Document:

Exhibit 10.9

 

		CLIFFORD CHANCE 

                                                                        高 偉 紳 律 師 行

 

EXECUTION VERSION

 

FWD LIMITED

 

AND

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

 

 

 

AGENCY AGREEMENT

 

RELATING TO U.S.$325,000,000
5.00 PER CENT.

NOTES DUE 2024

 

 

 

 

    

    

    

 

CONTENTS

 

	Clause	Page
	 	 
	1.	Interpretation	1
	2. 	Appointment of the Agents	4
	3. 	The Notes; Authentication	5
	4.	Exchanges of Global Note Certificate for Individual Note Certificates	6
	5.	Transfers of Notes	6
	6.	Replacement Note Certificates	7
	7.	Payments to the Fiscal Agent	8
	8.	Payments to Noteholders	9
	9.	Miscellaneous Duties of the Agents	11
	10.	Fees and Expenses	15
	11.	Terms of Appointment	16
	12.	Changes in Agents	19
	13. 	Notices	21
	14. 	Law and Jurisdiction	22
	15.	Rights of Third Parties	23
	16. 	Modification	23
	17. 	Counterparts	23
	Schedule 1 Form of Global Note Certificate	24
	Schedule 2 Form of Individual Note Certificate	30
	Schedule 3 Terms and Conditions of the Notes	35
	Schedule 4 Provisions for Meetings of the Noteholders	49
	Schedule 5 Regulations Concerning Transfers and Registration of Notes	56
	Schedule 6 Form of Change of Control Put Option Notice	58
	Schedule 7 Change of Control Put Option Receipt	60
	Schedule 8 Specified Offices of the Agents	61

 

    

    

    

 

THIS AGREEMENT is made on 24 September 2014

 

BETWEEN

 

		(1)	FWD LIMITED, a company incorporated under the laws of the Cayman Islands (the "Issuer");

 

		(2)	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED as registrar (the "Registrar");

 

		(3)	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED as fiscal agent (the "Fiscal Agent");

 

		(4)	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED as transfer agent (the "Transfer
Agent");

 

		(5)	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.$ 325,000,000 in aggregate principal amount of
5.00 per cent. notes due 2024 (the "Notes").

 

		(B)	The Notes will be constituted by a deed of covenant dated 24 September 2014 (as amended or supplemented
from time to time, the "Deed of Covenant") entered into by the Issuer.

 

		(C)	The Notes 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 Notes will be represented by a global certificate (the "Global Note Certificate"),
which will be exchangeable for individual note certificates ("Individual Note Certificates" and, together with the Global
Note Certificate, "Note 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 Notes.

 

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 and the Paying Agents and "Agent" means any one of the Agents;

 

"Change of Control Put
Option Notice" means a notice of exercise relating to the put option contained in Conditions 5(c) (Redemption for
Change of Control), substantially in the form set out in Schedule 6 (Form of Change of Control Put Option Notice) or
such other form as may from time to time be agreed between the Issuer and the Fiscal Agent and distributed to each Agent;

 

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"Clearstream, Luxembourg" means
Clearstream Banking, société anonyme, Luxembourg;

 

"Clearing Systems" means Euroclear and Clearstream,
Luxembourg;

 

"Conditions" means the Terms
and Conditions of the Notes (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 S.A./N.V.;

 

"FATCA" means:

 

		(a)	Sections 1471 to 1474 of the US Internal Revenue Code of 1986 or any associated regulation, instruction
or other official guidance, as amended from time to time;

 

		(b)	Any treaty, law, regulation, instruction or other official guidance enacted or amended in any other jurisdiction,
or relating to an intergovernmental agreement between the United States and any other jurisdiction, which (in either case) facilitates
the implementation of paragraph (a) above;

 

		(c)	Any agreement pursuant to the implementation of paragraphs (a) or (b) above with the US Internal
Revenue Service, the US Government or any governmental or taxation authority in any other jurisdiction; or

 

		(d)	Any treaty, law, regulation, instruction or other official guidance analogous to paragraphs (a) or
(b) enacted or amended in any other jurisdiction from time to time, and any agreement pursuant to the implementation of any such
treaty, law, regulation, instruction or other official guidance with any governmental or taxation authority in any jurisdiction.

 

"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 " 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;

 

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"Regulations" means the
regulations concerning the transfer of Notes 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
Notes));

 

"Replacement Agent" means the Registrar;

 

"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 Notes 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);

 

"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 Note 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, or purchased under Condition 5(h) (Redemption
and Purchase - Purchase), and in either case has been cancelled in accordance with Condition 5(g) (Redemption and Purchase
- Cancellation);

 

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

 

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

 

		1.2.4	for the purposes of Schedule 4 (Provisions for Meetings of the Noteholders)
only, it is held by, or by any person for the benefit of, the Issuer;

 

Provided, however, that, for
the purposes of (i) ascertaining the right to attend and vote at any meeting of Noteholders and (ii) Condition 12
(Meetings of Noteholders; Modification) and Schedule 4 (Meetings), those Notes (if any) which are for the time being
held by any person (including but not limited to the Issuer or any Subsidiary for the benefit of the Issuer or any Subsidiary shall
(unless and until ceasing to be so held) be deemed not to remain outstanding.

 

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		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	Principal and interest

 

In this Agreement, any reference to
principal or interest 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 .

 

		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 Notes 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 Notes 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.

 

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		3.	THE NOTES; AUTHENTICATION

 

		3.1	Global Note Certificate

 

The Global Note Certificate shall:

 

		3.1.1	be in substantially the form set out in Schedule 1 (Form of Global
Note 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 Note Certificates

 

Each Individual Note Certificate shall:

 

		3.2.1	be in substantially the form set out in Schedule 2 (Form of Individual
Note 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 Primary Market Association or any successor body thereto.

 

		3.3	Signatures

 

Any signature on a Note Certificate
shall be that of a person who is at the time of the creation and issue of the Notes 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
Note Certificate is delivered.

 

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

 

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

 

		3.5	Availability of Individual Note Certificates

 

If the Issuer is required to deliver
Individual Note Certificates pursuant to the terms of the Global Note Certificate, the Issuer shall promptly arrange for a stock of Individual
Note 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 Note Certificates and Individual Note
Certificates as are required to enable the Registrar and the Replacement Agent to perform their respective obligations under Clause 4
(Exchanges of Global Note Certificates for Individual Note Certificates), Clause 5 (Transfers of Notes) and Clause 6 (Replacement
Note Certificates) to be made available to or to the order of the Registrar and the Replacement Agent from time to time.

 

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		3.6	Authority to authenticate

 

Each of the Registrar and the Replacement
Agent is authorised by the Issuer to authenticate the Global Note Certificate and the Individual Note Certificates by the signature of
any of its officers or any other person duly authorised for the purpose by the Registrar or (as the case may be) the Replacement Agent.

 

		3.7	Duties of the Registrar and the Replacement Agent

 

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

 

		4.	EXCHANGES OF GLOBAL NOTE CERTIFICATE FOR INDIVIDUAL NOTE CERTIFICATES

 

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

 

		5.	TRANSFERS OF NOTES

 

		5.1	Maintenance of the Register

 

The Registrar shall maintain in relation
to the Notes a register (the "Register"), which shall be kept 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 Note 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 Note Certificates and all replacements of Note Certificates.

 

		5.2	Registration of transfers in the Register

 

The Registrar shall receive requests
for the transfer of Notes 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 Notes

 

The Transfer Agent shall receive requests
for the transfer of Notes in accordance with the Conditions and the Regulations and assist, if required, in the issue of new Note 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 Notes to be transferred;

 

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		5.3.2	the name(s) and addresses to be entered on the Register of the Holder(s) of
the new Note 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 Note Certificate(s) to
be delivered in respect of such transfer

 

and shall forward the Note Certificate(s) relating to
the Notes to be transferred (with the relevant form(s) of transfer duly completed) to the Registrar with such notification.

 

		6.	REPLACEMENT NOTE CERTIFICATES

 

		6.1	Delivery of Replacements

 

Subject to receipt of replacement Global
Note Certificates and/or Individual Note Certificates (as the case may be), the Replacement Agent 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 Note Certificate or Individual Note Certificate which the Issuer
has determined to issue as a replacement for any Global Note Certificate or Individual Note 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 Replacement Agent shall not
deliver any Global Note Certificate or Individual Note Certificate as a replacement for any Global Note Certificate or Individual Note
Certificate which has been mutilated or defaced otherwise than against surrender of the same and shall not issue any replacement Global
Note Certificate or Individual Note Certificate until the applicant has furnished the Replacement Agent with such evidence and indemnity
as the Issuer and/or the Replacement Agent may reasonably require and has paid such costs and expenses as may be incurred in connection
with such replacement.

 

		6.2	Replacements to be Numbered

 

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

 

		6.3	Cancellation and destruction

 

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

 

		6.4	Notification

 

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

 

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		7.	PAYMENTS TO THE FISCAL AGENT

 

		7.1	Issuer to pay Fiscal Agent

 

In order to provide for the payment
of principal and interest in respect of the Notes 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) interest falling
due in respect of the Notes 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.

 

		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 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.

 

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 Noteholders) 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.

 

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		8.	PAYMENTS TO NOTEHOLDERS

 

		8.1	Payments by Paying Agents

 

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

 

		8.1.1	if any Global Note Certificate or Individual Note 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 Notes, 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 Note Certificate against presentation
and surrender of which it has made full payment and shall deliver each Note Certificate so cancelled by it to, or to the order of, the
Registrar and in the case of full payment in respect of the Global Note Certificate the Registrar shall instruct the Common Safekeeper
to destroy such Global Note Certificate; 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 FATCA or 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 authorities for the amount so withheld or deducted.

 

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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 Note Certificate in relation to which payment of principal or interest 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 Notes or to any other Paying Agent at a time when it has not received payment in full in respect of the relevant Notes (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 Notes, 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 Note Certificate or any Individual Note 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 interest is paid in respect of the Notes, the Registrar will note
on the Register a memorandum of the amount and date of any payment then made and, if the Global Note Certificate or any Individual Note
Certificate is presented for payment in accordance with the Conditions and no payment is then made, the date of presentation of the Global
Note Certificate or (as the case may be) such Individual Note 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 at all reasonable
times by the Issuer and the other Agents and, in particular the Registrar shall (a) maintain a record of all Note 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 Notes 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 Note 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	Notes in issue

 

As soon as practicable (and in any event
within three months) after each date on which Notes fall due for redemption, the Registrar shall notify the Issuer of the serial numbers
and principal amount of any Note Certificates against surrender of which payment has been made and of the serial numbers and principal
amount of any Note 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 Noteholder 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 Noteholders 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 Notes 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 Notes, the documents contemplated under Condition 5(b) (Redemption for tax reasons); and

 

		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.

 

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 Note, 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 Noteholders) 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.

 

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		9.9	Exercise of Change of Control Put Option

 

Each Agent shall make available to
Noteholders, during the period specified in Condition 5(c) (Redemption for Change of Control) for the deposit of Change
of Control Put Option Notices, forms of Change of Control Put Option Notice upon request during usual business hours at its
Specified Office. Upon receipt by a Paying Agent of a duly completed Change of Control Put Option Notice and, in the case of a
Change of Control Put Option Notice relating to Notes evidenced by a Individual Note Certificate, such Individual Note Certificate
in accordance with Condition 5(c) (Redemption for Change of Control), such Paying Agent shall notify the Issuer and (in
the case of the Paying Agent) the Fiscal Agent thereof indicating the principal amount of the Notes in respect of which the Change
of Control Put Option is exercised and the serial number of the Note Certificate evidencing such Notes. Any such Paying Agent with
which an Individual Note Certificate is deposited shall deliver a duly completed Change of Control Put Option Receipt to the
depositing Noteholder and shall hold such Individual Note Certificate on behalf of the depositing Noteholder (but shall not, save as
provided below or in the Conditions, release it) until the relevant Change of Control Put Date, when it shall present such
Individual Note Certificate to itself for payment of the redemption moneys therefor and interest (if any) accrued to such date in
accordance with the Conditions and Clause 8 (Payments to Noteholders) and pay such amounts in accordance with the directions
of the Noteholder contained in the Change of Control Put Option Notice; provided, however, that if, prior to such Change of Control
Put Date, the Notes evidenced by such Individual Note Certificate become immediately due and payable or upon due presentation of
such Individual Note Certificate payment of such redemption moneys is improperly withheld or refused, the relevant Paying Agent
shall, without prejudice to the exercise of the Change of Control Put Option, return such Note Certificate to the Noteholder by
mailing such Note Certificate by uninsured post to, and at the risk of, the Noteholder at such address as may have been given by
such Noteholder in the relevant Change of Control Put Option Notice. Any Paying Agent which receives a Change of Control Put Option
Notice in respect of Notes represented by the Global Note Certificate shall make payment of the relevant redemption moneys and
interest accrued to the Change of Control Put Date in accordance with the Conditions, Clause 8 (Payments to Noteholders) and
the terms of the Global Note Certificate.

 

		9.10	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.

 

		9.11	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).

 

		9.12	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

 

    - 13 -

     

    

 

		9.13	Force Majeure

 

The liability of the Agent 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.

 

		9.14	Compliance

 

Notwithstanding any other provision
of this Agreement, the Agent shall be entitled to take any action or to refuse to take any action which the Agent regards as necessary
for the Agent to comply with any applicable law, regulation or fiscal requirement or FATCA, or the rules, operating procedures or market
practice of any relevant stock exchange or other market or clearing system.

 

		9.15	Information collection and sharing

 

The Issuer agrees to provide to the
Agent, and consents to the collection and processing by the Agent of, any authorisations, waivers, forms, documentation and other information,
relating to its status (or the status of its direct or indirect owners) or otherwise required to be reported, under FATCA ("FATCA
Information"). The Issuer further consents to the disclosure, transfer and reporting of such FATCA Information to any relevant
government or taxing authority, any member of the HSBC Group, any sub-contractors, agents, service providers or associates of the HSBC
Group, and any person making payments to the Agent or a member of the HSBC Group including transfers to jurisdictions which do not have
strict data protection or similar laws, to the extent that the Agent reasonably determines that such disclosure, transfer or reporting
is necessary or warranted to facilitate compliance with FATCA. The Issuer agrees to inform the Agent promptly, and in any event, within
30 days in writing if there are any changes to the FATCA Information supplied to the Agent from time to time. The Issuer warrants that
each person whose FATCA Information it provides (or has provided) to the Agent has been notified of and agreed to, and has been given
such other information as may be necessary to permit, the collection, processing, disclosure, transfer and reporting of their information
as set out in this paragraph. The obligations imposed on the Issuer under this Clause 9.15 are limited to the extent that the Issuer has
the relevant information in its possession or control and that provision of the information to the Agent will not result in any breach
of this Agreement, the Deed of Covenant, the Conditions, or any applicable law. For the purposes of this clause, the "HSBC Group"
means HSBC Holdings plc, its subsidiaries and associated companies.

 

		9.16	Witholding tax

 

If the Issuer or the Agent is, in respect
of any payment in respect of the Notes, required to withhold or deduct any amount for or on account of any taxes, duties, assessments
or governmental charges, the Issuer shall give written notice of that fact to the Agent as soon as the Issuer becomes aware of the requirement
to make the withholding or deduction and shall give to the Agent such information as the Agent shall require to enable it to assess and
comply with the requirement.

 

    - 14 -

     

    

 

		9.17	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.

 

		9.18	Illegality

 

In the event that the Agent should be
uncertain as to its duties or rights hereunder 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 refrain from taking any action until it is directed in writing
by a final order or judgment of a court of competent jurisdiction.

 

		9.19	Assignment

 

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

 

		9.20	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.

 

		9.21	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.

 

		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).

 

    - 15 -

     

    

 

		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 including,
without limitation, FATCA. 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.

 

		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 Note Certificate relating to
any Note by any person (other than a duly executed form of transfer), treat the registered Holder of any Note 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 Note Certificate and each Individual
Note 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

 

    - 16 -

     

    

 

		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).

 

		11.2	Extent of duties

 

Each Agent shall only be obliged to
perform the duties 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 for or with any person; or

 

		11.2.2	be responsible for or liable in respect of the legality, validity or enforceability
of the Notes or any Note 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 Notes 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 Note 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, action, liability, damages,
penalties, cost, loss or expense disbursements, and other liabilities whatsoever (the "Losses"), (including,
without limitation, legal fees and 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 Agents shall not in any event be liable under any circumstances for special, indirect, punitive or consequential
loss or damage of any kind whatsoever (including but not limited to loss of business, goodwill, opportunity 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

 

The Agent may take and instruct any
agent or delegate to take any action which it in its sole discretion considers appropriate so as to comply with any applicable law, regulation,
request of a public or regulatory authority or any HSBC Group policy which relates to the prevention of fraud, money laundering, terrorism
or other criminal activities or the provision of financial and other services to sanctioned persons or entities. Such action may include
but is not limited to the interception and investigation of transactions on the depositor's accounts (particularly those involving the
international transfer of funds) including the source of the intended recipient of fund paid into or out of the depositor's accounts.
In certain circumstances, such action may delay or prevent the processing of the depositor's instructions, the settlement of transactions
over the depositor's accounts or the Agent's performance of its obligations under this Agreement. Where possible, the Agent will endeavour
to notify the depositor of the existence of such circumstances. Neither the Agent nor any agent or delegate will be liable for any loss
(whether direct or consequential and including, without limitation, loss of profit or interest) caused in whole or in part by any actions
which are taken by the Agent or any agent or delegate pursuant to this clause. For the purposes of this clause, the "HSBC Group"
means HSBC Holdings plc, its subsidiaries and associated companies."

 

    - 18 -

     

    

 

		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 the maturity date or other date for redemption of the Notes or any interest payment date in relation to the Notes, 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 Noteholders.

 

		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 Noteholders.

 

		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).

 

    - 19 -

     

    

 

		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 Noteholders, 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 Noteholders,
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.

 

		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 Note 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.

 

    - 20 -

     

    

 

		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 Noteholders.

 

		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 Noteholders.

 

		13.	NOTICES

 

		13.1	Addresses for notices

 

All notices and communications hereunder
shall be made in writing (by letter, or fax) and shall be sent as follows:

 

		13.1.1	if to the Issuer, to it at:

 

FWD Limited

22/F, FWD Financial Centre

308 Des Voeux Road Central

Hong Kong

 

		Fax:	[***]

 

		Attention:	[***]

 

		13.1.2	if to an Agent, to it at the address or fax number specified against
                                                                  its name in Schedule 8 (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 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.

 

    - 21 -

     

    

 

 

		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 Noteholders

 

Any notice required to be given to Noteholders
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 Notes are represented by the Global Note Certificate, notices to Noteholders shall be given in accordance with the terms
of the Global Note Certificate.

 

		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.

 

    - 22 -

     

    

 

		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.

 

		16.	MODIFICATION

 

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

 

		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.

 

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SCHEDULE 1

FORM OF GLOBAL NOTE CERTIFICATE

 

[THE NOTES 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 NOTES REPRESENTED HEREBY, AGREES FOR THE BENEFIT OF THE ISSUER
THAT THE NOTES REPRESENTED HEREBY MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES
ACT AND OTHER APPLICABLE LAWS.]

 

ISIN: XS1106513762

 

FWD LIMITED

 

(incorporated with limited liability
under the laws of the Cayman Islands)

 

U.S.$325,000,000

5.00 per cent. Notes due 2024

 

GLOBAL NOTE CERTIFICATE

 

		1.	Introduction: This Global Note Certificate is issued in respect of the U.S.$325,000,000 5.00 per
cent. notes due 2024 (the "Notes") of FWD Limited (the "Issuer"). The Notes are constituted by a deed
of covenant dated 24 September 2014 (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 24 September 2014 (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
Notes), 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 Notes 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 Notes (the "Register") as the duly registered holder (the "Holder") of

 

U.S.$325,000,000

(THREE HUNDRED AND TWENTY
FIVE MILLION UNITED STATES DOLLARS)

 

in aggregate principal amount of Notes
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
Note Certificate.

 

    - 24 -

     

    

 

		4.	Promise to pay: The Issuer, for value received, hereby promises to pay such principal sum to the
Holder on 24 September 2024 or on such earlier date or dates as the same may become payable in accordance with the Conditions, and
to pay interest 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.

 

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

 

		(a)	Euroclear Bank S.A./N.V. ("Euroclear") or Clearstream Banking, société
anonyme, Luxembourg ("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)	any of the circumstances described in Condition 8 (Events of Default) occurs. Such exchange shall
be effected in accordance with paragraph 7 (Delivery of Individual Note 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 Note Certificates or to pay: If

 

		(a)	Individual Note 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
Note Certificates) below; or

 

		(b)	any of the Notes evidenced by this Global Note Certificate has become due and payable in accordance with
the Conditions or the date for final redemption of the Notes has occurred and, in either case, payment in full of the amount of principal
falling due with all accrued interest thereon has not been made to the Holder on the due date for payment in accordance with the terms
of this Global Note Certificate,

 

then, at 5.00 pm (London time) on such
thirtieth day (in the case of paragraph (a) above) or at 5.00 pm (London time) on such due date (in the case of paragraph (b) above)
(in each case, 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.

 

    - 25 -

     

    

 

		7.	Delivery of Individual Note Certificates: Whenever this Global Note Certificate is to be exchanged
for Individual Note Certificates, such Individual Note Certificates shall be issued in an aggregate principal amount equal to the principal
amount of this Global Note 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 Note Certificates (including,
without limitation, the names and addresses of the persons in whose names the Individual Note Certificates are to be registered and the
principal amount of each such person's holding) against the surrender of this Global Note 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 Notes 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 Note Certificate,
so long as this Global Note 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 Note 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 Note Certificate is being held is open for business.

 

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

 

		10.	Exercise of Put Option: In order to exercise the option contained in Condition 5(c) (Redemption
at the option of Noteholders) (the "Put Option"), the Holder must, within the period specified in the Conditions
for the deposit of the relevant Note Certificate and put notice, give written notice of such exercise to any Paying Agent specifying the
principal amount of Notes in respect of which the Put Option is being exercised. Any such notice shall be irrevocable and may not be withdrawn.

 

    - 26 -

     

    

 

		11.	Exercise of Call Option: In connection with an exercise of the option contained in Condition 5(d) (Redemption
at the option of the Issuer), the Notes represented by this Global Note Certificate may be redeemed in whole, but not in part, at
the Make Whole Redemption Price, together with interest accrued but unpaid to the date fixed for redemption, as specified in the Conditions
and the Notes to be redeemed will not be selected as provided in the Conditions.

 

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

 

		13.	Determination of entitlement: This Global Note 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 Note Certificate.

 

		14.	Authentication: This Global Note 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.

 

		15.	Governing law: This Global Note 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)	 

 

    - 27 -

     

    

 

FORM OF TRANSFER

 

FOR VALUE RECEIVED ..............................................................................,
being the registered holder of this Global Note Certificate, hereby transfers to............................................................................................................................................................................................................................................of...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................,
       U.S.      dollars ..................................... in principal amount of the U.S.$325,000,000 5.00 per cent. Notes due 2024 (the "Notes")
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 Notes (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)	 

 

Notes

 

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 Note 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 Notes shall be in an amount equal to U.S.$200,000 or an integral multiple of U.S.$1,000
in excess thereof.

 

    - 28 -

     

    

 

[Attached to the Global Note 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

 

    - 29 -

     

    

 

 

SCHEDULE 2

FORM OF INDIVIDUAL NOTE CERTIFICATE

 

[THE NOTES 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 NOTES REPRESENTED HEREBY, AGREES FOR THE BENEFIT OF THE ISSUER
THAT THE NOTES 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.$325,000,000

 

5.00 per cent. Notes due 2024

 

This Note Certificate is issued in respect of
the U.S.$325,000,000 5.00 per cent. notes due 2024 (the "Notes") of FWD Limited (the "Issuer"). The
Notes are constituted by a deed of covenant dated 24 September 2014 and are the subject of an agency agreement (as amended or supplemented
from time to time, the "Agency Agreement") dated 24 September 2014 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 Notes), 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 Notes 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 Notes (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.$325,000,000

 

(THREE HUNDRED AND TWENTY FIVE MILLION UNITED STATES DOLLARS)

 

    - 30 -

     

    

 

in aggregate principal amount of the Notes.

 

The Issuer, for value received, hereby promises
to pay such principal sum to the Holder on 24 September 2024 or on such earlier date or dates as the same may become payable in accordance
with the Conditions, and to pay interest 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.

 

This Note 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 Note Certificate.

 

This Note 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.

 

    - 31 -

     

    

 

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)	 

 

    - 32 -

     

    

 

FORM OF TRANSFER

 

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

of...................................................................................................................................................
....................................................................................................................................................................................................... U.S. dollars ..................................... in principal amount of the
U.S.$325,000,000 5.00 per cent. Notes due 2024 (the "Notes") 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 Notes (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)	 
	 	 	 

Notes

 

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 Note 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 Notes shall be in an amount equal to U.S.$200,000 or any integral multiple of U.S.$1,000
in excess thereof.

 

    - 33 -

     

    

 

[Attached to each Note 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

 

    - 34 -

     

    

 

SCHEDULE 3

TERMS AND CONDITIONS OF THE NOTES

 

The following other than the words in italics
is the text of the terms and conditions of the Notes which will appear on the reverse of each of the definitive certificates evidencing
the Notes.

 

The U.S.$325,000,000 5.00 per cent. Notes due
2024 (the "Notes", which expression includes any further notes 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 24 September 2014
(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 24 September 2014 (as amended or supplemented from time to time, the "Fiscal 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 Notes), 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 Notes), the transfer agents named therein (the "Transfer Agents", which expression includes
any successor or additional transfer agents appointed from time to time in connection with the Notes) and 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 Notes). References herein to the "Agents" are to the Registrar, the
Fiscal Agent, the Transfer Agents and the Paying Agents 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 Fiscal Agency Agreement and the Deed
of Covenant and subject to their detailed provisions. The Noteholders (as defined below) are bound by, and are deemed to have notice of,
all the provisions of the Fiscal Agency Agreement and the Deed of Covenant applicable to them. Copies of the Fiscal Agency Agreement and
the Deed of Covenant are available for inspection by Noteholders during normal business hours at the Specified Offices (as defined in
the Fiscal Agency Agreement) of each of the Agents, the initial Specified Offices of which are set out below.

 

		1.	Form, Denomination and Status

 

		(a)	Form and denomination: The Notes 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").

 

		(b)	Status of the Notes: The Notes constitute direct, general, unconditional, unsubordinated and (subject
to Condition 3 (Negative Pledge)) unsecured obligations of the Issuer which will at all times rank pari passu without any
preference or priority among themselves and at least pari passu with all other present and future unsecured and unsubordinated
obligations of the Issuer, save for such obligations as may be preferred by provisions of law that are both mandatory and of general application.

 

		2.	Register, Title and Transfers

 

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

 

		(b)	Title: The Holder of each Note shall (except as otherwise required by law) be treated as the absolute
owner of such Note 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 Note Certificate relating thereto (other than the endorsed form of transfer) or any notice of any previous
loss or theft of such Note 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 Notes under the Contracts (Rights of Third Parties) Act 1999.

 

    - 35 -

     

    

 

		(c)	Transfers: Subject to paragraphs (f) (Closed
periods) and (g) (Regulations concerning transfers and registration) below, a Note may be transferred upon surrender
of the relevant Note Certificate, with the endorsed form of transfer duly completed and signed by the Noteholder or his attorney duly
authorised in writing, 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 Note may not be transferred unless the principal amount of Notes
transferred and (where not all of the Notes held by a Holder are being transferred) the principal amount of the balance of Notes not
transferred are Authorised Denominations. Where not all the Notes represented by the surrendered Note Certificate are the subject of
the transfer, a new Note Certificate in respect of the balance of the Notes will be issued to the transferor. No transfer of title to
a Note will be valid unless and until entered on the Register.

 

		(d)	Registration and delivery of Note Certificates: Within five business days of the surrender of a
Note Certificate in accordance with paragraph (c) (Transfers) above, the Registrar will register the transfer in question
and deliver a new Note Certificate of a like principal amount to the Notes 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 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.

 

		(e)	No charge: The transfer of a Note 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 in connection with such transfer.

 

		(f)	Closed periods: Noteholders may not require transfers of a Note to be registered:

 

		(i)	during the period of 15 calendar days ending on the due date for any payment of principal or interest
in respect of the Notes;

 

		(ii)	during the period of 15 calendar days ending on any date on which Notes may be called for redemption by
the Issuer at its option pursuant to Condition 5(b) (Redemption for tax reasons) or Condition 5(d) (Redemption at
the option of the Issuer); and

 

		(iii)	after a Put Exercise Notice has been delivered in respect of the relevant Note(s) in accordance with
Condition 5(c) (Redemption for Change of Control Trigger Event).

 

		(g)	Regulations concerning transfers and registration: All transfers of Notes and entries on the Register
are subject to the detailed regulations concerning the transfer of Notes scheduled to the Fiscal Agency Agreement. The regulations may
be changed by the Issuer with the prior written approval of the Fiscal Agent and the Registrar. A copy of the current regulations will
be mailed (free of charge to the Holder and at the Issuer's expense) by the Registrar to any Noteholder who requests in writing a copy
of such regulations.

 

		3.	Undertakings

 

		(a)	Negative Pledge: So long as any Note remains outstanding (as defined in the Fiscal Agency Agreement), the Issuer shall not, and
the Issuer shall procure that none of its Principal Subsidiaries will, create or permit to subsist any Security Interest, other than a
Permitted Security Interest, upon the whole or any part of its present or future undertakings, assets or revenues (including uncalled
capital) to secure any Relevant Indebtedness or Guarantee of Relevant Indebtedness without (a) at the same time or prior thereto
securing the Notes equally and rateably therewith or (b) providing such other security for the Notes as may be approved by an Extraordinary
Resolution (as defined in the Agency Agreement) of Noteholders.

 

In these Conditions:

 

"Guarantee" means, in
relation to any Indebtedness of any Person, any obligation of another Person to pay such Indebtedness including (without limitation):

 

		(i)	any obligation to purchase such Indebtedness;

 

    - 36 -

     

    

 

		(ii)	any obligation to lend money, to purchase or subscribe shares or other securities or to purchase assets
or services in order to provide funds for the payment of such Indebtedness;

 

		(iii)	any indemnity against the consequences of a default in the payment of such Indebtedness; and

 

		(iv)	any other agreement to be responsible for such Indebtedness;

 

			“Indebtedness"
                                            means any indebtedness of any Person for money borrowed or raised including (without limitation)
                                            any indebtedness for or in respect of:

 

		(i)	amounts raised by acceptance under any acceptance credit facility;

 

		(ii)	amounts raised under any note purchase facility;

 

		(iii)	the amount of any liability in respect of leases or hire purchase contracts which would, in accordance
with applicable law and generally accepted accounting principles, be treated as finance or capital leases;

 

		(iv)	the amount of any liability in respect of any purchase price for assets or services the payment of which
is deferred for a period in excess of 60 days; and

 

		(v)	amounts raised under any other transaction (including, without limitation, any forward sale or purchase
agreement) having the commercial effect of a borrowing;

 

		“Permitted Security Interest" means (i) any Security
                             Interest over any assets (or related documents of title) purchased by the Issuer or any Principal Subsidiary
                             as security for all or part of the purchase price of such assets and any substitute Security Interest created
                             on those assets in connection with the refinancing (together with interest, fees and other charges attributable
                             to such refinancing) of the indebtedness secured on those assets; and (ii) any Security Interest over
                             any assets (or related documents of title) purchased by the Issuer or any Principal Subsidiary subject to
                             such Security Interest and any substitute Security Interest created on those assets in connection with the
                             refinancing (together with interest, fees and other charges attributable to such refinancing) of the indebtedness
                             secured on those assets, provided, however, that (A) any such Security shall be confined to
                             the property or assets purchased, (B) the principal amount of the debt encumbered by such Security
                             Interest shall not exceed the cost of the purchase or development of such assets or any improvements thereto
                             (including any construction, repair or alteration) or thereon; and (C) any such Security Interest shall
                             be created concurrently with or within six months following the purchase of such assets;

 

			“Person"
                                            means any individual, company, corporation, firm, partnership, joint venture, association,
                                            organisation, state or agency of a state or other entity, whether or not having separate
                                            legal personality;

 

			“Principal Subsidiary"
                                            means a Subsidiary of the Issuer:

 

		(i)	as to which one or more of the following conditions is satisfied:

 

		(A)	its net profit or (in the case of a Subsidiary of the Issuer which has Subsidiaries) consolidated net
profit attributable to the Issuer (in each case before taxation and exceptional items) is at least 5 per cent. of the consolidated net
profit of the Issuer and its Subsidiaries (before taxation and exceptional items), but in each case after deducting minority interests
in Subsidiaries; or

 

		(B)	its net assets or (in the case of a Subsidiary of the Issuer which has Subsidiaries) consolidated
                                                                                                 net assets attributable to the Issuer (in each case after deducting minority interests in Subsidiaries) are at least 5 per cent. of
                                                                                                 the consolidated net assets (after deducting minority interests
in Subsidiaries) of the Issuer and its Subsidiaries; or

 

    - 37 -

     

    

 

		(C)	its gross revenue or (in the case of a Subsidiary of the Issuer which has Subsidiaries) consolidated gross
revenue attributable to the Issuer is at least 5 per cent. of the consolidated gross revenue of the Issuer and its Subsidiaries,

 

all as calculated by reference to the
then latest audited financial statements (consolidated or, as the case may be, unconsolidated) of the Subsidiary of the Issuer and the
then latest audited financial statements of the Issuer provided that: (A) in the case of a Subsidiary of the Issuer acquired
after the end of the financial period to which the then latest relevant audited accounts relate, the reference to the then latest audited
accounts for the purposes of the calculation above shall, until audited accounts for the financial period in which the acquisition is
made are published, be deemed to be a reference to the accounts adjusted to consolidate the latest audited accounts of the Subsidiary
in the accounts; (B) if, in the case of a Subsidiary of the Issuer which itself has one or more Subsidiaries, no consolidated accounts
are prepared and audited, its consolidated net assets, consolidated net profits and consolidated revenue shall be determined on the basis
of pro forma consolidated accounts of the relevant Subsidiary and its Subsidiaries prepared for this purpose by the Issuer; (C) if
the accounts of a Subsidiary of the Issuer (not being a Subsidiary referred to in (A) above) are not consolidated with those of the
Issuer then the determination of whether or not the Subsidiary of the Issuer is a Principal Subsidiary shall, if the Issuer requires,
be based on a pro forma consolidation of its accounts (consolidated, if appropriate) with the consolidated accounts of the Issuer
and its Subsidiaries; or

 

		(ii)	to which is transferred all or substantially all of the assets of a Subsidiary of the Issuer which immediately
prior to the transfer was a Principal Subsidiary, provided that, with effect from such transfer, the Subsidiary which so transfers
its assets and undertakings shall cease to be a Principal Subsidiary (but without prejudice to paragraph (a) above) and the Subsidiary
of the Issuer to which the assets are so transferred shall become a Principal Subsidiary,

 

and where a certificate of the auditors
of the Issuer as to whether or not a Subsidiary is a Principal Subsidiary shall be conclusive and binding on all parties in the absence
of manifest error;

 

"Relevant Indebtedness"
means any Indebtedness which is in the form of or represented by any bond, note, debenture, debenture stock, loan stock, certificate or
other instrument which is, or is capable of being, listed, quoted or traded on any stock exchange or in any securities market (including,
without limitation, any over-the-counter market);

 

"Security Interest"
means any mortgage, charge, pledge, lien or other security interest including, without limitation, anything analogous to any of the foregoing
under the laws of any jurisdiction; and

 

"Subsidiary" means,
in relation to any Person (the "first Person") at any particular time, any other Person (the "second Person"):

 

		(i)	whose affairs and policies the first Person controls or has the power to control, whether by ownership
of share capital, contract, the power to appoint or remove members of the governing body of the second Person or otherwise; or

 

		(ii)	whose financial statements are, in accordance with applicable law and generally accepted accounting principles,
consolidated with those of the first Person.

 

		(b)	Information Undertaking: So long as any Note 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 consolidatesd financial statements from the
end of the fiscal period to which they relate.

  

    - 38 -

     

    

 

		4.	Interest

 

The Notes bear interest from 24 September 2014
(the " Issue Date") at the rate of 5.00 per cent, per annum, (the "Rate of Interest") payable semi-annually
in arrears on 24 March and 24 September in each year (each, an "Interest Payment Date"), subject as provided
in Condition 6 (Payments).

 

Each Note will cease to bear interest
from the due date for redemption unless, upon due presentation, payment of principal is improperly withheld or refused, in which case
it will continue to bear interest at such rate (both before and after judgment) until whichever is the earlier of (a) the day on
which all sums due in respect of such Note up to that day are received by or on behalf of the relevant Noteholder and (b) the day
which is seven days after the Fiscal Agent has notified the Noteholders that it has received all sums due in respect of the Notes up to
such seventh day (except to the extent that there is any subsequent default in payment to the relevant Noteholder under these Conditions).

 

The amount of interest payable on each
Interest Payment Date shall be U.S.$5,000 in respect of each Note of U.S.$200,000 denomination and U.S.$25 in respect of each Note of
U.S.$1,000 denomination. If interest is required to be paid in respect of a Note on any other date, it shall be calculated by applying
the Rate of Interest 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 Note 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 calculated on a formula basis as follows:

 

where:

 

"Y1"
is the year, expressed as a number, in which the first day of the Calculation Period falls;

 

"Y2"
is the year, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

 

"M1"
is the calendar month, expressed as a number, in which the first day of the Calculation Period falls;

 

"M2"
is the calendar month, expressed as number, in which the day immediately following the last day included in the Calculation Period falls;

 

"D1"
is the first calendar day, expressed as a number, of the Calculation Period, unless such number would be 31, in which case D1
will be 30; and

 

"D2"
is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless such number
would be 31 and D1 is greater than 29, in which case D2
will be 30".

 

		5.	Redemption and Purchase

 

		(a)	Scheduled redemption: Unless previously redeemed, or purchased and cancelled in accordance with
the Conditions, the Notes will be redeemed at their principal amount on 24 September 2024 (the "Maturity Date"),
subject as provided in Condition 6 (Payments).

 

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		(b)	Redemption for tax reasons: The Notes may be 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 Noteholders (which notice shall be irrevocable)
at their principal amount, together with interest accrued to the date fixed for redemption, if:

 

		(i)	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, 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, which change or amendment becomes effective on or after 17 September 2014; and

 

		(ii)	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 Notes were then due.

 

Prior to the publication of any notice
of redemption pursuant to this paragraph, the Issuer shall deliver to the Fiscal Agent:

 

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

 

		(ii)	an opinion of independent legal advisers of recognised standing to the effect that the Issuer has or will
become obliged to pay Additional Amounts as a result of such change or amendment (an "Opinion").

 

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

 

		(c)	Redemption for Change of Control: Following the occurrence of a Change of Control, the Issuer shall
give notice to Holders and the Fiscal Agent in accordance with Condition 14 (Notices) by not later than 14 days following the first
day on which it becomes aware of the occurrence of a Change of Control, which notice shall specify the procedure for exercise by holders
of their rights to require redemption of the Notes pursuant to this Condition 5(c) (Redemption for Change of Control), and
the Holder of any Note will have the right at any time following the occurrence of a Change of Control, at such Holder's option, to require
the Issuer to redeem all but not some only of that Holder's Notes on the Change of Control Put Date at 101 per cent., of its principal amount,
together with accrued interest up to, but excluding the Change of Control Put Date. To exercise such right, the Holder of the relevant
Note must deposit at the Specified Office of any Paying Agent a duly completed and signed notice of redemption, in the form for the time
being current, obtainable from the Specified Office of any Paying Agent (a "Put Exercise Notice"), together with the
Note Certificates evidencing the Notes to be redeemed by not later than 30 days following a Change of Control, or, if later, 30 days following
the date upon which notice thereof is given to Noteholders by the Issuer in accordance with Condition 14 (Notices). The "Change
of Control Put Date" shall be the 14th day after the expiry of such period of 30 days as referred to above.

 

			A Put Exercise Notice, once delivered, shall be irrevocable and the Issuer shall redeem the Notes
                                                                            subject to the Put Exercise Notices delivered as aforesaid.

 

			In this Condition on 5(c) (Redemption for Change of Control):

 

			“Affiliate"
                                            means, with respect to any Person, any other Person directly or indirectly controlling, controlled
                                            by, or under direct or indirect common control with, such Person;

 

    - 40 -

     

    

 

a "Change of Control" occurs when:

 

		(a)	Mr. Richard Li ceases to Control the Issuer;

 

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

 

		(c)	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; and

 

"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.

 

		(d)	Redemption at the option of the Issuer: The Issuer may, at any time, on giving not less than 15
days' nor more than 30 days' notice to the Holders, the Registrar and the Fiscal Agent (which shall be irrevocable), redeem the Notes
in whole, but not in part, at their Make Whole Redemption Price, together with interest accrued but unpaid to the date fixed for redemption.

 

      For the purpose of this Condition 5(d) (Redemption
at the option of the Issuer):

 

"business day" means
any day on which banks are open for general business (including dealings in foreign currencies) in Hong Kong and New York City;

 

"Comparable Treasury Issue"
means the United States Treasury selected by the Determination Agent as having a maturity comparable to the remaining term of the Notes
from the relevant date fixed for redemption to the Maturity Date, that would be utilised, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of a maturity most nearly equal to the Maturity Date;

 

"Comparable Treasury Price"
means, with respect to any redemption date, the average of three, or such lesser number as is obtained by the Determination Agent, Reference
Treasury Dealer Quotations for the relevant date fixed for redemption of the Notes;

 

"Determination Agent "
means an independent investment bank of international repute, appointed by the Issuer (and notice thereof is given to Holders of the Notes
and the Fiscal Agent by the Issuer in accordance with Condition 14 (Notices)) for the purposes of performing any of the functions
expressed to be performed by it under these Conditions;

 

"Interest Period" means
each period from, and including, the Issue Date or an Interest Payment Date to, but excluding, the immediately following Interest Payment
Date or, as the case may be, the Maturity Date;

 

"Make Whole Redemption Price"
means in respect of each Note, (a) the principal amount of such Note or, if this is higher (b) the amount equal to the sum of
the present value of the principal amount of such Note, together with the present values of the interest payable for the relevant Interest
Periods from the relevant date fixed for redemption to the Maturity Date, in each case, discounted to such redemption date on a semi-annual
compounded basis at the adjusted US Treasury Rate plus 0.50 per cent., all as determined by the Determination Agent;

 

"Reference Treasury Dealer"
means each of the three nationally recognised investment banking firms selected by the Determination Agent that are primary US Government
securities dealers;

 

    - 41 -

     

    

 

"Reference Treasury Dealer Quotations"
means with respect to each Reference Treasury Dealer and any date fixed for redemption of the Notes, the average, as determined by the
Determination 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 Determination Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time on the third business
day immediately preceding such due date for redemption; and

 

"U.S. Treasury Rate"
means either (a) the rate per annum equal to the yield, that represents the average for the week immediately preceding that in which
the third business day prior to the relevant date fixed for redemption falls, appearing in the most recently published statistical release
designated "H.15(519)" 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 United States Treasury securities adjusted to constant maturity under the caption
 "Treasury Constant Maturities" for the maturity corresponding to the Comparable Treasury Issue provided that (a) if
no maturity appears that is within three months before or after the Maturity Date, yields for the two published maturities most closely
corresponding to the Comparable Treasury Issue shall be determined and the US Treasury Rate shall be interpolated or extrapolated from
such yields on a straight- line basis, and (b) if such release (or any successor release) is not published during the week preceding
that in which the third business day prior to the relevant date falls or such release (or successor release) does not contain such yields,
the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue (expressed as a percentage of
its principal amount) equal to the Comparable Treasury Price for the relevant date fixed for redemption, in each case calculated on the
third business day immediately preceding the relevant date fixed for redemption.

 

Any reference in these Conditions to principal
and/or interest shall be deemed to include any Make Whole Redemption Price which may be payable under this Condition 5(d) (Redemption
at the option of the Issuer).

 

		(e)	Notice of Redemption: All Notes in respect of which any notice of redemption is given under this
Condition 5 (Redemption and Purchase) shall be redeemed on the date specified in such notice in accordance with this Condition
5 (Redemption and Purchase). If there is more than one notice of redemption given in respect of any Note (which shall include any
notice given by the Issuer pursuant to Condition 5(b) (Redemption for tax reasons), 5(d) (Redemption at the option
of the Issuer) or any Put Exercise Notice given by a Noteholder pursuant to Condition 5(c) (Redemption for Change of Control
Trigger Event)) the notice given first in time shall prevail and in the event of two notices being given on the same date, the first
to be given.

 

		(f)	No other redemption: The Issuer shall not be entitled to redeem the Notes otherwise than as provided
in paragraphs (a) (Scheduled redemption) to (d) (Redemption at the option of the Issuer) above.

 

		(g)	Purchase: The Issuer or any of its Subsidiaries may at any time purchase Notes in the open market
or otherwise and at any price.

 

		(h)	Cancellation: All Notes so redeemed or purchased by the Issuer or any of its Subsidiaries shall
be cancelled and may not be reissued or resold.

 

		6.	Payments

 

		(a)	Principal: Payments of principal shall be made by U.S. dollar cheque drawn on, or, upon application
by a Holder of a Note 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 maintained by the payee with, a bank in New York City and (in the case of redemption) upon surrender
(or, in the case of part payment only, endorsement) of the relevant Note Certificates at the Specified Office of any Paying Agent.

 

		(b)	Interest: Payments of interest shall be made by U.S. dollar cheque drawn on, or upon application
by a Holder of a Note 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 maintained by the payee with, a bank in
New York City and (in the case of interest payable on redemption) upon surrender (or, in the case of part payment only, endorsement) of
the relevant Note Certificates at the Specified Office of any Paying Agent.

 

    - 42 -

     

    

 

		(c)	Payments subject to fiscal laws and other laws: Payments will be subject in all cases to (i) any
fiscal or other laws and regulations applicable thereto 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.

 

		(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 (at the risk and, if mailed at the request of the Noteholder
otherwise than by ordinary mail, expense of the Noteholder) (i) (in the case of payments of principal and interest payable on redemption)
on the later of the due date for payment and the day on which the relevant Note 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 interest payable other than on redemption)
on the due date for payment. A Holder of a Note shall not be entitled to any interest 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 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 Note Certificate, in the place in which the Note 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 Note, 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 Note Certificate, that a statement indicating the amount and the date of such payment is endorsed on the relevant Note Certificate.

 

		(f)	Record date: Each payment in respect of a Note 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 Note is to be made by cheque, the cheque will be mailed
(at the risk and, if mailed at the request of the Noteholder otherwise than by ordinary mail, at the expense of such Noteholder) to the
address shown as the address of the Holder in the Register at the opening of business on the relevant Record Date.

 

		7.	Taxation

 

All payments of principal and interest
in respect of the Notes 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 and Hong Kong or any political subdivision thereof or any authority therein or thereof
having power to tax ("Taxes"), unless the withholding or deduction of such Taxes is required by law or the interpretation
or administration thereof. In that event the Issuer shall pay such additional amounts ("Additional Amounts") as will
result in receipt by the Noteholders 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:

 

		(a)	in respect of any such Taxes that would not have been imposed, deducted or withheld but for the
                                                                                                  existence of any connection between the Holder or beneficial owner of a Note, as the case may be, and the Cayman Islands or Hong
                                                                                                  Kong or any political subdivision or any authority thereof or therein or any territory or possession thereof or area subject to its
                                                                                                  jurisdiction, as the case may be, otherwise than merely holding such Note or receiving
principal or interest in respect thereof;

 

    - 43 -

     

    

 

		(b)	in respect of any Note presented for payment (where presentation is required) more than 30 days after
the relevant date, except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting the
same for payment on the last day of such 30-day period;

 

		(c)	in respect of any such Taxes withheld or deducted from any payment under or with respect to any Note:
(i) where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to European
Council Directive 2003/48/EC on the taxation of savings income or any law implementing or complying with, or introduced in order to conform
to, such Directive or (ii) presented for payment by or on behalf of a Holder who would have been able to avoid such withholding or
deduction by presenting the relevant Note to another paying agent in a Member State of the European Union;

 

		(d)	in respect of any such Taxes payable otherwise than by deduction or withholding from payments under or
with respect to any Note;

 

		(e)	in respect of any such Taxes that would not have been so imposed, deducted or withheld if the Holder or
beneficial owner of a Note or the beneficial owner of any payment on such Note had:

 

		(i)	made a declaration of non-residence or any other claim or filing for exemption to which it is entitled;
or

 

		(ii)	complied with any certification, identification, information, documentation or other reporting requirement
concerning the nationality, residence, identity or connection with the Cayman Islands or Hong Kong of such Holder or beneficial owner
of such Note,

 

provided that such declaration
of non-residence or other claim or filing for exemption or such compliance is required by the applicable law of the Cayman Islands or
Hong Kong as a precondition to exemption from, or reduction in the rate of the imposition, deduction or withholding of, such Taxes; and
at least 30 days prior to the first payment date with respect to which such declaration of non-residence or other claim or filing for
exemption or such compliance is required under the applicable law of the Cayman Islands or Hong Kong, the Holder of such Note at that
time has been notified by the Issuer or any other person through whom payment may be made that a declaration of non-residence or other
claim or filing for exemption or such compliance is required to be made;

 

		(f)	in respect of any payment under or with respect to a Note to any Holder that is a fiduciary or partnership
or any person other than the sole beneficial owner of such Note, to the extent that a beneficiary or settlor with respect to such fiduciary,
a member of such a partnership or the beneficial owner of such Note would not have been entitled to such Additional Amounts had such beneficiary,
settlor, member or beneficial owner been the actual Holder of such Note;

 

		(g)	in respect of any estate, inheritance, gift, sales, excise, transfer or personal property tax or similar
tax, assessment or governmental charge; or

 

		(h)	any combination of items (a) through (g) above.

 

The "relevant date" in relation
to any Note means (i) the due date for payment thereof and (ii) if the full amount payable on such due date has not been received
in New York City or Hong Kong by the Fiscal Agent on or prior to such due date, the first date on which such full amount has been so received
and notice to that effect has been given to the Holders.

 

Any reference in these Conditions to
the payment of principal or interest in respect of any Note shall be deemed to include the payment of Additional Amounts provided for
herein to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant hereto. 

 

    - 44 -

     

    

 

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

 

		8.	Events of Default

 

If any of the following events occurs and is continuing:

 

		(a)	Non-payment of principal: the Issuer fails to pay principal of any Note within five business days
after the due date for such payment; or

 

		(b)	Non-payment of interest: the Issuer fails to pay interest on any Note within 30 days after the
due date for such payment; or

 

		(c)	Breach of other obligations: the Issuer defaults in the performance or observance of any of its
other obligations under or in respect of the Notes or the Deed of Covenant and such default remains unremedied for 60 days after written
notice thereof, addressed to the Issuer by any Noteholder, has been delivered to the Issuer or to the Specified Office of the Fiscal Agent;
or

 

		(d)	Cross-acceleration of Issuer or Subsidiary:

 

		(i)	any Indebtedness of the Issuer, or any of its Subsidiaries is not paid when due or (as the case may be)
within any originally applicable grace period;

 

		(ii)	any such Indebtedness becomes due and payable prior to its stated maturity (as extended by an applicable
grace period) otherwise than at the option of the Issuer, or (as the case may be) the relevant Subsidiary or (provided that no
event of default, howsoever described, has occurred) any person entitled to such Indebtedness; or

 

		(iii)	the Issuer or any of its Subsidiaries fails to pay when due or (as the case may be) within any applicable
grace period any amount payable by it under any Guarantee of any Indebtedness,

 

provided that the amount of indebtedness
referred to in sub-paragraph (i) and/or sub-paragraph (ii) above and/or the amount payable under any Guarantee referred to in
sub-paragraph (iii) above, individually or in the aggregate, exceeds U.S.$10,000,000 (or its equivalent in any other currency or
currencies); or

 

		(e)	Unsatisfied judgment: one or more judgment(s) or order(s) from which no further appeal
or judicial review is permissible or sought under applicable law for the payment of any amount is rendered against the Issuer or any of
its Principal Subsidiaries and continue(s) unsatisfied and unstayed for a period of 60 days after the date(s) thereof or, if
later, the date therein specified for payment; or

 

		(f)	Security enforced: a secured party takes possession, or a receiver, manager or other similar officer
is appointed, of the whole or any substantial part of the undertaking, assets and revenues of the Issuer, or any of its Principal Subsidiaries
and is not discharged within 60 days; or

 

		(g)	Insolvency, etc.: (i) the Issuer, or any of its Principal Subsidiaries becomes insolvent
or is unable to pay its debts as they fall due, (ii) an administrator or liquidator of the Issuer, or any of its Principal Subsidiaries
or the whole or any substantial part of the undertaking, assets or revenues of the Issuer, or any of its Principal Subsidiaries is appointed
(or application for any such appointment is made), (iii) the Issuer, or any of its Principal Subsidiaries takes any action for a
readjustment or deferment of any of its material 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 material part of its indebtedness or any Guarantee of any indebtedness
given by it (other than, in the case of a Principal Subsidiary of the Issuer, for the purposes of or pursuant to an amalgamation, reorganisation
or restructuring while solvent or as a result of a disposal on arm’s length terms or as approved by an Extraordinary Resolution
of the Noteholders), or (iv) the Issuer, or any of Principal Subsidiaries ceases or threatens to cease to carry on all or any material
part of its business; or

 

    - 45 -

     

    

 

		(h)	Winding up, etc.: an order is made or an effective resolution is passed for the winding up,
liquidation or dissolution of the Issuer or any of its Principal Subsidiaries (other than, in the case of a Principal Subsidiary of the
Issuer, for the purposes of or pursuant to an amalgamation, reorganisation or restructuring while solvent or as a result of a disposal
on arm’s length terms or as approved by an Extraordinary Resolution of the Noteholders); or

 

		(i)	Analogous event: any event occurs which under the laws of the Cayman Islands has an analogous effect
to any of the events referred to in paragraphs (d) (Unsatisfied judgment) to (g) (Winding up, etc.) above;
or

 

		(j)	Unlawfulness: it is or will become unlawful for the Issuer to perform or comply with any of its
obligations under or in respect of the Notes or the Deed of Covenant,

 

then any Noteholder may, by written
notice addressed to the Issuer and delivered to the Issuer or to the Specified Office of the Fiscal Agent, declare its Notes to be immediately
due and payable, whereupon they shall become immediately due and payable at their principal amount together with accrued interest without
further action or formality. Notice of any such declaration shall promptly be given to all other Noteholders.

 

The Agents need not do anything to ascertain
whether any Event of Default has occurred and will not be responsible to Noteholders or any other person for any loss arising from any
failure to do so, and, unless and until the Agents otherwise have notice in writing to the contrary, the Agents may assume that (i) no
such event has occurred and (ii) that the Issuer is performing all of its obligations under the Fiscal Agency Agreement and the Conditions.

 

		9.	Prescription

 

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

 

		10.	Replacement of Note Certificates

 

If any Note Certificate is lost, stolen,
mutilated, defaced or destroyed, it may be replaced at the Specified Office of the Registrar and the Transfer Agent, 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 Note Certificates
must be surrendered before replacements will be issued.

 

		11.	Agents

 

In acting under the Fiscal Agency Agreement
and in connection with the Notes, 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 Noteholders.

 

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 or fiscal agent and additional or successor paying agents and transfer agents; provided, however, that
the Issuer shall at all times maintain, as necessary, a fiscal agent and a registrar and a paying agent in an EU member state that will
not be obliged to withhold or deduct tax pursuant to any law implementing European Council Directive 2003/48/EC.

 

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

 

    - 46 -

     

    

 

		12.	Meetings of Noteholders; Modification

 

		(a)	Meetings of Noteholders: The Agency Agreement contains
provisions for convening meetings of Noteholders to consider matters relating to the Notes, 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 it upon the request in writing of Noteholders holding not less than one-tenth of the aggregate principal
amount of the outstanding Notes. 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 Notes or, at any adjourned meeting, two
or more persons being or representing Noteholders whatever the principal amount of the Notes held or represented; provided, however,
that certain proposals (including any proposal to change any date fixed for payment of principal or interest in respect of the Notes,
to reduce the amount of principal or interest payable on any date in respect of the Notes, to alter the method of calculating the amount
of any payment in respect of the Notes or the date for any such payment, to change the currency of payments under the Notes 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 Noteholders 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 Notes form a quorum. Any Extraordinary Resolution duly passed at any such meeting shall be binding on all the Noteholders,
whether present or not.

 

In addition, a resolution in writing signed
by or on behalf of Holders of not less than 90 per cent. of the aggregate principal amount of Notes outstanding will take effect as if
it were an Extraordinary Resolution passed at a meeting of Noteholders duly convened and held. Such a resolution in writing may be contained
in one document or several documents in the same form, each signed by or on behalf of one or more Noteholders.

 

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

 

		13.	Further Issues

 

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

 

		14.	Notices

 

Notices to the Noteholders will be sent
to them by first class mail (or its equivalent) or (if posted to an overseas address) by airmail (at the Issuer's expense) at their respective
addresses on the Register. Any such notice shall be deemed to have been given on the second day after the date of mailing. Notices shall
also be valid if published in a leading English language daily newspaper having general circulation in Asia (which is expected to be the
Asian Wall Street Journal).

 

So long as the Notes are represented
by the Global Certificate and the Global Certificate is held on behalf of Euroclear or Clearstream, Luxembourg, notices to Noteholders
shall be given by delivery of the relevant notice to Euroclear or Clearstream, Luxembourg, for communication by it to entitled accountholders
in substitution for notification as required by these Conditions.

 

		15.	Currency Indemnity

 

If any sum due from the Issuer in
respect of the Notes or any order or judgment given or made in relation thereto has to be converted from the currency (the
 "first currency ") in which the same is payable under these Conditions or such order or judgment into another
currency (the "second currency") for the purpose of (a) making or filing a claim or proof against the Issuer,
(b) obtaining an order or judgment in any court or other tribunal or (c) enforcing any order or judgment given or made in
relation to the Notes, the Issuer shall indemnify each Noteholder, on the written demand of such Noteholder addressed to the Issuer
and delivered to the Issuer or to the Specified Office of the Fiscal Agent, against any loss suffered as a result of any discrepancy
between (i) the rate of exchange used for such purpose to convert the sum in question from the first currency into the
second currency and (ii) the rate or rates of exchange at which such Noteholder may in the ordinary course of business purchase
the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such
order, judgment, claim or proof.

 

    - 47 -

     

    

 

This indemnity constitutes a separate
and independent obligation of the Issuer and shall give rise to a separate and independent cause of action.

 

		16.	Governing Law and Jurisdiction

 

		(a)	Governing law: The Notes and any non-contractual obligations arising out of or in connection with
the Notes are governed by English 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 Notes (including any non-contractual obligation arising out of or in connection with the Notes).

 

		(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 Noteholders to take proceedings outside England: Condition 16(b) (English
courts) is for the benefit of the Noteholders only. As a result, nothing in this Condition 16 (Governing law and jurisdiction)
prevents any Noteholder from taking proceedings relating to a Dispute ("Proceedings") in any other courts with jurisdiction.
To the extent allowed by law, Noteholders may take concurrent Proceedings in any number of jurisdictions.

 

		(e)	Process agent: 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 or, if different, its registered office for the time being or at any address of the Issuer
in Great Britain at which process may be served on it in accordance with the Companies Act 2006. If such person is not or ceases to be
effectively appointed to accept service of process on behalf of the Issuer, the Issuer shall appoint another/person to act as its agent.
This Condition applies to Proceedings in England and/to Proceedings elsewhere.

 

    - 48 -

     

    

 

SCHEDULE 4 

PROVISIONS FOR MEETINGS OF THE NOTEHOLDERS

 

		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 Notes ("Blocked Notes") 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 Note or a duly authorised
person on its behalf has instructed the Registrar that the votes attributable to such Blocked Note 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 Notes ("Relevant Notes") has instructed
the Registrar that the votes attributable to each Relevant Note 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 Notes and the Relevant Notes, 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 Notes and the Relevant
Notes in accordance with such instructions;

 

"Chairman" means, in
relation to any Meeting, the individual who takes the chair in accordance with paragraph 8 (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 Noteholder 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 Notes held
by such Noteholder;

 

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

 

    - 49 -

     

    

 

 

"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, 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, 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 Notes or, at any adjourned
meeting, two or more persons being or representing Noteholders whatever the principal amount of the Notes 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
Notes form a quorum.

 

"Reserved Matter" means any proposal:

 

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

 

		(b)	to effect the exchange or substitution of the Notes for, or the conversion of the Notes into, shares,
bonds or other obligations or securities of the Issuer or any other person or body corporate formed or to be formed;

 

		(c)	to change the currency in which amounts due in respect of the Notes are payable;

 

    - 50 -

     

    

 

		(d)	to change the quorum required at any Meeting or the majority required to pass an Extraordinary Resolution;
or

 

		(e)	to amend this definition;

 

"Voter" means, in relation
to any Meeting (a) a Proxy or (b) (subject to paragraph 4 (Record Date)) a Noteholder; provided, however, that
(subject to paragraph 4 (Record Date)) any Noteholder 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 all Holders of Notes who for the time being are entitled to receive notice of
a Meeting in accordance with the provisions of this Schedule, 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 Note
may require the Registrar to issue a Block Voting Instruction by arranging (to the satisfaction of the Registrar) for such Note 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 Note 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 Note 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 Notes to which it relates.
A Form of Proxy and a Block Voting Instruction cannot be outstanding simultaneously in respect of the same Note.

 

		3.	References to blocking/release of Notes

 

Where Notes are represented by a Global
Note Certificate and/or are held within a clearing system, references to the blocking or release of Notes 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 Note 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 Note for the purposes of such Meeting and notwithstanding any subsequent
transfer of such Note or entries in the Register.

 

    - 51 -

     

    

 

		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 Noteholders holding not less than one tenth of the aggregate principal
amount of the outstanding Notes.

 

		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 Noteholders 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 Notes 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 Noteholders 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 Noteholder) 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 Notes;
provided, however, that, so long as at least the Relevant Fraction of the aggregate principal amount of the outstanding Notes is
represented by a Global Note Certificate or a single Individual Note Certificate, a single Voter appointed in relation thereto or being
the Holder of the Notes 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 Noteholders, it shall be dissolved; and

 

    - 52 -

     

    

 

		(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.

 

    - 53 -

     

    

 

		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 Notes. 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.$200,000 in aggregate face amount of the outstanding Note(s) 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 Notes;

 

    - 54 -

     

    

 

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

 

		(d)	to waive any breach or authorise any proposed breach by the Issuer of its obligations under or in respect
of the Notes or the Deed of Covenant or any act or omission which might otherwise constitute an Event of Default under the Notes;

 

		(e)	to approve any proposal by the Issuer for any modification of any provision of the Deed of Covenant or
any arrangement in respect of the obligations of the Issuer thereunder;

 

		(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 Noteholders and to confer upon
such committee any powers which the Noteholders could themselves exercise by Extraordinary Resolution.

 

		18.	Extraordinary Resolution binds all Noteholders

 

An Extraordinary Resolution shall be
binding upon all Noteholders, whether or not present at such Meeting, and each of the Noteholders 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 Noteholders and the Agents (with
a copy to the Issuer) within 14 days of the conclusion of the Meeting.

 

		19.	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.

 

		20.	Written Resolution

 

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

 

    - 55 -

     

    

 

SCHEDULE 5

REGULATIONS CONCERNING TRANSFERS AND REGISTRATION OF NOTES

 

		1.	The notes are in the denomination of U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof.
Notes 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, Notes 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 Note Certificate issued in respect of the Notes 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 Note shall conform to any list of duly authorised specimen signatures supplied by the Holder of such Note 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 Noteholder may require the transfer of a Note to be registered during the period of 15 calendar days
ending on the due date for any payment of principal or interest in respect of such Note.

 

		5.	No Noteholder which has executed a Form of Proxy in relation to a Meeting may require the transfer
of a Note 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 Note (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 Note.

 

		7.	Any person becoming entitled to any Notes in consequence of the death or bankruptcy of the Holder of such
Notes 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 Notes or, subject to the provisions of these Regulations, the Notes and the
Conditions as to transfer, may transfer such Notes. The Issuer, the Transfer Agent, the Registrar and the Paying Agents shall be at liberty
to retain any amount payable upon the Notes to which any person is so entitled until such person is so registered or duly transfers such
Notes.

 

    - 56 -

     

    

 

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

 

		9.	The joint Holders of any Note shall be entitled to one Note 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 Notes may transfer all or part only of his holding of Notes provided that both the principal
amount of Notes transferred and the principal amount of the balance not transferred are an Authorised Holding. Where a Holder of Notes
has transferred part only of his holding of Notes, a new Note 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 Notes
pursuant to Condition 10 (Replacement of Note Certificates), make no charge to the Holders for the registration of any holding
of Notes or any transfer thereof or for the issue of any Notes 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 Note is duly made in accordance with all applicable requirements and restrictions
upon transfer and the Note(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 Notes in relation to which such Note Certificate is issued may have specified, a Note 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 Note 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.

 

    - 57 -

     

    

 

SCHEDULE 6

FORM OF CHANGE OF CONTROL PUT OPTION NOTICE

 

To:               [Paying
Agent]

 

FWD LIMITED

 

(incorporated with limited liability
under

 the laws of the Cayman Islands)

 

U.S.$325,000,000

5.00 per cent. Notes due 2024

 

CHANGE OF CONTROL PUT OPTION NOTICE

 

By depositing this duly completed Notice with
the above Paying Agent for the above Notes (the "Notes") in accordance with Condition 5(c) (Redemption for Change
of Control), the undersigned Holder of the principal amount of Notes specified below and evidenced by the Note Certificate(s) referred
to below [and presented with this Change of Control Put Option Notice - delete these words if Notes are evidenced by the Global Note
Certificate] exercises its option to have such principal amount of Notes redeemed in accordance with Condition 5(c) (Redemption
for Change of Control) on [[relevant Put Date]/the Put Date falling in [relevant month and year]].

 

This Notice relates to Note(s) in the aggregate principal amount
of [currency] _________.

 

evidenced by Note Certificates bearing the following serial numbers:

 

 

 

 

 

 

 

 

 

Payment should be made by [complete and delete as appropriate]:

 

		•	[currency] cheque drawn on a bank in [currency centre] and in favour of [name of payee]
and mailed at the payee's risk by uninsured airmail post to [name of addressee] at [addressee's address].]

 

OR

 

		•	transfer to [details of the relevant account maintained by the payee] with [name and address
of the relevant bank].]

 

If the Note Certificates referred to above are
to be returned to the undersigned in accordance with the Conditions and the Agency Agreement relating to the Notes, they should be returned
by post to:

 

 

 

 

 

 

 

    - 58 -

     

    

 

The undersigned acknowledges that any Note Certificates so returned
will be sent by uninsured airmail post at the risk of the registered Holder.

 

	Name of Holder: 	 	 
	 	 	 
	 	 	 
	Signature of Holder: 	 	 
	 	 	 
	Date:	 	 

 

[To be completed by Paying Agent:]

 

	Received by:	 	 

 

[Signature and stamp of Paying Agent:]

 

	At its office at	 	 
	 	 	 
	 	 	 
	 	 	 
	On	 	 

 

THIS NOTICE WILL NOT BE VALID UNLESS ALL OF THE PARAGRAPHS REQUIRING
COMPLETION HAVE BEEN DULY COMPLETED.

 

    - 59 -

     

    

 

 

SCHEDULE 7

CHANGE OF CONTROL PUT OPTION RECEIPT

 

We hereby acknowledge receipt of a Change of Control
Put Option Notice relating to the Note(s) evidenced by the Note Certificate(s) bearing the serial numbers set out below. We
will hold such Note Certificate(s) in accordance with the terms of the Terms and Conditions of the Notes and the Agency Agreement
dated 24 September 2014 relating thereto.

 

In the event that, pursuant to such Terms and
Conditions and the Agency Agreement, the depositor of such Note Certificate(s) becomes entitled to their return, we will return such
Note Certificate(s) to the depositor against presentation and surrender of this Change of Control Put Option Receipt.

 

	Certificate
    Number	 	Denomination
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	Dated: [date]	 
	 	 
	[PAYING AGENT]	 
	 	 
	 	 
	By:	           	 
	 	duly authorised	 

 

    - 60 -

     

    

 

SCHEDULE 8

SPECIFIED OFFICES OF THE AGENTS

 

The Registrar:

 

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

 

The Fiscal 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

 

The Transfer 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

 

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

 

    - 61 -

     

    

 

SIGNATURES

 

The Issuer

 

For and on behalf

 

of FWD
LIMITED

 

 

[***]

 

 

[Signature Page -
Fiscal Agency Agreement]

 

     

     

    

 

For and on behalf of

 

THE HONGKONG
AND SHANGHAI BANKING CORPORATION LIMITED

 

 

	By:	[***]

 

 

For and on behalf of 

 

THE HONGKONG
AND SHANGHAI BANKING CORPORATION LIMITED

 

 

	 	[***]

 

	For and on behalf of	 
	 	 
	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

 

	By:	 
	 	[***]

 

For and on behalf of 

 

THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED

 

 

	By:	 
	 	[***]

 

[Signature Page  - Fiscal Agency Agreement]Exhibit 10.10

 

		
    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.$250,000,0000
6.25 PER CENT.

SUBORDINATED PERPETUAL CAPITAL SECURITIES

 

 

 

     

     

    

 

CONTENTS

 

	Clause	 	Page
	 	 	 
	1.	Interpretation	1
	2.	Appointment of the Agents	4
	3.	The Securities; Authentication	4
	4.	Exchanges of Global Certificate for Individual Certificates	5
	5.	Transfers of Securities	6
	6.	Replacement Certificates	6
	7.	Payments to the Fiscal Agent	7
	8.	Payments to holders	9
	9.	Miscellaneous Duties of the Agents	11
	10.	Fees and Expenses	14
	11.	Terms of Appointment	15
	12.	Changes in Agents	18
	13.	Notices	21
	14.	Law and Jurisdiction	22
	15.	Rights of Third Parties	23
	16.	Modification	23
	17.	Counterparts	23

 

	Schedule 1	Form of Global Certificate	24
	Schedule 2	Form of Individual Certificate	30
	Schedule 3	Terms and Conditions of the Securities	35
	Schedule 4	Provisions for Meetings of the Holders	55
	Schedule 5	Regulations Concerning Transfers and Registration of Securities	64
	Schedule 6	Specified Offices of the Agents	66

 

     

     

    

 

THIS AGREEMENT is made on 24 January 2017

 

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.$250,000,000 in aggregate principal amount of
6.25 per cent. subordinated perpetual capital securities (the "Securities").

 

		(B)	The Securities will be constituted by a deed of covenant dated 24 January 2017 (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.

 

    - 1 -

     

    

 

"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);

 

    - 2 -

     

    

 

"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) or Condition 5(g) (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 (including all Arrears of Distribution and any Additional Distribution Amount) 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 (including any Arrears of Distribution
and Additional Distribution Amount) 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 (including any Arrears of Distribution and Additional Distribution Amount) 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.

 

    - 3 -

     

    

 

		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 .

 

		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

 

    - 4 -

     

    

 

		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.

 

		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.

 

    - 5 -

     

    

 

		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.

 

    - 6 -

     

    

 

		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 (including any Arrears of Distribution and Additional Distribution Amount) 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 (including any Arrears of Distribution and Additional
Distribution Amount) 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.

 

    - 7 -

     

    

 

		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 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.

 

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.

 

    - 8 -

     

    

 

		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 (including any Arrears of Distribution and Additional Distribution
Amount) 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.

 

    - 9 -

     

    

 

		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 (including any Arrears of Distribution
and Additional Distribution Amount) 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.

 

    - 10 -

     

    

 

		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.

 

		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 (including any Arrears of Distribution and Additional Distribution
Amount) 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 at all reasonable
times 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.

 

    - 11 -

     

    

 

		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.

 

		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.

 

    - 12 -

     

    

 

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.

 

		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.

 

    - 13 -

     

    

 

 

		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.

 

		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.

 

		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).

 

    - 14 -

     

    

 

		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.

 

		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

 

    - 15 -

     

    

 

		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).

 

		11.2	Extent of duties

 

Each Agent shall only be obliged to
perform the duties 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 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.

 

    - 16 -

     

    

 

		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, 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.

 

		11.5	Consequential damages disclaimer

 

Notwithstanding any provision of this
Agreement to the contrary, the Agents shall not in any event be liable under any circumstances for special, indirect, punitive or consequential
loss or damage of any kind whatsoever (including but not limited to loss of business, goodwill, opportunity 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

 

The Agent may take and instruct
any agent or delegate to take any action which it in its sole discretion considers appropriate so as to comply with any applicable
law, regulation, request of a public or regulatory authority or any HSBC Group policy which relates to the prevention of fraud,
money laundering, terrorism or other criminal activities or the provision of financial and other services to sanctioned persons or
entities. Such action may include but is not limited to the interception and investigation of transactions on the depositor's
accounts (particularly those involving the international transfer of funds) including the source of the intended recipient of fund
paid into or out of the depositor's accounts. In certain circumstances, such action may delay or prevent the processing of the
depositor's instructions, the settlement of transactions over the depositor's accounts or the Agent's performance of its obligations
under this Agreement. Where possible, the Agent will endeavour to notify the depositor of the existence of such circumstances.
Neither the Agent nor any agent or delegate will be liable for any loss (whether direct or consequential and including, without
limitation, loss of profit or interest) caused in whole or in part by any actions which are taken by the Agent or any agent or
delegate pursuant to this clause. For the purposes of this clause, the "HSBC Group" means HSBC Holdings plc, its
subsidiaries and associated companies."

 

    - 17 -

     

    

 

		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.

 

		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.

 

    - 18 -

     

    

 

		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.

 

    - 19 -

     

    

 

		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.

 

    - 20 -

     

    

 

		13.	NOTICES

 

		13.1	Addresses for notices

 

All notices and communications hereunder
shall be made in writing (by letter, or fax) and shall be sent as follows:

 

13.1.1 if
to the Issuer, to it at:

 

FWD Limited

22/F, FWD Financial Centre

308 Des Voeux Road Central

Hong Kong

 

		Fax:	[***]

 

		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 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 deferral of Distribution (including
any Arrears of Distribution and Additional Distribution Amount) under Condition 4(e) (Distribution Deferral) to Holders not
more than 10 nor less than five Business Days (as defined in the Conditions) prior to the relevant Distribution Payment Date.

 

    - 21 -

     

    

 

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

 

		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.

 

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		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.

 

		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.

 

    - 23 -

     

    

 

SCHEDULE 1

 

FORM OF GLOBAL CERTIFICATE

 

[THE NOTES 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 NOTES REPRESENTED HEREBY, AGREES FOR THE BENEFIT OF THE ISSUER
THAT THE NOTES REPRESENTED HEREBY MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES
ACT AND OTHER APPLICABLE LAWS.]

 

ISIN: XS1520804250

 

FWD LIMITED

 

(incorporated with limited liability
under the laws of the Cayman Islands)

 

U.S.$250,000,000

6.25 per cent. Subordinated Perpetual Capital Securities

 

GLOBAL CERTIFICATE

 

		1.	Introduction: This Global Certificate is issued in respect of the U.S.$250,000,000 6.25 per cent.
subordinated perpetual capital securities (the "Securities") of FWD Limited (the "Issuer"). The Securities
are constituted by a deed of covenant dated 24 January 2017 (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 24 January 2017 (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.$250,000,000

(TWO HUNDRED AND FIFTY MILLION UNITED STATES DOLLARS)

 

    - 24 -

     

    

 

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.

 

		4.	Promise to pay: The Issuer, for value received, hereby promises to pay Distribution (including
any Arrears of Distribution and any Additional Distribution Amount) 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) and Condition 5(g) (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.

 

    - 25 -

     

    

 

		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.

 

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

 

    - 26 -

     

    

 

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)	 

 

    - 27 -

     

    

 

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.$250,000,000 6.25 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.

 

    - 28 -

     

    

 

[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

 

    - 29 -

     

    

 

 

SCHEDULE 2

FORM OF INDIVIDUAL CERTIFICATE

 

[THE NOTES 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 NOTES REPRESENTED HEREBY, AGREES FOR THE BENEFIT OF THE ISSUER
THAT THE NOTES 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.$250,000,000

6.25 per cent. Subordinated Perpetual Capital Securities

 

This Certificate is issued in respect of the U.S.$250,000,000
6.25 subordinated perpetual capital securities (the "Securities") of FWD Limited (the "Issuer"). The
Securities are constituted by a deed of covenant dated 24 January 2017 and are the subject of an agency agreement (as amended or
supplemented from time to time, the "Agency Agreement") dated 24 January 2017 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)

 

in aggregate principal amount of the Securities.

 

    - 30 -

     

    

 

The Issuer, for value received, hereby promises
to pay Distribution (including any Arrears of Distribution and any Additional Distribution Amount) 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) and Condition 5(g) (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.

 

    - 31 -

     

    

 

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)	 

 

 

    - 32 -

     

    

 

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.$250,000,000 6.25 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.

 

    - 33 -

     

    

 

[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

 

    - 34 -

     

    

 

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.$250,000,000 6.25 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 24 January 2017 (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 24 January 2017 (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 "Terms
and 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(e)(vii) (Distribution – Distribution Deferral – Definitions)) of the Issuer. The rights
and claims of the Holders in respect of the Securities are subordinated as provided in this Condition 2.

 

    - 35 -

     

    

 

		(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.

 

    - 36 -

     

    

 

		(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.

 

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).

 

    - 37 -

     

    

 

		(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.

 

		4.	Distribution

 

		(a)	Accrual of Distribution: Subject to Condition 4(e) (Distribution – Distribution Deferral),
the Securities confer a right to receive distribution (each a "Distribution") from 24 January 2017 (the "Issue
Date") at the Distribution Rate in accordance with this Condition 4. Subject to Condition 4(e) (Distribution –Distribution
Deferral), Distribution shall be payable on the Securities semi-annually in arrear in equal instalments on 24 January and 24
July of each year (each, a "Distribution Payment Date"), with the first Distribution Payment Date falling on 24
July 2017.

 

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 (a) the
date on which all sums due in respect of any Security are received by or on behalf of the relevant Holder and (b) 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).

 

    - 38 -

     

    

 

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, 24 January 2022 (the "First Call Date"),
6.25 per cent. per annum; and

 

		(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 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 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 Deferral:

 

		(i)	Optional Deferral: The Issuer may, at its sole discretion, elect to defer (in whole or in
                                                             part) Distribution which is otherwise scheduled to be paid on a Distribution Payment Date to the next Distribution Payment Date by giving notice (an "Optional
Deferral Notice") to the Holders (in accordance with Condition 14 (Notices)) not more than 10 nor less than five Business
Days prior to a scheduled Distribution Payment Date.

 

    - 39 -

     

    

 

		(ii)	No obligation to pay: The Issuer shall have no obligation to pay any Distribution (including any
Arrears of Distribution and any Additional Distribution Amount) on any Distribution Payment Date if it validly elects not to do so in
accordance with Condition 4(e)(i) (Distribution — Distribution Deferral —
Optional Deferral) and any failure to pay Distribution shall not constitute a default of the Issuer in respect of the Securities.

 

 

		(iii)	Cumulative Deferral: Any Distribution deferred pursuant to this Condition 4(e) shall constitute
 "Arrears of Distribution". The Issuer may, at its sole discretion, elect to further defer any Arrears of Distribution
by complying with the foregoing notice requirement applicable to any deferral of an accrued Distribution. The Issuer is not subject to
any limit as to the number of times Distributions and Arrears of Distribution can or shall be deferred pursuant to this Condition 4(e) except
that Condition 4(e)(iv) shall be complied with until all outstanding Arrears of Distribution have been paid in full.

 

Each amount of Arrears of Distribution
shall bear interest as if it constituted the principal of the Securities at the prevailing Distribution Rate and the amount of such interest
(the "Additional Distribution Amount") with respect to Arrears of Distribution shall be due and payable pursuant to this
Condition 4 and shall be calculated by applying the prevailing Distribution Rate to the amount of the Arrears of Distribution and otherwise
mutatis mutandis as provided in the foregoing provisions of this Condition 4. The Additional Distribution Amount accrued up to
any Distribution Payment Date shall be added for the purpose of calculating the Additional Distribution Amount accruing thereafter, to
the amount of Arrears of Distribution remaining unpaid on such Distribution Payment Date so that it will itself become Arrears of Distribution.

 

		(iv)	Restrictions in the case of Deferral: 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 this Condition 4(e), the Issuer shall not, and shall procure
that none of its Subsidiaries will:

 

		(A)	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 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

 

    - 40 -

     

    

 

		(B)	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 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, 

 

unless and until (i) the Issuer
has satisfied in full all outstanding Arrears of Distribution; or (ii) permitted to do so by an Extraordinary Resolution (as defined
in the Agency Agreement) of the Holders.

 

		(v)	Satisfaction of Arrears of Distribution by payment: The Issuer:

 

		(A)	may satisfy any Arrears of Distribution (in whole or in part) at any time by giving notice of such election
to the Holders (in accordance with Condition 14 (Notices)) and the Fiscal Agent not more than 20 nor less than 10 Business Days
prior to the relevant payment date specified in such notice (which notice is irrevocable and shall oblige the Issuer to pay the relevant
Arrears of Distribution on the payment date specified in such notice); and

 

		(B)	in any event must satisfy any outstanding Arrears of Distribution (in whole but not in part) on the
                                                               earlier of (1) the date of redemption of the Securities in accordance with Conditions 5(b) (Redemption –
                                                               Redemption for tax reasons), 5(c) (Redemption – Redemption upon a ratings event), 5(d) (Redemption
                                                               – Redemption for accounting reasons), 5(e) (Redemption – Redemption at the option of the Issuer),
                                                               5(f) (Redemption – Redemption upon a Change of Control) or 5(g) (Redemption – Redemption for minimum
                                                               outstanding amount); (2) the
next Distribution Payment Date on the occurrence of a breach of Condition 4(e)(iv) (Distribution – Restrictions in the case
of Deferral) and (3) the date such amount becomes due under Condition 8 (Non-payment).

 

Any partial payment of outstanding Arrears
of Distribution by the Issuer shall be shared by the Holders of all outstanding Securities on a pro rata basis.

 

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

 

    - 41 -

     

    

 

		(vii)	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.

 

"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:

 

		(A)	Mr. Richard Li ceases to Control the Issuer;

 

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

 

		(C)	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:

 

		(A)	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

 

		(B)	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 Spread" means 4.408 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, including, but not limited to, the 2,601,634 preference shares
of U.S.$0.01 each issued on 10 December 2013 and the 5,600,591 preference shares of U.S.$0.01 each issued on 19 August 2015;

 

    - 43 -

     

    

 

"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;

 

"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 Distribution accrued but unpaid to the date fixed for redemption (including
any Arrears of Distribution and any Additional Distribution Amount);

 

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

 

		(A)	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

 

		(B)	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 Distribution accrued to the date fixed for redemption (including
any Arrears of Distribution and any Additional Distribution Amount), 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 17 January 2017; 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.

 

    - 45 -

     

    

 

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).

 

		(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.

 

    - 46 -

     

    

 

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 January 2022 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 Distribution accrued to such date (including any Arrears of Distribution and any Additional Distribution Amount)).

 

		(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.

 

    - 47 -

     

    

 

		(g)	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 (including any Arrears of Distribution and any Additional Distribution Amounts) 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.

 

		(h)	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(g) (Redemption for minimum outstanding amount) above.

 

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

 

		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 (including any Arrears of Distribution and any Additional
Distribution Amount) 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.

 

    - 48 -

     

    

 

		(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, 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).

 

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.

 

		(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.

 

		(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.

 

		(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.

 

    - 49 -

     

    

 

	7.	Taxation

 

All payments of principal and Distribution
(including any Arrears of Distribution and any Additional Distribution Amount) 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, Distribution, Arrears of Distribution or Additional Distribution Amount shall be deemed to include any additional amounts in
respect of principal, Distribution, Arrears of Distribution or Additional Distribution Amount (as the case may be) which may be payable
under this Condition 7 (Taxation).

 

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.

 

    - 50 -

     

    

 

	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 defer that Distribution in accordance with Condition 4(e) (Distribution – Distribution Deferral).

 

		(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 (including any Arrears of Distribution and any Additional Distribution
Amount) 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.

 

		(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.

 

    - 51 -

     

    

 

	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 (including any Arrears of Distribution and any Additional
Distribution Amount) in respect of the Securities, to reduce the amount of principal or Distribution (including any Arrears of Distribution
and any Additional Distribution Amount) 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.

 

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.

 

		(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.

 

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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.

 

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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 (including any Arrears of Distribution
and any Additional Distribution Amount) in respect of the Securities, to reduce the amount of principal or Distribution (including any
Arrears of Distribution and any Additional Distribution Amount) 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;

 

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

 

		(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.

 

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	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.

 

	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.

 

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	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

 

		(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.

 

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	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 notes 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 (including any Arrears of Distribution and Additional Distribution
Amount) 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.

 

		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.

 

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		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.

 

    - 65 -

     

    

 

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

 

    - 66 -

     

    

 

SIGNATURES

 

The Issuer

 

For and on behalf of

 

FWD LIMITED

 

 

By: [***]

 

[***]

 

 

Signature
pages – 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

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