5.	The New Lender expressly acknowledges:

 

		(a)	the
                                            limitations on the Existing Lender's obligations set out in paragraphs (a) and (c) of
                                            Clause 23.4 (Limitation of responsibility of Existing Lenders)
                                            of the Facility Agreement; and

 

		(b)	that it is the responsibility of the
                                            New Lender to ascertain whether any document is required or any formality or other condition
                                            requires to be satisfied to effect or perfect the transfer contemplated by this Transfer
                                            Certificate or otherwise to enable the New Lender to enjoy the full benefit of each Finance
                                            Document.

 

		6.	The
                                            New Lender confirms that it is a "New Lender" within the meaning of Clause 23.1
                                            (Assignments and transfers by the Lenders)
                                            of the Facility Agreement.

 

		7.	The Existing Lender and the New Lender confirm
                                            that the New Lender is not an Obligor or an Affiliate of an Obligor.

 

     - 147 -

     

    

 

		8.	This Transfer Certificate may be executed
                                            in any number of counterparts and this has the same effect as if the signatures on the counterparts
                                            were on a single copy of this Transfer Certificate.

 

		9.	This Transfer Certificate is governed by
                                            the laws of Hong Kong.

 

		10.	This Transfer Certificate has been entered
                                            into on the date stated at the beginning of this Transfer Certificate.

 

     - 148 -

     

    

 

THE SCHEDULE

 

Commitment/rights and obligations to be transferred,
and other particulars

 

	Commitment/participation(s) transferred	 	 
	 	 	 
	Drawn Loan(s) participation(s) amount(s):	 	[  ]
	 	 	 
	Available Commitment amount:	 	[  ]
	 	 	 
	Administration particulars:	 	 
	 	 	 
	New Lender's receiving account:	 	[  ]
	 	 	 
	Address:	 	[  ]
	 	 	 
	Telephone:	 	[  ]
	 	 	 
	Facsimile:	 	[  ]
	 	 	 
	Attn/Ref:	 	[  ]

 

Details of USD account designated for payment purposes (if applicable):

 

	Correspondence Bank:	 	[  ]
	 	 	 
	Swift Code:	 	[  ]
	 	 	 
	Account Bank (if applicable):	 	[  ]
	 	 	 
	Account Bank Swift Code (if applicable):	 	[  ]
	 	 	 
	Account Name:	 	[  ]
	 	 	 
	Account Number	 	[  ]
	 	 	 
	Ref:	 	[  ]
	 	 	 
	Attn:	 	[  ]
	 	 	 
	[the Existing
    Lender]	 	[the
    New Lender]
	 	 	 
	By:	                     	 	By:	           

 

This Transfer
Certificate is executed by the Agent and the Transfer Date is confirmed as [ ].

 

[the Agent]

 

	By:	      	      

 

     - 149 -

     

    

 

		Note:	It is the New Lender's responsibility to ascertain whether
any other document is required, or any formality or other condition is required to be satisfied, to effect or perfect the transfer contemplated
in this Transfer Certificate or to give the New Lender full enjoyment of all the Finance Documents.

 

     - 150 -

     

    

 

SCHEDULE 5 

FORM OF COMPLIANCE CERTIFICATE

 

	To:	The
Hongkong and Shanghai Banking Corporation Limited as Agent

 

	From:	FWD Group Limited

 

Dated:

 

FWD Group Limited – Facility
Agreement relating to a USD175,000,000 term loan facility dated [    ] (the "Facility Agreement")

 

		1.	We refer to the Facility Agreement. This
                                            is a Compliance Certificate. Terms used in the Facility Agreement shall have the same meaning
                                            in this Compliance Certificate.

 

		2.	We confirm that: [Consolidated Total Debt is [•]]

 

[Consolidated Tangible Net Assets is
[•]]

 

		3.	[We
                                            confirm that no Default is continuing.]*

 

	 	 
	 	 
	Name:	 
	 	 
	Director	 
	 	 
	for and on behalf of	 
	 	 
	FWD Group Limited	 

 

 

		*	If
                                            this statement cannot be made, the certificate should identify any Default that is continuing
                                            and the steps, if any, being taken to remedy it.

 

     - 151 -

     

    

 

SCHEDULE 6 

TIMETABLES

 

	Function	 	Day/Time
	 	 	 
	Delivery of a duly completed Utilisation Request (Clause 5.1
    (Delivery of a Utilisation Request))	 	Three (3)Business Days prior to the proposed Utilisation Date as of 11:00 a.m.Hong Kong time
	 	 	 
	Agent notifies the Lenders of a Loan in accordance with Clause
    5.4 (Lenders' participations)	 	Two (2)Business Days prior to the proposed Utilisation Date as of 12:00 noon Hong Kong time
	 	 	 
	LIBOR is fixed	 	Quotation Day as of 11:00 a.m.London time

 

     - 152 -

     

    

 

SCHEDULE 7 

FORM OF HEDGE COUNTERPARTY ACCESSION UNDERTAKING

 

		To:	[insert
                                            full name of current Agent]
                                            for itself and each of the other parties to the Facility Agreement referred to below.

 

		From:	[Acceding
Hedge Counterparty]

 

THIS
UNDERTAKING is made on [date] by [insert full name of
person to become party to the Facility Agreement] (the "Acceding
Hedge Counterparty") in relation to the facility agreement dated [•] between, among others, FWD Group Limited as borrower,
[•] as security agent and [•] as Agent (as amended and/or supplemented from time to time, the "Facility Agreement").
Terms defined in the Facility Agreement shall, unless otherwise defined in this Undertaking, bear the same meanings when used in this
Undertaking.

 

In
consideration of the Acceding Hedge Counterparty being accepted as a Hedge Counterparty for the purposes of the Facility Agreement, the
Acceding Hedge Counterparty confirms that, as from [date], it
intends to be party to the Facility Agreement as a "Hedge Counterparty" and undertakes to perform all the obligations expressed
in the Facility Agreement to be assumed by a Hedge Counterparty and agrees that it shall be bound by all the provisions of the Facility
Agreement, as if it had been an original party to the Facility Agreement.

 

This Undertaking is governed by Hong Kong law.

 

This Undertaking may be executed in any number
of counterparts, and this has the same effect as if the signatures and/or execution on such counterparts were on a single copy of this
Undertaking.

 

This Undertaking has been entered into on the date stated above.

 

Acceding Hedge Counterparty

 

	By:	 	 
	 	 
	For and on behalf of	 
	 	 
	[insert full name of Acceding Hedge Counterparty]	 
	 	 
	Address:	 
	 	 
	Fax:	 

 

     - 153 -

     

    

 

	Accepted by the Agent	 
	 	 
	 	 
	for and on behalf of	 
	 	 
	[Insert full name of current Agent]	 
	 	 
	Date:	 

 

     - 154 -

     

    

 

SCHEDULE 8 

EXISTING SECURITY

 

	Name of member of the Group	 	Security	 	Total principal
    amount of indebtedness secured
	 	 	 	 	 
	The Borrower	 	Account charge over  an	 	Up to USD300,000,000
	 	 	interest reserve account	 	 
	 	 	entered into
    in relation to the	 	 
	 	 	Existing Facility
    Agreement	 	 

 

     - 155 -

     

    

 

SCHEDULE 9

LENDERS' DETAILS

 

HSBC BANK PLC

 

Contact Details (for credit matters): [***]

 

Address: 8 Canada Square, London E14 5HQ

 

Attn: (Name / Department): Global Banking

 

Tel: [***]

 

Fax:

 

E-mail address: [***]

 

Contact Details (for operational matters): The Manager

 

Address:
HSBC Bank plc, 28th Floor, 8 Canada Square, London E14 5HQ Attn: (Name / Department): Loans Admin Operations

 

Tel: [***] Fax: [***]

 

E-mail address: [***]

 

Payment Details (USD):

 

Correspondent Bank: [***]

 

ABA: [***]

 

SWIFT Address: [***]

 

Beneficiary: [***]

 

SWIFT Address: [***]

 

Account No: [***]

 

Reference: [***]

 

     - 156 -

     

    

 

SUMITOMO MITSUI BANKING CORPORATION

 

Contact Details (for credit matters):

 

	Address:	7/F, One International
    Finance Centre, 1 Harbour View Street, Central, Hong Kong
	 	 
	Attn:	[***]
	 	 
	Tel:	[***]
	 	 
	Fax:	[***]
	 	 
	E-mail address:	[***]

 

Contact Details (for operational matters):

 

	Address:	7/F, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong
	 	 
	Attn:	[***]
	 	 
	Tel:	[***]
	 	 
	Fax:	[***]
	 	 
	E-mail address:	[***]

 

Payment Details (USD):

 

	Correspondent Bank:	[***]
	 	 
	SWIFT Address:	[***]
	 	 
	CHIPS UID:	[***]
	 	 
	Beneficiary:	[***]
	 	 
	Account No:	[***]
	 	 
	Under ref:	[***]

 

     - 157 -

     

    

 

UNITED OVERSEAS BANK LIMITED

 

Contact Details (for credit matters):

 

Address: Units 11-16, 16/F., Millennium City 5, 418 Kwun Tong Road,
Kwun Tong, Kowloon, Hong Kong.

 

Attn: [***]

 

Tel: [***]

 

Fax: [***]

 

E-mail address: [***]

 

Contact Details (for operational matters):

 

Address: Units 11-16, 16/F., Millennium City 5, 418 Kwun Tong Road,
Kwun Tong, Kowloon, Hong Kong.

 

Attn: [***]

 

Tel: [***]

 

Fax: [***]

 

E-mail address: [***]

 

Payment Details (USD):

 

Correspondent Bank: [***]

 

SWIFT Address of JP Morgan: [***]

 

Beneficiary / for the account of: [***]

 

SWIFT Address of UOB HK: [***]

 

Account No: [***]

 

     - 158 -

     

    

 

SIGNATURES

 

THE BORROWER

 

FWD GROUP LIMITED

 

	By:	[***]
	 	 
	Address:	[***]
	 	 
	Telephone:	 [***]
	 	 
	Fax:	[***]
	 	 
	Attention:	[***]
	 	 
	Email:	[***]

 

SIGNATURE
PAGE TO 

FAClLITY AGREEMENT

 

     

     

    

 

THE GUARANTOR

 

FWD GROUP FINANCIAL SERVICES PTE. LTD.

 

	By:	[***]
	 	 
	Address:	[***]
	 	 
	Telephone:	 [***]
	 	 
	Fax:	[***]
	 	 
	Attention:	[***]
	 	 
	Email:	[***]

 

SIGNATURE PAGE TO 

FACILITY AGREEMENT

 

     

     

    

 

 

MANDATED LEAD ARRANGER

 

HSBC BANK PLC

 

 

	By:	[***]

 

SIGNATURE PAGE TO 

FACILITY AGREEMENT

 

     

     

    

 

ORIGINAL
LENDERS

 

HSBC BANK PLC

 

	By:	[***]

  

SUMITOMO MITSUI BANKING CORPORATION

 

UNITED OVERSEAS BANK LIMITED

 

SIGNATURE PAGE TO

FACILITY AGREEMENT

 

     

     

    

 

ORIGINAL LENDERS

 

HSBC BANK PLC

 

By:

 

SUMITOMO MITSUI BANKING CORPORATION

 

	By: 	[***]

 

UNITED OVERSEAS BANK LIMITED 

 

By :

 

SIGNATURE PAGE TO 

FACILITY AGREEMENT

 

     

     

    

 

 

ORIGINAL LENDERS

 

HSBC BANK PLC

 

By:

 

SUMITOMO MITSUI BANKING CORPORATION

 

By:

 

UNITED OVERSEAS BANK LIMITED

 

	By:	[***]
	 	[***]

 

SIGNATURE PAGE TO 

FACILITY AGREEMENT

 

     

     

    

 

THE AGENT

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

	By:	[***]	[***]
	 	     	 
	Address:	[***]	 
	 	 	 
	Attention:	[***]	 
	 	 	 
	Fax:	[***]	 

 

SIGNATURE PAGE TO

FACILITY AGREEMENT

 

     

     

    

  

THE SECURITY AGENT

 

THE HONGKONG AND SHANGHAl BANKING CORPORATION LIMITED

 

	By:	[***]	[***]
	 	 	 
	Address:	[***]	 
	 	 	 
	Attention:	[***]	 
	 	 	 
	Fax:	[***]	 

 

SIGNATURE PAGE TO 

FACILITY AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}]]