Document:

Form of Global Security

 Exhibit 4.2 
 (Face of Security) 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO BARCLAYS BANK PLC, OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 BY PURCHASING THIS SECURITY, THE HOLDER AGREES TO CHARACTERIZE THIS SECURITY FOR ALL U.S. FEDERAL INCOME TAX PURPOSES AS PROVIDED IN SECTION 10 ON THE FACE OF THIS SECURITY. 
  

			
	 CUSIP No. 06739H230
	  	ISIN: US06739H2307
		  	Common Code: [_____]

 BARCLAYS BANK PLC 
 MEDIUM-TERM NOTES, SERIES A 
  
  
 iPath® Dow Jones – AIG Softs Total Return Sub-IndexSM ETN 
 due June 24, 2038 
 The following
terms apply to this Security. Capitalized terms that are not defined the first time they are used in this Security shall have the meanings indicated elsewhere in this Security. 
  
 Face Amount: $[            ], equal to [            ] Securities at $50 per Security.

 Index: The Dow Jones-AIG Softs Total Return Sub-IndexSM. 
 Inception Date: June 24, 2008. 
 Interest Rate: The principal of this Security shall not bear interest. 
 Denomination: $50. 
 Payment at Maturity: On the Maturity Date, the Company shall redeem this Security by paying to the Holder a cash
payment equal to the principal amount of the Holder’s Securities times the Index Factor on the Final Valuation Date minus the Investor Fee on the Final Valuation Date unless such Securities were previously redeemed on a Redemption
Date as provided under “Early Redemption”. 
  

 Early Redemption: The Holder may, subject to the
notification requirements provided under Section 5 hereof, require the Company to redeem the Holder’s Securities in whole or in part on any Redemption Date during the term of the Securities. If the Holder requires the Company to redeem the
Holder’s Securities on any Redemption Date, the Holder will receive a cash payment equal to the principal amount of the Holder’s Securities times the Index Factor on the applicable Valuation Date minus the Investor Fee on the
applicable Valuation Date. The Company shall not be required to redeem fewer than 50,000 Securities at one time, provided that the Company may from time to time in its sole discretion reduce, in part or in whole, this minimum redemption
amount on a consistent basis for all Holders who hold Securities at the time the reduction becomes effective. 
 Calculation Agent: Barclays Bank PLC.

 Defeasance: Neither full defeasance nor covenant defeasance applies to this Security. 
 Listing: NYSE Arca Stock Exchange. 

  
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 “Dow Jones®”, “AIG®”, “Dow Jones-AIG Commodity IndexSM”, “DJ-AIGCISM”, “Dow Jones-AIG Commodity Index Total ReturnSM
” and “Dow Jones-AIG Softs Total Return Sub-IndexSM” are service marks of Dow
Jones & Company, Inc. and American International Group, Inc., as the case may be, and have been licensed for use for certain purposes by Barclays Bank PLC. The Index was designed by AIG International Inc. (“AIGI”) and is owned by
AIG Financial Products Corp. (“AIG-FP”). The Index is calculated by Dow Jones & Company, Inc. (“Dow Jones”) in conjunction with AIG-FP. Barclays Bank PLC’s Securities based on the Dow Jones-AIG Softs Total Return
Sub-IndexSM, are not sponsored, endorsed, sold or promoted by Dow Jones, AIG-FP, American International Group, or any of their respective
subsidiaries or affiliates, and none of Dow Jones, AIG-FP, American International Group, or any of their respective subsidiaries or affiliates, makes any representation regarding the advisability of investing in such Securities. 
 The Securities are not sponsored, endorsed, sold or promoted by Dow Jones, American International Group, AIG-FP or
any of their respective subsidiaries or affiliates. None of Dow Jones, AIG-FP, American International Group or any of their respective subsidiaries or affiliates makes any representation or warranty, express or implied, to the owners of the
Securities or any member of the public regarding the advisability of investing in securities or commodities generally or in the Securities particularly. The only relationship of such persons to Barclays Bank PLC is the licensing of certain
trademarks, trade names and service marks and of the Dow Jones-AIG Softs Total Return Sub-IndexSM, which is determined, composed and calculated by
Dow Jones in conjunction with AIG-FP without regard to Barclays Bank PLC or the Securities. Dow Jones and AIG-FP have no obligation to take the needs of Barclays Bank PLC or the owners of the Securities into consideration in determining, composing
or calculating the Dow Jones-AIG Softs Total Return Sub-IndexSM. None of Dow Jones, American International Group, AIG-FP or any of their respective
subsidiaries or affiliates is responsible for or has participated in the determination of the timing of, prices at or quantities of the Securities to be issued or in the determination or calculation of the equation by which the Securities are to be
converted into cash. None of Dow Jones, American International Group, AIG-FP or any of their respective subsidiaries or affiliates shall have any obligation or liability in connection with the administration marketing or trading of the Securities.
Notwithstanding the foregoing, AIG-FP, American International Group and their respective subsidiaries or affiliates may independently issue and/or sponsor financial products unrelated to the Securities currently being issued by Barclays Bank PLC,
but which may be similar to and competitive with the Securities. In addition, American International Group, AIG-FP and their respective subsidiaries or affiliates actively trade commodities, commodity indexes and commodity futures (including the Dow
Jones-AIG Commodity IndexSM and the Dow Jones-AIG Softs Total Return Sub-IndexSM) as well as swaps, options and derivatives which are linked to commodity indexes and commodity futures. It is possible that this trading activity will affect the value of the Dow Jones-AIG Softs Total Return
Sub-IndexSM and the Securities. This Security does not relate to the exchange-traded physical commodities underlying any of the Dow Jones-AIG Softs
Total Return Sub-IndexSM components. Purchasers of the Securities should not conclude that the inclusion of a futures contract in the Dow Jones-AIG
Softs Total Return Sub-IndexSM is any form of investment recommendation of the futures contract of the underlying exchange-traded physical commodity
by Dow Jones, American International Group, AIG-FP or any of their respective subsidiaries or affiliates. None of Dow Jones, American International Group, AIG-FP or any of their respective subsidiaries or affiliates has made any due diligence
inquiries with respect to the exchange-traded futures contracts which comprise the Dow Jones-AIG Softs Total Return Sub-IndexSM in connection with
the Securities. 
  
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NONE OF DOW JONES, AMERICAN INTERNATIONAL GROUP, AIG-FP OR ANY OF THEIR RESPECTIVE SUBSIDIARIES OR AFFILIATES GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS
OF THE DOW JONES-AIG SOFTS TOTAL RETURN SUB-INDEXSM OR ANY DATA INCLUDED THEREIN AND NONE OF DOW JONES, AMERICAN INTERNATIONAL GROUP, AIG-FP OR ANY
OF THEIR RESPECTIVE SUBSIDIARIES OR AFFILIATES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. NONE OF DOW JONES, AMERICAN INTERNATIONAL GROUP, AIG-FP OR ANY OF THEIR RESPECTIVE SUBSIDIARIES OR AFFILIATES MAKES ANY
WARRANTY, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED BY BARCLAYS BANK PLC, OWNERS OF THE SECURITIES, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE DOW JONES-AIG SOFTS TOTAL RETURN SUB-INDEXSM OR ANY DATA INCLUDED THEREIN. NONE OF DOW JONES, AMERICAN INTERNATIONAL GROUP, AIG-FP OR ANY OF THEIR RESPECTIVE SUBSIDIARIES OR AFFILIATES MAKES ANY EXPRESS OR IMPLIED WARRANTIES,
AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO DOW JONES-AIG SOFTS TOTAL RETURN SUB-INDEXSM OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DOW JONES, AMERICAN INTERNATIONAL GROUP, AIG-FP OR ANY OF THEIR RESPECTIVE SUBSIDIARIES OR AFFILIATES HAVE ANY LIABILITY FOR ANY
LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS AMONG DOW JONES, AIG-FP AND BARCLAYS BANK PLC,
OTHER THAN AMERICAN INTERNATIONAL GROUP. 
 OTHER TERMS: 
 All terms used in this Security that are not defined in this Security but are defined in the Indenture referred to on the reverse of this Security shall have the meanings assigned to them in the Indenture. Section
headings on the face of this Security are for convenience only and shall not affect the construction of this Security. 
 “Business
Day” means any day that is not a Saturday, a Sunday or a day on which banking institutions in London or New York City generally are authorized or obligated by law, regulation or executive order to close. 
 “Default Amount” means, on any day, an amount in U.S. dollars, as determined by the Calculation Agent in its sole discretion, equal to
the cost of having a Qualified Financial Institution (selected as provided below) expressly assume the due and punctual payment of the principal of this Security, and the performance or observance of every covenant hereof and of the Indenture on the
part of the Company to be performed or observed with respect to this Security (or to undertake other obligations providing substantially equivalent economic value to the Holder of this Security as the Company’s obligations hereunder). Such cost
will equal (i) the lowest amount that a Qualified Financial Institution would charge to effect such assumption (or undertaking) plus (ii) the reasonable 

  

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expenses (including reasonable attorneys’ fees) incurred by the Holder of this Security in preparing any documentation necessary for such assumption (or
undertaking). During the Default Quotation Period, each Holder of this Security and the Company may request a Qualified Financial Institution to provide a quotation of the amount it would charge to effect such assumption (or undertaking). If either
party obtains a quotation, it must notify the other party in writing of the quotation. The amount referred to in clause (i) of this paragraph will equal the lowest (or, if there is only one, the only) quotation so obtained, and as to which
notice is so given, during the Default Quotation Period; provided that, with respect to any quotation, the party not obtaining the quotation may object, on reasonable and significant grounds, to the effectuation of such assumption (or
undertaking) by the Qualified Financial Institution providing such quotation and notify the other party in writing of such grounds within two Business Days after the last day of the Default Quotation Period, in which case that quotation will be
disregarded in determining the Default Amount. The “Default Quotation Period” shall be the period beginning on the day the Default Amount first becomes due and ending on the third Business Day after such due date, unless no such
quotation is obtained, or unless every such quotation so obtained is objected to within five Business Days after such due date as provided above, in which case the Default Quotation Period will continue until the third Business Day after the first
Business Day on which prompt notice of a quotation is given as provided above, unless such quotation is objected to as provided above within five Business Days after such first Business Day, in which case, the Default Quotation Period will continue
as provided in this sentence. Notwithstanding the foregoing, if the Default Quotation Period (and the subsequent two Business Day objection period) has not ended prior to the Final Valuation Date, then the Default Amount will equal the Face Amount.

 “Final Valuation Date” means June 17, 2038, or if such date is not a Trading Day, the next succeeding Trading Day;
provided, however, that if the Calculation Agent determines that a Market Disruption Event occurs or is continuing on such date, the Final Valuation Date will be the first following Trading Day on which the Calculation Agent determines
that a Market Disruption Event does not occur and is not continuing, provided that in no event will the Final Valuation Date be postponed by more than five Trading Days. 
 “Index Component” means, with respect to the Securities, any of the futures contracts on soft commodities that comprise the Index.

 “Index Factor” means, on any given day, the amount equal to the closing value of the Index on that day divided by
the closing value of the Index on the Inception Date. 
 “Investor Fee” means the amount equal to 0.75% per year
times the principal amount of the Holder’s Securities times the Index Factor, calculated on a daily basis in the following manner: (i) the Investor Fee on the Inception Date shall equal zero; and (ii) on each subsequent
calendar day until and including the Final Valuation Date or, in the case of Securities with respect to which the Holder has exercised its right of Early Redemption, the applicable Valuation Date, the Investor Fee will increase by an amount equal to
0.75% times the principal amount of the Holder’s Securities times the Index Factor on that day (or, if such day is not a Trading Day, the Index Factor on the immediately preceding Trading Day) divided by 365. 
  

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 “Market Disruption Event” means, with respect to the Securities, in the opinion of the
Calculation Agent and determined in its sole discretion: (i) a material limitation, suspension or disruption in the trading of any Index Component which results in a failure by the trading facility on which the relevant contract is traded to
report a daily contract reference price; (ii) the daily contract reference price for any Index Component has increased or decreased from the previous day’s daily contract reference price by the maximum amount permitted under the applicable
rules or procedures of the relevant trading facility; (iii) AIG-FP and Dow Jones fail to publish the closing value of the Index or the applicable trading facility or other price source fails to announce or publish the daily contract reference
price for one or more Index Components; (iv) any other event, if the Calculation Agent determines in its sole discretion that the event materially interferes with the ability of Barclays Bank PLC or the ability of any affiliates of Barclays
Bank PLC to unwind all or a material portion of a hedge with respect to the Securities that Barclays Bank PLC or any of its affiliates have effected or may effect. The following events will not be Market Disruption Events: (a) a limitation on
the hours or numbers of days of trading on a trading facility on which any Index Component is traded, but only if the limitation results from an announced change in the regular business hours of the relevant market; or (b) a decision by a
trading facility to permanently discontinue trading in any Index Component. 
 “Maturity Date” means June 24, 2038,
provided that if such date is not a Business Day, the Maturity Date will be the next succeeding Business Day; provided, however, that if the fifth Business Day preceding June 24, 2038 does not qualify as the Final Valuation Date
referred to above, then the Maturity Date will be the fifth Business Day following the Final Valuation Date. 
 “Qualified Financial
Institution” means, at any time, a financial institution organized under the laws of any jurisdiction in the United States of America or Europe that at such time has outstanding debt obligations with a stated maturity of one year or less
from the date of issue and rated A-1 or higher by Standard & Poor’s, a division of The McGraw Hill Companies, Inc. (or any successor) or P-1 or higher by Moody’s Investors Service, Inc. (or any successor) or, in either case, such
other comparable rating, if any, then used by such rating agency. 
 “Redemption Date” means the third Business Day
following each Valuation Date other than the Final Valuation Date. The final Redemption Date shall be the third Business Day following such Valuation Date that is immediately prior to the Final Valuation Date. 
 “Successor Index” means any substitute index approved by the Calculation Agent as a Successor Index pursuant to Section 3 hereof.

 “Trading Day” means any day on which (i) the value of the Index is published by AIG-FP and Dow Jones;
(ii) trading is generally conducted on the NYSE Arca; and (iii) trading is generally conducted on the markets on which the Index Components are traded, in each case as determined by the Calculation Agent in its sole discretion. 

“Valuation Date” means each Business Day from June 25, 2008 to June 17, 2038, inclusive, or if such date is not a Trading
Day, the next succeeding Trading Day; provided, however, that if the Calculation Agent determines that a Market Disruption Event occurs or is continuing on such date, the Valuation Date will be the first following Trading Day on which
the Calculation Agent determines that a Market Disruption Event does not occur and is not continuing, provided that in no event will any Valuation Date be postponed by more than five Trading Days. 
  

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 1. Promise to Pay at Maturity or Upon Early Redemption 
 Barclays Bank PLC, a public limited company
duly organized and existing under the laws of England and Wales (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay (or
cause to be paid) to Cede & Co., as nominee for The Depository Trust Company, or registered assigns, the amount as calculated and provided under (i) “Early Redemption” and elsewhere on the face this Security on the applicable
Redemption Date, in the case of any Securities in respect of the which the Holder exercises such Holder’s right to require the Company to redeem such Holder’s Securities prior to the Maturity Date, or (ii) “Payment at
Maturity” and elsewhere on the face of this Security on the Maturity Date, in the case of all other Securities. 
 2. Payment of
Interest 
 The principal of this Security shall not bear interest. 
 3. Discontinuance or Modification of the Index; Market Disruption Event 
 If Dow Jones and AIG-FP discontinue publication of the Index and Dow Jones and AIG-FP or any other Person or entity publishes an index that the
Calculation Agent determines is comparable to the Index and approves as a Successor Index, then the Calculation Agent will determine the value of the Index on the applicable Valuation Date and the amount payable on the Maturity Date or any
Redemption Date by reference to such Successor Index. 
 If the Calculation Agent determines that the publication of the Index is
discontinued and that there is no Successor Index, or that the closing value of the Index is not available because of a Market Disruption Event or for any other reason, on any Valuation Date, or if for any other reason the Index is not available to
the Company or the Calculation Agent on any Valuation Date, the Calculation Agent will determine the amount payable by a computation methodology that the Calculation Agent determines will as closely as reasonably possible replicate the Index.

 If the Calculation Agent determines that the Index, the Index Components or the method of calculating the Index has been changed at any
time in any respect, including, without limitation, any addition, deletion or substitution and any reweighting or rebalancing of Index Components, and whether the change is made by AIG-FP and Dow Jones under their existing policies or following a
modification of those policies, is due to the publication of a Successor Index, is due to events affecting one or more of the Index Components, or is due to any other reason, then the Calculation Agent will be permitted (but shall not be required)
to make such adjustments to the Index or method of calculating the Index as it believes are appropriate to ensure that the value of the Index used to determine the amount payable on the Maturity Date or upon Early Redemption is equitable.

  

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 The Calculation Agent shall have the right to postpone a Valuation Date, and thus the determination of
the value of the Index, if the Calculation Agent determines that, on such Valuation Date, a Market Disruption Event occurs or is continuing in respect of any Index Component. If such a postponement occurs, the Calculation Agent shall determine the
value of the Index Components unaffected by the Market Disruption Event by using the closing value of such Index Component or Index Components on the scheduled Valuation Date and shall determine the value of any affected Index Component by using the
closing value of such Index Component on the first Trading Day after that day on which no Market Disruption Event occurs or is continuing with respect to such Index Component. In no event, however, may the Calculation Agent postpone a Valuation Date
by more than five Trading Days. 
 In the event that a Valuation Date is postponed until the fifth Trading Day following the scheduled
Valuation Date, but a Market Disruption Event occurs and is continuing on such day, that day shall nevertheless be a Valuation Date, and the Calculation Agent shall determine the value of the Index on such day by a good faith estimate of the value
of the Index that would have prevailed in the absence of a Market Disruption Event. 
 The Calculation Agent shall have the right to make all
determinations and adjustments with respect to the Index in its sole discretion. 
 4. Payment at Maturity or Upon Early Redemption

 The payment of this Security that becomes due and payable on the Maturity Date or on a Redemption Date, as the case may be, shall be the
cash amount that must be paid to redeem this Security as provided above under “Payment at Maturity” and “Early Redemption”, respectively. The payment of this Security that becomes due and payable upon acceleration of the Maturity
Date hereof after an Event of Default has occurred pursuant to the Indenture shall be the Default Amount. When the principal referred to in either of the two preceding sentences has been paid as provided herein (or such payment has been made
available), the principal of this Security shall be deemed to have been paid in full, whether or not this Security shall have been surrendered for payment or cancellation. References to the payment at maturity or upon early redemption of this
Security on any day shall be deemed to mean the payment of cash that is payable on such day as provided in this Security. Notwithstanding the foregoing, solely for the purpose of determining whether any consent, waiver, notice or other action to be
given or taken by Holders of Securities pursuant to the Indenture has been given or taken by Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount of this Security will be deemed to equal the Face
Amount. This Security shall cease to be Outstanding as provided in the definition of such term in the Indenture when the principal of this Security shall be deemed to have been paid in full as provided above. 
 5. Redemption Mechanics 
 Subject to
the minimum redemption amount provided under “Early Redemption”, the Holder may require the Company to redeem the Holder’s Securities on any Redemption Date during the term of the Securities provided that such Holder
(i) delivers a notice of redemption to the Company via electronic mail by no later than 4:00 p.m. New York time on the Business Day prior to the applicable Valuation Date; (ii) delivers a signed confirmation of redemption to the Company
via facsimile by no later than 5:00 p.m. New York time on the same day; (iii) instructs the Holder’s DTC custodian to book a delivery versus payment trade with respect to the Holder’s Securities on the applicable Valuation Date at a
price equal to the principal amount of the Holder’s Securities times the Index Factor on 

  

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the applicable Valuation Date minus the Investor Fee on the applicable Valuation Date, facing Barclays Capital DTC 5101; and (iv) causes the
Holder’s DTC custodian to deliver the trade as booked for settlement via DTC prior to 10:00 a.m. New York time on the applicable Redemption Date, which shall be the third Business Day following the applicable Valuation Date (other than the
Final Valuation Date). The final Redemption Date shall be the third Business Day following such Valuation Date that is immediately prior to the Final Valuation Date. 
 6. Role of Calculation Agent 
 The Calculation Agent will be solely responsible for all
determinations and calculations regarding the value of the Securities, including at maturity or upon early redemption; Market Disruption Events; Business Days; Trading Days; the Investor Fee; the Default Amount; the closing value of the Index on the
Inception Date and on any Valuation Date; the Maturity Date; Redemption Dates; the amount payable on the Securities and all such other matters as may be specified elsewhere herein as matters to be determined by the Calculation Agent. The Calculation
Agent shall make all such determinations and calculations in its sole discretion, and absent manifest error, all determinations of the Calculation Agent shall be final and binding on the Company, the Holder and all other Persons having an interest
in this Security, without liability on the part of the Calculation Agent. 
 The Company shall take such action as shall be necessary to
ensure that there is, at all relevant times, a financial institution serving as the Calculation Agent hereunder. The Company may, in its sole discretion at any time and from time to time, upon written notice to the Trustee, but without notice to the
Holder of this Security, terminate the appointment of any Person serving as the Calculation Agent and appoint another Person (including any Affiliate of the Company) to serve as the Calculation Agent. Insofar as this Security provides for the
Calculation Agent to determine the value of the Index on any date or other information from any institution or other source, the Calculation Agent may do so from any source or sources of the kind contemplated or otherwise permitted hereby
notwithstanding that any one or more of such sources are the Calculation Agent, Affiliates of the Calculation Agent or Affiliates of the Company. 
 7. Payment 
 Payment of any amount payable on this Security will be made in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts. Payment will be made to an account designated by the Holder (in writing to the Company and the Trustee on or before the applicable Valuation Date) and
acceptable to the Company or, if no such account is designated and acceptable as aforesaid, at the office or agency of the Company maintained for that purpose in The City of New York, provided, however, that payment on the
Maturity Date or any Redemption Date shall be made only upon surrender of this Security at such office or agency (unless the Company waives surrender). Notwithstanding the foregoing, if this Security is a Global Security, any payment may be made
pursuant to the Applicable Procedures of the Depositary as permitted in said Indenture. 
  

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 8. Reverse of this Security 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
 9. Certificate of Authentication 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 10. Prospectus 
 Reference is made to the (i) the Prospectus related to the Securities, dated August 31, 2007, (ii) the Prospectus Supplement, dated
September 4, 2007, (iii) and the Pricing Supplement, dated [            ], (together, the “Prospectus”). The terms and conditions of this Security as fully set
forth in the Prospectus are hereby incorporated by reference in their entirety into this Security and binding upon the parties hereto. In the event of a conflict between the terms of the Prospectus and the terms of this Security, the Prospectus will
control and if the Prospectus provides for a specific United States tax characterization, by purchasing a Security, you agree (in the absence of a change in law, an administrative determination or a judicial ruling to the contrary) to be bound for
United States federal income tax purposes to such tax characterization. Copies of the Prospectus are available from the Company or any underwriter or any dealer participating in the offering by calling toll free, 1-888-227-2275 (extension 1101).

  

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 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  

			
	BARCLAYS BANK PLC
		
	By:	 	
		 	Name:
		 	Title:

  

			
	By:	 	
		 	Name:
		 	Title:

 This is one of the Securities of the series designated herein and referred to in the Indenture. 

Dated: 
  

			
	THE BANK OF NEW YORK
		
	 By:
	 	
		 	Name:
		 	Title:

  
  

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 (Reverse of Security) 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”) issued and to be issued in one or more series under an Indenture, dated as of
September 16, 2004 (herein called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York, as Trustee (herein called the “Trustee,”
which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, the Holders
of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. Insofar as the provisions of the Indenture may conflict with the provisions set forth on the face of this Security, the latter shall
control for purposes of this Security. 
 This Security is one of the series designated on the face hereof, initially limited to an aggregate initial
offering price not to exceed $10,000,000,000 (or the equivalent thereof in any other currency or currencies or currency units), which amount was increased to $21,000,000,000 on September 4, 2007 and may be further increased at the option of the
Company if in the future it determines that it may wish to sell additional Securities of this series. References herein to “this series” mean the series designated on the face hereof. 
 Payments under the Securities will be made without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies,
imposts, duties, charges, fees, deductions or withholdings (“Taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of the United Kingdom or any political subdivision or authority thereof or
therein having the power to tax (each a “Taxing Jurisdiction”), unless such deduction or withholding is required by law. If any such Taxes are at any time required by a Taxing Jurisdiction to be deducted or withheld, the Company
will, subject to the exceptions and limitations set forth in Section 10.04 of the Indenture, pay such additional amounts of the principal of such Security and any other amounts payable on such Security (“Additional Amounts”) as
may be necessary in order that the net amounts paid to the Holder of any Security, after such deduction or withholding, shall equal the amounts of the principal of such Security and any other amounts payable on such Security which would have been
payable in respect of such Security had no such deduction or withholding been required. 
 If at any time the Company determines that as a result of a change
in or amendment to the laws or regulations of a Taxing Jurisdiction (including any treaty to which such Taxing Jurisdiction is a party), or a change in an official application or interpretation of such laws or regulations (including a decision of
any court or tribunal), either generally or in relation to any particular Securities, which change, amendment, application or interpretation becomes effective on or after the Original Issue Date in making any payment of, or in respect of, the
principal amount of the Securities, the Company would be required to pay any Additional Amounts with respect thereto, then the Securities will be redeemable upon not less than 35 nor more than 60 days’ 
  
  

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notice by mail, at any time thereafter, in whole but not in part, at the election of the Company as provided in the Indenture at a redemption price equal to
the principal amount thereof. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of all series to be affected (considered together as one class for this purpose). The Indenture also contains provisions (i) permitting the Holders of a majority in aggregate principal amount of the Securities
at the time Outstanding of all series to be affected under the Indenture (considered together as one class for this purpose), on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of
the Indenture and (ii) permitting the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of any series to be affected under the Indenture (with each such series considered separately for this purpose),
on behalf of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have any right to institute any proceeding, judicial or otherwise,
with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than 25% in aggregate principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the Holders of a majority in principal amount of
Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not
apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof on or after the respective due dates expressed herein. 
  
  

 (Reverse of Security continued on next page) 
  

 - 13 - 

 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the principal of this Security as herein provided. 
 As provided in the Indenture and
subject to certain limitations therein set forth, the transfer of this Security is registrable in the Senior Debt Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place
where the principal of this Security is payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Senior Debt Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing. Thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 This Security, and any other Securities of this series and of like tenor, are issuable only in registered form without coupons in denominations of any multiple of $50.
As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 This Security and the Indenture shall be
governed by and construed in accordance with the laws of the State of New York. 
  
  

 - 14 -Agreement on the Transfer of the entire equity interests

 Exhibit 4.25 
 Agreement 
 on the Transfer of the Entire Equity Interests 
 in 
 China Telecom Group Beijing
Corporation 
 between 
 China Telecommunications Corporation 
 and 
 China Telecom Corporation Limited 
  

 Agreement on the Transfer of the Entire Equity Interests in China Telecom Group Beijing Corporation

 This agreement is signed on March 31, 2008 in Beijing, People’s Republic of China (hereinafter referred to as
“China”) between the following parties: 
 China Telecommunications Corporation (hereinafter referred to as the
“Transferor”), a state-owned enterprise duly established and validly existing under Chinese laws, its address is 31 Jinrong Street, Xicheng District, Beijing and its legal representative is WANG Xiaochu. 
 China Telecom Corporation Limited (hereinafter referred to as the “Transferee”), a joint-stock limited company duly established and validly
existing under Chinese laws, its address is 31 Jinrong Street, Xicheng District, Beijing and its legal representative is WANG Xiaochu. 
 Whereas, 
 1. China Telecom Group Beijing Corporation (hereinafter referred to as the “Target Company”) is a
limited (wholly state-owned) company established on July 16, 2002 and validly existing under Chinese laws. Its Registration Number of Enterprise Legal Person Business License is 1000001003691 and its address is 31 Jinrong Street, Xicheng
District, Beijing. Its registered capital is RMB 2 billion and its legal representative is LIU Bo. Its scope of business is: operating domestic and international wireline telecommunications networks and facilities (including wireless local loops) in
Beijing municipality, providing voice, data, image and multimedia telecommunications and information services based on the wireline telecommunications networks and other telecommunication business approved by the state, and system integration,
technological development, technical services, information consulting, equipment manufacturing, sales, design and engineering related to the above-mentioned business. The Transferor legally owns 100% equity interests of the Target Company.

 2. The Transferor intends to transfer the 100% equity interests of the Target Company it owns (hereinafter referred to as the
“Transferred Equity”, referring to the entire capital investment on the Target Company by the Transferor together with all the rights, interests, benefits as well as obligations, responsibilities, and liabilities corresponding to the
capital investment) to the Transferee in accordance with the provisions in this agreement. 
 3. The Transferee agrees to accept the
Transferred Equity from the Transferor in accordance with the provisions of this agreement. 
 4. The Transferred Equity referred to in this
agreement has been evaluated, according to the laws and regulations of China, by the Beijing-based China Enterprise Appraisals Company taking September 30, 2007 as the base date (hereinafter referred to as the “Evaluation Base Date”).
The outcome of the evaluation has been submitted for record to the State-owned Assets Supervision and Administration Commission of the State Council (hereinafter referred to as the “SASAC”). 
 Therefore, through friendly consultations, the parties of this agreement enter into the following agreement (hereinafter referred as the
“Agreement”) on the transfer of the Transferred Equity: 
 Article I Transfer of Equity Interests 
 1. The Transferor agrees to transfer to the Transferee, who agrees to accept, the Transferred Equity the Transferor owns, according to the provisions of
this Agreement. 
 2. Both parties agree that starting from the Completion Date (refer to Clause 2, Article III of this Agreement for the
definition), the Transferred Equity, together with all the rights and interests, is transferred to the Transferee, who will enjoy all the rights and bear corresponding obligations related to the Transferred Equity, as granted by the laws of China,
while the Transferor shall no longer enjoy the rights or assume the obligations related to the Transferred Equity, unless provided otherwise in this Agreement. 
 3. For the avoidance of doubt, during the period from the Evaluation Base Date to the Completion Date (hereinafter referred to as the “Related Period”), if the net assets increase due to profit earning, the
increased part will be allocated to the Transferor in cash as special dividends, if the net assets decrease due to profit loss, the Transferor must make reimbursement in cash. 
  

 - 2 - 

 Article II Consideration and Payment 
 1. In accordance with the Assets Evaluation Report of Equity Interests of China Telecom Group Beijing Corporation for the Transfer of Such Equity
Interests by China Telecommunication Corporation to China Telecom Corporation Limited (Zhong Qi Hua Ping Bao Zi[2008]No.021) as filed with the SASAC, the Transferred Equity is evaluated as RMB 5,556,507,800. 
 2. Both parties agree that the total price for this transfer of equity interests shall be RMB 5,557 million. 
 3. Both parties agree that the above total price for the transfer is to be paid in cash in a lump sum by the Transferee and be wired to the bank account
agreed by the Transferor in writing within 15 working days after the Completion Date. Once the relevant bank account has received the payment, the Transferee is discharged from the obligation of making payment. 
 4. If any payment has not been made by the maturity date set forth in this Agreement, the party who delays the payment should pay the interest for the
delayed amount per the bank lending rate in the corresponding period, starting from the maturity date (excluding the very date) to the date when the delayed amount is paid off (including the very date). 
 Article III Completion of Transfer 
 1. The completion of transfer of the Transferred Equity in this Agreement shall be done upon the fulfillment or waiver of all the following preconditions: 
 (1) This Agreement becomes effective; 
 (2) There is no material adverse change on the financial condition,
business operation or prospect of the Target Company; 
 (3) The Transferor maintains the representations, guarantees, and commitments made
on the date of execution of this Agreement true and accurate without misleading elements in major aspects; 
 (4) The Transferor, as the
shareholder of the Target Company, makes related resolution and approves the transfer of equity interests stated in this Agreement; 
 (5)
The Articles of Association of the Target Company has been amended lawfully and appropriately in order to reflect the transfer of the Transferred Equity as stated in this Agreement. The Transferee must be recorded on the Articles of Association as
the shareholder holding the Transferred Equity; and 
 (6) The Target Company has completed the registration procedures with relevant
industry and commerce authority for the transfer of the Transferred Equity stated in this Agreement. 
 The Transferee may waive the
preconditions stated in aforesaid clauses (2) and (3). If, within 180 days or other period as agreed upon by the parties, the above preconditions still have not been fulfilled or waived, this Agreement shall be terminated. Neither party is
entitled to make any claim of any nature to the other party according to this Agreement, except for the rights or obligations effected before the termination of this Agreement or according to the provisions surviving the termination. 
 2. The transfer of the Transferred Equity under this Agreement shall be completed on the date when the Target Company completes the registration
procedures for the transfer of equity interests with relevant industry and commerce authority (hereinafter referred as “Transfer Completion”). Then the date on which the registration is done shall be the date of completion of transfer
(hereinafter referred as the “Completion Date”). 
 Before the Transfer Completion, both the Transferor and Transferee should hand
over (or make sure to do so) all documents (including but not limited to approvals by government departments, the documents regarding internal approval of the Transferor, and other documents that the Transferor guarantees as true and accurate) and
articles and take all actions as required by this Agreement. 
  

 - 3 - 

 3. If, at any time before the Completion Date, there arises any of the following situations, the
Transferee is entitled to notify the Transferor to terminate this Agreement any time before the Transfer Completion: 
 (1) There appear
material adverse changes in the financial condition, business operations or prospect of the Target Company; 
 (2) The Transferor materially
breaches the representations, guarantees and commitments made under this Agreement; or 
 (3) The Transferor materially breaches its
obligations under this Agreement. 
 If the Transferee terminates this Agreement in accordance with the above provision, neither party is
entitled to make any claim of any nature to the other according to this Agreement, except for the rights and obligations effected before the termination of this Agreement or under the provisions surviving the termination. 
 Article IV Arrangement of Employees 
 The Transferee undertakes to make the Target Company to continue performing the employment contracts signed between the Target Company and its current employees. 
 Article V Commitments of the Transferor 
 1. The Transferor makes the following commitments to the
Transferee on the date of execution of this Agreement, the date when this Agreement becomes effective and the Completion Date (hereinafter referred as the “Agreement Dates”): 
 (1) The Transferor has full right, power and capacity to sign and perform this Agreement; it has obtained all approval, permit, and authorization to sign
and perform this Agreement; once signed, this Agreement shall be binding to the Transferor in full legal force and effect; 
 (2) The
Transferred Equity to be transferred to the Transferee are legally acquired and beneficially owned by the Transferor; except for those disclosed to the Transferee, there is no pledge or any third party’s right upon the Transferred Equity;

 (3) The Transferor shall assist or procure the Target Company to complete the registration procedures with the industry and commerce
authority to change the shareholder and shall register in the authority’s record that the Transferee is the shareholder holding the Transferred Equity; and 
 (4) The Transfer of all or any part of Transferred Equity does not violate any legal document binding to the Transferor, including Articles of Association, signed contracts or agreements and other legal documents.

 2. On the Agreement Dates the Transferor undertakes to the Transferee that, before the Transfer Completion, the Transferor shall (unless
otherwise approved in writing by the Transferee): 
 (1) make sure the Target Company only maintain routine and general businesses;

 (2) make sure to take any necessary and reasonable actions and measures to preserve and protect the assets of the Target Company and the
reputation of its business (including the present relationship with its clients and suppliers); and 
 (3) provide in a timely manner the
information relating to the transfer hereunder as required by the Hong Kong Securities and Futures Commission, the Stock Exchange of Hong Kong Limited, U.S. Securities and Exchange Commission, or other governmental and supervisory authorities,
including information required for preparation of the announcements or circulars to shareholders. 
 3. On the Agreement Dates the Transferor
undertakes to the Transferee that, within 6 months after the Completion Date, the Transferor must provide to the Target Company the facilities and services as reasonably required by the Transferee from time to time 

  

 - 4 - 

 
with the equivalent or more favorable terms than what provided by the Transferor to the Target Company within the 6 months period before the Completion Date,
in order to enable the Target Company to continue its business operations in its major aspects with the same operational mode as that in the 6-month period before the Completion Date. 
 4. The Transferor shall provide further guarantees to the Transferee according to the items provided in Annex I. 
 5. All the commitments made by the Transferor under this Agreement are collectively called as “Transferor’s Commitments”. Each
Transferor’s Commitment is separate and independent and is not restricted by other commitments of the Transferor, and will not become invalid or be affected by the transfer or any other events or matters, unless otherwise explicitly provided
hereunder or exempted in writing by the Transferee. 
 Article VI Commitments of the Transferee 
 1. The commitments of the Transferee to the Transferor on the Agreement Dates are also follows: 
 (1) The Transferee has full right, power and capacity to sign and perform this Agreement; it has acquired all approval, permit, and authorization to sign
and perform this Agreement; and this Agreement, once signed, shall legally and effectively bind the Transferee; 
 (2) The transfer of the
Transferred Equity to the Transferee does not violate any legal document binding to the Transferee, including Articles of Association, signed contracts or agreements and other legal documents; 
 (3) The Transferee shall pay the consideration for transfer of equity interests to the Transferor according to the provisions in this Agreement;

 (4) The Transferee shall take any necessary and reasonable measures to assist the Transferor to complete the transfer of equity interests
stated in this Agreement; and 
 (5) As to the outstanding liabilities of the Target Company before the Completion Date, the Transferee will
undertake the responsibilities provided by the laws and the Articles of Association of the Target Company. 
 2. The Transferee undertakes
that any of the claims made because of any breach of Transferor’s Commitments shall be restricted by the provisions stated in Annex II. 
 Article VII Confidentiality 
 1. Both parties agree that both parties (including but not limited to their representatives),
before obtaining the approval in writing by the other party, shall keep all the confidential materials confidential, without disclosing to any third party or the public any information related to the confidential materials. 
 The “Confidential Materials” in this Agreement refer to any written, oral, visual, electronic materials or materials in other media related to
the disclosing party and/or the Target Company that are received or held by the receiving party or its representative, as well as materials related to the negotiation, execution, performance or contents of this Agreement. 
 The “Representative” under this article, as to one party, means its affiliate company or its affiliate company’s director, senior manager,
employee, agent, advisor, accountant, and consultant agency. 
 2. The following materials are not Confidential Materials, where
confidentiality obligation provided in the previous clause shall not apply: 
 (1) Where the disclosure of materials is made according to the
requirements of laws or the security exchange, or governmental, supervisory or administrative organizations or authorities that has jurisdiction over the company (but the precondition is that the disclosing party shall first of all notify the other
party its proposed disclosure of the above-mentioned materials and consider the reasonable opinions of the other party); 
  

 - 5 - 

 (2) Where the party or its representative have already held such materials by legal means before
obtaining or possessing the Confidential Materials (with written record evidencing such status) and bear no obligation to keep such materials confidential; 
 (3) Where the Confidential Materials have already been publicly known, provided that the disclosure of such material is not due to the negligence of the party (or its representative); 
 (4) Where any material is required to be disclosed for any arbitration or legal proceedings related to this Agreement. 
 Article VIII Taxes and Expenses 
 1.
Unless provided otherwise, the Transferor and the Transferee shall bear all the costs, expenses, and other spending arising from the negotiation, preparing, signing, and completion of this Agreement for itself (or its affiliate company); 

2. The taxes and fees arising from the transfer of the Transferred Equity shall be paid by both parties according the provisions of related laws and
regulations. The taxes and fees not specified by laws and regulations or other taxes and fees, if any, arising from the transfer of the Transferred Equity, shall be equally shared by the Transferor and the Transferee. 
 Article IX Notification 
 1. Any
notification related to this Agreement shall be written, in Chinese, and either delivered by courier, by fax, registered mail, or by internationally recognized express company. The notification becomes effective upon reception, and is deemed as
having been received when it is delivered by courier, registered mail, or express mail, or upon successful transmission report if it is delivered by fax. 
 2. The address and fax number for the purpose stated in the previous clause are: 
 China Telecom
Corporation Limited 
 To: Mr. Sun Dawei 
 Address: 31 Jinrong Street, Xicheng District, Beijing 100032, China 
 Fax: (8610) 5850 1304 

China Telecommunications Corporation 
 To: Mr. Wang Qi 
 Address: 31 Jinrong Street, Xicheng District, Beijing 100032, China 
 Fax: (8610) 5850 1294 
 Article X
Effectiveness of this Agreement 
 This agreement comes into effect when all the requirements below are met: 
 (1) The legal representatives or authorized representatives of both parties sign this Agreement and stamp the official seals of both parties; 

(2) The Transferor obtains the internal approval for the transfer of equity interests provided in this Agreement according the provisons of its
Articles of Association; 
 (3) The Ministry of Information Industry issues its approval upon the licensing and supervision matters related
to the telecommunications business involved in this transfer of equity interests; 
 (4) The shareholders of the Transferee at the general
meeting approves the transfer of equity interests provided in this Agreement according to the main board listing rules of the Stock Exchange of Hong Kong Limited and its Articles of Association; and 
 (5) The SASAC approves the transfer under this Agreement. 
  

 - 6 - 

 Article XI Liability for Breach of Contract 
 The parties of this Agreement should abide by this Agreement and undertake the commitments made in this Agreement and should make sure the other party in
this Agreement does not suffer any loss due to the breach of this Agreement or the actions it commits. If the breach of contract of either party cause any loss (including economic loss and expenses) to the other party in this Agreement, it should be
responsible for compensating the other party. 
 Article XII Force Majeure 
 1. “Force majeure” refers to all the unforeseeable events that may happen after this Agreement comes into effect, whose occurrence and
consequences are unavoidable and insurmountable and which render either party of this Agreement unable to perform part or all of the obligations under this Agreement. 
 2. In case of force majeure, both parties may suspend the performance of the obligations under this Agreement for a period of delay caused by the force majeure, and such period will be automatically extended for a
period corresponding to such suspension. 
 3. The party affected by the force majeure shall notify the other party in writing as soon as
possible, and provide within fifteen days the valid proof certifying the occurrence and duration of such force majeure event. The affected party shall take all reasonable measures to mitigate the consequences of the force majeure as soon as
possible. 
 4. When any force majeure event occur, both parties should start consultation immediately to seek a fair solution to the problem
and try their best to mitigate the consequences of the force majeure. 
 Article XIII Settlement of Dispute 
 1. Any dispute arising from or involved in the parties’ performance of this Agreement shall first of all seek settlement through friendly
consultations. If the dispute fails to be resolved within sixty (60) days after notification of one party of the dispute to the other, then either party may submit the dispute to China International Economic and Trade Arbitration Commission for
arbitration in Beijing in Chinese in accordance with its arbitration rules. The arbitration tribunal shall comprise three arbitrators according to the arbitration rules of China International Economic and Trade Arbitration Commission. 
 2. The invalidity of any of the articles or clauses in this Agreement under arbitration award according to the Chinese laws does not affect the
effectiveness and performance of other articles and clauses in this Agreement. 
 Article XIV Governing Laws 
 The conclusion, effect, interpretation, performance and settlement of disputes are all subject to the laws of China. 
 Article XV Others 
 1. Neither party
of this Agreement shall transfer, assign, mortgage or dispose by any other means any rights and interests in this Agreement without prior written consent by the other party. 
 2. If there is any conflict between this Agreement and other agreements, this Agreement should prevail, unless 
 (1) the other agreements explicitly provide that they shall prevail in the relevant aspects over this Agreement; and 
 (2) Either the Transferor and Transferee are the contractual parties of such other agreements or they explicitly agree in writing that such other
agreement shall prevail over this Agreement in the related aspects. 
 3. This Agreement is the complete agreement on the transfer of the
Transferred Equity between the two parties and it shall replace all the previous written or oral agreements, letters of intent, correspondence, memoranda of understanding and commitments agreed upon by both parties concerning the matters in this
Agreement (if any). 
  

 - 7 - 

 4. If any provision of this Agreement is decided as invalid or unenforceable, the remaining terms of this
Agreement shall not be rendered invalid. Both parties should make reasonable efforts to replace such invalid or unenforceable provisions with valid and enforceable ones with intentions as close to the original intentions of both parties of this
Agreement as possible. 
 5. The ten original copies of this Agreement are written in Chinese. The Transferor and the Transferee keep three
copies each and the other copies will be submitted to relevant government authorities. All the original copies enjoy equal legal effect. 
 6. Any amendment of this Agreement shall be in writing. 
 7. All the annexes of this Agreement are an indispensable part of this
Agreement and enjoy equal legal effect with this Agreement. 
  

 - 8 - 

 Annex I 
 Guarantee by the Transferor 
 I. Target Company and Transfer of Equity Interest 
 1.1 The Target Company is a limited company duly established and validly existing under relevant laws and is fully entitled to operate the businesses it
enters into on the date of this Agreement. 
 1.2 The Transferor is the sole legal owner of the Transferred Equity, has paid up its full
capital investment in the Target Company and has no liability for the capital insufficiency of the Target Company. Unless approved and agreed by the Transferor, nobody is entitled to require the Target Company to issue any stocks or bonds.

 1.3 There is no third-party rights related to the Transferred Equity. The Transferor is entitled to transfer its whole ownership of the
Transferred Equity to the Transferee according to the provisions of this Agreement. 
 1.4 All the information in the provisions related to
the Target Company is true, accurate and contains no misleading elements. 
 1.5 Except for what has been disclosed to the Transferee, the
Target Company does not hold any equity interests (investment volume), shares, bonds, or interests of any nature of any other enterprise. 
 II. Financial Matters 
 2.1 Accounts. The accounts accurately reflect the real situation and balance of the Target Company on
the last accounting day, as well as the annual performance of the Target Company as of the settlement date of the business year. 
 2.2
Situation since last accounting day. Starting from the last accounting day: 
 (1) There is no material adverse change; 
 (2) The Target Company, except for the regular payment in its routine and general business operations, does not make or agree to make any payment;

 (3) The Target Company has no announcement, authorization, and payment of dividends or others (in cash, stock or in kind). Neither has it
reduced any paid-in capital stocks (excluding any dividends already allocated in the accounts); 
 (4) The Target Company has not issued or
agreed to issue any stocks, bonds, securities or any other similar equities; 
 (5) The Target Company has not acquired or sold or agreed to
acquire or sell any asset except in the process of conducting its routine businesses; 
 (6) The Target Company has not repaid any loan or
debt before the agreed date of maturity of such loan or debt; 
 (7) The average time of the collection and the payment of debts by the
debtor and the creditor of the Target Company has not been lengthened or shortened significantly; 
 (8) The Target Company does not have any
debt that may become payable or be announced as debt payable before the normal or agreed date of maturity; and the Target Company has not received any claim for payment or any other notice demanding it to repay relevant debts before the normal or
agreed date of maturity; and 
 (9) The creditor’s rights of the Target Company have not been exempted, deferred, delayed, written off,
or proven to be unrecoverable. 
  

 - 9 - 

 2.3 Accounting and other records. The official notebooks, account books and other records that shall be
kept by the Target Company according to the applicable laws keep the latest information and they are properly and consistently compiled and kept in major aspects in accordance with such laws and relevant generally accepted accounting principles.
They contain all the accurate record of information that should be recorded. All such official notebooks, account books and other records are under the custody or control of the Target Company along with all the ownership documents and signed copies
of existing agreements necessary for the proper business operation of the Target Company or under which the Target Company is a party. 
 III. Regulatory Matters 
 3.1 License. On the date of this Agreement, the Target Company has obtained all the licenses,
permissions, authorizations (public or private) and consents (hereafter, collectively called “Approvals”) necessary for all the valid business operations in all its operation venues and in its manner of operation in accordance with all the
applicable laws and regulations. Such Approvals are sufficient and valid or are not subject to no especially unusual, complicated or strict restriction, and are complied with in all major aspects. There is no situation indicating any such Approval
will or may in part or in whole be revoked or cannot be renewed (whether it is due to the proposed transaction or other reasons) in the process of conducting daily routine businesses. 
 3.2 Compliance with laws. The Target Company has conducted its businesses and corporate affairs in accordance with the memorandum of association,
detailed rules and appendixes of its articles of associations and other organizational documents of equal nature and in accordance with all the applicable laws and regulations in all major aspects. The Target Company has not violated any regulation,
rule, demand, award or judgment issued by any court or any governmental or supervisory authority in any relevant jurisdictions. 
 IV.
Operational Assets 
 4.1 Ownership. The ownership of all the assets included in the account of the Target Company is definite without
involving any third-party rights and interests; however, the following are the exceptions: 
 (1) Provisions on the reservation of the
ownership of the goods or materials supplied to the Target Company in the process of routine businesses; 
 (2) The lien caused by the
enforcement of laws in the process of routine businesses. 
 4.2 Custody and third-party facilities. All the operational assets of the Target
Company are under its custody or control. There is no situation that may cause the government or other entities to confiscate such assets. If the Target Company uses any assets owned by others in the process of conducting its businesses, or any
facility or service is provided by anyone to the Target Company, there has been no breach or other event or situation which may entitle anyone to terminate the arrangement regarding the above mentioned use of assets or provision of facilities or
services. 
 4.3 Sufficiency of assets. The rights and interests, properties and assets owned by the Target Company together with the
facilities and services that the Target Company can enjoy according to agreements include all the rights and interests, properties, assets facilities and services that enable the Target Company to continue its operation in all the major aspects in
the same operating manner as that in six months before the Transfer Completion. 
 4.4 Status. All the plants, machines, equipment and
vehicles used by the Target Company are in good status. 
 V. Contract-related Issues 
 5.1 Important contracts. The Target Company is not a party of any of the following agreement or arrangement: 
 (1) Any proposed transaction which may cause any other party to be exempted from any obligation or to be entitled to exercise any right (including any
right to terminate the agreement, any preemptive right or other options), or may disqualify the Target Company for any interest, right or permission it currently enjoys, or may cause or increase any new liability or obligation to the Target Company;

  

 - 10 - 

 (2) Any agreement or arrangement that is not concluded in the process of routine businesses or on the
basis of fair trade; 
 (3) Any agreement or arrangement claiming or granting any right to issue any stock, bond or other securities of the
Target Company any time at present or in the future; 
 (4) Any agreement or arrangement to establish any joint venture, syndicate or
partnership, or to share profits (and losses); 
 (5) Any agreement or arrangement concerning the sales or disposal of enterprise or
businesses (due to the agreement or arrangement, the Target Company is subject to any debts, contingent or otherwise, for which there is no sufficient reserve in its account). 
 5.2 Breach. The Target Company has not materially breach any agreement or arrangement under which it is a party. To the Transferor’s knowledge,
there is no situation that may cause such breach, any party which has entered any agreement or arrangement with the Target Company has not materially breached that agreement or arrangement, and there is no situation that may cause such breach.

 5.3 For some of the properties the Target Company leases, the lessor has not provided any documents concerning the ownership of the
property, which may lead to the invalidity of such lease agreement. The Transferor guarantees that the risk that the target can no longer use the leased property is under control. Once such risk actually occurs, the Target Company is able lease some
substitutive property in a short period and such risk will not affect the continuity of the operation of the Target Company. Relevant costs incurred by the risk shall be assumed by the Transferor. 
 VI. Lawsuit and Investigation 
 6.1
Lawsuit. Except being the plaintiff to collect the debts occurred during daily routine businesses, (i) the Target Company is not the plaintiff, defendant or any other party involved in any ongoing, planned or unresolved lawsuit, arbitration or
administrative litigation concerning itself or its properties; and (ii) the Transferor is not aware of any situation that may cause such lawsuit, arbitration or administrative litigation. 
 6.2 Investigation. The Target Company is not under any ongoing or unresolved investigation or enquiry by any government, administrative or regulatory
authorities or under other formal investigation or enquiry. There is no situation that may cause such investigation or enquiry. 
 VII.
Intellectual Property Rights 
 7.1 Intellectual property. For all the intellectual properties used by the Target Company when this
Agreement is signed: 
 (1) the Target Company owns all the rights and interests of the intellectual properties, and enjoys their ownership or
has obtained the valid licenses to use them; 
 (2) The licenses to use the intellectual properties the Target Company obtained or granted by
the Target Company are all of validity and binding force. Neither party of such licenses has made any breach. There is no reason to terminate such licenses. There is no dispute over such licenses and no such disputes are expected to arise.

 7.2 Non-infringement. The operation of the Target Company is not infringing and has not infringed the intellectual property rights of any
third party for the past year and no third party has infringed the intellectual property rights of the Target Company. 
 7.3 Data
protection. The Target Company has complied with all the applicable data protection laws, guidelines and industrial standards and neither the Transferor nor the Target Company has received any notification or charge claiming that the Target Company
has not complied with the above mentioned laws and regulations. 
  

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 VIII. Environment 
 The Target Company has been complying with the environment law and under no circumstances shall it be subject to any liability, obligation or duty arising under the environment law. 
  

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 Annex II 
 Limitations on Claims 
 1. Fair disclosure of the matters. If and only if (i) the facts,
matters, events or situations causing the claim have been fairly disclosed to the Transferee; or (ii) special provisions and reserves have been made for relevant matters in the accounts, the Transferor shall assume no responsibility for
relevant claims. 
 2. Time limit. Unless the Transferor receives the notification containing detailed information regarding the claims
(including the claimed amounted estimated by the transferred on an unbiased basis) from the Transferee within two years after the date of this Agreement, the Transferor shall assume no responsibility for relevant claims. 
 3. Maximum of the total amount of claim. The total responsibility assumed by the Transferor for all claims shall not exceed the total amount of
consideration it receives from the transfer of the Transferred Equity. 
 4. No repetitive recourse. The Transferee is not entitled to
receive damage compensation, payment, repayment, return or indemnification more than once for any one item of liability, loss, cost or deficiency, no matter whether the claim for such liability, loss, cost or deficiency has been made more than once.

  

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 Annex III 
 Definition 
 1. Definition: In the Agreement, the terms below are defined as follows: 
 Accounts: in terms of any financial year of the Target Company, “accounts” refers to the audited balance sheet and audited income
statement of the company by the settlement day of that financial year in a form discussed and agreed upon by the parties along with any annotation, report, explanation or document contained, appended or attached therein. 
 Last accounting day: September 30, 2007. 
 Affiliate company: for either party, it refers to any subsidiary and parent company of that party and any subsidiary of such parent company. 
 Working day: a day when banks in Beijing usually open up and handle the routine banking businesses and transactions (excluding Saturdays and
Sundays). 
 Claim: any claim filed against the guarantor’s breach of the provisions of this Agreement. 
 Exchange rate: for a given currency on a given date, exchange rate refers to the spot exchange rate (the middle rate at the closing) between that
currency and Renminbi according to the exchange rate released by People’s Bank of China at the closing of the working day in Beijing. 
 Intellectual property rights: refers to patents, trademarks, service logo, company logo, patterns, trade names, Internet domains, design right, copyright (including the copyright of computer software), spiritual right, database
right, semiconductor circuit right, utility model, know-how, and other types of intellectual property rights (be it registered or not) and all the rights and all forms of protection of the rights in any other country or region in the world, which
share the same or similar effect with the intellectual property rights in China. The word “registration” covers the meanings of “registration” and “application for registration”. 
 Material adverse change: refers to any event, situation, influence, accident, state of affair or the combination of two or more of the above
mentioned items (existing or occurring on, before or after the Agreement Dates), which will and/ or may, according to reasonable estimation, materially adversely affected the businesses, operations, assets, liabilities (including contingent
liabilities), financial conditions or prospects of the Target Company. 
 Parent company: refers to any company which directly or
through one or more companies indirectly owns the majority voting right of another company, or which is the shareholder of another company and directly or through one or more companies indirectly owns the power of appointing and removing majority
directors of the board of such company. 
 China: refers to People’s Republic of China. 
 RMB: refers to Renminbi, the legal currency of China. 
 Subsidiary: refers to any company which has a parent company. 
 Provisions surviving the
termination: refers to the Articles VII, VIII, IX, XI, XII, XIII, XIV and XV of this Agreement. 
  

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 Signature Page 
 (No body text on this page) 
 NOW, IN WITNESS HEREOF, the legal representatives or authorized representatives of the
Transferor and the Transferee hereby execute this Agreement on the date and venue indicated at the beginning of this Agreement. 
 China Telecommunication
Corporation (official seal) 
 Legal representative or authorized representative (signature): /s/ Wang
Xiaochu         
 China Telecom Corporation Limited (official seal) 
 Legal representative or authorized representative (signature): /s/ Wu
Andi                   
  

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