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The preparation of the pro forma consolidated financial stat\ ements in accordance )Tj 0.196 Tw 0 -1.333 Td (with the basis of preparation described in Note 2 to the pro forma conso\ lidated financial )Tj 0.033 Tc 0.242 Tw 0 -1.333 Td [(statements)8.1 ( is)8.1 ( the)8 ( responsibility)8 ( of)8 ( the)8.1 ( Company\222s)8 ( management.)8 ( Our)8 ( responsibility)8 ( is)8 ( to)8 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (express a conclusion on the pro forma consolidated financial statements \ based on our review.)Tj 0.091 Tw 0 -2.667 Td (We conducted our review in accordance with China Standard on Review Enga\ gements 2101 )Tj 0.099 Tw 0 -1.333 Td [(Engagements to Review Financial Statements. The standard requires us to \ )0.5 (plan )0.5 (and perform )]TJ 0.141 Tw 0 -1.333 Td (the review to obtain limited assurance as to whether the financial state\ ments are free from )Tj 0.113 Tw 0 -1.333 Td (material misstatement. A review is limited primarily to inquiries of com\ pany personnel and )Tj 0.041 Tw 0 -1.333 Td (analytical procedures applied to financial data and thus provides less a\ ssurance than an audit. )Tj 0.025 Tw 0 -1.333 Td (We have not performed an audit, and, accordingly, we do not express an a\ udit opinion.)Tj 0.166 Tw 0 -2.667 Td (Based on our review, nothing has come to our attention that causes us to\ believe that the )Tj 0.141 Tw 0 -1.333 Td (accompanying pro forma consolidated financial statements are not prepare\ d, in all material )Tj 0.152 Tw 0 -1.333 Td (respects, in accordance with the basis of preparation described in Note \ 2 to the pro forma )Tj 0.025 Tw 0 -1.333 Td (consolidated financial statements.)Tj 0.027 Tw 0 -2.667 Td (Without modifying our conclusion, we draw attention to Note 2 to the pro\ forma consolidated )Tj 0.169 Tw 0 -1.333 Td (financial statements, which describes the basis of preparation. The pro \ forma consolidated )Tj 0.041 Tc 0.237 Tw 0 -1.333 Td [(financial)12.8 ( statements)12.9 ( are)12.9 ( prepared)12.8 ( for)12.8 ( the)12.8 ( purpose)12.9 ( of)12.8 ( reporting)12.8 ( by)12.8 ( the)12.8 ( Company)12.8 ( to)12.7 ( the)16 ( )]TJ 0.025 Tc 0.161 Tw 0 -1.333 Td (CSRC and the Shanghai Stock Exchange on the issuance of shares and cash \ payments for )Tj 0.165 Tw 0 -1.333 Td [(the purchase )0.5 (of assets and raising ancillary )0.5 (funds. )0.5 (As a result, the )0.5 (pro )0.5 (forma consolidated )]TJ 0.025 Tw 0 -1.333 Td (financial statements may not be suitable for another purpose.)Tj 0.246 Tw 0 -2.667 Td [(Our )0.6 (report )0.6 (is )0.5 (intended )0.5 (solely )0.6 (for )0.5 (the )0.6 (information )0.6 (and )0.5 (use )0.6 (of )0.5 (the )0.5 (parties )0.6 (involved )0.6 (in )0.5 (the )]TJ 0.155 Tw 0 -1.333 Td [(transaction of issuance of shares and )0.5 (cash payments for the )0.5 (purchase of assets )0.5 (and )0.5 (raising )]TJ 0.078 Tw 0 -1.333 Td (ancillary funds as reported by the Company to the CSRC and the Shanghai \ Stock Exchange, )Tj 0.025 Tw 0 -1.333 Td (and should not be used by any party other than the parties involved in t\ he transaction.)Tj ET endstream endobj 101 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 278.4378 18.7492 Tm (\226 164 \226)Tj 0.134 Tw -13.754 62.978 Td [(\226 )-1428.2 (The revenue recognition principles of the Target Company are in line wit\ h )]TJ 0.153 Tw 2.362 -1.333 Td (the accounting standards and the timing of revenue recognition is accura\ te )Tj 0.137 Tw 0 -1.333 Td [(and )0.5 (does )0.5 (not )0.5 (differ )0.6 (significantly )0.5 (from )0.5 (that )0.6 (of )0.6 (comparable )0.5 (companies )0.5 (in )0.5 (the )]TJ 0.18 Tw 0 -1.333 Td (industry; there were no significant seasonal features in the revenue of \ the )Tj 0.023 Tc 0.025 Tw 0 -1.333 Td [(Target Company during the reporting period and no overseas distribution \ was)-2 ( )]TJ 0.025 Tc 0.078 Tw 0 -1.333 Td (involved and did not differ significantly from that of comparable compan\ ies )Tj 0.025 Tw 0 -1.333 Td (in the industry.)Tj 0.053 Tc 0.237 Tw -2.362 -2.667 Td [(\226)28 ( )-1297.2 (The)12.6 ( cost)12.6 ( of)12.7 ( the)12.6 ( Target)12.7 ( Company)12.7 ( has)12.6 ( been)12.6 ( accurately)12.6 ( and)12.7 ( completely)28 ( )]TJ 0.025 Tc 0.032 Tw 2.362 -1.333 Td (attributed and there is no significant difference between the cost compo\ sition )Tj 0.025 Tw 0 -1.333 Td (of the Target Company and the comparable companies in the industry.)Tj 0.051 Tc 0.238 Tw -2.362 -2.667 Td [(\226)26 ( )-1298.2 (During)12.3 ( the)12.3 ( reporting)12.3 ( period,)12.2 ( the)12.3 ( changes)12.2 ( in)12.2 ( revenue)12.3 ( and)12.2 ( costs)12.3 ( of)12.3 ( the)26 ( )]TJ 0.025 Tc 0.212 Tw 2.362 -1.333 Td [(Target )0.5 (Company )0.5 (were )0.5 (reasonable )0.5 (and )0.6 (the )0.5 (trend )0.5 (of )0.5 (changes )0.6 (did )0.6 (not )0.6 (differ )]TJ 0.025 Tw 0 -1.333 Td (significantly from those of comparable companies in the industry.)Tj 0.155 Tw -2.362 -2.667 Td [(\226 )-1407.2 (During the reporting period, the level of gross profit margin of the Tar\ get )]TJ 0.121 Tw 2.362 -1.333 Td (Company was slightly higher than that of the comparable companies in the\ )Tj 0.05 Tw 0 -1.333 Td (industry, but it was in line with the actual situation of the Company an\ d was )Tj 0.065 Tw 0 -1.333 Td (reasonable to a certain extent; the trend of change in the gross profit \ margin )Tj 0.036 Tc 0.239 Tw 0 -1.333 Td [(of)11 ( the)11 ( Target)11 ( Company)11 ( was)11 ( not)11 ( significantly)11 ( different)11 ( from)11 ( that)11 ( of)11 ( the)11 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (comparable companies in the industry.)Tj 0.099 Tc 0.238 Tw -2.362 -2.667 Td [(\226)74 ( )-1250.2 (The)12.2 ( business)12.3 ( development)12.3 ( of)12.3 ( the)12.3 ( Target)12.2 ( Company)12.3 ( is)12.3 ( subject)12.3 ( to)74 ( )]TJ 0.025 Tc 0.192 Tw 2.362 -1.333 Td (macroeconomic and policy factors. Currently, China's economy is running \ )Tj 0.227 Tw 0 -1.333 Td (steadily and is expected to maintain stable and continuous growth in the\ )Tj 0.081 Tw 0 -1.333 Td (future. 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the)6 ( )]TJ 0.025 Tc 0.054 Tw 2.362 -1.333 Td (reporting period was reasonable and did not involve a relatively short p\ eriod )Tj 0.025 Tw 0 -1.333 Td (since the establishment of major suppliers.)Tj 0.086 Tw -2.362 -2.667 Td [(\226 )-1476.2 (The financial position of the Target Company is real and consistent with\ its )]TJ 0.025 Tw 2.362 -1.333 Td (business model.)Tj 0.173 Tw -2.362 -2.667 Td [(\226 )-1389.2 (The basis for having not made provisions for impairment on assets of the\ )]TJ 0.025 Tw 2.362 -1.333 Td (Target Company is reasonable and sufficient.)Tj ET endstream endobj 99 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 278.4378 18.7492 Tm (\226 162 \226)Tj 0.06 Tc 0.238 Tw -11.392 62.978 Td [(\226)35 ( )-1289.2 (\()35 (4)35 (\))35 ( )-573.2 (The)12.3 ( forecast)12.3 ( of)12.3 ( the)12.4 ( capital)12.4 ( expenditure)12.3 ( is)12.3 ( in)12.3 ( line)12.4 ( with)12.3 ( the)35.1 ( )]TJ 0.046 Tc 0.237 Tw 4.724 -1.333 Td 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the)5 ( Company's)5 ( ability)5 ( to)5 ( )]TJ 0.025 Tc 0.127 Tw 0 -1.333 Td (continue as a going-concern, the prospect of its future development and \ its )Tj 0.025 Tw 0 -1.333 Td (current earnings per share is reasonable.)Tj 0.236 Tw -2.362 -2.667 Td [(\226 )-1326.2 (The Company, )0.5 (the counterparty )0.5 (and )0.5 (the relevant )0.5 (parties )0.5 (have )0.5 (given their )]TJ 0.034 Tc 0.241 Tw 2.362 -1.333 Td [(respective)9 ( undertakings)9 ( in)9 ( accordance)9.1 ( with)9 ( the)9 ( Administrative)9 ( Measures)9 ( )]TJ 0.025 Tc 0.207 Tw 0 -1.333 Td [(for )0.5 (Restructuring, )0.5 (Standard )0.6 (on )0.6 (Format )0.5 (No. )0.5 (26 )0.5 (and )0.6 (other )0.6 (provisions; )0.6 (as )0.5 (at )]TJ 0.159 Tw 0 -1.333 Td (the signing date of this report from the Independent Financial Adviser, \ no )Tj 0.025 Tw 0 -1.333 Td (material public opinion in relation to the transaction has been identifi\ ed.)Tj -2.362 -2.667 Td [(\226 )-1537.2 (During the appraisal, necessary appraisal procedures have been implement\ ed, )]TJ 0.048 Tc 0.238 Tw 2.362 -1.333 Td [(following)12.4 ( the)12.4 ( principles)12.3 ( of)12.4 ( independence,)12.4 ( objectivity,)12.4 ( scientificity)12.4 ( and)23 ( )]TJ 0.053 Tc 0.237 Tw 0 -1.333 Td [(fairness,)12.7 ( reasonable)12.7 ( appraisal)12.7 ( methods)12.8 ( have)12.8 ( been)12.7 ( applied,)12.7 ( appropriate)28 ( )]TJ 0.054 Tc 0.238 Tw 0 -1.333 Td [(appraisal)12.2 ( parameters)12.2 ( have)12.2 ( been)12.2 ( selected)12.1 ( and)12.1 ( the)12.2 ( appraisal)12.1 ( results)12.2 ( are)29.1 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.333 Td (reasonable.)Tj 0.04 Tc 0.238 Tw -2.362 -2.667 Td [(\226)15 ( )-1309.2 (The)12.1 ( relevant)12.1 ( preconditions)12.1 ( and)12.1 ( assumptions)12.1 ( of)12.1 ( the)12.1 ( appraisal)12.1 ( have)12.2 ( been)15 ( )]TJ 0.031 Tc 0.244 Tw 2.362 -1.333 Td [(implemented)6 ( in)6 ( accordance)6 ( with)6 ( the)6 ( relevant)6.1 ( state)6 ( laws)6 ( and)6.1 ( regulations,)6 ( )]TJ 0.026 Tc 0.249 Tw 0 -1.333 Td [(having)1 ( observed)1 ( the)1 ( prevailing)1 ( market)1 ( practices)1 ( and)1 ( based)1 ( on)1 ( the)1 ( actual)1 ( )]TJ 0.022 Tc 0.025 Tw 0 -1.333 Td [(situation of the object of the appraisal, and the assumptions and precon\ ditions)-3 ( )]TJ 0.025 Tc 0 -1.333 Td (of the appraisal are reasonable.)Tj 0.044 Tw 0 -2.667 Td [(\226 )-1518.2 (\(1\) )-802.2 (In the forecast of traffic flow, toll rates, operating costs and gross )]TJ 0.139 Tw 4.724 -1.333 Td [(profit )0.5 (margin )0.5 (for )0.6 (the )0.5 (forecast )0.6 (period, )0.6 (the )0.5 (economic )0.5 (development )]TJ 0.025 Tw 0 -1.333 Td (and market capacity of the region in which Expressway is located, )Tj 0.056 Tc 0.238 Tw 0 -1.333 Td [(the)12.5 ( )0.5 (policy)12.5 ( )0.5 (requirements)12.5 ( )0.5 (by)12.5 ( )0.6 (the)12.5 ( )0.5 (competent)12.5 ( )0.5 (relevant)12.5 ( )0.5 (industry)31 ( )]TJ 0.024 Tc 0.025 Tw 0 -1.333 Td [(authorities and the competitive advantages of the Target Company)-1 ( )]TJ 0.025 Tc 0.041 Tw 0 -1.333 Td (have been taken into account, and the forecast of the toll revenue, )Tj 0.025 Tw 0 -1.333 Td (operating costs and gross profit margin is reasonable;)Tj 0.032 Tc 0.243 Tw -4.724 -2.667 Td [(\226)7 ( )-1312.2 (\()7 (2)7 (\))7 ( )-596.2 (The)7 ( forecast)7 ( of)7 ( management)7 ( expenses)7 ( is)7 ( reasonable)7 ( and)7 ( is)7 ( in)7 ( )]TJ 0.025 Tc 0.069 Tw 4.724 -1.333 Td (line with the business development of the Target Company in the )Tj 0.025 Tw 0 -1.333 Td (coming years;)Tj 0.125 Tw -4.724 -2.667 Td [(\226 )-1437.2 (\(3\) )-721.2 (The forecast of the increase in the working capital is reasonable )]TJ 0.052 Tc 0.238 Tw 4.724 -1.333 Td [(and)12.1 ( is)12 ( in)12.1 ( line)12.1 ( with)12.1 ( the)12.1 ( business)12.1 ( development)12.1 ( of)12.1 ( the)12.2 ( Target)27 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (Company in the coming years;)Tj ET endstream endobj 83 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 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compensation arrangements of the transaction\ )]TJ 0.115 Tw 2.362 -1.333 Td (is compliant and reasonable, the performance undertaking is realizable, \ and )Tj 0.103 Tw 0 -1.333 Td (the counterparty ensures that the relevant arrangements for the performa\ nce )Tj 0.025 Tw 0 -1.333 Td (of the undertaking are feasible.)Tj 0.065 Tc 0.238 Tw -2.362 -2.667 Td [(\226)40 ( )-1284.2 (The)12.5 ( transaction)12.4 ( involves)12.4 ( the)12.4 ( scope)12.4 ( of)12.4 ( performance)12.4 ( compensation)12.4 ( as)39.9 ( )]TJ 0.029 Tc 0.246 Tw 2.362 -1.333 Td [(stipulated)4 ( in)4 ( the)4 ( Applicable)4 ( Guidelines)4 ( under)4 ( Regulatory)4 ( Rules)4 ( \226)4 ( Listed)4 ( )]TJ 0.025 Tc 0.147 Tw 0 -1.333 Td (Category No. 1 1\2262, and the specific arrangements, compensation metho\ ds )Tj 0.07 Tw 0 -1.333 Td (and safeguards for performance undertaking complied with Article 35 of t\ he )Tj 0.249 Tw 0 -1.333 Td (Administrative Measures for Restructuring and the Applicable Guidelines \ )Tj 0.025 Tw 0 -1.333 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The dilution of immediate retur\ n )Tj 0.043 Tc 0.238 Tw 0 -1.333 Td [(estimated)12.3 ( by)12.3 ( the)12.3 ( Company)12.3 ( is)12.3 ( reasonable,)12.3 ( with)12.3 ( practicable)12.3 ( and)12.3 ( feasible)18 ( )]TJ 0.032 Tc 0.243 Tw 0 -1.333 Td [(measures)7 ( proposed)6.9 ( by)7 ( the)7 ( Company)7 ( to)7 ( make)7 ( up)7 ( for)6.9 ( the)7 ( return,)7 ( and)7 ( the)7 ( )]TJ 0.025 Tc 0.208 Tw 0 -1.333 Td (relevant undertakings have been issued by the relevant parties, which ar\ e )Tj 0.027 Tc 0.248 Tw 0 -1.333 Td [(in)2 ( line)2 ( with)2 ( the)2 ( Opinions)2 ( of)2 ( the)2 ( Office)2 ( of)2 ( the)2 ( State)2 ( Council)2 ( on)1.9 ( Further)2 ( )]TJ 0.025 Tc 0.075 Tw 0 -1.333 Td (Strengthening the Protection of the Legitimate Rights and Interests of S\ mall )Tj 0.1 Tw 0 -1.333 Td (and Medium-sized Investors in the Capital Market \(Guo Ban Fa [2013] No.\ )Tj 0.058 Tc 0.25 Tw 0 -1.333 Td [(1)0.5 (1)0.5 (0)0.5 (\))0.5 ( )0.5 (\()]TJ /C0_0 1 Tf -0.058 Tw 2.461 0 Td [<0090>0.5 <0A37>0.5 <0A15>0.5 <09EB>0.5 <136C>0.5 <02AE>0.5 <1742>0.5 <15EB>0.5 <05F5>0.5 <0D86>0.5 <0253>0.5 <04C9>0.5 <030B>0.5 <0A76>0.5 <0F1F>0.5 <0349>0.5 <0339>0.5 <0C19>0.6 <02950283>0.5 <04B3>0.6 <0F1F>0.5 <066B>0.5 <03A5>0.5 <062C>0.5 <16C6>0.5 <0942>0.5 <06AD>0.5 <1690>]TJ 0.037 Tc -0.037 Tw -2.461 -1.333 Td [<0288042A06590E0805080091>874.6 <00800A37136C0CEF>]TJ /T1_0 1 Tf 9.529 0 Td ([2013]110)Tj /C0_0 1 Tf 4.552 0 Td <0EEE0081>Tj /T1_0 1 Tf 0.05 Tc 0.237 Tw 1.7 0 Td [(\),)12.7 ( the)12.6 ( Opinions)12.6 ( of)12.6 ( the)12.7 ( State)12.6 ( Council)25 ( )]TJ 0.047 Tc -15.781 -1.333 Td [(o)0.5 (n)13 ( F)0.6 (u)0.5 (r)0.5 (t)0.5 (h)0.6 (e)0.5 (r)13 ( P)0.5 (r)0.6 (o)0.5 (m)0.5 (o)0.5 (t)0.5 (i)0.6 (n)0.5 (g)13 ( t)0.5 (h)0.5 (e)13.1 ( H)0.5 (e)0.6 (a)0.5 (l)0.5 (t)0.5 (h)0.6 (y)13 ( D)0.5 (e)0.6 (v)0.5 (e)0.5 (l)0.5 (o)0.5 (p)0.6 (m)0.5 (e)0.5 (n)0.5 (t)13 ( o)0.5 (f)13 ( t)0.5 (h)0.6 (e)13 ( C)0.6 (a)0.5 (p)0.5 (i)0.5 (t)0.5 (a)0.6 (l)13 ( M)0.5 (a)0.5 (r)0.6 (k)0.5 (e)0.5 (t)22 ( )]TJ 0.027 Tc 0.25 Tw 0 -1.333 Td [(\()-12.5 (G)-12.4 (u)-12.5 (o F)-12.5 (a [2014] N)-12.5 (o)-12.5 (. 17\) \()]TJ /C0_0 1 Tf -0.027 Tw 11.531 0 Td <00900A370A1509EB15EB05F50D86025304C906AE0D860F1F034903390C190A040A700CEF089D065907F0>Tj 0.025 Tc -0.025 Tw -11.531 -1.333 Td [<028D0E0805080091>875 <00800A370CEF>]TJ /T1_0 1 Tf 6.33 0 Td ([2014]17)Tj /C0_0 1 Tf 3.916 0 Td <0EEE0081>Tj /T1_0 1 Tf 0.036 Tc 0.239 Tw 1.675 0 Td [(\))11 ( and)11 ( Guidance)11 ( on)11 ( Matters)11 ( Relating)11 ( to)10.9 ( Initial)11 ( )]TJ 0.025 Tc 0.18 Tw -11.921 -1.333 Td (Public Offerings and Refinancing, Major Asset Restructuring and Dilution\ )Tj 0.214 Tw 0 -1.333 Td [(of )0.5 (Immediate )0.5 (Return \(SFC )0.5 (Announcement )0.5 ([2015] )0.5 (No. 31\) )0.5 (\()]TJ /C0_0 1 Tf -0.025 Tw 26.946 0 Td <15EB05F5082F0CEF02BF038E>Tj 0.098 Tc -0.098 Tw -26.946 -1.333 Td [<13440F1F00650820027D0F1F0B2A08200B5C16C5145B04430C8203AB0C1C03DE15EB052B0DB00659073812AC0E0805080091>874.8 <008015C710390E3602AE0453>]TJ /T1_0 1 Tf 0.025 Tc -0.025 Tw 0 -1.333 Td ([2015]31)Tj /C0_0 1 Tf 3.916 0 Td <0EEE0081>Tj /T1_0 1 Tf 0.025 Tw 1.675 0 Td (\) and other relevant laws and regulations;)Tj 0.107 Tw -7.953 -2.667 Td [(10. )-655.2 (As of the signing date of the report from the independent financial advi\ ser, )]TJ 0.031 Tc 0.244 Tw 2.362 -1.333 Td [(there)6 ( is)6 ( no)6 ( non-operational)6 ( appropriation)6 ( of)6 ( the)6 ( funds)6 ( and)6 ( assets)6.1 ( of)6 ( the)6 ( )]TJ 0.025 Tc 0.178 Tw 0 -1.333 Td (Target Company by its controlling shareholder, de facto controller and i\ ts )Tj 0.025 Tw 0 -1.333 Td (controlled associates;)Tj 0.081 Tc 0.237 Tw -2.362 -2.667 Td [(1)56 (1)56 (.)56 ( )-469.2 (The)12.6 ( Company)12.6 ( has)12.6 ( formulated)12.5 ( the)12.6 ( Management)12.6 ( System)12.5 ( for)12.6 ( Insider)56 ( )]TJ 0.025 Tc 0.101 Tw 2.362 -1.333 Td (Information and Informants of Anhui Expressway Company Limited \()Tj /C0_0 1 Tf -0.025 Tw 30.021 0 Td <009003C413CF>Tj 0.048 Tc -0.048 Tw -30.021 -1.333 Td <0CF00BB709F70BBA02AE0F290670038503DE082202AE032102AB0FC706A608B902BF065D0A8B025B104D0B23055307130091>Tj /T1_0 1 Tf 0.061 Tc 0.237 Tw 25.66 0 Td [(\))12.6 ( in)12.6 ( accordance)36 ( )]TJ 0.025 Tc 0.075 Tw -25.66 -1.333 Td (with the relevant laws and regulations such as the Securities Law, the R\ ules )Tj 0.042 Tc 0.237 Tw 0 -1.333 Td [(Go)0.5 (ve)0.5 (rnin)0.5 (g)12.9 ( t)0.5 (he)12.9 ( Dis)0.5 (clo)0.5 (sur)0.5 (e)12.9 ( of)12.9 ( Inf)0.5 (orm)0.5 (ati)0.5 (on)12.9 ( b)0.5 (y)12.9 ( L)0.5 (ist)0.5 (ed)12.9 ( Com)0.5 (pa)0.5 (nie)0.5 (s)12.9 ( a)0.5 (nd)12.9 ( t)0.5 (he)17 ( )]TJ 0.025 Tc 0.146 Tw 0 -1.333 Td (Articles of Association of the Company. The Company has carried out the \ )Tj 0.124 Tw 0 -1.333 Td (registration and filing of insider information informants in accordance \ with )Tj 0.205 Tw 0 -1.333 Td (the Management System for Insider Information and Informants of Anhui )Tj 0 -1.333 Td (Expressway Company Limited in this transaction, which is in compliance )Tj 0.025 Tw 0 -1.333 Td (with the relevant laws and regulations and the Company\222s system.\224)Tj ET endstream endobj 128 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 278.4378 18.7492 Tm (\226 154 \226)Tj 0.126 Tw -13.754 62.978 Td [(4. )-1161.2 (The completion of the transaction will be beneficial to the improvement \ of )]TJ 0.028 Tw 2.362 -1.333 Td (the asset scale and profits of the Company, which is conductive to impro\ ving )Tj 0.025 Tw 0 -1.333 Td (the sustainable operation of the Company and the sustainable development\ of )Tj 0.109 Tw 0 -1.333 Td (the Company, without prejudice to the legitimate rights and interests of\ the )Tj 0.025 Tw 0 -1.333 Td (Company and its Shareholders;)Tj 0.041 Tw -2.362 -2.667 Td [(5. )-1246.2 (Upon completion of the )0.5 (transaction, the Company )0.5 (will )0.5 (continue to operate )0.5 (in )]TJ 0.091 Tw 2.362 -1.333 Td (accordance with the requirements of the Company Law, the Securities Law,\ )Tj 0.163 Tw 0 -1.333 Td (the Code of Governance for Listed Companies and other laws, regulations \ )Tj 0.136 Tw 0 -1.333 Td [(and )0.5 (regulatory )0.5 (documents )0.6 (to )0.5 (continue )0.5 (to )0.5 (improve )0.5 (the )0.6 (corporate )0.5 (governance )]TJ 0.027 Tc 0.248 Tw 0 -1.333 Td [(structure.)2 ( The)2 ( transaction)1.9 ( is)2 ( beneficial)2 ( to)2 ( the)2 ( Company)2 ( in)2 ( maintaining)2 ( a)2 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (sound and effective corporate governance structure;)Tj 0.214 Tw -2.362 -2.667 Td [(6. )-1073.2 (There is no material risk that the Target Asset will not be transferred \ to )]TJ 0.156 Tw 2.362 -1.333 Td (the Company in a timely manner after issuing Consideration Shares to the\ )Tj 0.042 Tc 0.237 Tw 0 -1.333 Td [(counterparty)12.7 ( in)12.7 ( the)12.8 ( completion)12.7 ( arrangement)12.7 ( of)12.7 ( the)12.7 ( transaction,)12.7 ( and)12.8 ( the)17.1 ( )]TJ 0.025 Tc 0.09 Tw 0 -1.333 Td (default obligations in relation to the Target Assets delivery arrangemen\ t are )Tj 0.025 Tw 0 -1.333 Td (valid and effective;)Tj 0.071 Tw -2.362 -2.667 Td [(7. )-1216.2 (The transaction constitutes a related transaction, with transaction proc\ edures )]TJ 0.073 Tw 2.362 -1.333 Td (being performed in accordance with the relevant regulations, and the rel\ ated )Tj 0.057 Tw 0 -1.333 Td [(transaction is )0.5 (fairly priced without prejudice )0.5 (to the )0.5 (interests )0.5 (of the )0.5 (Company )]TJ 0.025 Tw 0 -1.333 Td (and the non-related Shareholders;)Tj 0.029 Tc 0.246 Tw -2.362 -2.667 Td [(8)4 (.)4 ( )-1037.2 (In)4 ( this)4 ( transaction,)4 ( the)4.1 ( Company)4 ( and)4 ( the)4 ( counterparty)4 ( have)4 ( entered)4 ( into)4 ( )]TJ 0.038 Tc 0.238 Tw 2.362 -1.333 Td [(the)12.2 ( Compensation)12.2 ( Agreement)12.2 ( in)12.1 ( respect)12.2 ( of)12.2 ( the)12.2 ( deficiency)12.2 ( of)12.2 ( the)12.2 ( actual)13 ( )]TJ 0.025 Tc 0.131 Tw 0 -1.333 Td (earnings of the Target Assets against the profit forecast. Such performa\ nce )Tj 0.051 Tc 0.238 Tw 0 -1.333 Td [(compensation)12 ( arrangements)12.1 ( are)12.1 ( reasonable)12.1 ( and)12.1 ( feasible)12.1 ( subject)12.1 ( to)12.1 ( the)26 ( )]TJ 0.063 Tc 0 -1.333 Td [(performance)12.5 ( )0.6 (undertaking)12.5 ( )0.6 (parties)12.6 ( )0.5 (complying)12.6 ( )0.5 (with)12.6 ( )0.5 (and)12.6 ( )0.5 (performing)12.5 ( )0.6 (the)38 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (provisions of the relevant agreements;)Tj ET endstream endobj 127 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 278.4378 18.7492 Tm (\226 153 \226)Tj 0.036 Tw -13.754 62.978 Td (In summary, we considered that the appraisal agency engaged by the Compa\ ny for )Tj 0.152 Tw 0 -1.333 Td [(the )0.5 (Proposed )0.5 (Acquisition is of )0.5 (an independent )0.5 (nature, with reasonable valuation )]TJ 0.13 Tw 0 -1.333 Td (assumptions and premises, the valuation methods are pertinent to the pur\ pose of )Tj 0.245 Tw 0 -1.333 Td (the valuation. The valuation conclusions in the Asset Valuation Report i\ ssued )Tj 0.081 Tw 0 -1.333 Td (are reasonable with fair valuation pricing without prejudice to the inte\ rests of the )Tj 0.025 Tw 0 -1.333 Td (Company and the Shareholders, in particular the minority shareholders.)Tj 0.063 Tw 0 -2.667 Td (The Company engaged China International Capital Corporation Limited \(\223\ CICC\224\) )Tj 0.059 Tw 0 -1.333 Td [(as )0.5 (the independent financial )0.5 (adviser )0.5 (for )0.5 (the )0.5 (transaction. )0.5 (The )0.5 (independent )0.5 (financial )]TJ 0.046 Tc 0.237 Tw 0 -1.333 Td [(adviser)12.7 ( acted)12.6 ( strictly)12.6 ( in)12.6 ( accordance)12.7 ( with)12.7 ( the)12.7 ( relevant)12.6 ( laws,)12.7 ( regulations)12.6 ( and)21 ( )]TJ 0.027 Tc 0.248 Tw 0 -1.333 Td [(do)0.5 (cume)0.5 (nts)2 ( s)0.5 (uch)2 ( a)0.5 (s)2 ( the)2 ( C)0.5 (ompa)0.5 (ny)2 ( La)0.5 (w,)2 ( th)0.5 (e)2 ( Sec)0.5 (urit)0.5 (ies)2.1 ( L)0.5 (aw)0.5 (,)2 ( t)0.5 (he)2 ( A)0.5 (dmin)0.5 (ist)0.5 (rat)0.5 (ive)2 ( )]TJ 0.031 Tc 0.244 Tw 0 -1.333 Td [(Measures)6 ( for)6 ( Restructuring,)6 ( the)6 ( Supervisory)6 ( Guidelines)6 ( for)6 ( Listed)6 ( Companies)6 ( )]TJ 0.025 Tc 0.084 Tw 0 -1.333 Td (No. 9 \226 Supervisory Requirements for the Planning and Implementation \ of Major )Tj 0.192 Tw 0 -1.333 Td (Asset Restructuring of Listed Companies, the Rules Governing the Busines\ s of )Tj 0.036 Tc 0.239 Tw 0 -1.333 Td [(F)0.5 (i)0.5 (n)0.5 (a)0.5 (n)0.6 (c)0.5 (i)0.5 (a)0.5 (l)11 ( A)0.5 (d)0.5 (v)0.5 (i)0.5 (s)0.5 (e)0.6 (r)0.5 (s)11 ( f)0.5 (o)0.5 (r)11 ( M)0.5 (e)0.5 (r)0.5 (g)0.5 (e)0.6 (r)0.5 (s)11 ( a)0.5 (n)0.5 (d)11 ( A)0.5 (c)0.5 (q)0.5 (u)0.5 (i)0.5 (s)0.6 (i)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (s)11 ( a)0.5 (n)0.5 (d)11 ( R)0.5 (e)0.5 (s)0.5 (t)0.6 (r)0.5 (u)0.5 (c)0.5 (t)0.5 (u)0.5 (r)0.5 (i)0.5 (n)0.5 (g)11 ( o)0.5 (f)11 ( L)0.5 (i)0.5 (s)0.6 (t)0.5 (e)0.5 (d)11 ( )]TJ 0.025 Tc 0.04 Tw 0 -1.333 Td [(Companies and the )0.5 (Standard )0.5 (on Format No. 26 based on )0.5 (the )0.5 (principles of honesty, )]TJ 0.129 Tw 0 -1.333 Td (creditworthiness and diligence, and has issued the following verificatio\ n opinion )Tj 0.025 Tw 0 -1.333 Td (of independent financial adviser upon a careful review of the informatio\ n provided )Tj 0.027 Tc 0.248 Tw 0 -1.333 Td [(by)1.9 ( the)2 ( parties)2 ( and)1.9 ( a)2 ( full)2 ( understanding)2 ( of)2.1 ( the)2 ( transaction,)2 ( and)2 ( after)2 ( thorough)2 ( )]TJ 0.025 Tc 0.132 Tw 0 -1.333 Td (communication with the Company, the legal adviser to the transaction and\ other )Tj -0.025 Tw 0 -1.333 Td (intermediaries.)Tj 0.025 Tw 0 -2.667 Td (Upon verification, CICC is of the opinion that:)Tj 0.065 Tc 0.238 Tw 0 -2.667 Td [(\223)40 (1)40 (.)40 ( )-540.2 (The)12.4 ( transaction)12.4 ( complies)12.3 ( with)12.3 ( the)12.4 ( provisions)12.4 ( of)12.4 ( the)12.4 ( Company)12.4 ( Law,)40 ( )]TJ 0.071 Tc 2.362 -1.333 Td [(the)12.1 ( Securities)12.1 ( Law,)12.1 ( the)12.2 ( Administrative)12.1 ( Measures)12.1 ( for)12.1 ( Restructuring,)46 ( )]TJ 0.025 Tc 0.225 Tw 0 -1.333 Td (Administrative Measures for Issuance and Registration and other relevant\ )Tj 0.025 Tw 0 -1.333 Td (laws, regulations;)Tj 0.079 Tw -2.362 -2.667 Td [(2. )-1208.2 (The transaction does not constitute a restructuring listing and will not\ result )]TJ 0.062 Tw 2.362 -1.333 Td (in the Company failing to meet the conditions for listing of its shares \ on the )Tj 0.025 Tw 0 -1.333 Td (Shanghai Stock Exchange;)Tj 0.097 Tw -2.362 -2.667 Td [(3. )-1190.2 (The pricing of the share issue of the Proposed Acquisition is in complia\ nce )]TJ 0.094 Tc 0.238 Tw 2.362 -1.333 Td [(with)12.4 ( )0.5 (the)12.5 ( )0.5 (relevant)12.4 ( )0.5 (provisions)12.5 ( )0.5 (of)12.5 ( )0.5 (the)12.4 ( )0.5 (Administrative)12.5 ( )0.5 (Measures)12.4 ( )0.5 (for)69 ( )]TJ 0.025 Tc 0.14 Tw 0 -1.333 Td (Restructuring. The transaction price of the Target Assets to the transac\ tion )Tj 0.058 Tc 0.237 Tw 0 -1.333 Td [(was)12.5 ( determined)12.6 ( on)12.6 ( the)12.6 ( basis)12.6 ( of)12.5 ( appraisal)12.6 ( results)12.6 ( issued)12.5 ( by)12.6 ( appraisal)33 ( )]TJ 0.056 Tc 0.238 Tw 0 -1.333 Td [(institutions)12.3 ( in)12.3 ( compliance)12.3 ( with)12.3 ( the)12.3 ( Securities)12.3 ( Law)12.3 ( and)12.2 ( filed)12.3 ( with)12.3 ( an)31 ( )]TJ 0.025 Tc 0.107 Tw 0 -1.333 Td (authorised entity of the State-owned Assets Supervision and Administrati\ on )Tj 0.042 Tc 0.238 Tw 0 -1.333 Td [(Department,)12.4 ( )0.5 (with)12.5 ( reasonable)12.5 ( )0.5 (assumptions)12.5 ( and)12.4 ( )0.5 (basis)12.4 ( )0.5 (regarding)12.5 ( the)12.4 ( )0.5 (asset)17 ( )]TJ 0.025 Tc 0.161 Tw 0 -1.333 Td [(valuation, the methods and parameters were appropriately selected )0.5 (and )0.5 (the )]TJ 0.025 Tw 0 -1.333 Td (appraisal results were fair and reasonable;)Tj ET endstream endobj 126 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 278.4378 18.7492 Tm (\226 152 \226)Tj -13.754 62.978 Td [(\2231. )-793.2 (Independence of the asset appraisal agency)]TJ 0.079 Tc 0.237 Tw 2.362 -2.667 Td [(The)12.6 ( asset)12.6 ( appraisal)12.6 ( agency)12.6 ( engaged)12.6 ( for)12.6 ( the)12.6 ( Proposed)12.6 ( Acquisition,)54 ( )]TJ 0.026 Tc 0.249 Tw 0 -1.333 Td [(C)0.5 (h)0.5 (i)0.6 (n)0.5 (a)1 ( U)0.5 (n)0.5 (i)0.5 (t)0.6 (e)0.5 (d)0.5 (,)1 ( i)0.5 (s)1 ( q)0.5 (u)0.6 (a)0.5 (l)0.5 (i)0.5 (f)0.5 (i)0.6 (e)0.5 (d)1 ( f)0.5 (o)0.5 (r)1 ( t)0.6 (h)0.5 (e)1 ( r)0.5 (e)0.5 (l)0.6 (e)0.5 (v)0.5 (a)0.5 (n)0.6 (t)0.9 ( b)0.6 (u)0.5 (s)0.5 (i)0.5 (n)0.5 (e)0.6 (s)0.5 (s)1 ( a)0.5 (n)0.6 (d)0.9 ( h)0.5 (a)0.6 (s)1 ( p)0.5 (r)0.5 (o)0.5 (f)0.6 (e)0.5 (s)0.5 (s)0.6 (i)0.5 (o)0.5 (n)0.5 (a)0.5 (l)1 ( )]TJ 0.042 Tc 0.237 Tw 0 -1.333 Td [(competence.)12.9 ( The)12.9 ( procedures)12.8 ( for)12.9 ( the)12.9 ( appointment)12.8 ( of)12.9 ( the)12.9 ( asset)12.8 ( appraisal)17 ( )]TJ 0.025 Tc 0.188 Tw 0 -1.333 Td (agency were in compliance with the regulations and neither China United \ )Tj 0.216 Tw 0 -1.333 Td (nor its appointed appraisers have any relationship with the Company and \ )Tj 0.18 Tw 0 -1.333 Td (the counterparties other than business relationship, and there is no rea\ l or )Tj 0.099 Tw 0 -1.333 Td (anticipated interest or conflict of interest affecting the provision of \ services )Tj 0.025 Tw 0 -1.333 Td (by any of them. The appraisal agency is independent.)Tj -2.362 -2.667 Td [(2. )-1262.2 (Assessment of the reasonableness of the assumptions and premises)]TJ 0.052 Tc 0.238 Tw 2.362 -2.667 Td [(In)12.5 ( the)12.5 ( valuation)12.4 ( )0.5 (of)12.4 ( )0.5 (the)12.4 ( )0.5 (Target)12.5 ( Assets,)12.4 ( )0.5 (the)12.4 ( )0.5 (assumptions)12.4 ( )0.5 (and)12.4 ( )0.5 (basis)12.4 ( and)27 ( )]TJ 0.025 Tc 0.043 Tw 0 -1.333 Td [(restrictions )0.5 (of the )0.5 (valuation were )0.5 (set by )0.5 (China )0.5 (United )0.5 (in )0.5 (accordance )0.5 (with )0.5 (the )]TJ 0.139 Tw 0 -1.333 Td (relevant state regulations and rules, followed the common market practic\ es )Tj 0.222 Tw 0 -1.333 Td (or standards and were in line with the actual conditions of the valuatio\ n )Tj 0.025 Tw 0 -1.333 Td (targets, with reasonable assumptions and premises regarding the valuatio\ n.)Tj -2.362 -2.667 Td [(3. )-1262.2 (Pertinence of the assessment method to the purpose of the valuation)]TJ 0.048 Tc 0.237 Tw 2.362 -2.667 Td [(The)12.6 ( purpose)12.6 ( of)12.6 ( the)12.6 ( valuation)12.6 ( is)12.6 ( to)12.6 ( determine)12.6 ( the)12.6 ( market)12.6 ( value)12.7 ( of)12.6 ( the)23 ( )]TJ 0.025 Tc 0.166 Tw 0 -1.333 Td (Target Assets as at the Valuation Benchmark Date and to provide a value \ )Tj 0.154 Tw 0 -1.333 Td (reference for the Proposed Acquisition. The asset valuation was conducte\ d )Tj 0.117 Tw 0 -1.333 Td (in accordance with the requirements of relevant state regulations and co\ des )Tj 0.035 Tc 0.24 Tw 0 -1.333 Td [(of)10 ( industry,)10 ( and)10 ( the)10 ( scope)10.1 ( of)10 ( assets)10 ( actually)10 ( appraised)10 ( by)10 ( the)10 ( appraisal)10 ( )]TJ 0.025 Tc 0.237 Tw 0 -1.333 Td (agency was consistent with that of assets entrusted to the appraisal. Th\ e )Tj 0.09 Tw 0 -1.333 Td (valuation was conducted in accordance with the principles of independenc\ e, )Tj 0.217 Tw 0 -1.333 Td (objectivity, fair and science, and the necessary appraisal procedures we\ re )Tj 0.249 Tw 0 -1.333 Td (implemented in accordance with recognised asset appraisal methods. The )Tj 0.035 Tc 0.24 Tw 0 -1.333 Td [(market)10 ( value)10 ( of)10 ( the)10 ( Target)10 ( Assets)10 ( as)10 ( at)10 ( the)10.1 ( Valuation)10 ( Benchmark)10 ( Date)10 ( )]TJ 0.025 Tc 0.188 Tw 0 -1.333 Td (has been appraised and the valuation method selected was reasonable and \ )Tj 0.025 Tw 0 -1.333 Td (pertinence to the purpose of the valuation.)Tj -2.362 -2.667 Td [(4. )-1262.2 (Fairness of the valuation pricing)]TJ 2.362 -2.667 Td (The valuation was conducted using an appraisal method that is in complia\ nce )Tj 0.04 Tw 0 -1.333 Td [(with )0.5 (regulations )0.5 (and )0.5 (in )0.5 (line )0.5 (with )0.5 (the )0.5 (actual )0.5 (situation )0.5 (of )0.5 (the )0.5 (Target )0.5 (Asset, )0.5 (and )]TJ 0.136 Tw 0 -1.333 Td (the discount rate and other important appraisal parameters were reasonab\ ly )Tj 0.036 Tw 0 -1.333 Td (valued and the appraisal value was fair. 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The principles and methods of pricing \ of the )Tj 0.074 Tw 0 -1.333 Td (related transaction are appropriate, the transaction is fair and reasona\ ble, with the )Tj 0.042 Tw 0 -1.333 Td (necessary decision-making procedures for the related transaction to be c\ arried out, )Tj 0.083 Tw 0 -1.333 Td (and there is no conduct that is prejudicial to the interests of the Comp\ any and its )Tj 0.025 Tw 0 -1.333 Td (shareholders, in particular the minority Shareholders.)Tj 0.069 Tw -2.362 -2.667 Td [(12. )-693.2 (The )0.5 (Company )0.5 (has )0.6 (conducted )0.5 (an )0.6 (analysis )0.5 (of )0.6 (the )0.6 (dilutive )0.5 (impact )0.5 (of )0.6 (the )0.5 (Transaction )]TJ 0.241 Tw 2.362 -1.333 Td (on the immediate returns in a serious, prudent and objective manner, and\ put )Tj 0.196 Tw 0 -1.333 Td (forward specific measures to make up for the returns, and the relevant e\ ntities )Tj 0.146 Tw 0 -1.333 Td (have made undertakings to ensure the effective implementation of the saf\ eguard )Tj -0.025 Tw 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Anhui Transportation Holding Group will compensate )Tj 0.113 Tw 0 -1.333 Td (the Target Company in full within two months from the date of occurrence\ )Tj 0.029 Tw 0 -1.333 Td (of the relevant losses if the Target Company suffered actual losses, inc\ luding )Tj 0 -1.333 Td (compensation, fines, additional expenses, damage to interests and inabil\ ity to )Tj 0.04 Tw 0 -1.333 Td (further use, arising from the appropriation and utilisation of expresswa\ y land )Tj 0.025 Tw 0 -1.333 Td (and ancillary facilities by the Target Company.)Tj 0.047 Tw 0 -2.667 Td (In summary, the relevant land use ownership certificate is under the nam\ e of )Tj 0.038 Tw 0 -1.333 Td (Anhui Transportation Holding Group and has not been changed to the Targe\ t )Tj 0.171 Tw 0 -1.333 Td (Company or the land use ownership certificate has not been obtained will\ )Tj 0.111 Tw 0 -1.333 Td (not have any substantial adverse impact on the production and operation \ of )Tj 0.179 Tw 0 -1.333 Td (the Target Company. The ownership certificates for the relevant building\ s )Tj 0.109 Tw 0 -1.333 Td (have not been obtained will not have any substantial adverse impact on t\ he )Tj 0.025 Tw 0 -1.333 Td (production and operation of the Target Company. )Tj ET endstream endobj 145 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 278.4378 18.7492 Tm (\226 144 \226)Tj /T1_1 1 Tf 12 0 3.2154 12 140.5008 774.4808 Tm (Valuation of the Target Company)Tj /T1_0 1 Tf 0.024 Tc 12 0 0 12 141.7323 742.4808 Tm [(T)0.5 (he)0.5 ( B)0.5 (oa)0.5 (r)0.5 (d c)0.5 (o)0.5 (ns)0.5 (id)0.5 (er)0.5 (s)0.5 ( t)0.5 (ha)0.5 (t )0.5 (th)0.5 (e )0.5 (a)0.5 (ss)0.5 (et)0.5 ( a)0.5 (pp)0.5 (r)0.5 (ai)0.5 (sa)0.5 (l )0.5 (ag)0.5 (e)0.5 (nc)0.5 (y )0.5 (e)0.5 (ng)0.5 (ag)0.5 (ed)0.5 ( b)0.5 (y )0.5 (th)0.5 (e)0.5 ( C)0.5 (om)0.5 (pa)0.5 (ny)-1 ( )]TJ 0.037 Tc 0.238 Tw 0 -1.333 Td [(for)12 ( the)12 ( Proposed)12 ( Acquisition)12 ( is)12 ( independent,)12 ( valuation)12 ( assumptions)12 ( and)12 ( )]TJ 0.025 Tc 0.147 Tw 0 -1.333 Td (basis are reasonable, the valuation methods are pertinent to the purpose\ of )Tj 0.144 Tw 0 -1.333 Td (the valuation. The valuation conclusions in the Asset Valuation Report a\ re )Tj 0.069 Tw 0 -1.333 Td (reasonable, the appraised value of the Target Assets is reasonable, and \ there )Tj 0.226 Tw 0 -1.333 Td (is no prejudice to the interests of the Company and the Shareholders, in\ )Tj 0.025 Tw 0 -1.333 Td (particular the minority shareholders.)Tj 0.197 Tw 0 -2.667 Td (The valuation is a reasonable future projection based on existing nation\ al )Tj 0.23 Tw 0 -1.333 Td (laws, regulations, taxation policies, financial policies and existing ma\ rket )Tj 0.237 Tw 0 -1.333 Td (conditions, without taking into account the occurrence of any unforeseen\ )Tj 0.099 Tw 0 -1.333 Td (material changes and fluctuations in the market in the future. The valua\ tion )Tj 0.039 Tw 0 -1.333 Td [(has taken )0.5 (full account of normal )0.5 (development )0.5 (and changes )0.5 (in )0.5 (future policies, )]TJ 0.1 Tw 0 -1.333 Td (macro environment, technology, industry, operating licenses, tax incenti\ ves, )Tj 0.117 Tw 0 -1.333 Td (among others. Changes in the aforesaid aspects will not significantly af\ fect )Tj 0.025 Tw 0 -1.333 Td (the accuracy of the valuation of the Target Assets.)Tj 0.059 Tw 0 -2.667 Td (The sensitivity analysis of the asset valuation results of the Target Co\ mpany )Tj 0.098 Tw 0 -1.333 Td (was conducted with the operating income and discount rate indicators, af\ ter )Tj 0.16 Tw 0 -1.333 Td [(taking )0.5 (into )0.5 (account )0.5 (the )0.6 (characteristics )0.5 (of )0.5 (the )0.6 (business )0.6 (model )0.5 (of )0.5 (the )0.5 (Target )]TJ 0.028 Tw 0 -1.333 Td (Company and the extent of the impact of changes in financial indicators.\ The )Tj 0.025 Tw 0 -1.333 Td (results of the sensitivity analysis are as follows:)Tj 12 0 3.2154 12 447.5077 374.4808 Tm (Unit: RMB\2220,000)Tj /T1_1 1 Tf 8.4 0 0 12 214.0371 342.4808 Tm (Operating income)Tj 24.632 0 Td (Discount rate)Tj -31.51 -2.667 Td (Rate of change )Tj 2.028 -1.333 Td [(in r)18 (e)15 (v)10 (enue)]TJ 7.319 2.667 Td [(V)92 (alue of all )]TJ -0.025 Tw -0.993 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situation and mark\ et )Tj 0.146 Tw 0 -1.333 Td (environment, which may result in the valuation of the Target Assets bein\ g )Tj 0.025 Tw 0 -1.333 Td (inconsistent with the actual situation.)Tj ET endstream endobj 144 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 278.4378 18.7492 Tm (\226 143 \226)Tj /T1_1 1 Tf -13.754 62.978 Td [(\(III\) )-104.2 (Pro Forma Consolidated Income Statement)]TJ /T1_0 1 Tf 12 0 3.2154 12 447.5077 742.4808 Tm (Unit: RMB\2220,000)Tj /T1_1 1 Tf -0.025 Tw 12 0 0 12 141.7323 678.4808 Tm (Items)Tj 0.025 Tw 21.453 2.667 Td (January \226 )Tj -0.025 Tw 0.301 -1.333 Td (February )Tj 2.155 -1.333 Td (2023)Tj 7.087 0 Td (2022)Tj 0.025 Tw -30.996 -2.667 Td (Operating income)Tj -0.025 Tw 21.784 0 Td (89,209.85)Tj 6.562 0 Td (573,051.80)Tj /T1_0 1 Tf 0.025 Tw -28.346 -1.333 Td (Less: Operating costs)Tj -0.025 Tw 21.784 0 Td (34,164.24)Tj 6.562 0 Td (317,806.21)Tj 0.025 Tw -25.795 -1.333 Td (Taxes and surcharges)Tj -0.025 Tw 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computations leading to the Relev\ ant Profit Forecast )Tj 0.036 Tw 0 -1.333 Td (Information. We have relied on the information and facts supplied, and t\ he opinion expressed )Tj 0.039 Tw 0 -1.333 Td (by you and have assumed, without independent verification, that all the \ information and facts )Tj 0.119 Tw 0 -1.333 Td (provided and opinions expressed to us, were true, accurate, complete and\ not misleading at )Tj 0.124 Tw 0 -1.333 Td (the time they were supplied or expressed and that no material fact or in\ formation has been )Tj 0.025 Tw 0 -1.333 Td (omitted from the information supplied.)Tj 0.052 Tw 0 -2.667 Td (On the basis of the foregoing, without giving any other opinion or expre\ ssing any other view )Tj 0.097 Tw 0 -1.333 Td (on the Relevant Profit Forecast Information, for which you as the direct\ ors of the Company )Tj 0.037 Tw 0 -1.333 Td (are solely responsible, we are satisfied that the Relevant Profit Foreca\ st Information has been )Tj 0.025 Tw 0 -1.333 Td (made by you after due care and consideration.)Tj 0.07 Tw 0 -2.667 Td (The work undertaken by us in giving the above opinion has been undertake\ n for the purpose )Tj 0.14 Tw 0 -1.333 Td (of reporting solely to you under Rule 10 of the Takeovers Code and for n\ o other purpose. )Tj 0.192 Tw 0 -1.333 Td (This letter may not be used or disclosed, referred or communicated \(in \ whole or in part\) )Tj 0.137 Tw 0 -1.333 Td [(to )0.5 (any )0.5 (party )0.5 (for )0.5 (any )0.5 (other )0.6 (purpose )0.5 (whatsoever, )0.5 (except )0.5 (with )0.5 (our )0.5 (prior )0.5 (written )0.5 (approval. )0.5 (We )]TJ 0.034 Tw 0 -1.333 Td (accept no responsibility to any other person in respect of, arising out \ of or in connection with )Tj 0.025 Tw 0 -1.333 Td (our work.)Tj /T1_1 1 Tf 24.879 -2.667 Td (For and on behalf of)Tj -3.926 -1.333 Td (BOCOM International \(Asia\) Limited)Tj 2.13 -1.333 Td (Wilfred Sum)Tj 11.099 0 Td (Gary Poon)Tj /T1_0 1 Tf 12 0 3.2154 12 317.251 422.4808 Tm (Managing Director, )Tj -2.15 -1.333 Td (Head of Corporate Finance and )Tj 2.052 -1.333 Td (Global Capital Markets)Tj -0.025 Tw 13.143 2.667 Td (Director)Tj ET endstream endobj 204 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 278.4378 18.7492 Tm (\226 108 \226)Tj /T1_1 1 Tf 14 0 0 14 252.9225 772.6948 Tm (APPENDIX V)Tj -12.822 -1.429 Td (REPORT ISSUED BY THE FINANCIAL ADVISER IN RESPECT OF)Tj 2.811 -1.429 Td (THE RELEVANT PROFIT FORECAST INFORMATION)Tj /T1_0 1 Tf 12 0 0 12 56.6929 700.6948 Tm (The board of directors)Tj 0 -1.333 Td (Anhui Expressway Company Limited)Tj 0 -2.667 Td (20 June 2023)Tj 0 -2.667 Td (Dear Sirs and Madams,)Tj 0.197 Tw 0 -2.667 Td [(We )0.5 (refer )0.5 (to the )0.5 (announcement of )0.5 (Anhui )0.5 (Expressway Company )0.5 (Limited \(the )0.5 (\223)]TJ /T1_1 1 Tf -0.025 Tw (Company)Tj /T1_0 1 Tf (\224\) )Tj 0.227 Tw 0 -1.333 Td (dated 20 June 2023 \(the \223)Tj /T1_1 1 Tf -0.025 Tw (Announcement)Tj /T1_0 1 Tf 0.227 Tw (\224\) in relation to, among others, the Company\222s )Tj 0.243 Tw 0 -1.333 Td (proposed acquisition of 100% equity interest of Anhui Province Liuwu Exp\ ressway Co., )Tj 0.025 Tw 0 -1.333 Td (Ltd.* \()Tj /C0_0 1 Tf -0.025 Tw 2.952 0 Td <03C413CF07B202AC061B09F70BBA02AE0F2903DE082202AE0321>Tj /T1_0 1 Tf 13.355 0 Td (\).)Tj 0.094 Tw -16.307 -2.667 Td (Unless otherwise defined, capitalized terms used in this letter shall ha\ ve the same meanings )Tj 0.025 Tw 0 -1.333 Td (as those defined in the Announcement.)Tj 0.111 Tw 0 -2.667 Td [(We also refer to the Relevant Profit Forecast Information set )0.5 (out on page 38 and Appendix )]TJ 0.14 Tw 0 -1.333 Td (VII of the Announcement, which constitute profit forecast under Rule 10 \ of the Takeovers )Tj -0.025 Tw 0 -1.333 Td (Code.)Tj 0.072 Tw 0 -2.667 Td (This letter is issued in compliance with Rule 10 of the Takeovers Code, \ as our report on the )Tj 0.025 Tw 0 -1.333 Td (Relevant Profit Forecast Information.)Tj 0.057 Tc 0.237 Tw 0 -2.667 Td [(We)12.7 ( have)12.6 ( reviewed)12.6 ( the)12.6 ( Relevant)12.6 ( Profit)12.6 ( Forecast)12.6 ( Information)12.7 ( and)12.6 ( 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Td [(has been )0.5 (properly compiled in accordance )0.5 (with the )0.5 (basis adopted by the Directors and is )]TJ 0.05 Tw 0 -1.333 Td (presented on a basis consistent in all material respects, with the accou\ nting policies normally )Tj 0.059 Tw 0 -1.333 Td (adopted by the Group as set out in the audited financial statements of t\ he Company prepared )Tj 0.221 Tw 0 -1.333 Td (in accordance with Accounting Standards for Business Enterprises for the\ year ended 31 )Tj 0.025 Tw 0 -1.333 Td (December 2022.)Tj ET endstream endobj 203 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 278.4378 18.7492 Tm (\226 107 \226)Tj /T1_1 1 Tf -0.025 Tw -18.479 62.978 Td (Opinion)Tj /T1_0 1 Tf 0.041 Tw 0 -2.667 Td (Based on the foregoing, in our opinion, so far as the arithmetical accur\ acy of the calculations )Tj 0.046 Tw 0 -1.333 Td (of the Forecast is concerned, the Forecast has been properly compiled in\ all material respects )Tj 0.025 Tw 0 -1.333 Td (in accordance with the Assumptions adopted by the Directors.)Tj 0 -2.667 Td (Yours faithfully,)Tj 12 0 3.2154 12 55.4614 646.4808 Tm (Ernst & Young)Tj 0.357 -1.333 Td (Certified Public Accountants)Tj 12 0 0 12 56.6929 614.4808 Tm (Hong Kong)Tj ET endstream endobj 202 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 278.4378 18.7492 Tm (\226 106 \226)Tj /T1_1 1 Tf -18.479 62.978 Td (Our independence and quality management)Tj /T1_0 1 Tf 0.227 Tw 0 -2.667 Td (We have complied with the independence and other ethical requirements of\ the )Tj 12 0 3.2154 12 494.4987 742.4808 Tm (Code of )Tj 0.163 Tw -36.229 -1.333 Td (Ethics for Professional Accountants )Tj 12 0 0 12 250.6422 726.4808 Tm (issued by the Hong Kong Institute of Certified Public )Tj 0.054 Tc 0.238 Tw -16.162 -1.333 Td [(Accountants)12.4 ( \(\223)]TJ /T1_1 1 Tf -0.054 Tw (HKICPA)Tj /T1_0 1 Tf 0.238 Tw [(\224\),)12.3 ( which)12.4 ( is)12.4 ( founded)12.4 ( on)12.4 ( fundamental)12.3 ( principles)12.4 ( of)12.4 ( integrity,)29 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (objectivity, professional competence and due care, confidentiality and p\ rofessional behavior.)Tj 0.037 Tc 0.238 Tw 0 -2.667 Td [(Our)12 ( firm)12 ( applies)12.1 ( Hong)12 ( Kong)11.9 ( Standard)12 ( on)12 ( Quality)12 ( Management)12 ( 1)12 ( )]TJ 12 0 3.2154 12 425.3689 662.4808 Tm [(Quality)12 ( Management)12 ( )]TJ 0.025 Tc 0.172 Tw -30.468 -1.333 Td (for Firms that Perform Audits or Reviews of Financial Statements, or Oth\ er Assurance or )Tj 0.129 Tw 0.357 -1.333 Td (Related Services Engagements)Tj 12 0 0 12 216.1526 630.4808 Tm (, which requires the firm to design, implement and operate a )Tj 0.083 Tw -13.288 -1.333 Td (system of quality control including policies or procedures regarding com\ pliance with ethical )Tj 0.025 Tw 0 -1.333 Td (requirements, professional standards and applicable legal and regulatory\ requirements.)Tj /T1_1 1 Tf 0 -3 Td (Reporting accountants\222 responsibilities)Tj /T1_0 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This standard requires that we plan )Tj 0.047 Tw -13.913 -1.333 Td (and perform our work to obtain reasonable assurance as to whether, so fa\ r as the arithmetical )Tj 0.029 Tw 0 -1.333 Td [(accuracy )0.5 (of )0.5 (the )0.5 (calculations )0.5 (are )0.5 (concerned, )0.5 (the )0.6 (Directors )0.6 (have )0.5 (properly )0.5 (compiled )0.5 (the )0.5 (Forecast )]TJ 0.087 Tw 0 -1.333 Td (in accordance with the Assumptions adopted by the Directors. Our work co\ nsisted primarily )Tj 0.124 Tw 0 -1.333 Td (of checking the arithmetical accuracy of the calculations of the Forecas\ t prepared based on )Tj 0.052 Tw 0 -1.333 Td (the Assumptions made by the Directors. Our work is substantially less in\ scope than an audit )Tj 0.194 Tw 0 -1.333 Td (conducted in accordance with Hong Kong Standards on Auditing issued by t\ he HKICPA. )Tj 0.025 Tw 0 -1.333 Td (Accordingly, we do not express an audit opinion.)Tj 0.142 Tw 0 -2.667 Td (We are not reporting on the appropriateness and validity of the Assumpti\ ons on which the )Tj 0.25 Tw 0 -1.333 Td (Forecast are based and thus express no opinion whatsoever thereon. Our w\ ork does not )Tj 0.064 Tw 0 -1.333 Td [(constitute any )0.5 (valuation of )0.5 (the )0.5 (Target Company. )0.5 (The Assumptions )0.5 (used in )0.5 (the )0.5 (preparation )0.5 (of )]TJ 0.149 Tw 0 -1.333 Td (the Forecast include hypothetical assumptions about future events and ma\ nagement actions )Tj 0.046 Tw 0 -1.333 Td [(that may )0.5 (or may not )0.5 (occur. Even )0.5 (if the events )0.5 (and actions )0.5 (anticipated do occur, )0.5 (actual results )]TJ 0.068 Tw 0 -1.333 Td (are still likely to be different from the Forecast and the variation may\ be material. Our work )Tj 0.109 Tw 0 -1.333 Td (has been undertaken for the purpose of reporting solely to you under par\ agraph 14.62\(2\) of )Tj 0.039 Tw 0 -1.333 Td (the Listing Rules and Rule 10 of the Takeovers Code and for no other pur\ pose. We accept no )Tj 0.108 Tw 0 -1.333 Td (responsibility to any other person in respect of our work, or arising ou\ t of or in connection )Tj 0.025 Tw 0 -1.333 Td (with our work.)Tj ET endstream endobj 162 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 163 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 164 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 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377.5569 Tm (We have been engaged to report on the arithmetical accuracy of the calcu\ lations of the )Tj 0.117 Tw 0 -1.333 Td (discounted cash flow forecast \(the \223)Tj /T1_1 1 Tf -0.025 Tw (Forecast)Tj /T1_0 1 Tf 0.117 Tw (\224\) on which the valuation dated 20 June 2023, )Tj 0.04 Tc 0.238 Tw 0 -1.333 Td [(prepared)12.4 ( by)12.4 ( China)12.4 ( United)12.3 ( Assets)12.4 ( Appraisal)12.4 ( Group)12.4 ( Co.,Ltd.)12.4 ( in)12.4 ( respect)12.4 ( of)12.4 ( 1)12.3 (0)12.4 (0)12.4 (%)12.3 ( equity)14.9 ( )]TJ 0.025 Tc 0.111 Tw 0 -1.333 Td (interests in Anhui Province Liuwu Expressway Company Limited \(the \223)Tj /T1_1 1 Tf (Target Company)Tj /T1_0 1 Tf -0.025 Tw (\224\) )Tj 0.167 Tw -0 -1.333 Td (as at 31 December 2022 is based. The valuation is set out in the announc\ ement of Anhui )Tj 0.053 Tw 0 -1.333 Td (Expressway Company Limited \(the \223)Tj /T1_1 1 Tf -0.025 Tw (Company)Tj /T1_0 1 Tf 0.053 Tw (\224\) dated 20 June 2023 \(the \223)Tj /T1_1 1 Tf -0.025 Tw (Announcement)Tj /T1_0 1 Tf (\224\) )Tj 0.223 Tw 0 -1.333 Td (in connection with the Target Company in relation to, among other things\ , the proposed )Tj 0.096 Tw 0 -1.333 Td (acquisition of the Target Company by the Company. The valuation based on\ the Forecast is )Tj 0.059 Tw 0 -1.333 Td (regarded by The Stock Exchange of Hong Kong Limited as a profit forecast\ under paragraph )Tj 0.219 Tw 0 -1.333 Td [(14.61 )0.5 (of )0.5 (the )0.5 (Rules )0.5 (Governing )0.5 (the )0.5 (Listing )0.5 (of )0.5 (Securities )0.5 (on )0.5 (The )0.5 (Stock )0.5 (Exchange )0.5 (of )0.5 (Hong )]TJ 0.091 Tw 0 -1.333 Td (Kong Limited \(the \223)Tj /T1_1 1 Tf (Listing Rules)Tj /T1_0 1 Tf (\224\) and Rule 10 of the Hong Kong Code of Takeovers and )Tj 0.025 Tw 0 -1.333 Td (Mergers \(the \223)Tj /T1_1 1 Tf (Takeovers Code)Tj /T1_0 1 Tf -0.025 Tw (\224\).)Tj /T1_1 1 Tf 0.025 Tw 0 -3 Td (Directors\222 responsibilities)Tj /T1_0 1 Tf 0.026 Tc 0.249 Tw 0 -2.667 Td [(The)1 ( directors)1 ( of)1 ( the)1.1 ( Company)1 ( \(the)1 ( \223)]TJ /T1_1 1 Tf -0.026 Tw (Directors)Tj /T1_0 1 Tf 0.249 Tw [(\224\))1 ( are)1 ( solely)1 ( responsible)1 ( for)1 ( the)1.1 ( Forecast.)1 ( )]TJ 0.025 Tc 0.11 Tw 0 -1.333 Td (The Forecast has been prepared using a set of bases and assumptions \(th\ e \223)Tj /T1_1 1 Tf -0.025 Tw (Assumptions)Tj /T1_0 1 Tf (\224\), )Tj 0.231 Tw 0 -1.333 Td (the completeness, reasonableness and validity of which are the sole resp\ onsibility of the )Tj 0.24 Tw 0 -1.333 Td (Directors. 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other assumptions that may or may not necessarily be expected to occ\ ur and, as such, the )Tj 0.047 Tw 0 -1.333 Td (Target Company Profit Forecasts may not be appropriate for purposes othe\ r than for deriving )Tj 0.031 Tc 0.244 Tw 0 -1.333 Td [(the)6 ( Valuation.)6 ( Even)6 ( if)6.1 ( the)6 ( events)6 ( anticipated)6 ( under)6 ( the)6 ( hypothetical)6 ( assumptions)6 ( occur,)6 ( )]TJ 0.025 Tc 0.125 Tw 0 -1.333 Td (actual results are still likely to differ from the Target Company Profit\ Forecasts since such )Tj 0.172 Tw 0 -1.333 Td (anticipated events frequently may or may not occur as expected and the v\ ariation may be )Tj -0.025 Tw 0 -1.333 Td (material.)Tj 0.023 Tc 0.025 Tw 0 -2.667 Td [(We have not independently verified the computations leading to China Uni\ ted\222s determination)-2 ( )]TJ 0.037 Tc 0.238 Tw 0 -1.333 Td [(of)12 ( Valuation.)12 ( We)12 ( have)12 ( assumed,)12 ( without)12 ( independent)12 ( verification,)12 ( that)12 ( all)12 ( information,)12 ( )]TJ 0.025 Tc 0.206 Tw 0 -1.333 Td (materials and representations supplied and contained in the Asset Valuat\ ion Report, were )Tj 0.085 Tw 0 -1.333 Td (true, accurate, complete and not misleading at the time they were suppli\ ed or made and that )Tj 0.025 Tw 0 -1.333 Td (no material fact or information has been omitted from the information an\ d materials supplied.)Tj 0.052 Tw 0 -2.667 Td (On the basis of the foregoing, without giving any other opinion or expre\ ssing any other view )Tj 0.09 Tw 0 -1.333 Td (on the Target Company Profit Forecasts, for which you as the directors o\ f the Company are )Tj 0.039 Tw 0 -1.333 Td [(solely responsible, )0.5 (we )0.5 (are satisfied that )0.5 (the )0.5 (Target )0.5 (Company Profit )0.5 (Forecasts have )0.5 (been )0.5 (made )]TJ 0.108 Tw 0 -1.333 Td [(by )0.5 (you )0.5 (after )0.5 (due )0.5 (care )0.6 (and )0.5 (consideration. )0.5 (We )0.5 (are )0.5 (also )0.6 (satisfied )0.5 (that )0.5 (China )0.5 (United )0.6 (is )0.5 (suitably )]TJ 0.045 Tc 0.238 Tw 0 -1.333 Td [(qualified)12.2 ( and)12.2 ( experienced)12.2 ( with)12.2 ( sufficient)12.1 ( current)12.2 ( knowledge,)12.2 ( skills)12.2 ( and)12.2 ( understanding)20 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (necessary to undertake the Valuation competently.)Tj 0.07 Tw 0 -2.667 Td (The work undertaken by us in giving the above opinion has been undertake\ n for the purpose )Tj 0.147 Tw 0 -1.333 Td (of reporting solely to you under Rule 14.62\(3\) of the Listing Rules an\ d Rules 10.3\(b\) and )Tj 0.204 Tw 0 -1.333 Td (11.1\(b\) of the Takeovers Code and for no other purpose. This letter ma\ y not be used or )Tj 0.074 Tw 0 -1.333 Td (disclosed, referred or communicated \(in whole or in part\) to any party\ for any other purpose )Tj 0.071 Tw 0 -1.333 Td (whatsoever, except with our prior written approval. We accept no respons\ ibility to any other )Tj 0.025 Tw 0 -1.333 Td (person in respect of, arising out of or in connection with our work.)Tj /T1_1 1 Tf 24.879 -4 Td (For and on behalf of)Tj -3.926 -1.333 Td (BOCOM International \(Asia\) Limited)Tj 2.13 -1.333 Td (Wilfred Sum)Tj 11.099 0 Td (Gary Poon)Tj /T1_0 1 Tf 12 0 3.2154 12 317.251 246.4808 Tm (Managing Director, )Tj -2.15 -1.333 Td (Head of Corporate Finance and )Tj 2.052 -1.333 Td (Global Capital Markets)Tj -0.025 Tw 13.143 2.667 Td (Director)Tj ET endstream endobj 212 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 278.4378 18.7492 Tm (\226 103 \226)Tj /T1_1 1 Tf 14 0 0 14 249.4576 772.6947 Tm (APPENDIX III)Tj -12.575 -1.429 Td (REPORT ISSUED BY THE FINANCIAL ADVISER IN RESPECT OF)Tj 3.103 -1.429 Td (THE TARGET COMPANY PROFIT FORECASTS AND)Tj 2.462 -1.429 Td (THE QUALIFICATION OF CHINA UNITED)Tj /T1_0 1 Tf 12 0 0 12 56.6929 680.6947 Tm (The board of directors)Tj 0 -1.333 Td (Anhui Expressway Company Limited)Tj 0 -1.333 Td (20 June 2023)Tj 0 -2.667 Td (Dear Sirs and Madams,)Tj 0.197 Tw 0 -2.667 Td [(We )0.5 (refer )0.5 (to the )0.5 (announcement of )0.5 (Anhui )0.5 (Expressway Company )0.5 (Limited \(the )0.5 (\223)]TJ /T1_1 1 Tf -0.025 Tw (Company)Tj /T1_0 1 Tf (\224\) )Tj 0.227 Tw 0 -1.333 Td (dated 20 June 2023 \(the \223)Tj /T1_1 1 Tf -0.025 Tw (Announcement)Tj /T1_0 1 Tf 0.227 Tw (\224\) in relation to, among others, the Company\222s )Tj 0.023 Tc 0.025 Tw 0 -1.333 Td [(proposed acquisition of 100% equity interest of Anhui Province Liuwu Exp\ ressway Co., Ltd.*)-2 ( )]TJ 0 Tc 0 Tw 0 -1.333 Td (\()Tj /C0_0 1 Tf 0.025 Tc -0.025 Tw 0.388 0 Td <03C413CF07B202AC061B09F70BBA02AE0F2903DE082202AE0321>Tj /T1_0 1 Tf 0.136 Tw 13.355 0 Td (\)\(the \223)Tj /T1_1 1 Tf (Target Assets)Tj /T1_0 1 Tf (\224\). We also refer to the asset valuation )Tj 0.066 Tw -13.743 -1.333 Td [(report )0.5 (dated )0.6 (20 )0.5 (June )0.5 (2023 )0.5 (\(the )0.6 (\223)]TJ /T1_1 1 Tf 0.065 Tw (Asset Valuation Report)Tj /T1_0 1 Tf 0.066 Tw [(\224\) )0.5 (prepared )0.5 (by )0.6 (China )0.6 (United )0.5 (Assets )]TJ 0.113 Tw 0 -1.333 Td [(Appraisal Group )0.5 (Co., Ltd \(\223)]TJ /T1_1 1 Tf (China United)Tj /T1_0 1 Tf [(\224\) in respect )0.5 (of the appraised )0.5 (value of the )0.5 (Target )]TJ 0.025 Tw 0 -1.333 Td (Assets \(the \223)Tj /T1_1 1 Tf -0.025 Tw (Valuation)Tj /T1_0 1 Tf 0.025 Tw (\224\), the full text of which are set out in the Announcement.)Tj 0.225 Tw 0 -2.667 Td (According to the Asset Valuation Report, the Valuation has been prepared\ using income )Tj 0.041 Tw 0 -1.333 Td (approach with the use of discounted cash flow method, which constitutes \ profit forecasts \(the )Tj 0 Tc 0 Tw 0 -1.333 Td (\223)Tj /T1_1 1 Tf 0.025 Tc 0.094 Tw 0.469 0 Td [(Target )0.5 (Company )0.5 (Profit )0.5 (Forecasts)]TJ /T1_0 1 Tf [(\224\) )0.5 (under )0.5 (Rule )0.5 (14.61 )0.5 (of )0.5 (the )0.5 (Rules )0.5 (Governing )0.5 (the Listing )]TJ 0.072 Tw -0.469 -1.333 Td (of Securities on The Stock Exchange of Hong Kong Limited \(the \223)Tj /T1_1 1 Tf (Listing Rules)Tj /T1_0 1 Tf (\224\) and Rule )Tj 0.025 Tw 0 -1.333 Td (10 of the Hong Kong Code on Takeovers and Mergers \(the \223)Tj /T1_1 1 Tf (Takeovers Code)Tj /T1_0 1 Tf -0.025 Tw (\224\).)Tj 0.221 Tw 0 -2.667 Td (This letter is issued in compliance with \(i\) Rule 14.62\(3\) of the Li\ sting Rules and Rule )Tj 0.138 Tw 0 -1.333 Td (10.3\(b\) of the Takeovers Code, as our report on the Target Company Pro\ fit Forecasts; and )Tj 0.043 Tw 0 -1.333 Td (\(ii\) Rule 11.1\(b\) of the Takeovers Code, as our report on the qualif\ ications and experience of )Tj 0.025 Tw 0 -1.333 Td (China United.)Tj 0.18 Tw 0 -2.667 Td (We have reviewed the Asset Valuation Report and discussed with the manag\ ement of the )Tj 0.127 Tw 0 -1.333 Td [(Company )0.5 (and )0.6 (China )0.6 (United )0.5 (with )0.5 (regards )0.5 (to )0.5 (the )0.6 (bases )0.5 (and )0.5 (assumptions )0.6 (set )0.5 (out )0.5 (on )0.5 (pages )0.5 (20 )]TJ 0.227 Tw 0 -1.333 Td [(to )0.5 (22 )0.6 (of )0.5 (the )0.6 (Announcement )0.5 (upon )0.5 (which )0.6 (the )0.5 (Target )0.6 (Company )0.5 (Profit )0.6 (Forecasts )0.5 (have )0.6 (been )]TJ 0.042 Tw 0 -1.333 Td (prepared. We have also considered the letter addressed to the directors \ of the Company dated )Tj 0.092 Tw 0 -1.333 Td (20 June 2023 from Ernst & Young, stating that so far as the calculations\ are concerned, the )Tj 0.055 Tw 0 -1.333 Td (Target Company Profit Forecasts have been properly compiled in all mater\ ial respects on the )Tj 0.025 Tw 0 -1.333 Td (basis of the assumptions made.)Tj 0.065 Tw 0 -2.667 Td (With regards to China United\222s qualifications and experience, we have\ conducted reasonable )Tj 0.043 Tc 0.238 Tw 0 -1.333 Td [(checks)12.4 ( to)12.4 ( assess)12.4 ( the)12.4 ( relevant)12.4 ( qualification,)12.4 ( experience)12.4 ( and)12.4 ( expertise)12.5 ( of)12.4 ( China)12.5 ( United,)18 ( )]TJ 0.033 Tc 0.242 Tw 0 -1.333 Td [(including)8 ( review)8 ( of)8 ( the)8 ( supporting)8 ( documents)8.1 ( and)8 ( discussion)8 ( with)8 ( China)8.1 ( United)8 ( on)8 ( its)8 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (qualifications and experience.)Tj ET endstream endobj 211 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 278.4378 18.7492 Tm (\226 102 \226)Tj /T1_1 1 Tf 14 0 0 14 252.3555 772.6948 Tm (APPENDIX II)Tj -11.788 -1.429 Td (LETTER OF CONFIRMATION ISSUED BY CHINA UNITED IN )Tj 3.717 -1.429 Td (RELATION TO THE ASSET VALUATION REPORT)Tj /T1_0 1 Tf 0.23 Tw 12 0 3.2154 12 55.4614 700.6948 Tm (The following is the text of the letter from China United to the Board p\ repared for the )Tj 0.025 Tw 0.357 -1.333 Td (purpose of incorporation into this announcement.)Tj 12 0 0 12 56.6929 652.6948 Tm (20 June 2023)Tj 0 -2.667 Td (The Board of Directors)Tj 0 -1.333 Td (ANHUI EXPRESSWAY COMPANY LIMITED)Tj 0 -1.333 Td (520 Wangjiang West Road)Tj 0 -1.333 Td (Hefei, Anhui, the PRC)Tj 0 -2.667 Td (Dear Sirs,)Tj 0.128 Tw 0 -2.667 Td (We refer to the asset valuation report of the Target Assets dated 20 Jun\ e 2023 \(the \223)Tj /T1_1 1 Tf -0.025 Tw (Asset )Tj 0.041 Tw 0 -1.333 Td [(Valuation )0.5 (Report)]TJ /T1_0 1 Tf [(\224\) )0.6 (issued )0.5 (by )0.5 (us )0.6 (in )0.5 (respect )0.5 (of )0.6 (100% )0.5 (of )0.5 (the )0.6 (equity )0.6 (interest )0.5 (of )0.6 (Anhui )0.6 (Province )]TJ 0.025 Tw 0 -1.333 Td (Liuwu Expressway Co., Ltd. \()Tj /C0_0 1 Tf -0.025 Tw 12.912 0 Td <03C413CF07B202AC061B09F70BBA02AE0F2903DE082202AE0321>Tj /T1_0 1 Tf 0.025 Tw 13.355 0 Td (\)\(the \223)Tj /T1_1 1 Tf (Target Company)Tj /T1_0 1 Tf -0.025 Tw (\224\).)Tj 0.15 Tw -26.267 -2.667 Td [(We )0.5 (have reviewed the financial )0.5 (information )0.5 (of the Target Company as of 31 March )0.5 (2023, )]TJ 0.025 Tw 0 -1.333 Td [(and c)0.5 (onfirm tha)0.5 (t there)0.5 ( was no ma)0.5 (teria)0.5 (l change )0.5 (in)0.5 ( the ass)0.5 (umptions a)0.5 (nd calcu)0.5 (lation ba)0.5 (ses of the )]TJ 0.119 Tw 0 -1.333 Td [(valuation adopted )0.5 (in )0.5 (the Asset Valuation )0.5 (Report )0.5 (during )0.5 (the )0.5 (period )0.5 (from )0.5 (31 )0.5 (December )0.5 (2022 )]TJ 0.089 Tw 0 -1.333 Td [(\(being the )0.5 (valuation )0.5 (benchmark date\) )0.5 (to )0.5 (31 March )0.5 (2023. )0.5 (Accordingly, as )0.5 (at 31 March )0.5 (2023, )]TJ 0.152 Tw 0 -1.333 Td [(there )0.5 (was )0.5 (no )0.5 (material )0.5 (change )0.6 (in )0.6 (the )0.5 (appraised )0.5 (value )0.6 (of )0.5 (100% )0.5 (equity )0.5 (interest )0.5 (of )0.5 (the )0.6 (Target )]TJ 0.025 Tw 0 -1.333 Td (Company as that set out in the Asset Valuation Report.)Tj /T1_1 1 Tf 18.656 -2.667 Td (China United Assets Appraisal Group Co., Ltd.)Tj ET endstream endobj 210 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 278.4378 18.7492 Tm (\226 101 \226)Tj -2.242 62.978 Td (EXHIBIT INDEX)Tj -16.237 -2.667 Td [(1. )-1262.2 (Economic behavior documents \(copies\);)]TJ 0 -2.667 Td [(2. )-1262.2 (Business licenses of the Client and the Target Company as legal persons \ \(copies\);)]TJ 0 -2.667 Td [(3. )-1262.2 (Audit report on the Valuation Benchmark Date \(copy\);)]TJ 0 -2.667 Td [(4. )-1262.2 (Traffic Study Report in respect of the Anhui Section of the Liuwu Expres\ sway \(copy\);)]TJ 0 -2.667 Td [(5. )-1262.2 (Proof of ownership of important assets;)]TJ 0 -2.667 Td [(6. )-1262.2 (Statement letter from the Client and the Target Company;)]TJ 0 -2.667 Td [(7. )-1262.2 (Commitment letter from the signed asset valuer;)]TJ 0.072 Tc 0.237 Tw 0 -2.667 Td [(8)47 (.)47 ( )-1003.2 (Filing)12.9 ( of)12.9 ( Assets)12.8 ( Valuation)12.9 ( Q)0.5 (ualification)12.9 ( Certificate)12.9 ( and)12.9 ( Securitie)0.5 (s)12.8 ( Appra)0.5 (isal)47 ( )]TJ 0.025 Tc 0.025 Tw 2.362 -1.333 Td (Qualification of China United Assets Appraisal Group Co., Ltd. \(copies\)\ ;)Tj 0.096 Tw -2.362 -2.667 Td [(9. )-1191.2 (Business License for Enterprise Legal Person of China United Assets Appr\ aisal Group )]TJ 0.025 Tw 2.362 -1.333 Td (Co., Ltd. \(copy\);)Tj -2.362 -2.667 Td [(10. )-737.2 (Qualification certificate of signed asset valuer \(copy\);)]TJ 0 -2.667 Td [(11. )-737.2 (Asset valuation result table \226 income approach;)]TJ 0 -2.667 Td [(12. )-737.2 (Asset valuation result table \226 asset-based approach.)]TJ ET endstream endobj 35 0 obj <> endobj 36 0 obj <> endobj 37 0 obj <> endobj 38 0 obj <> endobj 39 0 obj <> endobj 237 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 238 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 239 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 240 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 241 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 246 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 278.4378 18.7492 Tm (\226 100 \226)Tj -18.479 62.978 Td (\(This page is intentionally left blank\))Tj /T1_1 1 Tf 18.656 -25.333 Td (China United Assets Appraisal Group Co., Ltd.)Tj -1.641 -10.667 Td (Asset Valuer:)Tj 0 -5.333 Td (Asset Valuer:)Tj /T1_0 1 Tf 17.485 -5.333 Td (20 June 2023)Tj ET endstream endobj 245 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 99 \226)Tj 0.038 Tw -16.379 62.978 Td [(\(VII\) )129.8 (According )0.5 (to relevant )0.5 (laws and regulations on asset valuation, the Asset Valuation )]TJ 0.178 Tw 2.362 -1.333 Td (Report involving statutory valuation business must be used by the Client\ s after )Tj 0.056 Tc 0.238 Tw 0 -1.333 Td [(performing)12.6 ( )0.5 (the)12.6 ( )0.5 (asset)12.5 ( )0.6 (valuation)12.6 ( )0.6 (supervision)12.6 ( )0.5 (and)12.6 ( )0.5 (management)12.5 ( )0.6 (procedures)12.5 ( )0.6 (in)31 ( )]TJ 0.025 Tc 0.094 Tw 0 -1.333 Td (accordance with the requirements of relevant laws and regulations. The v\ aluation )Tj 0.023 Tc 0.025 Tw 0 -1.333 Td [(results shall be valid for a term of one year from 31 December 2022 \(th\ e Valuation)-2 ( )]TJ 0.025 Tc 0 -1.333 Td (Benchmark Date\) to 30 December 2023.)Tj /T1_1 1 Tf -0.025 Tc 14 0 0 14 56.6929 658.4808 Tm [(XIII. )239.2 (DATE OF ASSET VALUATION REPORT)]TJ /T1_0 1 Tf 0.025 Tc 12 0 0 12 85.0394 626.4808 Tm (This valuation report is dated 20 June 2023.)Tj ET endstream endobj 244 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 98 \226)Tj /T1_1 1 Tf 0.087 Tc 0.238 Tw 14 0 0 14 56.6929 772.6948 Tm [(X)62 (I)62 (I)62 (.)62.1 ( )400.2 (LIMITATIONS)12.2 ( ON)12.1 ( THE)12.2 ( USE)12.2 ( OF)12.2 ( THE)12.1 ( ASSET)12.1 ( VALUATION)62 ( )]TJ 0.025 Tc -0.025 Tw 2.025 -1.429 Td (REPORT)Tj /T1_0 1 Tf 0.023 Tc 0.025 Tw 12 0 0 12 85.0394 720.6948 Tm [(\()-2 (I)-2 (\))-2 ( )-990.2 (This valuation report may only be used according to the objectives and p\ urposes as)-2 ( )]TJ 0.025 Tc 0.12 Tw 2.362 -1.333 Td (stated herein. Meanwhile, the valuation conclusion reflects the prevaili\ ng market )Tj 0.032 Tw 0 -1.333 Td (fair value under the valuation purpose based on the open market principl\ e, without )Tj 0.075 Tw 0 -1.333 Td (considering the impact of mortgages and guarantees that the appraised ta\ rget may )Tj 0.103 Tw 0 -1.333 Td (be subject to in the future, nor the impact of additional price which ma\ y be paid )Tj 0.151 Tw 0 -1.333 Td (by special trading parties. Meanwhile, the effects of changes in nationa\ l macro-)Tj 0.033 Tc 0.242 Tw 0 -1.333 Td [(economic)8 ( policies,)8 ( the)8 ( natural)8 ( force)8 ( and)8 ( other)8 ( force)8 ( majeure)8 ( on)8 ( the)8 ( price)8 ( of)8 ( )]TJ 0.025 Tc 0.077 Tw 0 -1.333 Td (assets are not taken into account. In general, if the aforesaid conditio\ ns and other )Tj 0.082 Tw 0 -1.333 Td (situations such as going concern basis changes, valuation conclusion wil\ l become )Tj 0.088 Tw 0 -1.333 Td (invalid. The valuation firm is not liable for invalidity of the valuatio\ n conclusion )Tj 0.025 Tw 0 -1.333 Td (due to changes of such conditions.)Tj 0.159 Tw 0 -2.667 Td (This valuation report is only valid when the transaction complies with t\ he state )Tj 0.025 Tw 0 -1.333 Td (laws and regulations and the valuation report is approved by relevant au\ thorities.)Tj 0.024 Tc -2.362 -2.667 Td [(\()-1 (I)-1 (I)-1 (\))-1 ( )-631.2 (Th)0.5 (e a)0.5 (sse)0.5 (t va)0.5 (lu)0.5 (ati)0.5 (on f)0.5 (irm)0.5 ( and)0.5 ( its)0.5 ( va)0.5 (lue)0.5 (rs )0.5 (sha)0.5 (ll n)0.5 (ot )0.5 (bear)0.5 ( re)0.5 (sp)0.5 (onsi)0.5 (bil)0.5 (itie)0.5 (s i)0.5 (f th)0.5 (e C)0.5 (lie)0.5 (nts)-1 ( )]TJ 0.025 Tc 0.189 Tw 2.362 -1.333 Td (or other users of the Asset Valuation Report fail\(s\) to use the Asset \ Valuation )Tj 0.035 Tw 0 -1.333 Td (Report in accordance with the provisions of laws and administrative regu\ lations or )Tj 0.025 Tw 0 -1.333 Td (within scope of use specified in the Asset Valuation Report.)Tj 0.221 Tw -2.362 -2.667 Td [(\(III\) )-76.2 (Except for the Clients, other users of this Asset Valuation Report desig\ ned in )]TJ 0.184 Tw 2.362 -1.333 Td (the asset valuation entrustment contract and asset valuation users of th\ is report )Tj 0.146 Tw 0 -1.333 Td (stipulated by laws and administrative regulations, any other firms or in\ dividuals )Tj 0.025 Tw 0 -1.333 Td (cannot be asset valuation users of this report.)Tj 0.177 Tw -2.362 -2.667 Td [(\(IV\) )-89.2 (The users of the Asset Valuation Report shall correctly understand and u\ se the )]TJ 0.105 Tw 2.362 -1.333 Td (valuation conclusion. The valuation conclusion is not equivalent to the \ realisable )Tj 0.047 Tw 0 -1.333 Td (price of the Target Assets, and the valuation conclusion shall not be co\ nsidered as )Tj 0.025 Tw 0 -1.333 Td (a guarantee of the realisable price of the Target Assets.)Tj 0.068 Tw -2.362 -2.667 Td [(\(V\) )-556.2 (The valuation report may only be used by users expressly stated herein. \ The right )]TJ 0.186 Tw 2.362 -1.333 Td (to use this report is vested in the Clients. The valuer will not make th\ e report )Tj 0.025 Tw 0 -1.333 Td (public without the approval of the Clients.)Tj 0.175 Tw -2.362 -2.667 Td [(\(VI\) )-91.2 (Save as required by laws and regulations or otherwise agreed upon by rel\ evant )]TJ 0.027 Tc 0.248 Tw 2.362 -1.333 Td [(parties)2 ( concerned,)2 ( the)2 ( extraction,)2 ( reference)2 ( or)2 ( disclosure)2 ( of)2 ( the)2 ( whole)2 ( or)2 ( any)2 ( )]TJ 0.025 Tc 0.158 Tw 0 -1.333 Td (part of contents of this valuation report in any public media shall be s\ ubject to )Tj 0.025 Tw 0 -1.333 Td (approval and review of such contents by the valuation firm.)Tj ET endstream endobj 243 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 97 \226)Tj 0.203 Tw -14.017 62.978 Td [(5. )-1084.2 (In the event that any changes in the quantity and the pricing standard o\ f )]TJ 0.222 Tw 2.362 -1.25 Td (assets occurred within the term of validity after the valuation benchmar\ k )Tj 0.025 Tw 0 -1.25 Td (date, the principles set out below shall be followed:)Tj 0.064 Tw 0 -2.5 Td [(\(1\) )-782.2 (In the event that quantity of assets changes, corresponding adjustments \ )]TJ 0.047 Tc 0.237 Tw 2.362 -1.25 Td [(shall)12.9 ( be)12.9 ( made)12.8 ( to)12.8 ( the)12.8 ( quantity)12.8 ( of)12.9 ( assets)12.8 ( according)12.8 ( to)12.8 ( the)12.8 ( original)21.9 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.25 Td (valuation approach;)Tj 0.037 Tw -2.362 -2.5 Td [(\(2\) )-809.2 (In the event that the pricing standard of the )0.5 (assets changes and imposes )]TJ 0.091 Tw 2.362 -1.25 Td [(obvious impacts on the asset valuation results, )0.5 (the Clients )0.5 (shall )0.5 (timely )]TJ 0.172 Tw 0 -1.25 Td (employ qualified asset valuation agency to redetermine the appraised )Tj -0.025 Tw 0 -1.25 Td (value;)Tj 0.054 Tc 0.238 Tw -2.362 -2.5 Td [(\()29 (3)29 (\))29 ( )-579.2 (After)12.5 ( the)12.5 ( Valuation)12.4 ( Benchmark)12.5 ( Date,)12.4 ( the)12.4 ( )0.5 (Clients)12.4 ( shall)12.5 ( give)12.4 ( due)29.1 ( )]TJ 0.025 Tc 0.215 Tw 2.362 -1.25 Td (consideration to changes in the quantity and the pricing standard of )Tj 0.025 Tw 0 -1.25 Td (assets and make corresponding adjustment when determining prices.)Tj 0.112 Tw -4.724 -2.5 Td [(6. )-1175.2 (The objectives of the valuers conducting the asset valuation are to esti\ mate )]TJ 0.097 Tw 2.362 -1.25 Td (the value of the appraised target and to express professional advice the\ reof, )Tj 0.235 Tw 0 -1.25 Td (and accept no responsibilities for the decision of the relevant party. T\ he )Tj 0.122 Tw 0 -1.25 Td (valuation conclusion shall not be construed as a guarantee of the realis\ able )Tj 0.025 Tw 0 -1.25 Td (value of the Target Assets.)Tj 0.176 Tw -2.362 -2.5 Td [(7. )-1111.2 (The profit forecast of the Target Company obtained by the valuation firm\ )]TJ 0.027 Tc 0.248 Tw 2.362 -1.25 Td [(is)2 ( the)2 ( basis)2 ( of)2 ( the)2.1 ( income)1.9 ( approach)2 ( in)2 ( this)2.1 ( valuation)2 ( report.)2 ( The)2 ( valuer)2 ( )]TJ 0.039 Tc 0.237 Tw 0 -1.25 Td [(conducted)12.7 ( necessary)12.6 ( investigation,)12.7 ( analysis,)12.7 ( and)12.7 ( judgment)12.7 ( on)12.6 ( the)12.7 ( profit)14 ( )]TJ 0.058 Tc 0.238 Tw 0 -1.25 Td [(forecast)12.6 ( )0.5 (of)12.5 ( )0.5 (the)12.6 ( )0.5 (Target)12.5 ( )0.5 (Company.)12.5 ( )0.6 (After)12.6 ( )0.5 (multiple)12.5 ( )0.5 (discussions)12.5 ( )0.5 (with)12.5 ( )0.5 (the)33 ( )]TJ 0.031 Tc 0.244 Tw 0 -1.25 Td [(management)6 ( and)6.1 ( major)6 ( shareholders)6 ( of)6 ( the)6.1 ( Target)6 ( Company,)6 ( as)6 ( well)6 ( as)6.1 ( )]TJ 0.026 Tc 0.249 Tw 0 -1.25 Td [(further)1 ( amendments)1 ( and)1 ( improvement)0.9 ( made)1 ( by)1 ( the)1 ( Target)1 ( Company,)1 ( the)1 ( )]TJ 0.025 Tc 0.233 Tw 0 -1.25 Td (valuation firm accepted the relevant data of profit forecast of the Targ\ et )Tj 0.164 Tw 0 -1.25 Td (Company. The utilization of the profit forecast of the Target Company by\ )Tj 0.218 Tw 0 -1.25 Td (the valuation firm is not a guarantee of future profitability of the Tar\ get )Tj -0.025 Tw 0 -1.25 Td (Company.)Tj 0.118 Tw -2.362 -2.5 Td [(8. )-1169.2 (The conclusion of this valuation is based on the assumption that the own\ er )]TJ 0.049 Tw 2.362 -1.25 Td (of property rights and the management of the appraised target make accur\ ate )Tj 0.074 Tw 0 -1.25 Td (judgments on the development trend in future and related plans will be d\ uly )Tj 0.038 Tc 0.238 Tw 0 -1.25 Td [(implemented.)12.2 ( If)12.2 ( the)12.2 ( future)12.2 ( actual)12.2 ( operation)12.2 ( conditions)12.2 ( of)12.3 ( the)12.2 ( enterprise)13 ( )]TJ 0.025 Tc 0.109 Tw 0 -1.25 Td (deviate from the operation plans, and the owners of property rights and \ the )Tj 0.044 Tw 0 -1.25 Td (management of the Target Company fail to adopt remedies in time to corre\ ct )Tj 0.213 Tw 0 -1.25 Td (such deviation, the conclusion of this valuation will change substantial\ ly. )Tj 0.208 Tw 0 -1.25 Td [(Therefore, )0.5 (report )0.6 (users )0.6 (are )0.5 (strongly )0.5 (advised )0.5 (to )0.5 (pay )0.5 (close )0.5 (attention )0.5 (in )0.5 (this )]TJ -0.025 Tw 0 -1.25 Td (regard.)Tj 0.203 Tw -2.362 -2.5 Td [(9. )-1084.2 (The valuation of the assets of buildings \(structures\), equipment, and \ road )]TJ 0.025 Tw 2.362 -1.25 Td (assets such as bridges and tunnels are all tax inclusive.)Tj 0.033 Tc 0.242 Tw -2.362 -2.5 Td [(1)8 (0)8 (.)8 ( )-512.2 (T)0.5 (h)0.5 (e)8 ( a)0.5 (s)0.5 (se)0.5 (t)0.5 (s)8 ( i)0.5 (n)0.5 (cl)0.5 (u)0.5 (de)0.5 (d)8 ( i)0.5 (n)8 ( t)0.5 (h)0.5 (e)8 ( s)0.5 (c)0.5 (op)0.5 (e)8 ( o)0.5 (f)8 ( t)0.5 (h)0.5 (is)8 ( va)0.5 (l)0.5 (ua)0.5 (t)0.5 (i)0.5 (on)8 ( sh)0.5 (a)0.5 (l)0.5 (l)8 ( no)0.5 (t)8 ( i)0.5 (n)0.5 (cl)0.5 (u)0.5 (d)0.5 (e)8 ( t)0.5 (he)8 ( )]TJ 0.047 Tc 0.238 Tw 2.362 -1.25 Td [(supporting)12.2 ( service)12.2 ( areas,)12.2 ( gas)12.2 ( stations,)12.2 ( billboards,)12.2 ( and)12.2 ( other)12.2 ( subsidiary)22 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.25 Td (facilities along the project route, as well as their operating rights.)Tj ET endstream endobj 242 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 96 \226)Tj 0.048 Tc 0.237 Tw -14.017 62.978 Td [(2)23 (.)23 ( )-1027.2 (As)12.9 ( of)13 ( the)12.9 ( Valuat)0.5 (ion)12.9 ( Benchmar)0.5 (k)12.9 ( Date,)12.9 ( the)13 ( registere)0.5 (d)12.9 ( capital)12.9 ( of)12.9 ( T)0.5 (arget)23 ( )]TJ 0.025 Tc 0.117 Tw 2.362 -1.333 Td (Company of RMB5 million has not been fully paid in, and the capital paid\ )Tj 0.037 Tc 0.238 Tw 0 -1.333 Td [(in)12 ( after)12 ( the)12 ( Valuation)12.1 ( Benchmark)12 ( Date)12 ( has)12 ( not)12 ( been)12 ( considered)12 ( in)12 ( this)12 ( )]TJ 0.025 Tc 0.209 Tw 0 -1.333 Td (valuation; on 28 February 2023, the capital of Target Company has been )Tj 0.025 Tw 0 -1.333 Td (fully paid in.)Tj /T1_1 1 Tf -0.035 Tc 0.035 Tw 9.6 0 0 12 85.0394 674.4808 Tm (\(VIII\))Tj 0.025 Tc 0.045 Tw 12 0 0 12 107.5508 674.4808 Tm [( )-166.3 (Defects in )0.5 (the )0.5 (Proposed )0.5 (Acquisition that )0.5 (may have )0.5 (a significant )0.5 (impact on )0.5 (the )]TJ 0.025 Tw 0.486 -1.667 Td (valuation conclusion)Tj /T1_0 1 Tf 0.137 Tw 0 -2.667 Td (No defects in the Proposed Acquisition which may have a significant impa\ ct on )Tj 0.025 Tw 0 -1.333 Td (the valuation conclusion were identified.)Tj /T1_1 1 Tf -2.362 -3 Td [(\(IX\) )-185.2 (Explanation of other matters)]TJ /T1_0 1 Tf 0.163 Tw 2.362 -2.667 Td [(1. )-1124.2 (It is the legal responsibility for the valuer and the valuation firm to \ make )]TJ 0.124 Tw 2.362 -1.333 Td (professional judgment on the value of the assets for the valuation purpo\ ses )Tj 0.12 Tw 0 -1.333 Td (depicted in this report, and no judgment whatsoever would be made by the\ )Tj 0.222 Tw 0 -1.333 Td (valuer and the valuation firm as to the Proposed Acquisition. To a large\ )Tj 0.233 Tw 0 -1.333 Td (extent, the valuation depends on the information provided by the Clients\ )Tj 0.149 Tw 0 -1.333 Td (and the Target Company. Therefore, valuation is premised on the fact tha\ t )Tj 0.054 Tw 0 -1.333 Td (asset title documents, license and accounting vouchers and the relevant \ legal )Tj 0.11 Tw 0 -1.333 Td (documents provided by the Clients and the Target Company were authentic \ )Tj 0.025 Tw 0 -1.333 Td (and legal.)Tj 0.053 Tc 0.237 Tw -2.362 -2.667 Td [(2)28 (.)28 ( )-1022.2 (During)12.9 ( the)12.9 ( valuation)12.9 ( process,)12.9 ( the)12.9 ( valuer)12.9 ( obse)0.5 (rved)12.9 ( the)12.9 ( exterior)12.9 ( of)12.9 ( the)28 ( )]TJ 0.069 Tc 2.362 -1.333 Td [(evaluated)12.8 ( building)12.8 ( and,)12.8 ( as)12.9 ( much)12.8 ( as)12.8 ( possible,)12.8 ( examined)12.8 ( the)12.8 ( interior)44 ( )]TJ 0.025 Tc 0.161 Tw 0 -1.333 Td (decoration and usage of the building, without conducting any structural \ or )Tj 0.234 Tw 0 -1.333 Td (material tests. When conducting equipment surveys, due to limitations in\ )Tj 0.093 Tw 0 -1.333 Td (testing methods and some equipment being in operation, it mainly relied \ on )Tj 0.225 Tw 0 -1.333 Td (the appearance observation of the valuer, recent testing data provided b\ y )Tj 0.095 Tw 0 -1.333 Td (the Target Company, and inquiries from relevant operators to determine t\ he )Tj 0.025 Tw 0 -1.333 Td (condition of the equipment.)Tj 0.026 Tw -2.362 -2.667 Td [(3. )-1261.2 (The Clients and the Target Company are held responsible for the authenti\ city )]TJ 0.064 Tw 2.362 -1.333 Td (and completeness of the data, statements and the relevant information wh\ ich )Tj 0.17 Tw 0 -1.333 Td (were provided by the Target Company and were used within the scope of )Tj 0.025 Tw 0 -1.333 Td (this valuation.)Tj 0.026 Tw -2.362 -2.667 Td [(4. )-1261.2 (The Clients and the Target Company are held responsible for the authenti\ city )]TJ 0.147 Tw 2.362 -1.333 Td (and legality of the title documentary proof and relevant information whi\ ch )Tj 0.208 Tw 0 -1.333 Td (are provided by the Target Company and are referred to in the valuation \ )Tj -0.025 Tw 0 -1.333 Td (report.)Tj ET endstream endobj 232 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 233 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 234 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 235 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(Valuation )0.5 (Benchmark )]TJ -0.025 Tw 2.362 -1.667 Td (Date)Tj /T1_0 1 Tf 0.089 Tw 0 -2.5 Td (No outstanding legal, economic or other issues were found in this valuat\ ion as at )Tj 0.025 Tw 0 -1.333 Td (the Valuation Benchmark Date.)Tj /T1_1 1 Tf 0.133 Tw -2.362 -2.833 Td [(\(VI\) )-77.2 (Nature, amount, and relationship with the Target Company of matters such\ )]TJ 0.025 Tw 2.362 -1.667 Td (as guarantees, leases, and their contingent liabilities \(or assets\))Tj /T1_0 1 Tf 0.043 Tw 0 -2.5 Td (As of the Valuation Benchmark Date, the Target Company has one property \ lease, )Tj 0.025 Tw 0 -1.333 Td (and the details are as follows:)Tj /T1_1 1 Tf 7.2 0 0 12 113.3858 498.4808 Tm (Series No.)Tj -0.025 Tw 4.724 0 Td (Lessor)Tj 8.366 0 Td (Lessee)Tj 0.025 Tw 8.071 0 Td (Leased area)Tj -0.025 Tw 6.2 0 Td (Location)Tj 0.034 Tc 0.241 Tw 9.843 1.333 Td [(Lease)9 ( pur-)]TJ 0.025 Tc -0.025 Tw 0 -1.333 Td (pose)Tj 0.025 Tw 5.118 0 Td (Lease term)Tj -0.025 Tw 9.154 0 Td (Rental)Tj /C0_0 1 Tf 7.2 0 3.2154 12 284.4129 482.4808 Tm <008001140081>Tj /T1_0 1 Tf 0 Tc 0 Tw 7.2 0 0 12 113.3858 450.4808 Tm (1)Tj 0.025 Tc 0.025 Tw 4.724 0 Td (Anhui Trans-)Tj 0 -1.333 Td (portation Holding)Tj 8.366 1.333 Td (Liuwu Ex-)Tj -0.025 Tw 0 -1.333 Td (pressway)Tj 10.609 1.333 Td (124.61)Tj 0.025 Tw 3.662 0 Td (Three offices at the )Tj 1.181 -1.333 Td (east of the 4th )Tj 0 -1.333 Td (floor of Lu\222an )Tj 0 -1.333 Td (North Expressway )Tj -0.025 Tw 0 -1.333 Td (Management )Tj 0.025 Tw 0 -1.333 Td (Center Building, )Tj 0 -1.333 Td (North 1st Shop, )Tj -0.025 Tw 0 -1.333 Td (Chengbei )Tj 0.025 Tw 0 -1.333 Td (Township, Jin\222an )Tj 0 -1.333 Td (District, Lu\222an )Tj 0 -1.333 Td (City, Anhui )Tj -0.025 Tw 0 -1.333 Td (Province )Tj 8.661 14.667 Td (Office)Tj 0.191 Tw 5.118 0 Td (15 December 2022 )Tj 0.237 Tw 1.181 -1.333 Td (to 31 December )Tj -0.025 Tw 0 -1.333 Td (2023)Tj 7.972 2.667 Td (RMB0.27/)Tj /C0_0 1 Tf 0 Tc 0 Tw 4.481 0 Td <0114>Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 1.055 0 Td (/day)Tj /T1_1 1 Tf 0.206 Tw 12 0 0 12 85.0393 242.0048 Tm [(\(VII\) )409.8 (Matters that may have an impact on the valuation conclusion between the \ )]TJ 0.025 Tw 2.362 -1.667 Td (Valuation Benchmark Date and the Asset Valuation Report date)Tj /T1_0 1 Tf 0.048 Tw 0 -2.5 Td [(1. )-1239.2 (On 28 April 2023, the Target Company completed the change of the origina\ l )]TJ 0.196 Tw 2.362 -1.333 Td (land property rights certificate and obtained the property rights certif\ icate )Tj 0.048 Tc 0.238 Tw 0 -1.333 Td [(numbers:)12.1 ( Anhui)12 ( \()12.1 (2)12.1 (0)12 (2)12.1 (3)12.1 (\))12.1 ( Jinzhai)12.1 ( County)12.1 ( Real)12.1 ( Estate)12.1 ( Proprietorship)12.1 ( No.)23 ( )]TJ 0.049 Tc 0 -1.333 Td [(0)12.2 (0)12.1 (0)12.2 (7)12.1 (7)12.2 (3)12.2 (3)12.1 (,)12.2 ( Anhui)12.2 ( \()12.2 (2)12.2 (0)12.1 (2)12.2 (3)12.2 (\))12.1 ( Jinzhai)12.2 ( County)12.1 ( Real)12.2 ( Estate)12.2 ( Proprietorship)12.1 ( No.)24 ( )]TJ 0.025 Tc 0.163 Tw 0 -1.333 Td [(0010803, )0.6 (and )0.5 (Anhui )0.5 (\(2023\) )0.5 (Jinzhai )0.6 (County )0.6 (Real )0.5 (Estate )0.6 (Proprietorship )0.6 (No. )]TJ 0.167 Tw 0 -1.333 Td (0010802, with a total area of 4,658,864.07 square meters. The certificat\ ed )Tj 0.041 Tc 0.237 Tw 0 -1.333 Td [(a)0.5 (r)0.6 (e)0.5 (a)13.1 ( o)0.5 (f)13 ( t)0.5 (h)0.5 (e)13.1 ( a)0.5 (b)0.6 (o)0.5 (v)0.5 (e)13 ( p)0.5 (r)0.5 (o)0.6 (p)0.5 (r)0.5 (i)0.5 (e)0.6 (t)0.5 (o)0.5 (r)0.6 (s)0.5 (h)0.5 (i)0.6 (p)13 ( c)0.6 (e)0.5 (r)0.5 (t)0.6 (i)0.5 (f)0.5 (i)0.5 (c)0.6 (a)0.5 (t)0.5 (e)13.1 ( i)0.5 (n)0.6 (c)0.5 (l)0.5 (u)0.6 (d)0.5 (e)0.5 (s)13.1 ( t)0.5 (h)0.5 (e)13.1 ( C)0.5 (h)0.6 (a)0.5 (n)0.5 (g)0.6 (l)0.5 (i)0.5 (n)0.5 (g)0.6 (g)0.5 (u)0.5 (a)0.6 (n)16 ( )]TJ 0.025 Tc 0.114 Tw 0 -1.333 Td (Service Area, Gubei Service Area, and Meishan Service Area, and the land\ )Tj 0.109 Tw 0 -1.333 Td (area within the scope of this application and valuation does not include\ the )Tj 0.025 Tw 0 -1.333 Td (certificated area for the service areas.)Tj ET endstream endobj 250 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 94 \226)Tj 0.107 Tw -9.292 62.978 Td (valuation adopted the area measured by the enterprise, which may not )Tj 0.181 Tw 0 -1.333 Td [(match the )0.5 (actual occupied )0.5 (area, )0.5 (and )0.5 (the impact )0.5 (of the )0.5 (relevant taxes )]TJ 0.201 Tw 0 -1.333 Td (and fees to be apportioned when the relevant title certificate can be )Tj 0.094 Tw 0 -1.333 Td (divided and changed in the future on the appraised value has not been )Tj 0.025 Tw 0 -1.333 Td (considered in this valuation.)Tj 0.17 Tw -2.362 -2.667 Td [(\(2\) )-676.2 (The report users are reminded to note that the land of Xianghua toll )]TJ 0.16 Tw 2.362 -1.333 Td (station in item 10 has not yet obtained proprietorship certificate, and \ )Tj 0.223 Tw 0 -1.333 Td (the area adopted in this valuation is based on the construction land )Tj 0.09 Tw 0 -1.333 Td (planning permit area provided by the enterprise, which may not match )Tj 0.023 Tc 0.025 Tw 0 -1.333 Td [(the surveyed area used when applying for the property rights certificate\ ,)-2 ( )]TJ 0.025 Tc 0.066 Tw 0 -1.333 Td [(and )0.5 (the )0.6 (impact )0.6 (of )0.5 (the )0.5 (relevant )0.6 (taxes )0.5 (and )0.5 (fees )0.6 (to )0.5 (be )0.5 (paid )0.5 (when )0.6 (applying )]TJ 0.063 Tw 0 -1.333 Td (for the relevant title certificate in the future on the appraised value \ has )Tj 0.025 Tw 0 -1.333 Td (not been considered in this valuation.)Tj 0.199 Tw 0 -2.667 Td (In response to the above-mentioned ownership defects, the valuation )Tj 0.085 Tw 0 -1.333 Td (firm has obtained a property ownership statement issued by the Target )Tj 0.219 Tw 0 -1.333 Td (Company that the above-mentioned land truly belongs to the Target )Tj 0.049 Tw 0 -1.333 Td (Company and has no property disputes. Based on the statement and the )Tj 0.057 Tw 0 -1.333 Td (declaration of the Target Company, the valuation firm has included the )Tj 0.025 Tw 0 -1.333 Td (above land in the valuation scope.)Tj 0.041 Tc 0.238 Tw -2.362 -2.667 Td [(3)16 (.)16 ( )-1033.2 (The)12.2 ( vehicle)12.2 ( license)12.2 ( plates)12.2 ( included)12.2 ( in)12.2 ( the)12.2 ( scope)12.2 ( of)12.2 ( this)12.2 ( valuation)16 ( )]TJ 0.025 Tc 0.241 Tw 2.362 -1.333 Td (are Wan N44039, Wan N43933, Wan AH4498, Wan AC5260, Wan )Tj 0.028 Tc 0.25 Tw 0 -1.333 Td [(N44468, W)-12.6 (a)-12.5 (n A)-12.6 (J0817, W)-12.6 (a)-12.6 (n N44372, W)-12.6 (a)-12.5 (n N3S693, W)-12.6 (a)-12.6 (n N1Y809,)3 ( )]TJ 0.041 Tc 0 -1.333 Td [(W)-12.5 (a)-12.5 (n N8L158, W)-12.5 (a)-12.5 (n A)-12.5 (F0Q21, W)-12.5 (a)-12.5 (n A)-12.6 (B7W91, W)-12.6 (a)-12.5 (n A)-12.5 (E1F76, W)-12.5 (a)-12.5 (n)16 ( )]TJ 0.027 Tc 0.248 Tw 0 -1.333 Td [(AF)2 (9)2 (B)2 (9)2 (3)2 (,)2 ( and)2 ( Wan)2 ( AR)2 (3)2 (C)2 (5)2 (6)2 (.)2 ( The)2 ( obligee)2 ( set)2 ( out)2 ( in)2 ( the)2 ( certif)0.5 (icates)2 ( )]TJ 0.025 Tc 0.169 Tw 0 -1.333 Td (is Anhui Transportation Holding Group Company Limited. As of the )Tj 0.126 Tw 0 -1.333 Td (date of this report, the obligee set out in the certificates has not bee\ n )Tj 0.11 Tw 0 -1.333 Td (changed. The report users are reminded to note that this valuation did )Tj 0.125 Tw 0 -1.333 Td (not consider the impact of the relevant taxes and fees that need to be )Tj 0.21 Tw 0 -1.333 Td (paid in the future when handling the relevant certificate changes on )Tj 0 -1.333 Td (the appraised value. The report users are reminded to pay attention. )Tj 0.199 Tw 0 -1.333 Td (In response to the above-mentioned ownership defects, the valuation )Tj 0.085 Tw 0 -1.333 Td (firm has obtained a property ownership statement issued by the Target )Tj 0.043 Tc 0.237 Tw 0 -1.333 Td [(Company)12.8 ( that)12.8 ( these)12.9 ( vehicles)12.8 ( truly)12.9 ( belong)12.8 ( to)12.8 ( the)12.8 ( Target)12.9 ( Company)18 ( )]TJ 0.025 Tc 0.145 Tw 0 -1.333 Td (and have no property rights disputes. Based on the statement and the )Tj 0.057 Tw 0 -1.333 Td (declaration of the Target Company, the valuation firm has included the )Tj 0.025 Tw 0 -1.333 Td (above vehicles in the valuation scope.)Tj /T1_1 1 Tf -7.087 -3 Td [(\(III\) )-104.2 (Situations where the valuation process is restricted)]TJ /T1_0 1 Tf 0.063 Tw 2.362 -2.667 Td (There were no circumstances prohibiting the carrying out of the valuatio\ n process )Tj 0.025 Tw 0 -1.333 Td (in this valuation.)Tj ET endstream endobj 249 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 93 \226)Tj 0.047 Tw -14.017 62.978 Td [(2. )-1240.2 (The details of the land use rights included in the intangible assets \226\ toll road )]TJ 0.025 Tw 2.362 -1.333 Td (concession within the scope of this valuation are shown in the table bel\ ow:)Tj /T1_1 1 Tf -0.025 Tw 7.2 0 0 12 56.6929 694.4808 Tm (Series)Tj 0 -1.333 Td (No.)Tj 0.025 Tw 3.937 0 Td (Certificate No.)Tj 14.567 1.333 Td (Name of)Tj 0 -1.333 Td (land parcel)Tj -0.025 Tw 11.811 0 Td (Location)Tj 0.025 Tw 9.843 1.333 Td (Nature of)Tj 0 -1.333 Td (land use)Tj 6.299 0 Td (Land usage)Tj -0.025 Tw 10.428 1.333 Td (Actual)Tj 0.025 Tw -1.185 -1.333 Td (area \(m)Tj 0 Tc 0 Tw 4.1976 0 0 6.996 482.9578 682.4768 Tm (2)Tj 7.2 0 0 12 485.1615 678.4808 Tm (\))Tj 0.025 Tc 0.025 Tw 3.694 4 Td (Area set)Tj 1.103 -1.333 Td (out in)Tj -0.025 Tw -1.902 -1.333 Td (certificate)Tj 2.67 -1.333 Td (\(m)Tj 0 Tc 0 Tw 4.1976 0 0 6.996 533.9814 682.4768 Tm (2)Tj 7.2 0 0 12 536.1851 678.4808 Tm (\))Tj /T1_0 1 Tf -66.596 -2.667 Td (1)Tj 0.025 Tc 0.025 Tw 3.937 0 Td (Anhui \(2023\) Yeji District )Tj 0.984 -1.333 Td (Real Estate Proprietorship )Tj 0 -1.333 Td (No. 0004281)Tj 13.583 2.667 Td (Land within the )Tj -0.025 Tw 0.984 -1.333 Td (expressway )Tj 0 Tc 0 Tw 7.2 0 0 12 234.5552 630.4808 Tm ( )Tj 0.025 Tc 0.025 Tw 7.2 0 0 12 197.0079 614.4808 Tm (\(Yeji District\))Tj 10.827 2.667 Td (Yaoli Town, Yeji )Tj -0.025 Tw 0 -1.333 Td (District)Tj 9.843 1.333 Td (Allocation)Tj 0.025 Tw 6.299 0 Td (Highway land)Tj -0.025 Tw 8.661 0 Td (162,195.00)Tj 7.087 0 Td (162,195.00)Tj 0 Tc 0 Tw -62.204 -4 Td (2)Tj 0.025 Tc 0.025 Tw 3.937 0 Td (Anhui \(2023\) Jinzhai County )Tj 0.984 -1.333 Td (Real Estate Proprietorship )Tj 0 -1.333 Td (No. 0007733, Anhui \(2023\) )Tj 0 -1.333 Td (Jinzhai County Real Estate )Tj 0 -1.333 Td (Proprietorship No. 0010803, )Tj 0 -1.333 Td (Anhui \(2023\) Jin-zhai )Tj 0 -1.333 Td (County Real Estate Proprie-)Tj 0 -1.333 Td (torship No. 0010802)Tj 13.583 9.333 Td (Land of Jinzhai )Tj 0.984 -1.333 Td (Management Center)Tj 0.01 Tc 10.827 1.333 Td (Baitafan Town, )Tj 0 -1.333 Td (Meishan Town, )Tj 0 -1.333 Td (Huaishuwan Village, )Tj 0 -1.333 Td (Gubei Town, )Tj 0 -1.333 Td (Nanxi Town, and )Tj 0 -1.333 Td (Banzhuyuan Town )Tj 0 -1.333 Td (of Jinzhai County)Tj 0.025 Tc -0.025 Tw 9.843 8 Td (Allocation)Tj 0.025 Tw 6.299 0 Td (Highway land)Tj -0.025 Tw 7.861 0 Td (4,608,369.48)Tj 7.087 0 Td (4,608,369.48)Tj 0 Tc 0 Tw -61.404 -10.667 Td (3)Tj 0.025 Tc 0.025 Tw 18.504 0 Td (Line within the )Tj -0.025 Tw 0.984 -1.333 Td (expressway )Tj 0 -1.333 Td (\(Jinzhai\))Tj 20.669 2.667 Td (Allocation)Tj 0.025 Tw 6.299 0 Td (Highway land)Tj 0 Tc 0 Tw -46.457 -4 Td (4)Tj 0.025 Tc 0.025 Tw 18.504 0 Td (Land of Jinzhai toll )Tj -0.025 Tw 0.984 -1.333 Td (station)Tj 20.669 1.333 Td (Allocation)Tj 0.025 Tw 6.299 0 Td (Highway land)Tj 0 Tc 0 Tw -46.457 -2.667 Td (5)Tj 0.025 Tc 0.025 Tw 18.504 0 Td (Land of Gubei toll )Tj -0.025 Tw 0.984 -1.333 Td (station)Tj 20.669 1.333 Td (Allocation)Tj 0.025 Tw 6.299 0 Td (Highway land)Tj 0 Tc 0 Tw -46.457 -2.667 Td (6)Tj 0.025 Tc 0.025 Tw 18.504 0 Td (Land of Dingbu toll )Tj -0.025 Tw 0.984 -1.333 Td (station)Tj 20.669 1.333 Td (Allocation)Tj 0.025 Tw 6.299 0 Td (Highway land)Tj 0 Tc 0 Tw -46.457 -2.667 Td (7)Tj 0.025 Tc 0.025 Tw 18.504 0 Td (Land of Banzhuyuan )Tj 0.984 -1.333 Td (toll station)Tj -0.025 Tw 20.669 1.333 Td (Allocation)Tj 0.025 Tw 6.299 0 Td (Highway land)Tj 0 Tc 0 Tw -46.457 -2.667 Td (8)Tj 0.025 Tc 0.025 Tw 18.504 0 Td (Land of )Tj 0.984 -1.333 Td (Changlingguan toll )Tj -0.025 Tw 0 -1.333 Td (station)Tj 20.669 2.667 Td (Allocation)Tj 0.025 Tw 6.299 0 Td (Highway land)Tj 0 Tc 0 Tw -46.457 -4 Td (9)Tj 0.025 Tc 0.025 Tw 3.937 0 Td (Huo Tu Guo Yong \(2011\) No. )Tj -0.025 Tw 0.984 -1.333 Td (97)Tj 0.025 Tw 13.583 1.333 Td (Land of Dagudian)Tj 11.811 0 Td (Yaoli Town, Yeji )Tj -0.025 Tw 0 -1.333 Td (District)Tj 9.843 1.333 Td (Allocation)Tj 0.025 Tw 6.299 0 Td (Highway land)Tj -0.025 Tw 8.661 0 Td (102,487.18)Tj 7.087 0 Td (102,487.18)Tj -62.204 -2.667 Td (10)Tj 0.025 Tw 3.937 0 Td (Yet to obtain proprietorship )Tj -0.025 Tw 0.984 -1.333 Td (certificate)Tj 0.025 Tw 13.583 1.333 Td (Land of Xianhua toll )Tj -0.025 Tw 0.984 -1.333 Td (station)Tj 0.025 Tw 10.827 1.333 Td (Jinzhai County)Tj -0.025 Tw 9.843 0 Td (Allocation)Tj 0.025 Tw 6.299 0 Td (Highway land)Tj -0.025 Tw 8.661 0 Td (232,921.16)Tj /T1_1 1 Tf -36.614 -2.667 Td (Total)Tj 35.814 0 Td (5,105,972.82)Tj 7.087 0 Td (4,873,051.66)Tj /T1_0 1 Tf 0.025 Tw 12 0 0 12 141.7328 152.0048 Tm (The land listed in the above table has the following property rights def\ ects:)Tj 0.156 Tw 0 -2.667 Td [(\(1\) )-690.2 (The report users are reminded to note that the land ownership of the )]TJ 0.047 Tw 2.362 -1.333 Td (land of Dagudian in item 9 is inseparable as it has been included in the\ )Tj 0.13 Tw 0 -1.333 Td (same certificate as other expressway land under Anhui Transportation )Tj 0.117 Tw 0 -1.333 Td (Holding Group Co., Ltd. due to its early construction period, and this )Tj ET endstream endobj 248 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 92 \226)Tj /T1_1 1 Tf 14 0 0 14 56.6929 772.6948 Tm [(XI. )-288.8 (EXPLANATION ON OTHER SPECIFIC MATTERS)]TJ 12 0 0 12 85.0394 736.6948 Tm [(\(I\) )-932.2 (Citation of conclusions of reports issued by other institutions)]TJ /T1_0 1 Tf 0.032 Tw 2.362 -2.667 Td (The book values of various assets and liabilities on the Valuation Bench\ mark Date )Tj 0.168 Tw 0 -1.333 Td (in this valuation report are the audit results of the Shanghai branch of\ Ernst & )Tj 0.025 Tw 0 -1.333 Td (Young Hua Ming LLP.)Tj 0.101 Tw 0 -2.667 Td (The future traffic flow income in this valuation report refers to the re\ sults of the )Tj 0.179 Tw 0 -1.333 Td [(\223Traffic )0.5 (Flow Evaluation and )0.5 (Income )0.5 (Calculation )0.5 (Report for )0.5 (the Anhui )0.5 (Section )]TJ 0.069 Tw 0 -1.333 Td (of the Target Company\224 issued by Chelbi Engineering Consultants, Inc.\ \(the PRC )Tj 0.166 Tw 0 -1.333 Td (Traffic Consultant\))Tj 0 Tc 0 Tw ( )Tj 0.025 Tc 0.166 Tw 8.775 0 Td (regarding the traffic flow evaluation and income calculation )Tj 0.025 Tw -8.775 -1.333 Td (for the Anhui Section of the Target Company.)Tj 0.198 Tw 0 -2.667 Td (In addition, there is no reference to the conclusions of reports issued \ by other )Tj 0.025 Tw 0 -1.333 Td (institutions in this Asset Valuation Report.)Tj /T1_1 1 Tf -2.362 -3 Td [(\(II\) )-518.2 (Incomplete or defective ownership information)]TJ /T1_0 1 Tf 0.162 Tw 2.362 -2.667 Td [(1. )-1125.2 (The houses and buildings included in the scope of this valuation have no\ t )]TJ 0.15 Tw 2.362 -1.333 Td [(obtained )0.5 (real )0.5 (estate )0.6 (proprietorship )0.5 (certificates. )0.5 (The )0.5 (building )0.6 (area )0.5 (and )0.5 (other )]TJ 0.142 Tw 0 -1.333 Td (data of the houses and buildings without certificates have been determin\ ed )Tj 0.041 Tc 0.237 Tw 0 -1.333 Td [(b)0.5 (a)0.5 (s)0.5 (e)0.6 (d)13 ( o)0.5 (n)13 ( t)0.5 (h)0.5 (e)13 ( i)0.5 (n)0.5 (f)0.5 (o)0.6 (r)0.5 (m)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( d)0.5 (e)0.5 (c)0.6 (l)0.5 (a)0.5 (r)0.5 (e)0.5 (d)13 ( b)0.5 (y)13 ( T)0.6 (a)0.5 (r)0.5 (g)0.5 (e)0.5 (t)13 ( C)0.5 (o)0.6 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)0.5 (.)13 ( I)0.5 (f)13 ( t)0.5 (h)0.6 (e)0.5 (r)0.5 (e)13 ( i)0.5 (s)13 ( a)0.6 (n)0.5 (y)16 ( )]TJ 0.025 Tc 0.057 Tw 0 -1.333 Td (inconsistency with the actual situation, adjustment or re-evaluation has\ to be )Tj 0.107 Tw 0 -1.333 Td [(made )0.5 (accordingly. )0.5 (The )0.5 (report )0.5 (users )0.5 (are )0.5 (reminded )0.5 (to )0.5 (note )0.5 (that )0.5 (this )0.5 (valuation )]TJ 0.169 Tw 0 -1.333 Td (did not consider the impact of the relevant taxes and fees that need to \ be )Tj 0.17 Tw 0 -1.333 Td (paid when applying for relevant certificates in the future on the apprai\ sed )Tj 0.124 Tw 0 -1.333 Td (value. In response to the above-mentioned ownership defects, the valuati\ on )Tj 0.039 Tc 0.238 Tw 0 -1.333 Td [(firm)12.4 ( has)12.4 ( obtained)12.4 ( a)12.4 ( property)12.4 ( ownership)12.3 ( )0.5 (statement)12.4 ( issued)12.4 ( by)12.4 ( the)12.4 ( Target)14 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.333 Td (Company that these properties truly belong to the Target Company and hav\ e )Tj 0.025 Tw 0 -1.333 Td (no property rights disputes. Based on the statement and the declaration \ of the )Tj 0.061 Tw 0 -1.333 Td (Target Company, the valuation firm has included the above properties in \ the )Tj 0.025 Tw 0 -1.333 Td (valuation scope.)Tj ET endstream endobj 247 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 91 \226)Tj /T1_1 1 Tf 0.115 Tw -16.379 62.978 Td [(\(III\) )-14.2 (Analysis of )0.5 (difference between the )0.5 (valuation )0.5 (conclusions and )0.5 (selection of )0.5 (the )]TJ 0.025 Tw 2.362 -1.667 Td (final conclusion)Tj 12 0 3.2154 12 112.1543 718.4808 Tm [(1. )-1262.2 (Analysis of difference between the valuation conclusions)]TJ /T1_0 1 Tf 0.032 Tw 12 0 0 12 141.7323 686.4808 Tm (In the valuation, the value of net assets \(entire shareholders\222 equi\ ty interests\) )Tj 0.234 Tw 0 -1.333 Td (calculated with the income approach was RMB3,661.0039 million, which )Tj 0.226 Tw 0 -1.333 Td [(was )0.6 (RMB149.7674 )0.6 (million )0.6 (or )0.5 (4.27% )0.5 (higher )0.6 (than )0.5 (that )0.5 (of )0.6 (RMB3,511.2365 )]TJ 0.025 Tw 0 -1.333 Td (million calculated with the asset-based approach:)Tj 0.085 Tw 0 -2.667 Td [(\(1\) )-761.2 (The asset-based approach is based on the current cost perspective, and )]TJ 0.02 Tc 0.025 Tw 2.362 -1.333 Td [(takes the assets and liabilities of the book record of the Target Compan\ y)-5 ( )]TJ 0.025 Tc 0.092 Tw 0 -1.333 Td (as the scope of valuation. The appraised value of various assets of the \ )Tj 0.157 Tw 0 -1.333 Td [(book record )0.5 (of the )0.5 (Target )0.5 (Company )0.5 (is summed )0.5 (up and )0.5 (the appraised )]TJ 0.107 Tw 0 -1.333 Td [(value )0.5 (of )0.5 (liabilities )0.5 (is )0.5 (subtracted )0.5 (to )0.5 (arrive )0.5 (at )0.5 (the )0.5 (appraised )0.5 (value )0.5 (of )0.5 (the )]TJ 0.221 Tw 0 -1.333 Td (entire shareholders\222 equity interests. The relationship between asset\ s )Tj 0.025 Tw 0 -1.333 Td (and income and cash flows was not considered.)Tj 0.203 Tw -2.362 -2.667 Td [(\(2\) )-643.2 (In the income approach, the expected return on assets is adopted as )]TJ 0.101 Tw 2.362 -1.333 Td (the value standard, reflecting the operating capability \(profitability\)\ of )Tj 0.103 Tw 0 -1.333 Td (the assets. Such profitability is often subject to the impacts of variou\ s )Tj 0.155 Tw 0 -1.333 Td (factors such as the macro economy, government control and efficient )Tj 0.025 Tw 0 -1.333 Td (use of assets, and represents the intrinsic value of an enterprise.)Tj 0.068 Tw -2.362 -2.667 Td (Given the above, there is a difference between the conclusions from the \ two )Tj 0.025 Tw 0 -1.333 Td (valuation approaches.)Tj /T1_1 1 Tf 12 0 3.2154 12 112.1543 330.4808 Tm [(2. )-1262.2 (Selection of valuation conclusions)]TJ /T1_0 1 Tf 0.166 Tw 12 0 0 12 141.7323 298.4808 Tm (The Target Company belongs to the transportation industry, and is mainly\ )Tj 0.199 Tw 0 -1.333 Td (responsible for the daily operation and management of the Anhui Section \ )Tj 0.202 Tw 0 -1.333 Td [(of )0.5 (the )0.5 (expressway. )0.6 (Against )0.5 (the )0.5 (backdrop )0.5 (of )0.5 (the )0.5 (rapid )0.5 (development )0.5 (of )0.6 (the )]TJ 0.078 Tw 0 -1.333 Td (expressway network, the Yangtze River Delta region has formed a complete\ )Tj 0.026 Tc 0.249 Tw 0 -1.333 Td [(highway)1 ( network)1 ( with)1.1 ( rapid)1 ( economic)1 ( development,)1 ( thus)1 ( the)1 ( industry)1 ( in)1 ( )]TJ 0.025 Tc 0.172 Tw 0 -1.333 Td [(which )0.5 (the )0.5 (Target )0.5 (Company )0.5 (operates )0.5 (has )0.6 (good )0.6 (development )0.6 (prospects. )0.5 (The )]TJ 0.041 Tc 0.238 Tw 0 -1.333 Td [(traffic)12.5 ( )0.5 (volume)12.5 ( )0.5 (on)12.5 ( )0.5 (the)12.5 ( )0.6 (expressway)12.5 ( )0.5 (has)12.5 ( )0.5 (broad)12.5 ( )0.6 (prospects)12.5 ( )0.5 (for)12.5 ( )0.5 (development)16 ( )]TJ 0.025 Tc 0.213 Tw 0 -1.333 Td (and continuous growth. The long-term assets are expected to have strong \ )Tj 0.179 Tw 0 -1.333 Td (sustainable profitability in the future, and the expected profitability \ in the )Tj 0.172 Tw 0 -1.333 Td [(future )0.5 (is a )0.5 (core )0.5 (element )0.5 (of a )0.5 (company\222s )0.5 (value. Therefore, )0.5 (we )0.5 (believe )0.5 (that )]TJ 0.199 Tw 0 -1.333 Td (the conclusion of the income approach can reflect the value of the entir\ e )Tj 0.025 Tw 0 -1.333 Td (shareholders\222 equity interests more comprehensively and accurately.)Tj 0.021 Tc 0 -2.667 Td [(As a result, the market value of the entire shareholders\222 equity inte\ rests of the)-4 ( )]TJ 0.025 Tc 0 -1.333 Td (Target Company at the Valuation Benchmark Date was RMB3,661,003,900.)Tj ET endstream endobj 227 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 228 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 229 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 230 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 231 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 256 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 90 \226)Tj 0.12 Tw -14.017 62.978 Td [(The )0.5 (book )0.5 (value )0.5 (and )0.5 (appraised )0.5 (value )0.5 (of )0.5 (liabilities )0.5 (were )0.5 (RMB24.7183 )0.5 (million )0.5 (and )]TJ 0.082 Tw 0 -1.167 Td (RMB24.7183 million, respectively, and there was no change \(whether incr\ ease or )Tj 0.025 Tw 0 -1.167 Td (decrease\) in the appraised value.)Tj 0.064 Tw 0 -2.5 Td (The book value, appraised value and the incremental value of the valuati\ on of net )Tj 0.106 Tw 0 -1.333 Td (assets were RMB2,737.5087 million, RMB3,511.2365 million and RMB773.7278\ )Tj 0.025 Tw 0 -1.333 Td (million respectively, representing a rate of increase of 28.26%.)Tj 0 -2.667 Td (See the table below for details:)Tj /T1_1 1 Tf 11.022 -2.667 Td (Summary of valuation results)Tj /T1_0 1 Tf 12 0 3.2154 12 451.8036 604.4808 Tm (Unit: RMB0,000)Tj ET 0 0 0 1 K 0.5 w /GS1 gs q 1 0 0 1 113.3858 586.7068 cm 0 0 m 28.596 0 l S Q q 1 0 0 1 113.6358 532.7875 cm 0 0 m 0 53.669 l S Q q 1 0 0 1 141.9823 586.7068 cm 0 0 m 113.386 0 l S Q q 1 0 0 1 255.3681 586.7068 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 255.3681 533.0375 cm 0 0 m 0 53.419 l S Q q 1 0 0 1 326.2343 586.7068 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 326.2343 533.0375 cm 0 0 m 0 53.419 l S Q q 1 0 0 1 397.1004 586.7068 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 397.1004 533.0375 cm 0 0 m 0 53.419 l S Q q 1 0 0 1 467.9666 586.7068 cm 0 0 m 71.116 0 l S Q q 1 0 0 1 467.9666 533.0375 cm 0 0 m 0 53.419 l S Q q 1 0 0 1 538.8326 533.0375 cm 0 0 m 0 53.419 l S Q q 1 0 0 1 113.6358 495.1183 cm 0 0 m 0 37.669 l S Q q 1 0 0 1 255.1181 532.7875 cm 0 0 m 71.116 0 l S Q q 1 0 0 1 255.3681 495.1183 cm 0 0 m 0 37.419 l S Q q 1 0 0 1 326.2343 532.7875 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 326.2343 495.1183 cm 0 0 m 0 37.419 l S Q q 1 0 0 1 397.1004 532.7875 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 397.1004 495.1183 cm 0 0 m 0 37.419 l S Q q 1 0 0 1 467.9666 532.7875 cm 0 0 m 71.116 0 l S Q q 1 0 0 1 467.9666 495.1183 cm 0 0 m 0 37.419 l S Q q 1 0 0 1 538.8326 495.1183 cm 0 0 m 0 37.419 l S Q q 1 0 0 1 113.3858 494.8683 cm 0 0 m 28.596 0 l S Q q 1 0 0 1 113.6358 473.199 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 141.9823 494.8683 cm 0 0 m 113.386 0 l S Q q 1 0 0 1 141.9823 473.199 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 255.3681 494.8683 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 255.3681 473.199 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 326.2343 494.8683 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 326.2343 473.199 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 397.1004 494.8683 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 397.1004 473.199 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 467.9666 494.8683 cm 0 0 m 71.116 0 l S Q q 1 0 0 1 467.9666 473.199 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 538.8326 473.199 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 113.3858 472.949 cm 0 0 m 28.596 0 l S Q q 1 0 0 1 113.6358 451.2797 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 141.9823 472.949 cm 0 0 m 113.386 0 l S Q q 1 0 0 1 141.9823 451.2797 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 255.3681 472.949 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 255.3681 451.2797 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 326.2343 472.949 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 326.2343 451.2797 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 397.1004 472.949 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 397.1004 451.2797 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 467.9666 472.949 cm 0 0 m 71.116 0 l S Q q 1 0 0 1 467.9666 451.2797 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 538.8326 451.2797 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 113.3858 451.0297 cm 0 0 m 28.596 0 l S Q q 1 0 0 1 113.6358 429.3604 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 141.9823 451.0297 cm 0 0 m 113.386 0 l S Q q 1 0 0 1 141.9823 429.3604 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 255.3681 451.0297 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 255.3681 429.3604 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 326.2343 451.0297 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 326.2343 429.3604 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 397.1004 451.0297 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 397.1004 429.3604 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 467.9666 451.0297 cm 0 0 m 71.116 0 l S Q q 1 0 0 1 467.9666 429.3604 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 538.8326 429.3604 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 113.3858 429.1104 cm 0 0 m 28.596 0 l S Q q 1 0 0 1 113.6358 407.4411 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 141.9823 429.1104 cm 0 0 m 113.386 0 l S Q q 1 0 0 1 141.9823 407.4411 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 255.3681 429.1104 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 255.3681 407.4411 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 326.2343 429.1104 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 326.2343 407.4411 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 397.1004 429.1104 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 397.1004 407.4411 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 467.9666 429.1104 cm 0 0 m 71.116 0 l S Q q 1 0 0 1 467.9666 407.4411 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 538.8326 407.4411 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 113.3858 407.1911 cm 0 0 m 28.596 0 l S Q q 1 0 0 1 113.6358 385.5218 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 141.9823 407.1911 cm 0 0 m 113.386 0 l S Q q 1 0 0 1 141.9823 385.5218 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 255.3681 407.1911 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 255.3681 385.5218 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 326.2343 407.1911 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 326.2343 385.5218 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 397.1004 407.1911 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 397.1004 385.5218 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 467.9666 407.1911 cm 0 0 m 71.116 0 l S Q q 1 0 0 1 467.9666 385.5218 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 538.8326 385.5218 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 113.3858 385.2718 cm 0 0 m 28.596 0 l S Q q 1 0 0 1 113.6358 363.6025 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 141.9823 385.2718 cm 0 0 m 113.386 0 l S Q q 1 0 0 1 141.9823 363.6025 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 255.3681 385.2718 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 255.3681 363.6025 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 326.2343 385.2718 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 326.2343 363.6025 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 397.1004 385.2718 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 397.1004 363.6025 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 467.9666 385.2718 cm 0 0 m 71.116 0 l S Q q 1 0 0 1 467.9666 363.6025 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 538.8326 363.6025 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 113.3858 363.3525 cm 0 0 m 28.596 0 l S Q q 1 0 0 1 113.6358 341.6832 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 141.9823 363.3525 cm 0 0 m 113.386 0 l S Q q 1 0 0 1 141.9823 341.6832 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 255.3681 363.3525 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 255.3681 341.6832 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 326.2343 363.3525 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 326.2343 341.6832 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 397.1004 363.3525 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 397.1004 341.6832 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 467.9666 363.3525 cm 0 0 m 71.116 0 l S Q q 1 0 0 1 467.9666 341.6832 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 538.8326 341.6832 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 113.3858 341.4332 cm 0 0 m 28.596 0 l S Q q 1 0 0 1 113.6358 319.7639 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 141.9823 341.4332 cm 0 0 m 113.386 0 l S Q q 1 0 0 1 141.9823 319.7639 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 255.3681 341.4332 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 255.3681 319.7639 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 326.2343 341.4332 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 326.2343 319.7639 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 397.1004 341.4332 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 397.1004 319.7639 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 467.9666 341.4332 cm 0 0 m 71.116 0 l S Q q 1 0 0 1 467.9666 319.7639 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 538.8326 319.7639 cm 0 0 m 0 21.419 l S Q q 1 0 0 1 113.3858 319.5139 cm 0 0 m 28.596 0 l S Q q 1 0 0 1 113.6358 281.8446 cm 0 0 m 0 37.419 l S Q q 1 0 0 1 141.9823 319.5139 cm 0 0 m 113.386 0 l S Q q 1 0 0 1 141.9823 281.8446 cm 0 0 m 0 37.419 l S Q q 1 0 0 1 255.3681 319.5139 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 255.3681 281.8446 cm 0 0 m 0 37.419 l S Q q 1 0 0 1 326.2343 319.5139 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 326.2343 281.8446 cm 0 0 m 0 37.419 l S Q q 1 0 0 1 397.1004 319.5139 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 397.1004 281.8446 cm 0 0 m 0 37.419 l S Q q 1 0 0 1 467.9666 319.5139 cm 0 0 m 71.116 0 l S Q q 1 0 0 1 467.9666 281.8446 cm 0 0 m 0 37.419 l S Q q 1 0 0 1 538.8326 281.8446 cm 0 0 m 0 37.419 l S Q q 1 0 0 1 113.3858 281.5946 cm 0 0 m 28.596 0 l S Q q 1 0 0 1 141.9823 281.5946 cm 0 0 m 113.386 0 l S Q q 1 0 0 1 255.3681 281.5946 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 326.2343 281.5946 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 397.1004 281.5946 cm 0 0 m 70.866 0 l S Q q 1 0 0 1 467.9666 281.5946 cm 0 0 m 71.116 0 l S Q BT /GS0 gs /T1_1 1 Tf -0.025 Tw 9.6 0 0 12 172.5598 537.0212 Tm (Items)Tj 0.025 Tw 9.705 0.247 Td (Book Value)Tj -0.025 Tw 7.671 1.333 Td (Appraised )Tj 1.022 -1.333 Td (Value)Tj 0.025 Tw 6.142 2.667 Td (Increase or )Tj -0.056 -1.333 Td (Decrease in )Tj -0.025 Tw 1.295 -1.333 Td (Value)Tj 0.025 Tw 7.053 2.667 Td (Rate of)Tj -0.025 Tw -0.208 -1.333 Td (increase)Tj 0.979 -1.333 Td (\(%\))Tj 0 Tc 0 Tw -21.621 -2.493 Td (B)Tj 7.354 0 Td (C)Tj 0.025 Tc -0.025 Tw 6.186 0 Td (D=C-B)Tj 6.924 0.667 Td (E=D/B)Tj /C0_0 1 Tf 0 Tc 0 Tw <00D2>Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 0.727 -1.333 Td (100%)Tj /T1_0 1 Tf 0 Tc 0 Tw -38.722 -1.827 Td (1)Tj 0.025 Tc 0.025 Tw 2.953 0 Td (Current assets)Tj -0.025 Tw 14.337 0 Td (6,580.26)Tj 7.382 0 Td (6,580.72)Tj 9.232 0 Td (0.46)Tj 7.382 0 Td (0.01)Tj 0 Tc 0 Tw -41.285 -1.827 Td (2)Tj 0.025 Tc 0.025 Tw 2.953 0 Td (Non-current assets)Tj -0.025 Tw 13.287 0 Td (269,642.44)Tj 7.382 0 Td (347,014.76)Tj 7.907 0 Td (77,372.32)Tj 9.232 0 Td (28.69)Tj 0 Tc 0 Tw -40.76 -1.827 Td (3)Tj 0.025 Tc 0.025 Tw 2.953 0 Td (Including: Fixed assets)Tj -0.025 Tw 13.812 0 Td (20,852.83)Tj 7.382 0 Td (25,714.42)Tj 7.907 0 Td (4,861.60)Tj 8.707 0 Td (23.31)Tj 0 Tc 0 Tw -40.76 -1.827 Td (4)Tj 0.025 Tc 0.025 Tw 2.953 0 Td (Intangible assets)Tj -0.025 Tw 13.287 0 Td (238,829.80)Tj 7.382 0 Td (311,340.52)Tj 7.907 0 Td (72,510.73)Tj 9.232 0 Td (30.36)Tj 0 Tc 0 Tw -40.76 -1.827 Td (5)Tj -0.01 Tc 0.025 Tw 2.953 0 Td (Deferred income tax assets)Tj 0.025 Tc -0.025 Tw 14.337 0 Td (9,959.81)Tj 7.382 0 Td (9,959.81)Tj 0 Tc 0 Tw 10.557 0 Td (\226)Tj 7.382 0 Td (\226)Tj /T1_1 1 Tf -42.61 -1.827 Td (6)Tj 0.025 Tc 0.025 Tw 2.953 0 Td (Total assets)Tj -0.025 Tw 13.287 0 Td (276,222.70)Tj 7.382 0 Td (353,595.48)Tj 7.907 0 Td (77,372.78)Tj 9.232 0 Td (28.01)Tj /T1_0 1 Tf 0 Tc 0 Tw -40.76 -1.827 Td (7)Tj 0.025 Tc 0.025 Tw 2.953 0 Td (Current liabilities)Tj -0.025 Tw 14.337 0 Td (2,471.83)Tj 7.382 0 Td (2,471.83)Tj 0 Tc 0 Tw 10.557 0 Td (\226)Tj 7.382 0 Td (\226)Tj /T1_1 1 Tf -42.61 -1.827 Td (8)Tj 0.025 Tc 0.025 Tw 2.953 0 Td (Total liabilities)Tj -0.025 Tw 14.337 0 Td (2,471.83)Tj 7.382 0 Td (2,471.83)Tj 0 Tc 0 Tw 10.557 0 Td (\226)Tj 7.382 0 Td (\226)Tj -42.61 -3.16 Td (9)Tj 0.051 Tc 0.237 Tw 2.953 1.333 Td [(N)26 (e)26 ( )538 (t)13 ( a)0.5 (s)0.5 (s)0.5 (e)0.5 (t)0.5 (s)13 ( \()0.5 (o)0.5 (w)0.5 (n)0.5 (e)0.5 (r)0.5 (s)0.5 (h)0.5 (i)0.5 (p)26 ( )]TJ 0.025 Tc -0.025 Tw 1.216 -1.333 Td (interests\))Tj 12.071 0 Td (273,750.87)Tj 7.382 0 Td (351,123.65)Tj 7.907 0 Td (77,372.78)Tj 9.232 0 Td (28.26)Tj 0.025 Tw 12 0 0 12 85.0394 248.3926 Tm [(\(II\) )-518.2 (Conclusion of valuation by using the income approach)]TJ /T1_0 1 Tf 0.041 Tw 2.362 -2.667 Td [(Upon implementation of )0.5 (valuation procedures )0.5 (including )0.5 (checking and verification, )]TJ 0.028 Tc 0.247 Tw 0 -1.333 Td [(on-site)3 ( inspection,)3 ( market)3 ( survey)3 ( and)3 ( confirmation)3 ( as)3 ( well)3 ( as)3 ( assessment)3 ( and)3 ( )]TJ 0.043 Tc 0.238 Tw 0 -1.333 Td [(estimation,)12.2 ( the)12.3 ( income)12.3 ( approach)12.3 ( was)12.3 ( used)12.3 ( to)12.3 ( assess)12.3 ( the)12.3 ( value)12.3 ( of)12.2 ( the)12.3 ( entire)18.1 ( )]TJ 0.034 Tc 0.241 Tw 0 -1.333 Td [(s)0.5 (ha)0.5 (re)0.5 (h)0.5 (ol)0.5 (de)0.5 (r)0.5 (s\222)9 ( e)0.5 (qu)0.5 (it)0.5 (y)9 ( in)0.5 (te)0.5 (r)0.5 (es)0.5 (t)0.5 (s)9 ( of)9 ( T)0.5 (ar)0.5 (g)0.5 (et)9 ( C)0.5 (om)0.5 (pa)0.5 (n)0.5 (y.)9 ( T)0.5 (he)9 ( b)0.5 (oo)0.5 (k)9 ( va)0.5 (l)0.5 (ue)0.5 (,)9 ( ap)0.5 (pr)0.5 (a)0.5 (is)0.5 (ed)9.1 ( )]TJ 0.025 Tc 0.056 Tw 0 -1.333 Td (value and the incremental value of the valuation of the entire sharehold\ ers\222 equity )Tj 0.047 Tc 0.237 Tw 0 -1.333 Td [(i)0.5 (nt)0.5 (e)0.5 (re)0.5 (s)0.5 (ts)13 ( of)13 ( T)0.5 (ar)0.5 (g)0.5 (et)13 ( Co)0.5 (m)0.5 (pa)0.5 (n)0.5 (y)12.9 ( w)0.5 (er)0.5 (e)13 ( RM)0.5 (B)13 (2)12.9 (,)13 (7)13 (3)12.9 (7)13 (.)13 (5)12.9 (0)13 (8)13 (7)12.9 ( mi)0.5 (l)0.5 (li)0.5 (o)0.5 (n,)13 ( R)0.5 (M)0.5 (B)13 (3)12.9 (,)13 (6)12.9 (6)13 (1)13 (.)12.9 (0)13 (0)13 (3)12.9 (9)22 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (million and RMB923.4952 million, representing a rate of increase of 33.7\ 3%.)Tj ET endstream endobj 257 0 obj <> endobj 255 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 89 \226)Tj 0.024 Tc -14.017 62.978 Td [(9)-1 (.)-1 ( )-1263.2 (There are no force majeure and unforeseen factors that would have a mate\ rial)-1 ( )]TJ 0.025 Tc 2.362 -1.167 Td (adverse impact on the Target Company.)Tj 0.139 Tw -2.362 -2.333 Td [(10. )-623.2 (It is assumed that the cash inflow from the income obtained by the Targe\ t )]TJ 0.183 Tw 2.362 -1.167 Td (Company subsequent to the Valuation Benchmark Date inflow evenly and )Tj 0.036 Tw 0 -1.167 Td (cash outflow of the Target Company subsequent to the Valuation Benchmark\ )Tj 0.025 Tw 0 -1.167 Td (Date outflow evenly.)Tj 0.082 Tc 0.237 Tw -2.362 -2.333 Td [(1)57 (1)57 (.)57 ( )-468.2 (This)12.6 ( valuation)12.6 ( assumed)12.6 ( that)12.6 ( there)12.6 ( are)12.6 ( no)12.6 ( material)12.6 ( changes)12.6 ( in)12.6 ( the)57 ( )]TJ 0.032 Tc 0.243 Tw 2.362 -1.167 Td [(tr)0.5 (an)0.5 (sp)0.5 (ort)0.5 (at)0.5 (ion)7 ( i)0.5 (ndu)0.5 (st)0.5 (ry)7 ( pol)0.5 (ic)0.5 (ie)0.5 (s,)7 ( pr)0.5 (ic)0.5 (in)0.5 (g)6.9 ( p)0.5 (ri)0.5 (nci)0.5 (pl)0.5 (es)7 ( a)0.5 (nd)7 ( ma)0.5 (rk)0.5 (et)7 ( co)0.5 (nd)0.5 (iti)0.5 (ons)7 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.167 Td (during the concession period of the Liuwu Expressway.)Tj 0.048 Tc 0.237 Tw -2.362 -2.333 Td [(1)23 (2)23 (.)23 ( )-502.2 (This)12.6 ( valuation)12.7 ( assumed)12.7 ( the)12.7 ( discount)12.6 ( policy)12.7 ( for)12.7 ( ETC)12.7 ( users)12.7 ( \(which)12.6 ( are)23 ( )]TJ 0.025 Tc 0.025 Tw 2.362 -1.167 Td (provided by all expressways within the Anhui province\) will continue.)Tj 0.228 Tw -2.362 -2.333 Td [(13. )-534.2 (During the forecast period, the effective charging rate for passenger ca\ rs )]TJ 0.026 Tc 0.249 Tw 2.362 -1.167 Td [(u)0.5 (t)0.6 (i)0.5 (l)0.6 (i)0.5 (s)0.6 (i)0.5 (n)0.5 (g)1 ( t)0.6 (h)0.5 (e)1 ( L)0.6 (i)0.5 (u)0.6 (w)0.5 (u)1 ( E)0.6 (x)0.5 (p)0.5 (r)0.6 (e)0.5 (s)0.6 (s)0.5 (w)0.6 (a)0.5 (y)1 ( i)0.6 (s)1 ( 9)1 (5)1 (.)1 (5)1 (%)1 ( a)0.5 (n)0.6 (d)1 ( e)0.5 (f)0.6 (f)0.5 (e)0.6 (c)0.5 (t)0.6 (i)0.5 (v)0.6 (e)1 ( c)0.5 (h)0.6 (a)0.5 (r)0.6 (g)0.5 (i)0.6 (n)0.5 (g)1 ( r)0.5 (a)0.6 (t)0.5 (e)1 ( f)0.6 (o)0.5 (r)1 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.167 Td (trucks utilising the Liuwu Expressway is 91%.)Tj 0.069 Tc 0.238 Tw -2.362 -2.333 Td [(1)44 (4)44 (.)44 ( )-480.2 (The)12.3 ( office)12.3 ( premises)12.4 ( currently)12.3 ( leased)12.3 ( by)12.3 ( the)12.3 ( Liuwu)12.3 ( Expressway)12.3 ( are)44 ( )]TJ 0.025 Tc 0.025 Tw 2.362 -1.167 Td (continuously leased for use.)Tj 0.213 Tw -2.362 -2.333 Td [(15. )-549.2 (This valuation assumed that there is no unforeseen material expansion or\ )]TJ 0.105 Tw 2.362 -1.167 Td [(reconstruction )0.5 (of )0.5 (the )0.6 (connecting )0.6 (highways )0.5 (of )0.5 (Liuwu )0.5 (Expressway )0.6 (during )0.6 (the )]TJ 0.247 Tw 0 -1.167 Td (concession period, and there are no factors leading to material diversio\ n )Tj 0.022 Tc 0.025 Tw 0 -1.167 Td [(i)0.5 (m)0.5 (pa)0.5 (c)0.5 (t)0.5 ( f)0.5 (r)0.5 (o)0.5 (m )0.5 (t)0.5 (he)0.5 ( )0.5 (L)0.5 (iu)0.5 (w)0.5 (u)0.5 ( )0.5 (Ex)0.5 (p)0.5 (r)0.5 (es)0.5 (s)0.5 (w)0.5 (a)0.5 (y )0.5 (\()0.5 (s)0.5 (uc)0.5 (h)0.5 ( )0.5 (a)0.5 (s )0.5 (a)0.5 (n)0.5 (y )0.5 (u)0.5 (nf)0.5 (o)0.5 (r)0.5 (e)0.5 (se)0.5 (e)0.5 (n)0.5 ( )0.5 (ne)0.5 (w)0.5 ( )0.5 (c)0.5 (on)0.5 (s)0.5 (t)0.5 (ru)0.5 (c)0.5 (t)0.5 (io)0.5 (n)-3 ( )]TJ 0.025 Tc 0 -1.167 Td (of expressway outside of the current planning by the PRC government\).)Tj 0.066 Tc 0.238 Tw -2.362 -2.333 Td [(1)41 (6)41 (.)41 ( )-483.2 (This)12.5 ( )0.5 (valuation)12.5 ( )0.5 (assumed)12.5 ( )0.5 (that)12.5 ( )0.5 (there)12.5 ( )0.5 (is)12.5 ( )0.5 (no)12.4 ( )0.5 (unforeseen)12.5 ( )0.5 (material)12.5 ( )0.5 (capital)41 ( )]TJ 0.025 Tc 0.025 Tw 2.362 -1.167 Td (expenditure as a result of any material expansion or reconstruction.)Tj 0.037 Tw -2.362 -3.5 Td (When the above conditions change, the valuation conclusions may usually \ become )Tj -0.025 Tw 0 -1.167 Td (invalid.)Tj /T1_1 1 Tf 0.025 Tw 14 0 0 14 56.6929 280.4808 Tm [(X. )-702.8 (VALUATION CONCLUSION)]TJ /T1_0 1 Tf 0.238 Tw 12 0 0 12 85.0394 252.4808 Tm (Based on the estimated traffic volume and revenue calculation of Anhui s\ ection of )Tj 0.053 Tw 0 -1.167 Td (Target Company by Chelbi Engineering Consultants, Inc. \(the PRC Traffic\ Consultant\), )Tj 0.143 Tw 0 -1.167 Td (as well as the future business planning and management of the Target Com\ pany, and )Tj 0.077 Tw 0 -1.167 Td (in accordance with relevant laws and regulations as well as Asset Valuat\ ion Standards, )Tj 0.214 Tw 0 -1.167 Td (the asset-based approach and income approach were adopted to appraise th\ e market )Tj 0.038 Tw 0 -1.167 Td (value of the entire shareholders\222 equity interests of Target Company \ as of the Valuation )Tj 0.058 Tw 0 -1.167 Td (Benchmark Date of 31 December 2022 through necessary valuation procedure\ s, and we )Tj 0.025 Tw 0 -1.167 Td (reached the following conclusions:)Tj /T1_1 1 Tf 0 -2.667 Td [(\(I\) )-932.2 (Conclusion of valuation by using the asset-based approach)]TJ /T1_0 1 Tf 0.024 Tc 2.362 -2.333 Td [(The book value, appraised value and the incremental value of the valuati\ on of total)-1 ( )]TJ 0.025 Tc 0.106 Tw 0 -1.167 Td (assets were RMB2,762.2270 million, RMB3,535.9548 million and RMB773.7278\ )Tj 0.025 Tw 0 -1.167 Td (million, respectively, representing a rate of increase of 28.01%.)Tj ET endstream endobj 254 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 88 \226)Tj /T1_1 1 Tf 12 0 3.2154 12 112.1543 774.4808 Tm [(2. )-1262.2 (Open market assumption)]TJ /T1_0 1 Tf 0.039 Tc 0.237 Tw 12 0 0 12 141.7323 746.4808 Tm [(T)0.6 (h)0.5 (e)13.1 ( o)0.6 (p)0.5 (e)0.6 (n)13 ( m)0.5 (a)0.6 (r)0.6 (k)0.5 (e)0.6 (t)13 ( a)0.5 (s)0.6 (s)0.6 (u)0.5 (m)0.5 (p)0.6 (t)0.6 (i)0.5 (o)0.6 (n)13 ( i)0.6 (s)13 ( t)0.6 (h)0.5 (a)0.6 (t)13 ( t)0.5 (h)0.6 (e)13 ( p)0.5 (a)0.6 (r)0.6 (t)0.5 (i)0.6 (e)0.5 (s)13.1 ( t)0.6 (o)13 ( a)13 ( t)0.5 (r)0.6 (a)0.6 (n)0.5 (s)0.6 (a)0.5 (c)0.6 (t)0.5 (i)0.6 (o)0.6 (n)13 ( a)0.6 (r)0.6 (e)13 ( o)0.5 (n)14 ( )]TJ 0.044 Tc 0 -1.167 Td [(an)12.9 ( equa)0.5 (l)12.9 ( footi)0.5 (ng)12.9 ( wi)0.5 (th)12.9 ( ea)0.5 (ch)12.9 ( oth)0.5 (er)12.9 ( a)0.5 (nd)12.9 ( hav)0.5 (e)12.9 ( ac)0.5 (cess)13 ( to)12.9 ( su)0.5 (ffic)0.5 (ient)12.9 ( m)0.5 (arke)0.5 (t)19 ( )]TJ 0.025 Tc 0.049 Tw 0 -1.167 Td (information and time to make a rational judgment on the function and use\ of )Tj 0.112 Tw 0 -1.167 Td [(the )0.5 (assets )0.5 (and )0.6 (their )0.5 (transaction )0.5 (price. )0.5 (The )0.5 (open )0.5 (market )0.6 (assumption )0.6 (is )0.6 (based )]TJ 0.025 Tw 0 -1.167 Td (on the assumption that assets are publicly traded in the market.)Tj /T1_1 1 Tf 12 0 3.2154 12 112.1543 658.4808 Tm [(3. )-1262.2 (Asset going-concern assumption)]TJ /T1_0 1 Tf 0.16 Tw 12 0 0 12 141.7323 630.4808 Tm (The going-concern assumption means that, the subject assets will continu\ e )Tj 0.038 Tc 0.237 Tw 0 -1.167 Td [(to)12.8 ( be)12.8 ( used)12.8 ( as)12.8 ( per)12.8 ( its)12.8 ( current)12.8 ( purpose)12.8 ( and)12.8 ( the)12.8 ( manner,)12.8 ( scale,)12.8 ( frequency)13 ( )]TJ 0.031 Tc 0.244 Tw 0 -1.167 Td [(and)6 ( environment)6 ( of)6 ( use.)6.1 ( The)6.1 ( valuer)6 ( determines)6.1 ( accordingly)6 ( the)6 ( method,)6 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.167 Td (parameters and basis for valuation if certain conditions change.)Tj /T1_1 1 Tf -4.724 -2.667 Td [(\(II\) )-518.3 (Special assumptions)]TJ /T1_0 1 Tf 0.023 Tc 2.362 -2.333 Td [(1)-2 (.)-2 ( )-1264.2 (There will be no significant changes in the current macro-economic, fina\ ncial)-2 ( )]TJ 0.025 Tc 2.362 -1.167 Td (and industrial policies in the PRC.)Tj 0.039 Tc 0.237 Tw -2.362 -2.333 Td [(2)14 (.)14 ( )-1036.2 (There)12.8 ( are)12.7 ( no)12.8 ( significant)12.7 ( changes)12.7 ( in)12.8 ( the)12.8 ( socio-economic)12.7 ( environment)12.7 ( in)14 ( )]TJ 0.025 Tc 0.197 Tw 2.362 -1.167 Td (which the Target Company operates, and there are no significant changes \ )Tj 0.032 Tc 0.243 Tw 0 -1.167 Td [(in)7 ( the)7 ( policies)7 ( on)7 ( taxation,)7 ( tax)7 ( rates,)7 ( and)7 ( adjustment)7 ( of)7 ( taxable)7 ( income)7 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.167 Td (implemented in the future operation period.)Tj 0.103 Tw -2.362 -2.333 Td [(3. )-1184.2 (The management of the Target Company has exercised due diligence in the \ )]TJ 0.122 Tw 2.362 -1.167 Td (future operating period and has continued to maintain the existing busin\ ess )Tj 0.025 Tw 0 -1.167 Td (management model as at the Valuation Benchmark Date.)Tj 0.063 Tw -2.362 -2.333 Td [(4. )-1224.2 (In view of the frequent changes or significant changes in the production\ and )]TJ 0.2 Tw 2.362 -1.167 Td (operation process of the enterprise\222s monetary funds or its bank depo\ sits, )Tj 0.048 Tc 0.237 Tw 0 -1.167 Td [(interest)12.8 ( income)12.8 ( generated)12.8 ( from)12.7 ( the)12.7 ( deposits)12.8 ( and)12.7 ( other)12.8 ( uncertain)12.8 ( gains)23 ( )]TJ 0.025 Tc 0.206 Tw 0 -1.167 Td (and losses \(such as exchange gains or losses\) were not considered in t\ he )Tj -0.025 Tw 0 -1.167 Td (valuation.)Tj 0.056 Tc 0.237 Tw -2.362 -2.333 Td [(5)31 (.)31 ( )-1019.2 (T)0.5 (h)0.5 (i)0.5 (s)13 ( v)0.5 (a)0.6 (l)0.5 (u)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( a)0.5 (s)0.6 (s)0.5 (u)0.5 (m)0.5 (e)0.5 (s)13 ( t)0.5 (h)0.5 (a)0.5 (t)13.1 ( t)0.5 (h)0.5 (e)13 ( u)0.5 (n)0.5 (d)0.5 (e)0.5 (r)0.6 (l)0.5 (y)0.5 (i)0.5 (n)0.5 (g)13 ( i)0.5 (n)0.5 (f)0.5 (o)0.5 (r)0.5 (m)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.5 (n)13 ( a)0.5 (n)0.5 (d)13 ( f)0.5 (i)0.5 (n)0.5 (a)0.6 (n)0.5 (c)0.5 (i)0.5 (a)0.5 (l)31 ( )]TJ 0.025 Tc 0.058 Tw 2.362 -1.167 Td (information provided by the Company, Anhui Transportation Holding Group \ )Tj 0.025 Tw 0 -1.167 Td (and the Target Company are true, accurate and complete.)Tj 0.094 Tw -2.362 -2.333 Td [(6. )-1193.2 (This valuation assumes that the operational assets and operational liabi\ lities )]TJ 0.091 Tw 2.362 -1.167 Td (as set out in the financial information of the Target Company are comple\ te, )Tj 0.055 Tw 0 -1.167 Td [(and the )0.5 (operating )0.5 (results as )0.5 (set out in the )0.5 (financial information of the )0.5 (Target )]TJ 0.025 Tw 0 -1.167 Td (Company are correct and accurate.)Tj 0.101 Tw -2.362 -2.333 Td [(7. )-1186.2 (The scope of the valuation is based on the valuation return provided by \ the )]TJ 0.105 Tw 2.362 -1.167 Td (Target Company. Contingent assets and contingent liabilities that may ex\ ist )Tj 0.025 Tw 0 -1.167 Td (outside the list provided by the Target Company have not been considered\ .)Tj 0.144 Tw -2.362 -2.333 Td [(8. )-1143.2 (The parameters measured in this valuation have not taken into account th\ e )]TJ 0.025 Tw 2.362 -1.167 Td (impact of inflation.)Tj ET endstream endobj 253 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 87 \226)Tj 0.172 Tw -14.017 62.978 Td [(7. )-1115.2 (To understand the market position and main business qualifications of th\ e )]TJ 0.025 Tw 2.362 -1.333 Td (Target Company.)Tj -2.362 -2.667 Td [(8. )-1262.2 (To verify the main business revenues and costs of the Target Company in \ the )]TJ 2.362 -1.333 Td (recent years.)Tj 0.211 Tw -2.362 -2.667 Td [(9. )-1076.2 (The valuer conducted on-site interviews with the Client and the financia\ l )]TJ 0.059 Tw 2.362 -1.333 Td (manager, heads of maintenance department, equipment department and other\ )Tj 0.225 Tw 0 -1.333 Td (departments of the Target Company respectively on the current situation,\ )Tj 0.025 Tw 0 -1.333 Td (production and operation, and future operation plan of the Target Compan\ y.)Tj /T1_1 1 Tf -4.724 -3 Td [(\(III\) )-104.2 (Summary phase of valuation)]TJ /T1_0 1 Tf 0.133 Tw 2.362 -2.667 Td [(1. )-1154.2 (To process and analyze the relevant information and data obtained throug\ h )]TJ 0.25 Tw 2.362 -1.333 Td (various means to form applicable parameters of the appraisal model and )Tj 0.025 Tw 0 -1.333 Td (estimate according to the selected valuation approach.)Tj 0.041 Tc 0.237 Tw -2.362 -2.667 Td [(2)16 (.)16 ( )-1034.2 (To)12.8 ( summarize)12.8 ( estimated)12.7 ( results)12.7 ( of)12.7 ( various)12.7 ( assets)12.7 ( estimates)12.7 ( formed.)12.7 ( To)16 ( )]TJ 0.035 Tc 0.24 Tw 2.362 -1.333 Td [(comprehensively)10 ( analyze)10 ( and)10 ( compare)10 ( the)10 ( measurement)10 ( results)10 ( obtained)10 ( )]TJ 0.025 Tc 0.203 Tw 0 -1.333 Td (through different valuation approaches, to determine preliminary apprais\ al )Tj -0.025 Tw 0 -1.333 Td (conclusions.)Tj /T1_1 1 Tf 0.025 Tw -4.724 -3 Td [(\(IV\) )-185.2 (Report submission phase)]TJ /T1_0 1 Tf 0.042 Tc 0.237 Tw 2.362 -2.667 Td [(The)12.7 ( Asset)12.7 ( Valuation)12.8 ( Report)12.8 ( was)12.8 ( drafted)12.7 ( based)12.7 ( on)12.8 ( the)12.7 ( above)12.8 ( processes,)12.7 ( and)17 ( )]TJ 0.028 Tc 0.247 Tw 0 -1.333 Td [(opinions)3 ( were)3 ( exchanged)3 ( with)3 ( the)3 ( Clients)3 ( on)3 ( the)3 ( valuation)3 ( results.)3 ( Upon)3 ( full)2.9 ( )]TJ 0.05 Tc 0.237 Tw 0 -1.333 Td [(consideration)12.7 ( of)12.7 ( relevant)12.7 ( opinions,)12.7 ( the)12.7 ( report)12.7 ( was)12.7 ( repeatedly)12.6 ( modified)12.7 ( and)25.1 ( )]TJ 0.025 Tc 0.13 Tw 0 -1.333 Td (corrected in accordance with the internal three-tier review system and p\ rocedure )Tj 0.029 Tc 0.246 Tw 0 -1.333 Td [(for)4 ( Asset)4 ( Valuation)4 ( Report)4 ( of)4 ( the)4 ( valuation)4 ( agency,)4 ( and)4 ( then)4 ( the)4 ( final)4 ( Asset)4 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (Valuation Report was issued.)Tj /T1_1 1 Tf 14 0 0 14 56.6929 266.4809 Tm [(IX. )-288.8 (VALUATION ASSUMPTIONS)]TJ /T1_0 1 Tf 12 0 0 12 85.0394 234.4808 Tm (In this valuation, the valuer followed the below valuation assumptions:)Tj /T1_1 1 Tf 0 -3 Td [(\(I\) )-932.2 (General assumptions)]TJ 12 0 3.2154 12 112.1543 162.4808 Tm [(1. )-1262.2 (Transaction assumption)]TJ /T1_0 1 Tf 0.103 Tw 12 0 0 12 141.7323 130.4808 Tm (The transaction assumption is that all assets to be appraised are alread\ y the )Tj 0.162 Tw 0 -1.333 Td (subject of the transaction, and the valuer will make estimation based on\ a )Tj 0.13 Tw 0 -1.333 Td (simulated market according to \(among others\) the transaction condition\ s of )Tj 0.081 Tw 0 -1.333 Td (assets to be appraised. The transaction assumption is a fundamental prem\ ise )Tj 0.025 Tw 0 -1.333 Td (for asset valuation to be carried out.)Tj ET endstream endobj 252 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 86 \226)Tj /T1_1 1 Tf 0.005 Tc -0.005 Tw 11.2 0 0 14 56.6929 772.6948 Tm (VIII.)Tj 0.025 Tw 14 0 0 14 80.9292 772.6948 Tm [( )-13.6 (IMPLEMENTATION AND STATUS OF VALUATION PROCEDURES)]TJ /T1_0 1 Tf 0.025 Tc 12 0 0 12 85.0394 740.6948 Tm (The overall valuation work is conducted in four phases:)Tj /T1_1 1 Tf 0 -3 Td [(\(I\) )-932.2 (Preparation phase of valuation)]TJ /T1_0 1 Tf 0.078 Tc 0.238 Tw 2.362 -2.667 Td [(1)53 (.)53 ( )-996.2 (The)12.1 ( Clients)12.2 ( convened)12.1 ( the)12.2 ( kick-off)12.2 ( meeting)12.1 ( of)12.1 ( the)12.2 ( project)12.1 ( and)12.2 ( the)53 ( )]TJ 0.025 Tc 0.161 Tw 2.362 -1.333 Td (coordination meeting of the intermediaries, and the relevant parties agr\ eed )Tj 0.051 Tw 0 -1.333 Td (on the purpose of valuation, the Valuation Benchmark Date and the scope \ of )Tj 0.025 Tw 0 -1.333 Td (valuation, and formulated the work plan of the asset valuation.)Tj 0.119 Tw -2.362 -2.667 Td [(2. )-1168.2 (The valuers of the valuation project team cooperated with Target Company\ )]TJ 0.026 Tc 0.249 Tw 2.362 -1.333 Td [(to)1 ( conduct)1 ( asset)1 ( inventories,)1 ( fill)1 ( in)1 ( Detailed)1 ( Asset)1 ( Appraisal)1 ( Declaration)1 ( )]TJ 0.025 Tc 0.199 Tw 0 -1.333 Td (Forms, gained a detailed understanding of the Target Assets, set up asse\ t )Tj 0.036 Tc 0.239 Tw 0 -1.333 Td [(valuation)11 ( work,)11 ( assisted)11 ( Target)11 ( Company)11 ( in)11 ( the)11 ( declaration)11 ( of)11 ( valuated)11 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (assets and collected documents and information required for asset valuat\ ion.)Tj /T1_1 1 Tf -4.724 -3 Td [(\(II\) )-518.2 (On-site valuation phase)]TJ /T1_0 1 Tf 2.362 -2.667 Td (The main work of the project team\222s on-site valuation phase is as fol\ lows:)Tj 0.086 Tw 0 -2.667 Td [(1. )-1201.2 (To listen to the introduction of the general situation of the Target Com\ pany )]TJ 0.226 Tw 2.362 -1.333 Td (and the history and current status of the Target Company by the Clients \ )Tj 0.196 Tw 0 -1.333 Td (and the relevant personnel of the Target Company, and to understand the \ )Tj 0.074 Tw 0 -1.333 Td (financial system, operating conditions, technical status of fixed assets\ of the )Tj 0.025 Tw 0 -1.333 Td (Target Company.)Tj 0.201 Tw -2.362 -2.667 Td [(2. )-1086.2 (To )0.5 (audit )0.5 (and )0.5 (identify )0.5 (the )0.6 (Detailed )0.5 (Asset )0.5 (Inspection )0.6 (Appraisal )0.5 (Declaration )]TJ 0.059 Tc 0.237 Tw 2.362 -1.333 Td [(F)0.5 (o)0.5 (r)0.5 (m)0.5 (s)13 ( p)0.5 (r)0.5 (o)0.5 (v)0.5 (i)0.5 (d)0.5 (e)0.5 (d)13 ( b)0.5 (y)13 ( t)0.5 (h)0.5 (e)13 ( T)0.5 (a)0.5 (r)0.5 (g)0.5 (e)0.5 (t)13 ( C)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)0.5 (,)13 ( a)0.5 (n)0.5 (d)13 ( t)0.5 (o)13 ( c)0.5 (h)0.5 (e)0.5 (c)0.5 (k)13 ( w)0.5 (i)0.5 (t)0.5 (h)13 ( r)0.5 (e)0.5 (l)0.5 (e)0.5 (v)0.5 (a)0.5 (n)0.5 (t)34 ( )]TJ 0.025 Tc 0.186 Tw 0 -1.333 Td [(proprietary information and financial )0.5 (information, and )0.5 (to )0.5 (assist the Target )]TJ 0.025 Tw 0 -1.333 Td (Company in making adjustments to the problems identified.)Tj 0.061 Tc 0.238 Tw -2.362 -2.667 Td [(3)36 (.)36 ( )-1013.2 (To)12.1 ( conduct)12 ( the)12.1 ( comprehensive)12 ( inventory)12 ( verification)12 ( of)12.1 ( fixed)12.1 ( assets)36 ( )]TJ 0.041 Tc 2.362 -1.333 Td [(and)12.1 ( intangible)12.1 ( assets)12.1 ( based)12.1 ( on)12.1 ( the)12.1 ( Detailed)12.1 ( Asset)12.1 ( Inspection)12.1 ( Appraisal)16 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (Declaration Forms.)Tj 0.176 Tw -2.362 -2.667 Td [(4. )-1111.2 (To review and collect the title certificates of the Target Company, and \ to )]TJ 0.025 Tw 2.362 -1.333 Td (check the ownership information provided by the Target Company.)Tj 0.094 Tw -2.362 -2.667 Td [(5. )-1193.2 (To determine the specific valuation approaches for each type of asset ba\ sed )]TJ 0.025 Tw 2.362 -1.333 Td (on the actual condition and characteristics of the assets to be valuated\ .)Tj 0.056 Tc 0.238 Tw -2.362 -2.667 Td [(6)31 (.)31 ( )-1018.2 (To)12.6 ( )0.5 (understand)12.6 ( )0.5 (the)12.6 ( )0.5 (development)12.6 ( )0.5 (environment)12.5 ( )0.6 (of)12.6 ( )0.6 (the)12.6 ( )0.6 (Target)12.6 ( )0.5 (Company,)31 ( )]TJ 0.033 Tc 0.242 Tw 2.362 -1.333 Td [(mainly)8 ( including)8 ( macro)8 ( development)8 ( environment,)8 ( industry)8.1 ( development)8 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (environment and relevant market development environment.)Tj ET endstream endobj 222 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 223 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 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1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]/Properties<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 272 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 85 \226)Tj 12 0 3.2154 12 140.5008 774.4808 Tm [(\(3\) )-821.2 (Discount rate)]TJ 0.19 Tw 12 0 0 12 170.0787 742.4808 Tm (In this valuation, the capital asset pricing model \(CAPM\) is used to )Tj 0.025 Tw 0 -1.333 Td (determine the discount rate r:)Tj 0 Tc 0 Tw 0 -2.667 Td (r)Tj /C0_0 1 Tf 0.358 0 Td <006A>Tj /T1_0 1 Tf 0.025 Tc 0.2 Tw 0.775 0 Td ( Cost of equity capital, which is determined by the Capital Asset )Tj 0.025 Tw -1.133 -1.333 Td (Pricing Model \(CAPM\);)Tj /PlacedPDF /MC0 BDC /GS1 gs /TT0 1 Tf 0 Tc 0 Tw 13 0 0 13 180.1166 639.2317 Tm (r =r)Tj 7.579 0 0 7.579 202.2572 634.9026 Tm (f)Tj 13 0 0 13 204.3627 639.2317 Tm ( )Tj /TT1 1 Tf 0.07 0 Td (+)Tj /TT0 1 Tf ( )Tj /C2_0 1 Tf 0.634 0 Td <0215004800EE>Tj /TT0 1 Tf ( )Tj /TT1 1 Tf 1.613 0 Td (\()Tj /TT0 1 Tf (r)Tj 7.579 0 0 7.579 243.8774 634.9026 Tm (m)Tj 13 0 0 13 249.351 639.2317 Tm (+ )Tj (r)Tj 7.579 0 0 7.579 266.433 634.9026 Tm (f)Tj /TT1 1 Tf 13 0 0 13 268.5385 639.2317 Tm (\)+)Tj /C2_0 1 Tf 0.975 -0.167 Td <0130>Tj /TT1 1 Tf 12 0 0 12 456.0038 637.3289 Tm (\(5\))Tj EMC /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw -23.827 -3.237 Td (In the formula:)Tj 0 Tc 0 Tw 0 -2.667 Td (R)Tj 6.996 0 0 6.996 178.3826 562.4849 Tm (f)Tj 0.025 Tc 0.025 Tw 12 0 0 12 180.8871 566.4808 Tm (: Risk-free return rate;)Tj 0 Tc 0 Tw -0.901 -2.667 Td (r)Tj 6.996 0 0 6.996 174.3746 530.4849 Tm (m)Tj 0.025 Tc 0.025 Tw 12 0 0 12 179.9924 534.4808 Tm (: Expected market yield;)Tj /C0_0 1 Tf 0 Tc 0 Tw -0.826 -2.667 Td <01BD>Tj /T1_0 1 Tf 0.025 Tc 0.147 Tw 1.025 0 Td (: Risk adjustment coefficient based on characteristics of the Target )Tj -0.025 Tw -1.025 -1.333 Td (Company;)Tj /C0_0 1 Tf 0 Tc 0 Tw 0 -2.667 Td <01BA>Tj /T1_0 1 Tf 6.996 0 0 6.996 182.3787 450.4848 Tm (e)Tj 0.025 Tc 0.207 Tw 12 0 0 12 185.6598 454.4808 Tm (: Expected market risk coefficient of equity capital of the Target )Tj -0.025 Tw -1.298 -1.333 Td (Company.)Tj 0.025 Tw 12 0 3.2154 12 140.5008 402.4808 Tm [(\(4\) )-821.2 (Income period)]TJ 0.059 Tc 0.238 Tw 12 0 0 12 170.0787 370.4808 Tm [(A)12.5 ( limited)12.5 ( term)12.5 ( has)12.4 ( )0.5 (been)12.4 ( )0.5 (adopted)12.4 ( )0.5 (as)12.4 ( )0.5 (the)12.5 ( )0.5 (income)12.4 ( )0.5 (period)12.5 ( for)12.5 ( )0.5 (this)34 ( )]TJ 0.031 Tc 0.244 Tw 0 -1.333 Td [(valuation.)6 ( According)6 ( to)6.1 ( the)6 ( \223Reply)6 ( of)6 ( the)6 ( People\222s)6 ( Government)6 ( of)6 ( )]TJ 0.025 Tc 0.124 Tw 0 -1.333 Td (Anhui Province on the Toll Operation Period of the Anhui Section of )Tj 0.055 Tw 0 -1.333 Td (the Lu\222an-Wuhan Expressway\224 \(Anhui Zheng Mi [2012] No. 545\) \()Tj /C0_0 1 Tf -0.025 Tw 28.684 0 Td <009003C4>Tj 0.038 Tc -0.038 Tw -28.684 -1.333 Td <13CF07B2025B034F074105B415EB05F502AC03C40407061B100F09F70BBA02AE0F2903C413CF076C03D70D6C0EBE14040C820822065904AD15270091>Tj /T1_0 1 Tf 0 Tc 0 Tw 0 -1.333 Td (\()Tj /C0_0 1 Tf 0.025 Tc -0.025 Tw 0.388 0 Td <0CF007410964>Tj /T1_0 1 Tf 3.105 0 Td ([2012]545)Tj /C0_0 1 Tf 0 Tc 0 Tw 4.441 0 Td <0EEE>Tj /T1_0 1 Tf 0.025 Tc 0.244 Tw 1.055 0 Td (\)\) issued by the People\222s Government of Anhui )Tj 0.11 Tw -8.989 -1.333 Td [(Province on )0.5 (4 December 2012, )0.5 (it )0.5 (was )0.5 (approved that )0.5 (the toll )0.5 (operation )]TJ 0.115 Tw 0 -1.333 Td [(period )0.5 (of )0.5 (the )0.5 (Anhui )0.5 (Section )0.5 (of )0.5 (the )0.5 (Lu\222an-Wuhan )0.5 (Expressway )0.5 (shall )0.5 (be )]TJ 0.029 Tw 0 -1.333 Td (30 years, i.e. from 28 December 2009 to 27 December 2039. 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V&c} 8 N7?*aZZnF/(^?ik3y{ H<,bz/݋Lsy| 8c\8˱&fSHMc܇$Ιg*bˋM6MLX;BC.7 C`+Wp4<}&E8gg:9c$ReSd8L7Ach*Us#:D=q[)2Oe@-13+v,7r/{+:1X5X{ۘs1L}|t'Nh(Br4ES=] Ek-ƈbQۅ!"ⴸ"YH\)|[@PTb*TiTw9fjngj?`0SΫBON#w˽ x \\ͱK.ʧGi2\^մi>G$S]*c\l j^l*E^ Sx%ɲLΑBJ??{>m E(JB٨lW(Ǖ7)jf2ԓԫ4[mMO17w>"-}", HiW+0nr|>Ho4Gh.o)f[#9_[oٸ#y?U{X‚>2z#G ;twdҿ>̌>'-ՙ;9)1nS)y^49CѧLɷd=Ȋ=fZOK7[gtw[S yW׌%>淖~͸JN\HfbۿD3(y aoILڄeLlz)íeD"Fzt1I2X[\YewgHah!3\8R;86Oe,6zyag 5۩k_&إe;Zs=k\cPkD^Sα(.?:*&No>so~ZQ7`4W:e N=E]}X,>,zSϚvAowo]3kqsy{v詗]w~/|֚3'J Eѻ;4b8 v4mJU+ YwXk*qߕ~5+[75\yko>4=?~W\@9.$0Wh!9 ]%Z0A_|2_G@ |/E=%Jp^9UI jUhHZ!7d.o(,fnS#{1&tza':ľ^Cw0ʇa9,[Gnq°qo:hh@ ~Nmy=3X]Zaߦ+Ǥ۴ݩ3lv W((l'm7)Gtḑiz1 {iEiTT.cRr%&:r2@G80_/)˪c+Pm'|ހn".5x^E+>(TWuʮ nI vˢUxj* Dh'\92S= # UE>=iĿ<[%_6xWeR$Ӌ/0x/_1x_'GR-gX9;ȹ+wdTjriU'_TGa5E5[Pj^W-j~jӬY3ijMM4[^@ɦ9AEVf^&06!dr"igv]dըd +X# zG =z;gl6 iAxUV1:{\gY1V<Kk4Da_BM5bɕ3,L~DM=g{P pUG#U0\exs5]co*3 gyN"Y*/ .X^=C}r endstream endobj 259 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 82 \226)Tj /T1_1 1 Tf 1.287 Tw 12 0 3.2154 12 112.1543 774.4808 Tm (3. Liabilities)Tj /T1_0 1 Tf 0.027 Tc 0.248 Tw 12 0 0 12 141.7323 742.4808 Tm [(The)2 ( valuers)2 ( check)2 ( and)2 ( verify)2 ( the)2.1 ( ac)0.5 (tua)0.5 (l)2 ( de)0.5 (btors)2 ( and)2 ( amounts)2 ( of)2 ( various)2 ( )]TJ 0.025 Tc 0.027 Tw 0 -1.333 Td (liabilities after the valuation purpose is fulfilled, and determine the \ appraised )Tj 0.06 Tw 0 -1.333 Td (value based on the actual items and amounts of liabilities to be borne b\ y the )Tj 0.025 Tw 0 -1.333 Td (property owners after the valuation purpose is fulfilled.)Tj /T1_1 1 Tf -4.724 -3 Td [(\(II\) )-518.3 (Introduction of the income approach)]TJ 1.287 Tw 12 0 3.2154 12 112.1543 622.4808 Tm (1. Overview)Tj /T1_0 1 Tf 0.074 Tw 12 0 0 12 141.7323 590.4808 Tm (Based on the purpose and subject of valuation, and the ownership and val\ ue )Tj 0.035 Tc 0.24 Tw 0 -1.333 Td [(of)10 ( the)10 ( scope)10 ( and)10 ( subject)9.9 ( of)10 ( valuation,)10 ( the)10 ( professional)10 ( valuers)10 ( decided,)10 ( )]TJ 0 -1.333 Td [(p)0.5 (u)0.5 (r)0.5 (s)0.6 (u)0.5 (a)0.5 (n)0.5 (t)10 ( t)0.5 (o)10 ( r)0.5 (e)0.6 (l)0.5 (e)0.5 (v)0.5 (a)0.5 (n)0.6 (t)9.9 ( n)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (a)0.6 (l)10 ( r)0.5 (e)0.5 (g)0.5 (u)0.5 (l)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (s)10 ( a)0.5 (n)0.6 (d)10 ( A)0.5 (s)0.5 (s)0.5 (e)0.6 (t)10 ( V)0.5 (a)0.5 (l)0.5 (u)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.5 (n)10 ( P)0.5 (r)0.5 (a)0.6 (c)0.5 (t)0.5 (i)0.5 (c)0.5 (i)0.5 (n)0.5 (g)10 ( )]TJ 0.056 Tc 0.238 Tw 0 -1.333 Td [(Standards)12.2 ( \226)12.2 ( Enterprise)12.2 ( Values,)12.2 ( to)12.2 ( adopt)12.2 ( discounted)12.2 ( cash)12.2 ( flow)12.2 ( \(DCF\))31 ( )]TJ 0.025 Tc 0.127 Tw 0 -1.333 Td (approach according to sources of revenue to evaluate the Target Assets f\ or )Tj 0.025 Tw 0 -1.333 Td (the Proposed Acquisition within this valuation.)Tj 0.185 Tw 0 -2.667 Td (Discounted cash flow method, is a method for the estimation of the asset\ )Tj 0.247 Tw 0 -1.333 Td (value by discounting the future expected net cash flow of the enterprise\ )Tj 0.22 Tw 0 -1.333 Td (to the present value. The basic idea of the income approach is to derive\ )Tj 0.151 Tw 0 -1.333 Td (the appraised value by estimating the future expected net cash flow of t\ he )Tj 0.194 Tw 0 -1.333 Td (assets which are then discounted to the present value with an appropriat\ e )Tj 0.186 Tw 0 -1.333 Td (discount rate. The basic conditions for applying the income approach are\ : )Tj 0.247 Tw 0 -1.333 Td (the enterprise has the foundations and conditions to continue as a going\ )Tj 0.156 Tw 0 -1.333 Td (concern; there is a stable corresponding relation between its operation \ and )Tj 0.199 Tw 0 -1.333 Td (income; and the future income and risk can be forecasted and quantified.\ )Tj 0.148 Tw 0 -1.333 Td (The greatest difficulty in using the approach of discounted cash flow is\ to )Tj 0.137 Tw 0 -1.333 Td (predict the expected future cash flow, and the objectivity and reliabili\ ty of )Tj 0.13 Tw 0 -1.333 Td (data collection and processing. If the forecast of expected future cash \ flow )Tj 0.031 Tc 0.244 Tw 0 -1.333 Td [(is)6 ( reasonably)6 ( objective)6 ( and)6 ( fair)6.1 ( and)6 ( the)6 ( discount)6 ( rate)6 ( is)5.9 ( reasonable,)6 ( the)6 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (appraisal result will be objective.)Tj ET endstream endobj 258 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 81 \226)Tj 0.179 Tw -9.292 62.978 Td (For road assets such as bridges, tunnels and roadbeds, this valuation )Tj 0.25 Tw 0 -1.333 Td (was carried out using the cost approach. The formula is: Appraisal )Tj 0.025 Tw 0 -1.333 Td (value = full replacement price x depreciation rate)Tj 0.027 Tw 0 -2.667 Td (See \223Fixed assets \226 buildings\224 for details of the method and pr\ ocess for )Tj 0.025 Tw 0 -1.333 Td [(de)0.5 (te)0.5 (rmin)0.5 (ing)0.5 ( th)0.5 (e f)0.5 (ull)0.5 ( re)0.5 (pla)0.5 (ce)0.5 (men)0.5 (t v)0.5 (alu)0.5 (e a)0.5 (nd )0.5 (the)0.5 ( de)0.5 (pre)0.5 (ci)0.5 (ati)0.5 (on r)0.5 (at)0.5 (e o)0.5 (f r)0.5 (oa)0.5 (d )]TJ -0.025 Tw 0 -1.333 Td (assets.)Tj 0.025 Tw 12 0 3.2154 12 140.5008 642.4808 Tm [(\(4\) )-821.2 (Intangible assets \226 other intangible assets)]TJ 0.041 Tc 0.238 Tw 12 0 0 12 170.0787 610.4808 Tm [(For)12.4 ( software)12.4 ( in)12.3 ( )0.5 (normal)12.4 ( use,)12.4 ( the)12.4 ( same)12.5 ( software)12.4 ( product)12.4 ( cannot)12.4 ( be)16 ( )]TJ 0.025 Tc 0.11 Tw 0 -1.333 Td (obtained due to its long acquisition time, the evaluation is determined \ )Tj 0.023 Tc 0.025 Tw 0 -1.333 Td [(by adopting the price index correction approach; for purchased software)-2 ( )]TJ 0.025 Tc 0 -1.333 Td (that has been amortized and is no longer in use, the valuation is nil.)Tj 12 0 3.2154 12 140.5008 526.4808 Tm [(\(5\) )-821.2 (Deferred income tax assets)]TJ 0.118 Tw 12 0 0 12 170.0787 494.4808 Tm (Deferred income tax assets mainly refer to deferred income tax assets )Tj 0.022 Tc 0.025 Tw 0 -1.333 Td [(formed by income tax differences caused by differences in the provision)-3 ( )]TJ 0.025 Tc 0.091 Tw 0 -1.333 Td (of depreciation by enterprises and the provision of depreciation by tax \ )Tj -0.025 Tw 0 -1.333 Td (laws.)Tj 0.03 Tc 0.245 Tw 0 -2.667 Td [(Professional)5 ( valuers)5 ( verify)5 ( whether)5 ( the)5 ( detailed)5 ( ledger)5 ( matches)5 ( the)5 ( )]TJ 0.025 Tc 0.086 Tw 0 -1.333 Td [(general )0.6 (ledger )0.6 (and )0.5 (statement )0.6 (balance, )0.5 (whether )0.6 (it )0.5 (matches )0.6 (the )0.5 (entrusted )]TJ 0.241 Tw 0 -1.333 Td (valuation detailed statement, and review accounting records such as )Tj 0.081 Tw 0 -1.333 Td (payment amount, occurrence time, and business content to confirm the )Tj 0.211 Tw 0 -1.333 Td (authenticity and completeness of deferred income tax assets. On the )Tj 0.089 Tw 0 -1.333 Td (basis of verification, the book value after verification is determined a\ s )Tj 0.025 Tw 0 -1.333 Td (the appraised value.)Tj ET endstream endobj 217 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 218 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 219 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 220 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 221 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 315 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 80 \226)Tj -6.93 62.978 Td [(c. )-1318.2 (Electronic equipment)]TJ 0.156 Tw 2.362 -2.667 Td [(The )0.5 (depreciation )0.5 (rate )0.5 (was )0.5 (determined )0.5 (by economic )0.5 (service )]TJ 0.025 Tw 0 -1.333 Td (life approach)Tj 0.097 Tw 0 -2.667 Td (Depreciation rate = remaining service life/\(used service life )Tj 0.025 Tw 0 -1.333 Td (+ remaining service life\) )Tj /C0_0 1 Tf 0 Tc 0 Tw <00D2>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 11.892 0 Td ( 100%)Tj -16.616 -3 Td [(C. )-1095.2 (Determination of appraisal value)]TJ 2.362 -2.667 Td (Appraisal value = full replacement price )Tj /C0_0 1 Tf 0 Tc 0 Tw <00D2>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 18.593 0 Td ( depreciation rate)Tj 12 0 3.2154 12 140.5008 574.4808 Tm [(\(3\) )-821.2 (Intangible assets \226 concession intangible assets)]TJ 0.248 Tw 12 0 0 12 170.0787 542.4808 Tm (The intangible assets \226 concession intangible assets included in the \ )Tj 0.032 Tc 0.243 Tw 0 -1.333 Td [(scope)7 ( of)7 ( this)7 ( valuation,)7 ( toll)7 ( road)7 ( concessions,)7 ( are)7 ( mainly)7 ( land)7 ( use)7 ( )]TJ 0.025 Tc 0.173 Tw 0 -1.333 Td [(rights )0.5 (within )0.6 (the expressway )0.5 (and )0.5 (at )0.5 (the )0.5 (toll )0.5 (stations, )0.5 (as )0.6 (well )0.6 (as )0.5 (road )]TJ 0.025 Tw 0 -1.333 Td (assets such as bridges and tunnels.)Tj 0.129 Tw 0 -2.667 Td (For the land use rights within the expressway and at the toll stations, \ )Tj 0.025 Tw 0 -1.333 Td (the cost approximation approach was adopted in the valuation.)Tj 0.048 Tc 0.237 Tw 0 -2.667 Td [(The)12.7 ( basic)12.7 ( idea)12.8 ( of)12.7 ( the)12.8 ( cost)12.7 ( approximation)12.7 ( approach)12.7 ( of)12.7 ( land)12.6 ( price)23 ( )]TJ 0.025 Tc 0.095 Tw 0 -1.333 Td (assessment is to determine the land price based mainly on the average )Tj 0 -1.333 Td (standards of land acquisition expenses and land development expenses )Tj 0.102 Tw 0 -1.333 Td (in the area where the subject to be evaluated is located, plus a certain\ )Tj 0.025 Tw 0 -1.333 Td (amount of interest, profit and l income of land appreciation. That is:)Tj 0.224 Tw 0 -2.667 Td (The formula is as follows: Land price = \(land acquisition expense+ )Tj 0.055 Tc 0.238 Tw 0 -1.333 Td [(related)12.5 ( tax)12.5 ( +)12.5 ( land)12.4 ( )0.5 (development)12.5 ( )0.5 (expense)12.5 ( )0.5 (+)12.5 ( investment)12.5 ( )0.5 (interest)12.5 ( )0.5 (+)29.9 ( )]TJ 0.025 Tc 0.167 Tw 0 -1.333 Td (investment profit + income of land appreciation\) x year modification )Tj 0.039 Tc 0.237 Tw 0 -1.333 Td [(coefficient)12.8 ( x)12.8 ( \()12.8 (1)12.8 ( +)12.8 ( modification)12.8 ( coefficient)12.7 ( for)12.8 ( area)12.9 ( and)12.8 ( individual)14 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.333 Td (factors\))Tj 0.024 Tc 0.025 Tw 0 -2.667 Td [(Land)0.5 ( developm)0.5 (ent cos)0.5 (ts)0.5 ( have be)0.5 (en incl)0.5 (uded in the)0.5 ( releva)0.5 (nt const)0.5 (ruction)-1 ( )]TJ 0.025 Tc 0.138 Tw 0 -1.333 Td (and installation costs of the project, therefore land development costs \ )Tj 0.031 Tc 0.244 Tw 0 -1.333 Td [(were)6.1 ( not)6 ( considered)6 ( in)6 ( this)6 ( valuation;)6.1 ( the)6 ( land)6 ( use)6 ( rights)6 ( included)6 ( )]TJ 0.025 Tc 0.191 Tw 0 -1.333 Td (in the scope of this valuation were all allocated land, therefore land )Tj 0.025 Tw 0 -1.333 Td (appreciation incomes were not considered in this valuation.)Tj ET endstream endobj 314 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 79 \226)Tj -6.93 62.978 Td [(c. )-1318.2 (Electronic equipment)]TJ 0.032 Tc 0.243 Tw 2.362 -2.667 Td [(The)7 ( price)7 ( of)7 ( electronic)7 ( equipment)7 ( was)7 ( determined)6.9 ( based)7 ( )]TJ 0.025 Tc 0.235 Tw 0 -1.333 Td (on recent market information collected from local market )Tj 0.186 Tw 0 -1.333 Td (information and website enquiries, combined with specific )Tj 0.208 Tw 0 -1.333 Td (circumstances. Generally, manufacturers or sellers provide )Tj 0.025 Tw 0 -1.333 Td (free transportation and installation free, namely:)Tj 0 -2.667 Td (Full replacement price = Purchase price \(including tax\))Tj 0.213 Tw 0 -2.667 Td (For a small number of equipment for which the purchase )Tj 0.119 Tw 0 -1.333 Td (price is not available, the purchase price was calculated by )Tj 0.024 Tc 0.025 Tw 0 -1.333 Td [(using price change rate of the equipment of the same era and)-1 ( )]TJ 0.025 Tc 0 -1.333 Td (the same category;)Tj -4.724 -3 Td [(B. )-1095.2 (Determination of depreciation rate)]TJ 2.362 -2.667 Td [(a. )-1318.2 (Machinery and equipment)]TJ 0.242 Tw 2.362 -3 Td (In the course of this valuation, the )Tj (depreciation rate)Tj ( was )Tj 0.06 Tc 0.238 Tw 0 -1.333 Td [(determined)12.1 ( based)12.2 ( on)12.2 ( the)12.1 ( economic)12.2 ( service)12.1 ( life)12.1 ( of)12.1 ( the)35 ( )]TJ 0.025 Tc 0.085 Tw 0 -1.333 Td (equipment and the on-site survey, and the estimated service )Tj 0.025 Tw 0 -1.333 Td (life of the equipment. The formula is as follows:)Tj 0.053 Tc 0.237 Tw 0 -2.667 Td [(Depreciation)12.7 ( rate)12.6 ( =)12.6 ( remaining)12.7 ( service)12.7 ( life/\(actual)12.7 ( used)28 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (service life + remaining service life\) )Tj /C0_0 1 Tf 0 Tc 0 Tw <00D2>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 16.932 0 Td ( 100%)Tj 1.287 Tw -19.294 -2.667 Td (b. Vehicles)Tj 0.067 Tw 2.362 -3 Td (The final )Tj (depreciation rate)Tj ( was determined by the following )Tj 0.028 Tc 0.247 Tw 0 -1.333 Td [(methods,)3 ( whichever)3 ( is)3 ( lower,)3 ( subject)2.9 ( to)3 ( survey)3 ( situation,)3 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.333 Td (where:)Tj 0.025 Tw 0 -2.667 Td (Depreciation rate of useful life = \(1 \226 serviced life/economic )Tj 0 -1.333 Td (\(or stipulated\) use life\) )Tj /C0_0 1 Tf 0 Tc 0 Tw <00D2>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 11.162 0 Td ( 100%)Tj 0.051 Tc 0.237 Tw -11.162 -2.667 Td [(Depreciation)12.6 ( rate)12.7 ( of)12.7 ( mileage)12.7 ( =)12.7 ( \()12.6 (1)12.7 ( \226)12.7 ( travelled)12.7 ( mileage/)]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (stipulated mileage\) )Tj /C0_0 1 Tf 0 Tc 0 Tw <00D2>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 9.463 0 Td ( 100%)Tj ET endstream endobj 313 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 78 \226)Tj /C0_0 1 Tf 0 Tc 0 Tw -4.568 62.978 Td <01FE>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 1.025 0 Td [( )-1037.2 (Capital costs)]TJ 0.191 Tw 1.337 -2.667 Td (The capital cost was the loan interest for the capital )Tj 0.169 Tw 0 -1.333 Td (invested in the construction of the project during the )Tj 0.098 Tw 0 -1.333 Td [(construction )0.5 (period, )0.5 (using )0.5 (the )0.6 (Loan )0.5 (Prime )0.5 (Rate )0.6 (\(LPR\) )]TJ 0.027 Tw 0 -1.333 Td [(published )0.5 (by )0.5 (the )0.5 (National )0.6 (Interbank )0.6 (Funding )0.6 (Center )0.5 (on )]TJ 0.061 Tw 0 -1.333 Td (20 December 2022 as authorised by the People\222s Bank )Tj 0.193 Tw 0 -1.333 Td (of China, and the construction period was calculated )Tj 0.048 Tc 0.237 Tw 0 -1.333 Td [(on)12.7 ( the)12.8 ( basis)12.7 ( of)12.7 ( the)12.7 ( normal)12.7 ( condition)12.7 ( cycle)12.7 ( of)12.7 ( the)23.1 ( )]TJ 0.025 Tc 0.226 Tw 0 -1.333 Td (construction, assuming capitals were invested evenly )Tj 0.025 Tw 0 -1.333 Td (across different stages:)Tj 0.104 Tw 0 -2.667 Td (Capital cost= \(equipment purchase price + freight and )Tj 0.057 Tc 0.237 Tw 0 -1.333 Td [(mis)0.5 (cell)0.5 (aneo)0.5 (us)12.9 ( ex)0.5 (pens)0.5 (es)12.9 ( +)13 ( inst)0.5 (allat)0.5 (ion)12.9 ( e)0.5 (ngine)0.5 (eri)0.5 (ng)32 ( )]TJ 0.025 Tc 0.167 Tw 0 -1.333 Td (expenses + upfront and other expenses\) )Tj /C0_0 1 Tf 0 Tc 0 Tw <00D2>Tj /T1_0 1 Tf 0.025 Tc 0.167 Tw 19.064 0 Td ( loan base )Tj -0.025 Tw -19.064 -1.333 Td (rate )Tj /C0_0 1 Tf 0 Tc 0 Tw 1.899 0 Td <00D2>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 1.025 0 Td ( reasonable construction cycle )Tj /C0_0 1 Tf 0 Tc 0 Tw <00D2>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 14.23 0 Td ( 1/2)Tj -21.878 -2.667 Td [(b. )-1262.2 (Transport vehicles)]TJ 0.077 Tw 2.362 -2.667 Td (For transport vehicles, the replacement cost was determined )Tj 0.023 Tc 0.025 Tw 0 -1.333 Td [(based on the market price on the Valuation Benchmark Date,)-2 ( )]TJ 0.025 Tc 0.21 Tw 0 -1.333 Td [(plus vehicle purchase tax and )0.5 (other reasonable costs )0.5 (\(e.g. )]TJ 0.025 Tw 0 -1.333 Td (license fees\). The formula is as follows:)Tj 0.067 Tc 0.238 Tw 0 -2.667 Td [(Replacement)12.1 ( cost)12.1 ( =)12.1 ( vehicle)12.1 ( purchase)12.1 ( price)12.1 ( +)12.1 ( vehicle)42.1 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (purchase tax + license plate and handling fee)Tj 0.097 Tw 0 -2.667 Td (According to the Announcement of the Ministry of Finance )Tj 0.047 Tc 0.237 Tw 0 -1.333 Td [(and)12.6 ( State)12.6 ( Taxation)12.7 ( Administration)12.7 ( on)12.6 ( the)12.6 ( Reduction)12.6 ( of)22 ( )]TJ 0.065 Tc 0.238 Tw 0 -1.333 Td [(Vehicle)12.5 ( Purchase)12.5 ( Tax)12.5 ( for)12.5 ( )0.5 (Certain)12.5 ( )0.5 (Passenger)12.5 ( Vehicles)40 ( )]TJ 0.025 Tc 0.197 Tw 0 -1.333 Td (\(Announcement No. 20 [2022] of the Ministry of Finance )Tj 0.089 Tw 0 -1.333 Td (and State Taxation Administration\): for passenger cars with )Tj 0.055 Tw 0 -1.333 Td [(a displacement )0.5 (of 2.0 liters or )0.5 (less whose )0.5 (acquisition )0.5 (date is )]TJ 0.139 Tw 0 -1.333 Td (within the period from 1 June 2022 to 31 December 2022, )Tj 0.117 Tw 0 -1.333 Td [(and )0.5 (whose )0.5 (single )0.5 (vehicle )0.5 (price )0.5 (\(excluding )0.5 (value-added )0.5 (tax\) )]TJ 0.044 Tc 0.238 Tw 0 -1.333 Td [(does)12.1 ( not)12.1 ( exceed)12.2 ( RMB)12.1 (3)12.1 (0)12.1 (0)12.2 (,)12.1 (0)12.1 (0)12.1 (0)12.2 (,)12.1 ( the)12.1 ( vehicle)12.1 ( purchase)12.1 ( tax)19 ( )]TJ 0.025 Tc 0.128 Tw 0 -1.333 Td (will be halved. The vehicle purchase tax is calculated with )Tj 0.055 Tw 0 -1.333 Td (reference to the preferential tax rate of the above-mentioned )Tj -0.025 Tw 0 -1.333 Td (document.)Tj ET endstream endobj 312 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 77 \226)Tj /C0_0 1 Tf 0 Tc 0 Tw -4.568 62.978 Td <01FA>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 1.025 0 Td [( )-1037.2 (Purchase price)]TJ 0.024 Tc 1.337 -2.667 Td [(It was determined by asking the relevant manufacturers)-1 ( )]TJ 0.028 Tc 0.247 Tw 0 -1.333 Td [(or)3 ( trading)3 ( companies)3 ( and)3 ( domestic)3 ( agents)3 ( to)3 ( quote,)3 ( )]TJ 0.073 Tc 0.238 Tw 0 -1.333 Td [(referring)12.2 ( to)12.2 ( the)12.2 ( 2)12.2 (0)12.3 (2)12.2 (2)12.2 ( Mechanical)12.2 ( and)12.2 ( Electrical)48 ( )]TJ 0.087 Tc 0 -1.333 Td [(Products)12.5 ( Price)12.5 ( Inquiry)12.4 ( )0.5 (System)12.4 ( )0.5 (and)12.4 ( )0.5 (other)12.4 ( )0.5 (price)62 ( )]TJ 0.025 Tc 0.178 Tw 0 -1.333 Td (information, and the recent contract prices of similar )Tj -0.025 Tw 0 -1.333 Td (equipment.)Tj 0.066 Tc 0.237 Tw 0 -2.667 Td [(F)0.5 (o)0.6 (r)13 ( a)13.1 ( s)0.6 (m)0.5 (a)0.6 (l)0.5 (l)13 ( n)0.5 (u)0.5 (m)0.6 (b)0.5 (e)0.6 (r)13 ( o)0.6 (f)13 ( e)0.6 (q)0.5 (u)0.5 (i)0.6 (p)0.5 (m)0.6 (e)0.5 (n)0.6 (t)13 ( f)0.6 (o)0.5 (r)13 ( w)0.5 (h)0.6 (i)0.5 (c)0.5 (h)13.1 ( t)0.5 (h)0.6 (e)41 ( )]TJ 0.025 Tc 0.073 Tw 0 -1.333 Td (purchase price is not available, the purchase price was )Tj 0.059 Tw 0 -1.333 Td (calculated by using price change rate of the equipment )Tj 0.025 Tw 0 -1.333 Td (of the same era and the same category.)Tj /C0_0 1 Tf 0 Tc 0 Tw -2.362 -2.667 Td <01FB>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 1.025 0 Td [( )-1037.2 (Freight and miscellaneous expenses)]TJ 0.183 Tw 1.337 -2.667 Td (Freight and miscellaneous expenses were included in )Tj 0.233 Tw 0 -1.333 Td (the purchase price of this valuation and will not be )Tj 0.025 Tw 0 -1.333 Td (considered separately.)Tj /C0_0 1 Tf 0 Tc 0 Tw -2.362 -2.667 Td <01FC>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 1.025 0 Td [( )-1037.2 (Installation and commissioning fees)]TJ 0.09 Tc 0.237 Tw 1.337 -2.667 Td [(B)0.5 (a)0.5 (s)0.5 (e)0.5 (d)12.9 ( o)0.5 (n)13 ( t)0.5 (h)0.5 (e)13 ( p)0.5 (re)0.5 (-)0.5 (t)0.5 (a)0.5 (x)13 ( pu)0.5 (r)0.5 (c)0.5 (h)0.5 (a)0.5 (se)13 ( p)0.5 (r)0.5 (i)0.5 (c)0.5 (e)0.5 (,)12.9 ( d)0.5 (if)0.5 (f)0.5 (e)0.5 (r)0.5 (e)0.5 (n)0.5 (t)65 ( )]TJ 0.08 Tc 0.238 Tw 0 -1.333 Td [(installation)12.2 ( rates)12.2 ( were)12.2 ( adopted)12.2 ( to)12.2 ( calculate)12.2 ( the)55 ( )]TJ 0.068 Tc 0.237 Tw 0 -1.333 Td [(installation)12.8 ( costs)12.8 ( pursuant)12.7 ( to)12.7 ( the)12.8 ( characteristics,)43 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (weight, ease of installation of the equipment.)Tj 0.107 Tc 0.238 Tw 0 -2.667 Td [(For)12.3 ( small)12.3 ( and)12.3 ( non-installable)12.3 ( equipment,)12.3 ( the)82 ( )]TJ 0.103 Tc 0.237 Tw 0 -1.333 Td [(installation)12.8 ( and)12.8 ( commissioning)12.8 ( fees)12.8 ( were)12.9 ( not)78 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.333 Td (considered.)Tj /C0_0 1 Tf 0 Tc 0 Tw -2.362 -2.667 Td <01FD>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 1.025 0 Td [( )-1037.2 (Upfront costs)]TJ 0.044 Tc 0.238 Tw 1.337 -2.667 Td [(Upfront)12.3 ( costs)12.3 ( include)12.3 ( management)12.3 ( fees,)12.3 ( feasibility)19 ( )]TJ 0.043 Tc 0.237 Tw 0 -1.333 Td [(s)0.5 (t)0.5 (u)0.6 (d)0.5 (y)13 ( r)0.6 (e)0.5 (p)0.5 (o)0.6 (r)0.5 (t)13 ( a)0.6 (n)0.5 (d)13 ( a)0.5 (s)0.5 (s)0.6 (e)0.5 (s)0.5 (s)0.6 (m)0.5 (e)0.5 (n)0.6 (t)13 ( f)0.5 (e)0.6 (e)0.5 (s)0.5 (,)13.1 ( a)0.5 (n)0.6 (d)13 ( c)0.5 (o)0.6 (n)0.5 (s)0.5 (t)0.6 (r)0.5 (u)0.5 (c)0.5 (t)0.6 (i)0.5 (o)0.5 (n)18 ( )]TJ 0.025 Tc 0.17 Tw 0 -1.333 Td [(supervision )0.5 (fees, )0.5 (which )0.5 (were )0.6 (calculated )0.5 (based )0.5 (on )0.5 (the )]TJ 0.087 Tw 0 -1.333 Td (standard of other costs for construction projects in the )Tj 0.224 Tw 0 -1.333 Td (area where the equipment is located, combined with )Tj 0.025 Tw 0 -1.333 Td (the characteristics of the equipment itself.)Tj ET endstream endobj 311 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 76 \226)Tj -9.292 62.978 Td [(B. )-1095.2 (Determination of depreciation rate)]TJ 0.069 Tc 0.238 Tw 2.362 -2.667 Td [(In)12.4 ( )0.5 (the)12.4 ( )0.5 (course)12.4 ( of)12.4 ( this)12.4 ( valuation,)12.4 ( the)12.4 ( depreciation)12.4 ( rate)12.4 ( )0.5 (was)44 ( )]TJ 0.048 Tc 0 -1.333 Td [(determined)12.4 ( based)12.4 ( on)12.4 ( the)12.4 ( )0.5 (toll)12.4 ( operation)12.4 ( period)12.4 ( of)12.5 ( the)12.4 ( Liuwu)23.1 ( )]TJ 0.025 Tc 0.026 Tw 0 -1.333 Td [(Expressway, the design life of the building and the )0.5 (on-site )0.5 (survey, )]TJ 0.025 Tw 0 -1.333 Td (and the estimated service life of the building.)Tj 0.101 Tw 0 -2.667 Td (The formula is as follows: Depreciation rate = remaining service )Tj 0.025 Tw 0 -1.333 Td (life/\(actual used service life + remaining service life\) )Tj /C0_0 1 Tf 0 Tc 0 Tw <00D2>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 24.097 0 Td ( 100%)Tj -26.459 -3 Td [(C. )-1095.2 (Determination of appraisal value)]TJ 2.362 -2.667 Td (Appraisal value = full replacement price )Tj /C0_0 1 Tf 0 Tc 0 Tw <00D2>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 18.593 0 Td ( depreciation rate)Tj 12 0 3.2154 12 140.5008 542.4808 Tm [(\(2\) )-821.2 (Fixed assets \226 equipment)]TJ 0.051 Tc 0.237 Tw 12 0 0 12 170.0787 510.4808 Tm [(According)12.5 ( to)12.6 ( the)12.6 ( purpose)12.6 ( of)12.6 ( this)12.6 ( valuation,)12.6 ( we)12.6 ( adopted)12.6 ( the)12.6 ( cost)26 ( )]TJ 0.076 Tc 0 -1.333 Td [(approach)12.8 ( on)12.8 ( sustainable)12.9 ( use)12.9 ( basis)12.8 ( based)12.8 ( on)12.8 ( the)12.8 ( market)12.8 ( price,)51 ( )]TJ 0.025 Tc 0.223 Tw 0 -1.333 Td (combining with the characteristics of the equipment under valuation )Tj 0.101 Tw 0 -1.333 Td (and the information collected. For small quantities of equipment to be )Tj 0.086 Tw 0 -1.333 Td [(scrapped, )0.6 (the )0.6 (appraisal )0.5 (value )0.6 (was )0.6 (determined )0.6 (at )0.5 (the )0.6 (prevailing )0.5 (second-)]TJ 0.025 Tw 0 -1.333 Td (hand market recovery price.)Tj 0 -2.667 Td (Appraisal value = full replacement price )Tj /C0_0 1 Tf 0 Tc 0 Tw <00D2>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 18.593 0 Td ( depreciation rate)Tj -18.593 -2.667 Td [(A. )-1040.2 (Determination of full replacement price)]TJ 2.362 -2.667 Td [(a. )-1318.2 (Machinery and equipment)]TJ 0.109 Tw 2.362 -2.667 Td [(The full price )0.5 (for replacement of machinery )0.5 (and equipment )]TJ 0.023 Tc 0.025 Tw 0 -1.333 Td [(shall be determined comprehensively considering the various)-2 ( )]TJ 0.042 Tc 0.237 Tw 0 -1.333 Td [(expenses)12.8 ( \(including)12.8 ( freight)12.8 ( and)12.9 ( miscellaneous)12.8 ( expenses,)17 ( )]TJ 0.051 Tc 0.238 Tw 0 -1.333 Td [(installation)12.2 ( and)12.2 ( commissioning)12.2 ( fees)12.3 ( and)12.3 ( other)12.2 ( costs)12.2 ( of)26 ( )]TJ 0.063 Tc 0.237 Tw 0 -1.333 Td [(construction)12.6 ( and)12.7 ( capital)12.7 ( costs,)12.7 ( etc.\))12.7 ( of)12.7 ( the)12.7 ( equipment)38 ( )]TJ 0.044 Tc 0.238 Tw 0 -1.333 Td [(in)12.5 ( )0.5 (normal)12.5 ( )0.5 (use,)12.5 ( )0.5 (in)12.5 ( )0.5 (addition)12.5 ( )0.5 (to)12.5 ( )0.5 (the)12.6 ( )0.5 (purchase)12.5 ( )0.5 (price)12.5 ( )0.5 (of)12.5 ( )0.6 (the)19.1 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.333 Td (equipment.)Tj 0.056 Tc 0.237 Tw 0 -2.667 Td [(Full)12.8 ( replacement)12.8 ( price)12.8 ( =)12.8 ( purchase)12.8 ( price)12.9 ( +)12.8 ( freight)12.9 ( and)31 ( )]TJ 0.032 Tc 0.243 Tw 0 -1.333 Td [(miscellaneous)7 ( expenses)7.1 ( +)6.9 ( installation)7 ( and)7 ( commissioning)7 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (fees + upfront costs + capital costs)Tj ET endstream endobj 30 0 obj <> endobj 31 0 obj <> endobj 32 0 obj <> endobj 33 0 obj <> endobj 34 0 obj <> endobj 336 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 337 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 338 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 339 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 340 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 345 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 75 \226)Tj /C0_0 1 Tf 0 Tc 0 Tw -6.93 62.978 Td <01FA>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 1.025 0 Td [( )-1037.2 (Determination of construction and installation project costs)]TJ 1.337 -2.667 Td [(a. )-1318.2 (Budget \(or final accounts\) adjustment approach)]TJ 0.197 Tw 2.362 -2.667 Td (For the building projects with complete materials on )Tj 0.03 Tc 0.245 Tw 0 -1.333 Td [(completion)5 ( and)5 ( final)5 ( accounts,)5 ( the)5 ( valuers)5 ( used)5 ( the)5.1 ( )]TJ 0.045 Tc 0.237 Tw 0 -1.333 Td [(current)12.8 ( local)12.8 ( or)12.8 ( industrial)12.9 ( standard)12.8 ( reference)12.8 ( price)20.1 ( )]TJ 0.025 Tc 0.191 Tw 0 -1.333 Td [(to )0.5 (calculate )0.5 (the )0.5 (direct )0.5 (standard )0.5 (reference )0.5 (price )0.5 (based )]TJ 0.037 Tc 0.238 Tw 0 -1.333 Td [(on)12 ( the)12 ( quantity)12 ( of)12 ( work)12 ( of)12.1 ( all)12 ( segments)12 ( and)12 ( items)12 ( )]TJ 0.038 Tc 0 -1.333 Td [(as)12.3 ( determined)12.3 ( in)12.2 ( the)12.3 ( original)12.2 ( completion)12.3 ( materials.)13 ( )]TJ 0.025 Tc 0.169 Tw 0 -1.333 Td (And then the standard project costs on the Valuation )Tj 0.061 Tc 0.237 Tw 0 -1.333 Td [(B)0.5 (e)0.5 (n)0.5 (c)0.6 (h)0.5 (m)0.5 (a)0.5 (r)0.5 (k)13 ( D)0.6 (a)0.5 (t)0.5 (e)13 ( w)0.6 (a)0.5 (s)13 ( c)0.5 (a)0.5 (l)0.6 (c)0.5 (u)0.5 (l)0.5 (a)0.5 (t)0.5 (e)0.5 (d)13 ( a)0.5 (c)0.5 (c)0.5 (o)0.5 (r)0.6 (d)0.5 (i)0.5 (n)0.5 (g)13 ( t)0.5 (o)13 ( t)0.5 (h)0.5 (e)36.1 ( )]TJ 0.025 Tc 0.22 Tw 0 -1.333 Td (current standard price and adjustments documents in )Tj 0.025 Tw 0 -1.333 Td (the specific location of the construction project. )Tj 0.071 Tc 0.238 Tw -2.362 -2.667 Td [(b)46 (.)46 ( )-1003.2 (Cost)12.3 ( per)12.3 ( square)12.2 ( meter)12.2 ( approach)12.3 ( was)12.3 ( adopted)12.3 ( to)46 ( )]TJ 0.094 Tc 2.362 -1.333 Td [(determine)12.1 ( the)12.1 ( comprehensive)12.2 ( construction)12.1 ( and)69 ( )]TJ 0.043 Tc 0.237 Tw 0 -1.333 Td [(installation)12.9 ( cost)12.9 ( of)12.9 ( buildings)12.9 ( with)12.9 ( small)12.9 ( value)12.9 ( and)18 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (simple structure.)Tj /C0_0 1 Tf 0 Tc 0 Tw -4.724 -2.667 Td <01FB>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 1.025 0 Td [( )-1037.2 (Determination of upfront and other expenses)]TJ 0.078 Tc 0.237 Tw 1.337 -2.667 Td [(Th)0.5 (e)12.9 ( upf)0.5 (ront)13 ( and)13 ( oth)0.5 (er)12.9 ( e)0.5 (xpe)0.5 (nses)13 ( of)12.9 ( the)13 ( proj)0.5 (ect)13 ( we)0.5 (re)53 ( )]TJ 0.083 Tc 0.238 Tw 0 -1.333 Td [(determined)12.2 ( based)12.2 ( on)12.2 ( the)12.2 ( upfront)12.2 ( and)12.2 ( other)12.2 ( expense)58 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (standards stipulated by relevant national, industrial and local )Tj 0.242 Tw 0 -1.333 Td (authorities, as well as the investment scale of the Target )Tj 0.061 Tw 0 -1.333 Td (Company\222s fixed assets, the selection of reasonable expense )Tj 0.025 Tw 0 -1.333 Td (items and the reasonable rate.)Tj /C0_0 1 Tf 0 Tc 0 Tw -2.362 -2.667 Td <01FC>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 1.025 0 Td [( )-1037.2 (Determination of capital costs)]TJ 0.027 Tw 1.337 -2.667 Td (The capital cost was the loan interest for the capital invested )Tj 0.25 Tw 0 -1.333 Td (in the construction of the project during the construction )Tj 0.046 Tc 0.237 Tw 0 -1.333 Td [(pe)0.5 (rio)0.5 (d,)12.9 ( usin)0.5 (g)12.9 ( th)0.5 (e)12.9 ( Loa)0.5 (n)12.9 ( Pr)0.5 (ime)13 ( R)0.5 (ate)13 ( \(L)0.5 (PR\))13 ( pub)0.5 (lis)0.5 (hed)13 ( by)21 ( )]TJ 0.041 Tc 0 -1.333 Td [(t)0.5 (h)0.5 (e)13.1 ( N)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (a)0.6 (l)13 ( I)0.5 (n)0.5 (t)0.5 (e)0.6 (r)0.5 (b)0.5 (a)0.5 (n)0.5 (k)13 ( F)0.6 (u)0.5 (n)0.5 (d)0.5 (i)0.5 (n)0.5 (g)13 ( C)0.6 (e)0.5 (n)0.5 (t)0.5 (e)0.5 (r)13 ( o)0.6 (n)13 ( 2)13 (0)13 ( D)0.5 (e)0.6 (c)0.5 (e)0.5 (m)0.5 (b)0.5 (e)0.6 (r)16 ( )]TJ 0.04 Tc 0 -1.333 Td [(2)13 (0)13 (2)12.9 (2)13 ( a)0.5 (s)13 ( a)0.5 (u)0.5 (t)0.5 (ho)0.5 (r)0.5 (i)0.5 (se)0.5 (d)13 ( b)0.5 (y)13 ( t)0.5 (h)0.5 (e)13 ( P)0.5 (e)0.5 (o)0.5 (p)0.5 (le)0.5 (\222)0.5 (s)13 ( B)0.5 (a)0.5 (n)0.5 (k)13 ( of)13 ( C)0.5 (hi)0.5 (n)0.5 (a)0.5 (,)13 ( a)0.5 (n)0.5 (d)15 ( )]TJ 0.053 Tc 0 -1.333 Td [(the)12.7 ( construction)12.6 ( period)12.7 ( was)12.7 ( calculated)12.7 ( on)12.7 ( the)12.7 ( basis)12.7 ( of)28 ( )]TJ 0.028 Tc 0.247 Tw 0 -1.333 Td [(the)3 ( normal)3 ( condition)3 ( cycle)3.1 ( of)3 ( the)3.1 ( construction,)3 ( assuming)3 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (capitals were invested evenly across different stages:)Tj 0.081 Tc 0.238 Tw 0 -2.667 Td [(Capital)12.5 ( )0.5 (cost=)12.6 ( )0.5 (\(comprehensive)12.5 ( )0.6 (construction)12.5 ( )0.5 (cost)12.5 ( )0.6 (\(tax)56 ( )]TJ 0.025 Tc 0.146 Tw 0 -1.333 Td (inclusive\) + upfront expenses \(tax inclusive\)\) )Tj /C0_0 1 Tf 0 Tc 0 Tw <00D2>Tj /T1_0 1 Tf 0.025 Tc 0.146 Tw 21.469 0 Td ( loan base )Tj -0.025 Tw -21.469 -1.333 Td (rate )Tj /C0_0 1 Tf 0 Tc 0 Tw 1.899 0 Td <00D2>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 1.025 0 Td ( reasonable construction cycle )Tj /C0_0 1 Tf 0 Tc 0 Tw <00D2>Tj /T1_0 1 Tf 0.025 Tc 0.025 Tw 14.23 0 Td ( 1/2)Tj ET endstream endobj 344 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 74 \226)Tj /T1_1 1 Tf 12 0 3.2154 12 112.1543 774.4808 Tm [(2. )-1262.2 (Non-current assets)]TJ /T1_0 1 Tf 0.02 Tc 0.048 Tw 12 0 0 12 141.7323 742.4808 Tm [(Non-current )0.5 (assets )0.6 (include )0.6 (fixed )0.5 (assets, )0.6 (intangible )0.6 (assets )0.6 (and )0.5 (deferred )0.5 (income )]TJ 0.025 Tw 0 -1.333 Td (tax assets.)Tj 0.025 Tc 12 0 3.2154 12 140.5008 690.4808 Tm [(\(1\) )-821.2 (Fixed assets \226 buildings and structures)]TJ 0.057 Tw 12 0 0 12 170.0787 658.4808 Tm (Based on the specific purpose of the valuation, and taking into account \ )Tj 0.135 Tw 0 -1.333 Td (the characteristics of the buildings and structures under valuation and \ )Tj 0.118 Tw 0 -1.333 Td (the information collected, the cost approach is mainly adopted for the )Tj 0.025 Tw 0 -1.333 Td (valuation. The specific valuation approaches are as follows:)Tj 0.038 Tc 0.237 Tw 0 -2.667 Td [(T)0.5 (h)0.5 (e)12.9 ( f)0.5 (o)0.5 (rm)0.5 (u)0.5 (l)0.5 (a)13 ( f)0.5 (o)0.5 (r)12.9 ( c)0.5 (a)0.5 (l)0.5 (c)0.5 (ul)0.5 (a)0.5 (t)0.5 (in)0.5 (g)13 ( t)0.5 (h)0.5 (e)13 ( a)0.5 (p)0.5 (p)0.5 (r)0.5 (ai)0.5 (s)0.5 (e)0.5 (d)13 ( v)0.5 (a)0.5 (l)0.5 (ue)13 ( o)0.5 (f)12.9 ( b)0.5 (u)0.5 (il)0.5 (d)0.5 (in)0.5 (g)13 ( as)0.5 (s)0.5 (e)0.5 (t)0.5 (s)13 ( )]TJ 0.025 Tc 0.086 Tw 0 -1.333 Td (under the cost approach is: Appraised Value = Full Replacement Price )Tj 0.025 Tw 0 -1.333 Td (x Depreciation rate)Tj 0 -3 Td [(A. )-1040.2 (Determination of full replacement price)]TJ 0.035 Tc 0.24 Tw 2.362 -2.667 Td [(Based)10.1 ( on)10 ( the)10.1 ( relevant)10 ( budget)10 ( \(or)10 ( final)10 ( accounts\))10 ( information,)10 ( )]TJ 0.044 Tc 0.237 Tw 0 -1.333 Td [(construction)12.7 ( drawings)12.6 ( and)12.7 ( on-site)12.7 ( surveys)12.7 ( and)12.6 ( measurements)19 ( )]TJ 0.045 Tc 0 -1.333 Td [(o)0.5 (f)13.1 ( m)0.6 (a)0.5 (j)0.6 (o)0.5 (r)13 ( b)0.5 (u)0.5 (i)0.6 (l)0.5 (d)0.6 (i)0.5 (n)0.5 (g)0.6 (s)0.5 (,)13.1 ( t)0.5 (h)0.6 (e)13 ( v)0.5 (a)0.6 (l)0.5 (u)0.5 (e)0.6 (r)0.5 (s)13.1 ( a)0.6 (n)0.5 (a)0.6 (l)0.5 (y)0.5 (z)0.6 (e)0.5 (d)13.1 ( a)0.6 (n)0.5 (d)13 ( d)0.5 (e)0.6 (t)0.5 (e)0.6 (r)0.5 (m)0.5 (i)0.6 (n)0.5 (e)0.6 (d)13 ( t)0.6 (h)0.5 (e)20 ( )]TJ 0.025 Tc 0.196 Tw 0 -1.333 Td (quantities of works for each segment combined with the actual )Tj 0.038 Tc 0.238 Tw 0 -1.333 Td [(situation)12.3 ( of)12.4 ( building)12.4 ( assets,)12.4 ( and)12.4 ( adopted)12.4 ( the)12.5 ( budget)12.4 ( \(or)12.4 ( final)13 ( )]TJ 0.024 Tc 0.025 Tw 0 -1.333 Td [(accounts\) adjustment approach to estimate the cost of construction)-1 ( )]TJ 0.047 Tc 0.238 Tw 0 -1.333 Td [(and)12.3 ( installation)12.3 ( project)12.3 ( in)12.3 ( accordance)12.3 ( with)12.3 ( the)12.4 ( current)12.3 ( local)22 ( )]TJ 0.025 Tc 0.143 Tw 0 -1.333 Td (construction estimates, cost quotas, industry quotas and material )Tj 0.166 Tw 0 -1.333 Td (price difference adjustment documents; selected the upfront and )Tj 0.145 Tw 0 -1.333 Td (other expenses of the project in accordance with the regulations )Tj 0.182 Tw 0 -1.333 Td (of the region where the assets are to be appraised and relevant )Tj 0.032 Tc 0.243 Tw 0 -1.333 Td [(departments)7 ( such)7 ( as)7 ( the)7 ( country)7 ( and)7 ( industry;)7 ( determined)6.9 ( the)7 ( )]TJ 0.047 Tc 0.238 Tw 0 -1.333 Td [(capital)12.1 ( cost)12.1 ( based)12.1 ( on)12 ( the)12.1 ( project)12.1 ( construction)12 ( cycle)12.1 ( and)12 ( the)22 ( )]TJ 0.025 Tc 0.157 Tw 0 -1.333 Td (loan interest rate executed on the Valuation Benchmark Date to )Tj 0.025 Tw 0 -1.333 Td (determine the full replacement price.)Tj 0.25 Tw 0 -2.667 Td (Cost per square meter approach was adopted to determine the )Tj 0.156 Tw 0 -1.333 Td (construction and installation costs of buildings with small value )Tj 0.025 Tw 0 -1.333 Td (and simple structure.)Tj 0.103 Tw 0 -2.667 Td (Full replacement cost = construction and installation project cost )Tj 0.025 Tw 0 -1.333 Td (+ upfront and other expenses + capital cost)Tj ET endstream endobj 343 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 73 \226)Tj 0.191 Tw -14.017 62.978 Td (and in view of the current development status of the property rights mar\ ket in )Tj 0.076 Tw 0 -1.333 Td (China and the limitations of market information, it is relatively diffic\ ult to obtain )Tj 0.113 Tw 0 -1.333 Td (detailed financial data and transaction background of the relevant cases\ from the )Tj 0.189 Tw 0 -1.333 Td (public normal channels, and it is difficult to reasonably quantify the i\ mpact of )Tj 0.024 Tc 0.025 Tw 0 -1.333 Td [(various comparable factors on the enterprise value. Therefore, the marke\ t approach)-1 ( )]TJ 0.025 Tc 0 -1.333 Td (is not adopted in the valuation.)Tj 0.03 Tw 0 -2.667 Td (In the light of the foregoing, it is determined that the asset-based app\ roach and the )Tj 0.025 Tw 0 -1.333 Td (income approach shall be adopted for the valuation.)Tj /T1_1 1 Tf -2.362 -3 Td [(\(II\) )-518.2 (Introduction to the asset-based approach)]TJ /T1_0 1 Tf 0.053 Tw 2.362 -2.667 Td (The asset-based approach is to take the investment amount required for r\ ebuilding )Tj 0.127 Tw 0 -1.333 Td (an enterprise or an independent profitable entity which is identical to \ the Target )Tj 0.037 Tc 0.238 Tw 0 -1.333 Td [(Company)12 ( on)12 ( the)12 ( Valuation)12 ( Benchmark)12 ( Date)12 ( as)12 ( the)12 ( basis)12 ( for)12 ( determining)12 ( its)12 ( )]TJ 0.025 Tc 0.245 Tw 0 -1.333 Td [(overall )0.5 (assets )0.5 (value, )0.5 (that )0.5 (is, the )0.5 (approach of )0.5 (calculating )0.5 (the )0.5 (valuation )0.5 (target\222s )]TJ 0.138 Tw 0 -1.333 Td (value by adding up the appraisal value of assets which are the various e\ lements )Tj 0.025 Tw 0 -1.333 Td (that constitute the enterprise and deducting the appraisal value of liab\ ilities.)Tj 0 -2.667 Td (Set forth below are the valuation approaches for various assets and liab\ ilities:)Tj /T1_1 1 Tf 12 0 3.2154 12 112.1543 430.4808 Tm [(1. )-1262.2 (Current assets)]TJ /T1_0 1 Tf 12 0 0 12 141.7323 398.4808 Tm (Current assets include other receivables and inventories.)Tj 12 0 3.2154 12 140.5008 362.4808 Tm [(\(1\) )-821.2 (Other receivables)]TJ 0.113 Tw 12 0 0 12 170.0787 330.4808 Tm [(The valuation on other receivables is mainly in )0.5 (respect of expressway )]TJ 0.179 Tw 0 -1.333 Td (network toll revenue and the collection of receivables by the Group. )Tj 0.223 Tw 0 -1.333 Td (The valuers verified the book records, conducted random checks on )Tj 0.205 Tw 0 -1.333 Td [(part )0.5 (of )0.5 (original )0.5 (receipts )0.5 (and )0.5 (other )0.5 (relevant )0.5 (information )0.6 (to )0.5 (verify )0.5 (the )]TJ 0.213 Tw 0 -1.333 Td (authenticity, aging, business content and amount of the transactions, )Tj 0.102 Tw 0 -1.333 Td (and checked confirmation letters and documents to verify there are no )Tj 0.165 Tw 0 -1.333 Td (discrepancies in the amounts recorded in the accounts, statement and )Tj 0.025 Tw 0 -1.333 Td (bills. The appraisal value is determined at the verified carrying amount\ .)Tj 0.846 Tw 12 0 3.2154 12 140.5008 182.4808 Tm (\(2\) Inventories)Tj 0.248 Tw 12 0 0 12 170.0787 150.4808 Tm (The valuers verified the purchase contracts and warehouse warrants )Tj 0.063 Tw 0 -1.333 Td (for the turnover materials at the warehouse and randomly checked spot )Tj 0.211 Tw 0 -1.333 Td (checks on the turnover materials at the warehouse. The professional )Tj 0.041 Tw 0 -1.333 Td (valuers made enquiries about the market price of the turnover materials \ )Tj 0.142 Tw 0 -1.333 Td (at the warehouse on the Valuation Benchmark Date and the appraisal )Tj 0.06 Tw 0 -1.333 Td (value is determined by multiplying the recent market price obtained by )Tj 0.025 Tw 0 -1.333 Td (the verified quantity.)Tj ET endstream endobj 342 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 72 \226)Tj /T1_1 1 Tf -0.1 Tw 14 0 0 14 56.6929 772.6948 Tm [(VII. VALUATION )-125 (APPROACHES)]TJ 0.025 Tw 12 0 0 12 85.0394 736.6948 Tm [(\(I\) )-932.2 (Selection of valuation approaches)]TJ /T1_0 1 Tf 0.03 Tc 0.245 Tw 2.362 -2.667 Td [(A)0.5 (c)0.6 (c)0.5 (o)0.6 (r)0.5 (d)0.5 (i)0.6 (n)0.5 (g)5 ( t)0.5 (o)5 ( t)0.5 (h)0.6 (e)5 ( p)0.5 (u)0.5 (r)0.6 (p)0.5 (o)0.5 (s)0.6 (e)5 ( o)0.5 (f)5 ( v)0.5 (a)0.6 (l)0.5 (u)0.6 (a)0.5 (t)0.5 (i)0.6 (o)0.5 (n)5 ( o)0.5 (f)5 ( t)0.5 (h)0.6 (i)0.5 (s)5 ( p)0.5 (r)0.6 (o)0.5 (j)0.5 (e)0.6 (c)0.5 (t)0.6 (,)5 ( t)0.6 (h)0.5 (e)5 ( s)0.6 (c)0.5 (o)0.5 (p)0.6 (e)5 ( o)0.5 (f)5 ( v)0.5 (a)0.6 (l)0.5 (u)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.6 (n)5 ( )]TJ 0.028 Tc 0.247 Tw 0 -1.333 Td [(involves)3 ( the)3 ( relevant)3 ( assets)3 ( and)3 ( liabilities)3 ( of)3.1 ( the)3.1 ( Target)3 ( Company.)3 ( According)2.9 ( )]TJ 0.025 Tc 0.198 Tw 0 -1.333 Td (to the relevant asset valuation standards such as the Basic Standards fo\ r Asset )Tj 0.141 Tw 0 -1.333 Td [(Valuation )0.5 (and )0.5 (the )0.5 (Practice )0.5 (Standard )0.5 (for )0.5 (Asset )0.5 (Valuation )0.5 (\226 )0.5 (Enterprise )0.5 (Value, )0.5 (the )]TJ 0.196 Tw 0 -1.333 Td (basic valuation approaches for asset valuation can be selected from the \ market )Tj 0.025 Tw 0 -1.333 Td (approach, the income approach and the cost approach \(asset-based approa\ ch\).)Tj 0.222 Tw 0 -2.667 Td [(The )0.6 (asset-based )0.5 (approach )0.6 (for )0.5 (enterprise )0.6 (value )0.5 (valuation )0.5 (refers )0.6 (to )0.5 (the )0.6 (valuation )]TJ 0.143 Tw 0 -1.333 Td (approach that determines the value of the Target Assets by appraising th\ e value )Tj 0.059 Tw 0 -1.333 Td [(of )0.5 (its )0.6 (various )0.5 (assets )0.6 (and )0.5 (liabilities )0.5 (on )0.5 (balance )0.5 (sheet )0.6 (and )0.5 (various )0.5 (identifiable )0.5 (assets )]TJ 0.089 Tw 0 -1.333 Td [(and liabilities )0.5 (off-balance sheet, )0.5 (with reference to )0.5 (the balance )0.5 (sheet )0.5 (of )0.5 (the )0.5 (Target )]TJ 0.074 Tw 0 -1.333 Td (Company as at the Valuation Benchmark Date. The purpose of the valuation\ is to )Tj 0.121 Tw 0 -1.333 Td (reflect the market value of the entire shareholders\222 equity interests\ of the Target )Tj 0.027 Tw 0 -1.333 Td (Company as at the Valuation Benchmark Date and to provide a value refere\ nce for )Tj 0.112 Tw 0 -1.333 Td (the transaction of the Company in relation to the Proposed Acquisition o\ f equity )Tj 0.237 Tw 0 -1.333 Td (interests in the Target Company in consideration of issuance of Consider\ ation )Tj 0.027 Tc 0.248 Tw 0 -1.333 Td [(Shares)2 ( and)2 ( payment)1.9 ( of)2 ( Cash)2 ( Consideration.)2 ( The)2 ( asset-based)2 ( approach)2 ( reflects)2 ( )]TJ 0.025 Tc 0.224 Tw 0 -1.333 Td (the value of the enterprise from the perspective of enterprise construct\ ion and )Tj 0.144 Tw 0 -1.333 Td (provides a basis for the relevant valuation of the enterprise after the \ transaction )Tj 0.025 Tw 0 -1.333 Td (has been realised, therefore the asset-based approach is selected for th\ e valuation.)Tj 0.048 Tc 0.238 Tw 0 -2.667 Td [(The)12.2 ( income)12.2 ( approach)12.2 ( for)12.2 ( enterprise)12.2 ( value)12.2 ( valuation)12.2 ( refers)12.2 ( to)12.2 ( the)12.2 ( valuation)23 ( )]TJ 0.025 Tc 0.07 Tw 0 -1.333 Td [(approach )0.5 (that )0.6 (determines )0.5 (the )0.6 (value )0.5 (of )0.6 (a )0.5 (target )0.6 (asset )0.5 (by )0.6 (capitalising )0.5 (or )0.5 (discounting )]TJ 0.233 Tw 0 -1.333 Td (its expected income. The cash flow discount method usually includes the \ free )Tj 0.062 Tw 0 -1.333 Td (cash flow discount model for the enterprise or equity. The Liuwu Express\ way has )Tj 0.111 Tw 0 -1.333 Td (been opened to traffic since 2009 and it has been in operation for 13 ye\ ars as at )Tj 0.085 Tw 0 -1.333 Td [(the )0.5 (Valuation )0.5 (Benchmark )0.5 (Date. )0.5 (The )0.5 (road )0.5 (condition )0.5 (has )0.5 (matured )0.5 (and )0.5 (the )0.5 (expected )]TJ 0.036 Tc 0.239 Tw 0 -1.333 Td [(re)0.5 (ve)0.5 (nu)0.5 (e)11 ( an)0.5 (d)11 ( r)0.5 (is)0.5 (ks)11 ( fo)0.5 (r)11 ( th)0.5 (e)11 ( fu)0.5 (tur)0.5 (e)11 ( ye)0.5 (ar)0.5 (s)11 ( ca)0.5 (n)11 ( b)0.5 (e)11 ( re)0.5 (as)0.5 (on)0.5 (ab)0.5 (ly)11 ( es)0.5 (ti)0.5 (mat)0.5 (ed)0.5 (,)11 ( th)0.5 (us)11 ( th)0.5 (e)11 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (income approach is selected for the valuation.)Tj 0.051 Tc 0.237 Tw 0 -2.667 Td [(Th)0.5 (e)12.9 ( ma)0.5 (rk)0.5 (et)12.9 ( app)0.5 (roa)0.5 (ch)12.9 ( for)13 ( ent)0.5 (er)0.5 (pris)0.5 (e)12.9 ( valu)0.5 (e)12.9 ( v)0.5 (alu)0.5 (ati)0.5 (on)12.9 ( r)0.5 (ef)0.5 (ers)13 ( to)13 ( the)13 ( va)0.5 (lua)0.5 (tio)0.5 (n)25.9 ( )]TJ 0.025 Tc 0.19 Tw 0 -1.333 Td (approach that compares the Target Assets with comparable listed companie\ s or )Tj 0.113 Tw 0 -1.333 Td (comparable transaction cases to determine the value of the Target Assets\ . Target )Tj 0.063 Tw 0 -1.333 Td (Company is managing the expressway from Anhui to Hubei section. Based on\ the )Tj 0.033 Tw 0 -1.333 Td (characteristics of the Target Company, after making enquiries with domes\ tic listed )Tj 0.085 Tw 0 -1.333 Td (companies in the same industry, there are relatively few individuals mat\ ching the )Tj 0.023 Tc 0.025 Tw 0 -1.333 Td [(Target Company in terms of various factors such as business type, operat\ ion mode,)-2.1 ( )]TJ 0.025 Tc 0.063 Tw 0 -1.333 Td (asset scale and operating results, etc. There are also differences in th\ e asset scale, )Tj 0.208 Tw 0 -1.333 Td (revenue scale and financing of Target Company and those of listed compan\ ies )Tj 0.038 Tc 0.238 Tw 0 -1.333 Td [(in)12.1 ( the)12.1 ( same)12.1 ( industry.)12.1 ( The)12.1 ( recent)12.1 ( property)12.1 ( rights)12 ( transaction)12.1 ( market)12 ( involves)13 ( )]TJ 0.027 Tc 0.248 Tw 0 -1.333 Td [(relatively)2 ( few)1.9 ( equity)1.9 ( transactions)2 ( of)2 ( similar)2 ( industries)2 ( and)2 ( of)2 ( the)2 ( same)2 ( scale,)2 ( )]TJ ET endstream endobj 341 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 71 \226)Tj -14.017 62.978 Td [(31. )-737.2 (Information on Construction Costs in Lu\222an for December 2022;)]TJ 0.033 Tc 0.242 Tw 0 -2.667 Td [(3)8 (2)8 (.)8 ( )-512.2 (P)0.6 (a)0.5 (r)0.6 (t)8 ( o)0.5 (f)8.1 ( t)0.5 (h)0.6 (e)8 ( p)0.5 (r)0.6 (e)0.5 (l)0.6 (i)0.6 (m)0.5 (i)0.6 (n)0.5 (a)0.6 (r)0.5 (y)8 ( d)0.6 (e)0.5 (s)0.6 (i)0.5 (g)0.6 (n)0.5 (,)8 ( i)0.5 (n)0.5 (v)0.6 (e)0.6 (s)0.5 (t)0.6 (m)0.5 (e)0.6 (n)0.5 (t)8 ( e)0.6 (s)0.5 (t)0.6 (i)0.5 (m)0.6 (a)0.5 (t)0.6 (e)8 ( c)0.6 (o)0.5 (n)0.6 (t)0.5 (r)0.6 (a)0.5 (c)0.6 (t)0.5 (,)8.1 ( c)0.5 (o)0.6 (m)0.5 (p)0.6 (l)0.5 (e)0.6 (t)0.5 (i)0.6 (o)0.5 (n)8 ( )]TJ 0.025 Tc 0.025 Tw 2.362 -1.333 Td (information, construction drawings and financial information provided by\ the )Tj 0 -1.333 Td (Target Company;)Tj -2.362 -2.667 Td [(33. )-737.2 (Historical national price indices and industrial output price indices;)]TJ 0.04 Tw 0 -2.667 Td [(34. )-722.2 (Announcement of the Ministry of Finance and State Taxation Administratio\ n )]TJ 0.177 Tw 2.362 -1.333 Td (on the Reduction of Vehicle Purchase Tax for Certain Passenger Vehicles \ )Tj 0.04 Tw 0 -1.333 Td (\(Announcement No. 20 [2022] of the Ministry of Finance and State Taxati\ on )Tj -0.025 Tw 0 -1.333 Td (Administration\);)Tj 0.1 Tw -2.362 -2.667 Td [(35. )-662.2 (Regulation on the Accrual and Usage of Enterprise\222s Safety Production\ Fee )]TJ 0.025 Tw 2.362 -1.333 Td (\(Cai Zi [2022] No. 136\);)Tj -2.362 -2.667 Td [(36. )-737.2 (Other reference materials for price determination.)]TJ /T1_1 1 Tf -2.362 -3 Td [(\(VI\) )-185.2 (Other reference materials)]TJ /T1_0 1 Tf 0.163 Tw 2.362 -2.667 Td [(1. )-1124.2 (Audit Report issued by the Shanghai branch of Ernst & Young Hua Ming )]TJ 0.025 Tw 2.362 -1.333 Td (LLP \(Ernst & Young Hua Ming \(2023\) Zhuan Zi No. 60904999_B04\);)Tj -2.362 -2.667 Td [(2. )-1262.2 (Accounting Standards for Business Enterprises \(2006\);)]TJ 0.152 Tw 0 -2.667 Td [(3. )-1135.2 (Latest Manual of Asset Valuation Data and Parameters by China Statistics\ )]TJ -0.025 Tw 2.362 -1.333 Td (Press;)Tj 0.025 Tw -2.362 -2.667 Td [(4. )-1262.2 (Valuation Criterion for Real Estate \(GB/T 50291\2262015\);)]TJ 0 -2.667 Td [(5. )-1262.2 (Valuation Criterion for Urban Land \(GB/T 18508\2262014\);)]TJ 0 -2.667 Td [(6. )-1262.2 (IFinD Information Finance Terminal;)]TJ 0 -2.667 Td [(7. )-1262.2 (Other reference materials.)]TJ ET endstream endobj 331 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 332 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 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Td [(18. )-637.2 (Notice of the Lu\222an Municipal People\222s Government on the Announcem\ ent )]TJ 0.053 Tc 0.238 Tw 2.362 -1.333 Td [(of)12.1 ( the)12.1 ( Compensation)12.1 ( Standards)12.1 ( for)12.1 ( Buildings,)12.1 ( Other)12.1 ( Installations)12.1 ( and)28 ( )]TJ 0.025 Tc 0.092 Tw 0 -1.333 Td (Greenery Erected on the Requisitioned Collective-Land in Lu\222an \(Lu Z\ heng )Tj 0.025 Tw 0 -1.333 Td (Mi. 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(ilities,)11 ( toll)11 ( facilit)0.5 (ie)0.5 (s,)11 ( power)11 ( supply)11 ( and)11 ( dis)0.5 (tr)0.5 (ibution)11 ( lighting)11 ( facilit)0.5 (ies)11 ( )]TJ 0.025 Tc 0.094 Tw 0 -1.333 Td (used on the highway; vehicles are mainly wreckers, snow removal vehicles\ , )Tj 0.235 Tw 0 -1.333 Td (pallet trucks and office vehicles; electronic equipments are mainly offi\ ce )Tj 0.039 Tc 0.237 Tw 0 -1.333 Td [(computers,)12.7 ( air)12.7 ( conditioners,)12.7 ( projectors)12.6 ( and)12.7 ( furniture,)12.6 ( etc.)12.6 ( Among)12.6 ( them:)14 ( )]TJ 0.034 Tc 0.241 Tw 0 -1.333 Td [(5)9 ( units/sets)9 ( of)9 ( machinery)9 ( and)9 ( equipment)9 ( and)9 ( 5)9 (4)9 ( units/sets)9 ( of)9.1 ( electronic)9.1 ( )]TJ 0.025 Tc 0.197 Tw 0 -1.333 Td (equipments are to be scrapped, and other equipments are well maintained \ )Tj 0.025 Tw 0 -1.333 Td (and can meet the requirements for normal use.)Tj /T1_1 1 Tf 12 0 3.2154 12 112.1543 546.4808 Tm [(3. )-1262.2 (Intangible assets)]TJ /T1_0 1 Tf 0.182 Tw 12 0 0 12 141.7323 514.4808 Tm (The intangible assets included in the scope of this valuation \226 conce\ ssion )Tj 0.025 Tw 0 -1.333 Td (intangible assets, are mainly land use rights within the expressway and \ of the )Tj 0.072 Tw 0 -1.333 Td (toll stations, as well as road assets such as bridges and tunnels, all o\ f which )Tj 0.025 Tw 0 -1.333 Td (are subject to transfer upon expiration of the tolls.)Tj ET endstream endobj 321 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 322 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 323 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 324 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 325 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 361 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 60 \226)Tj 0.141 Tw -16.379 62.978 Td (preparing the Pro Forma Financial Statements for the use of the Pro Form\ a Financial )Tj 0.07 Tw 0 -1.333 Td (Statements. \(3\) The applicable income tax rate of the Target Company i\ s 25%. Prior to )Tj 0.103 Tw 0 -1.333 Td [(15 )0.5 (December )0.5 (2022 \(the )0.5 (date )0.5 (of )0.5 (establishment of )0.5 (the )0.5 (Target )0.5 (Company\), the )0.5 (income )0.5 (tax )]TJ 0.078 Tw 0 -1.333 Td (expense in the Pro Forma Financial Statements was calculated at an incom\ e tax rate of )Tj 0.025 Tw 0 -1.333 Td (25% based on the operating results data in the Pro Forma Financial State\ ments.)Tj 0.095 Tw 0 -2.667 Td (The Target Company and the Target Assets which we are engaged to apprais\ e are that )Tj 0.025 Tw 0 -1.333 Td (of the Proposed Acquisition.)Tj /T1_1 1 Tf 0 -3 Td [(\(I\) )-932.2 (Information of major assets entrusted for valuation)]TJ /T1_0 1 Tf 0.045 Tw 2.362 -2.667 Td (The major assets included in the scope of valuation are fixed assets and\ intangible )Tj 0.065 Tw 0 -1.333 Td (assets with a total carrying amount of RMB2,596,826,200, accounting for \ 94.01% )Tj 0.131 Tw 0 -1.333 Td (of the carrying amounts of the total assets. Fixed assets mainly include\ building )Tj 0.138 Tw 0 -1.333 Td (\(structure\) assets, equipment assets; intangible assets mainly include\ land within )Tj 0.063 Tw 0 -1.333 Td (the expressway and at each toll station, as well as road assets such as \ bridges and )Tj -0.025 Tw 0 -1.333 Td (tunnels.)Tj /T1_1 1 Tf 0.025 Tw 12 0 3.2154 12 112.1543 478.4808 Tm [(1. )-1262.2 (Fixed assets \226 building \(structure\) assets)]TJ /T1_0 1 Tf 0.029 Tw 12 0 0 12 141.7323 446.4808 Tm (The building \(structure\) assets included in the scope of this valuatio\ n include )Tj 0.025 Tw 0 -1.333 Td (buildings and structures.)Tj 0.082 Tw 0 -2.667 Td [(The )0.5 (buildings )0.5 (are )0.5 (mainly )0.6 (the )0.6 (toll )0.5 (stations )0.6 (of )0.5 (the )0.5 (Anhui )0.5 (Section )0.5 (of )0.6 (the )0.6 (Lu\222an )]TJ 0.181 Tw 0 -1.333 Td (\226 Wuhan Expressway and the supporting facilities of Jinzhai Maintenan\ ce )Tj 0.026 Tc 0.249 Tw 0 -1.333 Td [(Center,)1 ( with)1 ( a)1.1 ( total)1 ( construction)1 ( area)1 ( of)1 ( 2)1 (2)1 (,)1 (7)1 (3)1 (6)1 (.)1 (5)1 (5)1 ( square)1 ( meters,)1 ( all)1 ( of)1 ( )]TJ 0.025 Tc 0.222 Tw 0 -1.333 Td (which have not obtained property ownership certificates. All of them are\ )Tj 0.111 Tw 0 -1.333 Td (well maintained and are able to meet the requirements of normal use base\ d )Tj 0.025 Tw 0 -1.333 Td (on on-site inspection.)Tj 0.067 Tw 0 -2.667 Td (The structures are mainly the toll stations of the Anhui Section of the \ Lu\222an )Tj 0.044 Tc 0.237 Tw 0 -1.333 Td [(\226)12.9 ( Wuhan)12.8 ( Expressway)12.9 ( and)12.9 ( the)12.9 ( supporting)12.9 ( auxiliary)12.9 ( facilities)12.9 ( of)12.8 ( Jinzhai)19 ( )]TJ 0.025 Tc 0.035 Tw 0 -1.333 Td (Maintenance Center, as well as the road assets of Xianhua Station, which\ are )Tj 0.025 Tw 0 -1.333 Td (well maintained and could be used normally based on on-site inspection.)Tj ET endstream endobj 360 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 59 \226)Tj 0.202 Tw -16.379 62.978 Td (The data regarding the abovementioned assets and liabilities was extract\ ed from the )Tj 0.075 Tw 0 -1.333 Td (balance sheet of the Target Company as at 31 December 2022 audited by th\ e Shanghai )Tj 0.049 Tw 0 -1.333 Td (branch of Ernst & Young Hua Ming LLP, based on which the valuation was c\ onducted. )Tj 0.07 Tw 0 -1.333 Td (The Shanghai branch of Ernst & Young Hua Ming LLP has issued an audit re\ port with )Tj 0.029 Tw 0 -1.333 Td (unqualified opinion \(Ernst & Young Hua Ming \(2023\) Zhuan Zi No. 60904\ 999_B04\) on )Tj 0.025 Tw 0 -1.333 Td (the Target Company.)Tj 0.154 Tw 0 -2.667 Td (The basis for the preparation of the pro forma financial statements has \ the following )Tj 0.051 Tc 0.237 Tw 0 -1.333 Td [(specific)12.8 ( assumptions:)12.8 ( \()12.8 (1)12.8 (\))12.8 ( The)12.8 ( controlling)12.8 ( shareholder)12.8 ( of)12.9 ( the)12.8 ( Company)12.8 ( is)12.8 ( Anhui)26 ( )]TJ 0.025 Tc 0.146 Tw 0 -1.333 Td (Transportation Holding Group. Prior to 15 December 2022 \(the date of es\ tablishment )Tj 0.033 Tc 0.242 Tw 0 -1.333 Td [(of)8 ( the)8 ( Target)8 ( Company\),)8 ( the)8 ( date)8.1 ( on)8 ( which)8.1 ( Anhui)8.1 ( Transportation)8 ( Holding)8 ( Group.)8 ( )]TJ 0.025 Tc 0.188 Tw 0 -1.333 Td (transferred the assets, liabilities, business and personnel of the Anhui\ Section to the )Tj 0.036 Tc 0.239 Tw 0 -1.333 Td [(Target)11 ( Company)11 ( at)11 ( nil)11 ( consideration,)11 ( the)11 ( Anhui)11 ( Section)11 ( was)11 ( controlled)11 ( by)11 ( Anhui)11 ( )]TJ 0.025 Tc 0.183 Tw 0 -1.333 Td (Transportation Holding Group. In preparing the Pro Forma Financial State\ ments, the )Tj 0.038 Tc 0.237 Tw 0 -1.333 Td [(Ta)0.5 (rget)13 ( Comp)0.5 (any)12.9 ( has)13 ( ass)0.5 (umed)12.9 ( that)13 ( the)13 ( tra)0.5 (nsfe)0.5 (r)12.9 ( de)0.5 (scr)0.5 (ibed)12.9 ( abov)0.5 (e)12.9 ( wa)0.5 (s)12.9 ( co)0.5 (mple)0.5 (ted)12.9 ( at)13 ( )]TJ 0.025 Tc 0.234 Tw 0 -1.333 Td (the beginning of the earliest reporting period presented in the Pro Form\ a Financial )Tj 0.072 Tw 0 -1.333 Td (Statements \(i.e. 1 January 2021\). The Pro Forma Financial Statements w\ as prepared on )Tj 0.144 Tw 0 -1.333 Td (the basis of the historical accounting records of Anhui Transportation H\ olding Group )Tj 0.102 Tw 0 -1.333 Td (for the businesses of the Anhui Section of the Target Company transferre\ d prior to 15 )Tj 0.026 Tw 0 -1.333 Td (December 2022 \(the date of establishment of the Target Company\), durin\ g which period )Tj 0.197 Tw 0 -1.333 Td [(the Target Company was )0.5 (not established and )0.5 (the )0.5 (differences )0.5 (between the )0.5 (assets and )]TJ 0.073 Tw 0 -1.333 Td (liabilities of the businesses are shown as owners\222 equity; Since 15 D\ ecember 2022, the )Tj 0.121 Tw 0 -1.333 Td (Target Company has prepared the Pro Forma Financial Statements in accord\ ance with )Tj 0.105 Tw 0 -1.333 Td (the Target Company\222s accounting records. \(2\) Prior to 15 December 2\ 022 \(the date of )Tj 0.123 Tw 0 -1.333 Td [(establishment )0.5 (of the )0.5 (Target )0.5 (Company\), )0.5 (Anhui )0.5 (Transportation )0.5 (Holding )0.5 (Group managed )]TJ 0.025 Tw 0 -1.333 Td [(a)0.5 (n)0.5 (d)0.5 ( )0.5 (c)0.5 (a)0.6 (l)0.5 (c)0.5 (u)0.5 (l)0.5 (a)0.5 (t)0.5 (e)0.5 (d)0.5 ( )0.5 (t)0.5 (h)0.5 (e)0.5 ( )0.5 (c)0.6 (a)0.5 (s)0.5 (h)0.5 ( )0.5 (a)0.5 (n)0.5 (d)0.5 ( )0.5 (c)0.5 (a)0.5 (s)0.6 (h )0.5 (e)0.6 (q)0.5 (u)0.5 (i)0.5 (v)0.5 (a)0.5 (l)0.5 (e)0.5 (n)0.5 (t)0.5 (s)0.5 ( )0.5 (o)0.5 (f)0.5 ( )0.5 (e)0.6 (a)0.5 (c)0.5 (h)0.5 ( )0.5 (r)0.5 (o)0.5 (a)0.5 (d)0.5 ( )0.5 (s)0.5 (e)0.5 (c)0.6 (t)0.5 (i)0.5 (o)0.5 (n)0.5 ( )0.5 (i)0.5 (t)0.5 ( )0.5 (o)0.5 (p)0.5 (e)0.5 (r)0.5 (a)0.5 (t)0.5 (e)0.5 (s)0.6 ( i)0.5 (n)0.5 ( )0.5 (a)0.5 ( )0.6 (u)0.5 (n)0.5 (i)0.5 (f)0.5 (i)0.5 (e)0.5 (d )]TJ 0.181 Tw 0 -1.333 Td (manner, and did not set up a separate bank account for the businesses of\ the Anhui )Tj 0.072 Tw 0 -1.333 Td (Section of the Liuwu Expressway. Anhui Transportation Holding Group tran\ sferred the )Tj 0.137 Tw 0 -1.333 Td (assets, liabilities, businesses and personnel related to the Anhui Secti\ on of the Liuwu )Tj 0.182 Tw 0 -1.333 Td (Expressway to the Target Company at nil consideration, with 30 September\ 2022 as )Tj 0.159 Tw 0 -1.333 Td (the benchmark date of the transfer. The assets transferred at nil consid\ eration do not )Tj 0.093 Tw 0 -1.333 Td (include any cash and cash equivalents and it is agreed that the profit o\ r loss related to )Tj 0.062 Tw 0 -1.333 Td (the businesses of the Anhui Section of the Liuwu Expressway from 30 Sept\ ember 2022 )Tj 0.06 Tw 0 -1.333 Td (\(the benchmark date of the transfer\) shall belong and be borne by the \ Target Company. )Tj 0.184 Tw 0 -1.333 Td (Based on the above, in preparing the Pro Forma Financial Statements, the\ Company )Tj 0.023 Tc 0.025 Tw 0 -1.333 Td [(assumed that all cash funds generated from operations less net cash and \ cash equivalents)-2 ( )]TJ 0.025 Tc 0.056 Tw 0 -1.333 Td (paid for operations prior to 30 September 2022 have been paid to Anhui T\ ransportation )Tj 0.124 Tw 0 -1.333 Td (Holding Group as if they were distributions to owners, and cash and cash\ equivalents )Tj 0.12 Tw 0 -1.333 Td (are accordingly presented in zero; and it is assumed that all cash funds\ generated and )Tj 0.074 Tw 0 -1.333 Td (paid for operations from 30 September 2022 \(the benchmark date of the t\ ransfer\) to 15 )Tj 0.164 Tw 0 -1.333 Td (December 2022 \(the date of establishment of the Target Company\) are co\ llected and )Tj 0.024 Tc 0.025 Tw 0 -1.333 Td [(p)0.5 (a)0.6 (i)0.5 (d)0.5 ( )0.6 (b)0.5 (y)0.5 ( )0.5 (A)0.6 (n)0.5 (h)0.6 (u)0.5 (i)0.5 ( )0.5 (T)0.6 (r)0.5 (a)0.6 (n)0.5 (s)0.5 (p)0.6 (o)0.5 (r)0.5 (t)0.6 (a)0.5 (t)0.5 (i)0.6 (o)0.5 (n)0.5 ( )0.6 (H)0.5 (o)0.5 (l)0.5 (d)0.6 (i)0.5 (n)0.6 (g)0.5 ( )0.5 (G)0.6 (r)0.5 (o)0.5 (u)0.5 (p)0.6 (,)0.5 ( )0.5 (a)0.6 (n)0.5 (d)0.5 ( )0.6 (m)0.5 (e)0.5 (a)0.6 (s)0.5 (u)0.6 (r)0.5 (e)0.5 (d)0.6 ( )0.5 (a)0.5 (c)0.6 (c)0.5 (o)0.6 (r)0.5 (d)0.5 (i)0.5 (n)0.6 (g)0.5 (l)0.5 (y)0.6 ( )0.5 (a)0.5 (s)0.6 ( )0.5 (r)0.5 (e)0.6 (l)0.5 (a)0.6 (t)0.5 (e)0.5 (d)0.6 ( )0.5 (p)0.5 (a)0.6 (r)0.5 (t)0.5 (y)-1 ( )]TJ 0.025 Tc 0.141 Tw 0 -1.333 Td (transactions with Anhui Transportation Holding Group; it is assumed that\ the amount )Tj 0.116 Tw 0 -1.333 Td [(for )0.5 (distributions )0.5 (to )0.5 (owners )0.5 (was )0.5 (RMB381,681,033.20 )0.5 (and )0.6 (RMB198,078,666.90 )0.5 (in )0.5 (2021 )]TJ 0.234 Tw 0 -1.333 Td (and 2022, respectively. In addition, due to the immateriality of the int\ erest income )Tj 0.084 Tw 0 -1.333 Td (yielded from the aforementioned cash funds, the interest income was not \ considered in )Tj ET endstream endobj 359 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 58 \226)Tj /T1_1 1 Tf 14 0 0 14 56.6929 772.6948 Tm [(II. )-621.8 (PURPOSE OF VALUATION)]TJ /T1_0 1 Tf 0.033 Tc 0.242 Tw 12 0 0 12 85.0394 740.6948 Tm [(The)8 ( Company)8 ( intends)8 ( to)8 ( acquire)8 ( 1)8 (0)8 (0)8 (%)8 ( equity)8 ( interests)8 ( in)8 ( the)8 ( Target)8 ( Company)8 ( in)8 ( )]TJ 0.049 Tc 0.237 Tw 0 -1.333 Td [(c)0.5 (o)0.5 (n)0.5 (s)0.5 (i)0.5 (d)0.5 (er)0.6 (at)0.5 (i)0.5 (o)0.5 (n)13 ( o)0.5 (f)13 ( t)0.5 (he)13 ( i)0.5 (s)0.5 (s)0.5 (u)0.5 (a)0.5 (n)0.5 (c)0.5 (e)13 ( o)0.5 (f)13 ( C)0.5 (o)0.5 (n)0.5 (s)0.5 (i)0.5 (d)0.5 (e)0.5 (r)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)12.9 ( S)0.5 (h)0.5 (a)0.5 (r)0.5 (e)0.5 (s)13 ( a)0.5 (n)0.5 (d)13 ( t)0.5 (h)0.5 (e)13 ( p)0.5 (a)0.5 (y)0.5 (m)0.5 (e)0.5 (n)0.5 (t)13 ( o)0.5 (f)13 ( C)0.5 (a)0.5 (s)0.5 (h)24 ( )]TJ 0.025 Tc 0.133 Tw 0 -1.333 Td (Consideration to Anhui Transportation Holding Group, which requires an a\ ppraisal of )Tj 0.106 Tw 0 -1.333 Td [(the )0.5 (market )0.5 (value of )0.5 (the )0.5 (entire )0.5 (shareholders\222 )0.5 (equity )0.5 (interests of )0.5 (the )0.5 (Target )0.5 (Company to )]TJ 0.025 Tw 0 -1.333 Td (provide valuation reference for the Proposed Acquisition.)Tj 0.086 Tw 0 -2.667 Td (The Proposed Acquisition for which this valuation was prepared has been \ approved by )Tj 0.153 Tw 0 -1.333 Td (the resolution on Consideration and Approval of Securitization of Expres\ sway Assets )Tj 0.025 Tw 0 -1.333 Td (Proposal \()Tj /C0_0 1 Tf -0.025 Tw 3.807 0 Td <009007BC04FA1132164409F70BBA02AE0F290F1F0B2A15C7054E02B7052B059D0091>Tj /T1_0 1 Tf 0.025 Tw 16.874 0 Td (\) \(Issue 4 in 2023\) at the Board meeting )Tj -20.681 -1.333 Td (of Anhui Transportation Holding Group.)Tj /T1_1 1 Tf 14 0 0 14 56.6929 560.6948 Tm [(III. )-207.8 (TARGET AND SCOPE OF VALUATION)]TJ /T1_0 1 Tf 0.144 Tw 12 0 0 12 85.0394 528.6948 Tm (The Target Assets is the entire shareholders\222 equity interests of the\ Target Company. )Tj 0.235 Tw 0 -1.333 Td (The scope of valuation covers the assets and liabilities in the Pro Form\ a Financial )Tj 0.06 Tw 0 -1.333 Td (Statements of Target Company. As at the Valuation Benchmark Date, i.e. 3\ 1 December )Tj 0.026 Tc 0.249 Tw 0 -1.333 Td [(2)1 (0)1 (2)1 (2)1 (,)1 ( the)1 ( carrying)1 ( amount)1 ( of)1 ( total)1 ( assets)1 ( of)1 ( Target)1 ( Company)1 ( was)1 ( RMB)1 (2)1 (,)1 (7)1 (6)1 (2)1 (.)1 (2)1 (2)1 (7)1 (0)1 ( )]TJ 0.039 Tc 0.237 Tw 0 -1.333 Td [(mi)0.5 (ll)0.5 (io)0.5 (n,)13 ( th)0.5 (e)13 ( ca)0.5 (r)0.5 (ry)0.5 (in)0.5 (g)12.9 ( a)0.5 (mo)0.5 (un)0.5 (t)12.9 ( of)13 ( t)0.5 (ota)0.5 (l)12.9 ( li)0.5 (ab)0.5 (il)0.5 (iti)0.5 (e)0.5 (s)12.9 ( wa)0.5 (s)12.9 ( RM)0.5 (B)12.9 (2)13 (4)12.9 (.)13 (7)12.9 (1)13 (8)12.9 (3)12.9 ( mi)0.5 (ll)0.5 (io)0.5 (n)12.9 ( a)0.5 (nd)13 ( t)0.5 (he)14 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (carrying amount of net assets was RMB2,737.5087 million.)Tj 0 -2.667 Td (Data from the financial statements is set out as follows:)Tj 12 0 3.2154 12 447.5077 384.6948 Tm (Unit: RMB\2220,000)Tj /T1_1 1 Tf -0.025 Tw 12 0 0 12 85.0394 352.6948 Tm (Items)Tj 0.025 Tw 28.84 0 Td (Carrying Amounts)Tj /T1_0 1 Tf -28.84 -2.667 Td (Total current assets)Tj -0.025 Tw 33.648 0 Td (6,580.26)Tj 0.025 Tw -33.648 -1.333 Td (Total non-current assets)Tj -0.025 Tw 32.598 0 Td (269,642.44)Tj 0.025 Tw -32.598 -1.333 Td (Fixed assets)Tj -0.025 Tw 33.123 0 Td (20,852.83)Tj 0.025 Tw -33.123 -1.333 Td (Intangible assets)Tj -0.025 Tw 32.598 0 Td (238,829.80)Tj 0.025 Tw -32.598 -1.333 Td (Deferred income tax assets)Tj -0.025 Tw 33.648 0 Td (9,959.81)Tj 0.025 Tw -33.648 -1.333 Td (Total assets)Tj -0.025 Tw 32.598 0 Td (276,222.70)Tj 0.025 Tw -32.598 -1.333 Td (Total current liabilities)Tj -0.025 Tw 33.648 0 Td (2,471.83)Tj 0.025 Tw -33.648 -1.333 Td (Total liabilities)Tj -0.025 Tw 33.648 0 Td (2,471.83)Tj 0.025 Tw -33.648 -1.333 Td (Owners\222 equity \(Net assets\))Tj -0.025 Tw 32.598 0 Td (273,750.87)Tj ET endstream endobj 358 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 57 \226)Tj 0.155 Tw -11.655 62.978 Td (The above data from the financial statements for the years 2021 and 2022\ )Tj 0.029 Tw 0 -1.333 Td (have been audited by the Shanghai branch of Ernst & Young Hua Ming LLP, \ )Tj 0.146 Tw 0 -1.333 Td (which has issued an audit report with unqualified opinion \(Ernst & Youn\ g )Tj 0.054 Tw 0 -1.333 Td (Hua Ming \(2023\) Zhuan Zi No. 60904999_B04\) \(the \223)Tj /T1_1 1 Tf (Pro Forma Financial )Tj -0.025 Tw 0 -1.333 Td (Statements)Tj /T1_0 1 Tf (\224\).)Tj /T1_1 1 Tf 0.025 Tw 12 0 3.2154 12 112.1543 674.4808 Tm [(5. )-1262.2 (Principal Accounting Policies Adopted by the Target Company)]TJ /T1_0 1 Tf 0.065 Tw 12 0 0 12 141.7323 642.4808 Tm (The Accounting Standards for Business Enterprises \226 General Standards\ and )Tj 0.139 Tw 0 -1.333 Td (38 concrete accounting standards, and the subsequent application guides \ to )Tj 0.233 Tw 0 -1.333 Td (the accounting standards for enterprises, interpretations of the account\ ing )Tj 0.032 Tc 0.243 Tw 0 -1.333 Td [(standards)7 ( for)7 ( enterprises)7 ( and)7 ( other)7 ( provisions)6.9 ( issued)7 ( by)7 ( the)7 ( Ministry)7 ( of)7 ( )]TJ 0.025 Tc 0.169 Tw 0 -1.333 Td (Finance on 15 February 2006 \(together, the \223)Tj /T1_1 1 Tf (Accounting Standards)Tj /T1_0 1 Tf [(\224\) )0.5 (are )]TJ 0.025 Tw 0 -1.333 Td (adopted by the Target Company.)Tj 0.035 Tc 0.24 Tw 0 -2.667 Td [(The)10 ( Pro)10 ( Forma)10 ( Financial)10 ( Statements)10 ( of)10 ( the)10 ( Target)10 ( Company)10 ( have)10 ( been)10 ( )]TJ 0.025 Tc 0.201 Tw 0 -1.333 Td (prepared in accordance with the relevant provisions of the Administrativ\ e )Tj 0.036 Tc 0.239 Tw 0 -1.333 Td [(Measures)11 ( for)11 ( the)11 ( Significant)11 ( Asset)11 ( Restructurings)11 ( of)11 ( Listed)11 ( Companies,)11 ( )]TJ 0.06 Tc 0.238 Tw 0 -1.333 Td [(Rules)12 ( No.)12.1 ( 2)12 (6)12.1 ( on)12.1 ( Contents)12 ( and)12.1 ( Format)12 ( of)12 ( Information)12.1 ( Disclosure)12.1 ( by)35 ( )]TJ 0.025 Tc 0.149 Tw 0 -1.333 Td (Companies Publicly Issuing Securities \226 Significant Asset Restructuri\ ng of )Tj 0.203 Tw 0 -1.333 Td (Listed Companies \(Revised on 17 February 2023\) \(the \223)Tj /T1_1 1 Tf (Rules No. 26 on )Tj -0.025 Tw 0 -1.333 Td (Format)Tj /T1_0 1 Tf 0.025 Tw (\224\) of the CSRC.)Tj 0.067 Tw 0 -2.667 Td (For details, please refer to the audit report issued by the Shanghai bra\ nch of )Tj 0.025 Tw 0 -1.333 Td (Ernst & Young Hua Ming LLP.)Tj /T1_1 1 Tf -4.724 -3 Td [(\(IV\) )-185.3 (Relationship between the Clients and the Target Company)]TJ /T1_0 1 Tf 0.046 Tc 0.237 Tw 2.362 -2.667 Td [(Anhui)12.7 ( Transportation)12.7 ( Holding)12.7 ( Group,)12.7 ( the)12.7 ( Client)12.7 ( of)12.7 ( this)12.7 ( engagement,)12.7 ( is)12.7 ( the)21 ( )]TJ 0.035 Tc 0.24 Tw 0 -1.333 Td [(controlling)10.1 ( shareholder)10 ( of)10.1 ( the)10 ( Company,)10.1 ( and)10 ( the)10 ( Target)10 ( Company,)10 ( being)10 ( the)10 ( )]TJ 0.025 Tc 0.156 Tw 0 -1.333 Td (appraised entity, is a wholly-owned subsidiary of Anhui Transportation H\ olding )Tj 0.036 Tc 0.239 Tw 0 -1.333 Td [(Group.)11 ( The)11 ( Compan)0.5 (y)11 ( intends)11 ( to)11 ( acquire)11 ( 1)11 (0)11 (0)11 (%)11 ( equi)0.5 (ty)11 ( interests)11 ( in)11 ( the)11 ( Target)11 ( )]TJ 0.025 Tc 0.206 Tw 0 -1.333 Td [(Company held )0.5 (by Anhui )0.5 (Transportation )0.5 (Holding Group )0.5 (in consideration )0.5 (of the )]TJ 0.025 Tw 0 -1.333 Td (issuance of Consideration Shares and the payment of Cash Consideration.)Tj /T1_1 1 Tf 0.028 Tc 0.247 Tw -2.362 -3 Td [(\()3 (V)3 (\))3 ( )-374.2 (The)3 ( Clients,)3 ( the)3 ( Target)3 ( Company)]TJ 18.501 0 Td [( and)3 ( other)3 ( users)3 ( of)3 ( the)3 ( Asset)3 ( Valuation)3 ( )]TJ 0.025 Tc 0.025 Tw -16.139 -1.667 Td (Report as agreed in the asset val)Tj (uation engagement contract)Tj /T1_0 1 Tf 0.115 Tw 0 -2.667 Td (The users of this valuation report are the Clients. Unless otherwise sti\ pulated by )Tj 0.03 Tw 0 -1.333 Td (the laws and regulations of the PRC, no organization or individual shall\ be an user )Tj 0.113 Tw 0 -1.333 Td [(of )0.5 (the valuation )0.5 (report by )0.5 (mere )0.5 (possession )0.5 (of )0.5 (this Asset Valuation )0.5 (Report unless )]TJ 0.025 Tw 0 -1.333 Td (they are confirmed as such by the valuation firm and the Clients.)Tj ET endstream endobj 356 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 56 \226)Tj 0.846 Tw 12 0 3.2154 12 140.5008 774.4808 Tm (\(4\) Location)Tj ET q /GS1 gs 373.0648667 0 0 234.4785538 167.7982483 524.2422714 cm /Im0 Do Q BT /T1_1 1 Tf 0.025 Tw 12 0 3.2154 12 112.1543 488.2423 Tm [(4. )-1262.2 (Major Operating Conditions of the Target Company in Recent Years)]TJ /T1_0 1 Tf 0.07 Tc 0.238 Tw 12 0 0 12 141.7322 456.2423 Tm [(According)12.1 ( to)12.1 ( the)12.2 ( audited)12.1 ( pro)12.1 ( forma)12.1 ( financial)12.1 ( statements,)12.1 ( as)12.1 ( of)12.1 ( the)45 ( )]TJ 0.076 Tc 0.237 Tw 0 -1.333 Td [(Valuation)12.7 ( Benchmark)12.8 ( Date,)12.7 ( the)12.8 ( carrying)12.7 ( amount)12.7 ( of)12.7 ( total)12.8 ( assets)12.7 ( of)51 ( )]TJ 0.047 Tc 0 -1.333 Td [(Target)12.6 ( Company)12.6 ( was)12.6 ( RMB)12.6 (2)12.6 (,)12.5 (7)12.6 (6)12.5 (2)12.6 (,)12.6 (2)12.5 (2)12.6 (7)12.5 (,)12.6 (0)12.5 (0)12.6 (0)12.6 (,)12.5 ( the)12.6 ( carrying)12.5 ( amount)12.6 ( of)12.5 ( total)22 ( )]TJ 0.025 Tc 0.188 Tw 0 -1.333 Td (liabilities was RMB24,718,300 and the carrying amount of net assets was \ )Tj 0.103 Tw 0 -1.333 Td (RMB2,737,508,700. The Target Company achieved an operating revenue of )Tj 0.025 Tw 0 -1.333 Td (RMB524,151,600 and a net profit of RMB216,852,700 in 2022.)Tj /T1_1 1 Tf 6.726 -2.667 Td (Financial position and results of operations)Tj /T1_0 1 Tf 12 0 3.2154 12 447.5077 312.2423 Tm (Unit: RMB\2220,000)Tj /T1_1 1 Tf -0.025 Tw 12 0 0 12 141.7322 264.2423 Tm (Item)Tj 0.025 Tw 20.128 1.333 Td (31 December)Tj -0.025 Tw 3.781 -1.333 Td (2022)Tj 0.025 Tw 3.306 1.333 Td (31 December)Tj -0.025 Tw 3.781 -1.333 Td (2021)Tj /T1_0 1 Tf 0.025 Tw -30.996 -2.667 Td (Total assets)Tj -0.025 Tw 21.259 0 Td (276,222.70)Tj 7.087 0 Td (276,268.56 )Tj -28.346 -1.333 Td (Liabilities)Tj 22.309 0 Td (2,471.83)Tj 7.087 0 Td (4,441.76)Tj 0.025 Tw -29.396 -1.333 Td (Net assets)Tj -0.025 Tw 21.259 0 Td (273,750.87)Tj 7.087 0 Td (271,826.80)Tj /T1_1 1 Tf -28.346 -2.54 Td (Item)Tj 23.909 0 Td (2022)Tj 7.087 0 Td (2021)Tj /T1_0 1 Tf 0.025 Tw -30.996 -2.667 Td (Operating income)Tj -0.025 Tw 21.784 0 Td (52,415.16)Tj 7.087 0 Td (55,998.19)Tj 0.025 Tw -28.871 -1.333 Td (Operating profit)Tj -0.025 Tw 21.784 0 Td (28,929.24)Tj 7.087 0 Td (34,483.07)Tj 0.025 Tw -28.871 -1.333 Td (Total profit)Tj -0.025 Tw 21.784 0 Td (28,929.24)Tj 7.087 0 Td (34,483.07)Tj 0.025 Tw -28.871 -1.333 Td (Net profit)Tj -0.025 Tw 21.784 0 Td (21,685.27)Tj 7.087 0 Td (25,862.30)Tj ET endstream endobj 357 0 obj <>stream Adobed    ' "'''''",////,7;;;7;;;;;;;;;;   %%#(((((#,0000,7;;;7;;;;;;;;;;   %%#(((((#,0000,7;;;7;;;;;;;;;;   %%#(((((#,0000,7;;;7;;;;;;;;;;EM""  f !1A"5Qatq#23BR$Sb%CTcd &'()*46789:DEFGHIJUVWXYZefghijrsuvwxyz w!1A%Qac"2q#BR$3Sbr 5C &'()*46789:DEFGHIJTUVWXYZdefghijstuvwxyz?=S$FG$]O'wBo^YBׯ_U*W]^RJW R*fM5Io]3_ vIl?]8w$| uk[PXn rѤ%ZN˄)Yyh5S3Ǩ>}3]}GDI%iiQ^p\E<ݷSJť.p @5^0 @Y.W$@GxUINNjZ;|@>Qԛ!BBße:C FIiY-Q6nrJ2 +wM%4 re|MٌE |wXIitqr 4I#n,HMi t]C&ž6df`Jݖp)JV0r=zhJ=Bd'{unѬYFQiI}@tV_D>x .>XC2_P.ཛྷ(}˻\xVyquy* $)cH,拋mzwec`PT 8J5PL# Ъ|Wvv EZBz:,mwqXMے >TK\ Zl׿XgEVS+m\dTʍXocdU#[3l w5}%Gf-mnlVk\I܍U._IrfIk"6b[Nfuˢ}dl֓oR5L'MVX{7hPuLc9-߿zfHnޔ!$$ 5:8k{M9xx9MGGQ$~*+\]D%{;~)"JO-AIґ:+;7&eY4vkY'&2&Dߥ'G7-EI`pMGg*HRy^Ìnp?tjvk%Zm}4ߢ1ڭ1:;$6@kd}k^ګ#YJ!w]^! p]bi+t9T[RuHZR%mwn vq4^wY~,9P<CGK0ME_IԨJ!OtMv& 1@1*w &xR"NjNj)$eLMW۹-"ZI&^8,iL -btx%ԥMUyYjUW`p5"r.Z˧Erv c+x {/Bjb͉;h*ϩ6Ӷ6ܲq[?n~RJuvRڅS̈́IVZ`:kCus 6DCHǎ`bw\D)kc7`\(Ŭ,pjMw;u'ZJl7p)'x3 k Y*l8hM{_ڡ[G@8gjCOӐFtUBF~1]3'J?%H<#f"w;)!J>ֆ Imvv5Vkiw@aðpV`+EY21vU\js)9; lU26=[ئJ 'Z y/i5V2͔۵zN*pJjpQlxk* R:D1;]P~}J+102v^T(jp WtoPu /|ak7*F-skNJ= ڭvXt1:?T JXh޺4EgM\,}j[C<2ݷVPO=Q&2lף cf[VԱ%Æ=z=SN'l9odb%- lu<ɚ-l]w\f"#h1?a:ϧ42 ݭQxI%U`c쿑,qd67o}UP6L`?"YbOiq/s۠'rtzk7FpRR!i:c8-ЬVmNiYt(ūU=\4EmM!uװң"Q]U7iSGڵn yýlς#6.`JˊJH_3(?A5q0., dR ~ >q=S$FG$]O'wBo^YBׯ_U*qyyyk I_Zmľ I\vhd=9sjeE+ {;W[G9m=$1$%ͫÝ,M!Ӎ1S4bV IK*6@٢( L9^c~t>Ā9eEf&bu%Z^\rbѝݕ%#TFcthAL>1os9d–Pv h^ֲPr7W\@V]pTPQ<jp4^R!z '`>ŝ-&+(wa& M- R gFQ}8Bv R{{He &E]Hɋ Rnly(""VUi2ҭ~ >3C^ک)#$x&%CQ'zGiW4;Cnp)$͚wF{gñH<JqEEo]P^04%SIJm]Qp:^*j-6Y6eSL- 8卄Kw:4LUmY9 MBT/EQg ϛ[7xj^9;X,*I iSbwR1Vj6;?.8YE!7-42ɳ~N=x&&{/GFfRJ^c58T ybhߩt~&b8#N9n%lhC .E>1щ[6]j75 v)͙G[Ά.W 4~&s,.X O;cQʪ'ZӉj8wUҳ2Ti6YQ'_kNdya-=mƜscA(5s>~B)oΊ`G-EUxv_/E4_)maprrŷe<-0f6:Ӏ`pa.-\u:1 4]GqW)+_B;(–Y+}͞(mX5_tk ;RlM$$6ǀXf 1eZ덫阭խ Nq*N i~ЇODf^ r k<} <rjRGy)K*6ΆHvkqӢBJjXG0.v:6EHP^ʌAl|WK$4 wL}U$o3uti61*Vr٢F$fmj$ejÁ!׼=6~r=C` ޶lYŦ'm#ѺMVAJ [><_mպbٺڀ7)ÄcXr9n>MIIzdmeK:RuR `e :>Lu9,>S)3ljtsGGD)6 sOc ;%4u ؃lfVnb =C,եgsU%x; %g(bd$Kn [<8uBtQDsP=q$|@ʹ8Yٚ;Y&IUb _SpˊalݦPR;N=捪pcx3k,MFi<+߉p ˙{ذ2o'v;Ua rtE$@ީ׼4=(k~k+EZ~d| *l\/RguiCa{e*v-Ҥ[']`oܱ|fi#>M@[A룕T, ziQZM.XQn}jUDC[+l k(c.Qe{HXx+7w$'،ӊwOZuކQ`Tnkuih͵$q99''{oG "iGmwdבdo sLm-7\4&kI5%vҿYͶqیj5^~CPs#dowZB[mkmtc;%/x ش.@m)p{|{[oxI4s#8vt7Vqqix Di 3n9ǀwY˚;3fAk'e#8iZDi*4R;x[dD#SK6?zjF{U{c7yp.@< A >g/juO(L}a| )X~?=S$FG$]O'wBo^YBׯ_Xyyyy^^\@,Jf1S&.;v(N]b048 0n_9 KX2۸6VkHٓ-6Q*eB)/^;s'gg<|f2st 67M tny?Kzڂ0zYf{oT8 @ Z*i'4J U%TD*N}T 2Q;f/R. 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Td (the Target Company)Tj -0.025 Tw -10.673 -5.333 Td (Class)Tj 0.025 Tw 8.976 0 Td (Vehicle Type)Tj -0.025 Tw 10.665 2.667 Td (Approved)Tj -0.024 -1.333 Td (Passenger)Tj 0.469 -1.333 Td (Capacity)Tj 0.025 Tw 6.425 0 Td (Toll Rate)Tj /T1_0 1 Tf -0.025 Tw 12 0 3.2154 12 486.592 678.4808 Tm (\(RMB/car)Tj 0.196 -1.333 Td (kilometre\))Tj 0.025 Tw 12 0 0 12 170.0788 646.4808 Tm [(C )300 (lass 1 Passenger )]TJ -0.025 Tw 0.692 -1.333 Td (Vehicle)Tj 8.284 0 Td (Micro/Small)Tj 14.103 0 Td (\0379)Tj 5.804 0 Td (0.45)Tj 0.025 Tw -28.884 -1.333 Td [(C )300 (lass 2 Passenger )]TJ -0.025 Tw 0.692 -1.333 Td (Medium)Tj 8.284 1.333 Td (Medium)Tj 12.685 0 Td (10-19)Tj 7.747 -0.667 Td (0.8)Tj 0.025 Tw -20.432 -0.667 Td (Passenger car train)Tj 0 Tc 0 Tw 14.618 0 Td (\226)Tj 0.025 Tc 0.025 Tw -23.594 -1.333 Td [(C )300 (lass 3 Passenger )]TJ -0.025 Tw 0.692 -1.333 Td (Vehicle)Tj 8.284 -0.667 Td (Large)Tj 13.578 0.667 Td (\03739)Tj 6.854 0 Td (1.1)Tj 0.025 Tw -29.409 -1.333 Td [(C )300 (lass 4 Passenger )]TJ -0.025 Tw 0.692 -1.333 Td (Vehicle)Tj 21.862 0 Td (\03640)Tj 6.854 0 Td (1.3)Tj /T1_1 1 Tf 0.025 Tw -28.711 -2.54 Td (Table 2 Toll rates for goods vehicles for the Anhui Section of the )Tj 10.829 -1.333 Td (Target Company)Tj -11.527 -2.667 Td (Class of )Tj -0.025 Tw 0 -1.333 Td (Vehicle)Tj 0.025 Tw 5.669 0 Td (JT/T489\2262019 Classification Standard)Tj 21.315 0 Td (Toll Rate)Tj /T1_0 1 Tf -0.025 Tw 12 0 3.2154 12 507.8129 424.0048 Tm (\(RMB/)Tj -1.1 -1.333 Td (kilometre\))Tj 0.025 Tw 12 0 0 12 170.0789 392.0048 Tm (Class 1)Tj 5.669 0 Td [(2 )300 (axles, the length of the vehicle is )]TJ 0.825 -1.333 Td (less than 6,000mm and the maximum )Tj 0 -1.333 Td (allowable total mass is less than 4,500kg)Tj -0.025 Tw 22.862 0 Td (0.45)Tj 0.025 Tw -29.356 -1.333 Td (Class 2)Tj 5.669 0 Td [(2 )300 (axles, the length of the vehicle is not )]TJ 0.825 -1.333 Td (less than 6,000mm or the maximum )Tj 0 -1.333 Td (allowable total mass is not less than )Tj -0.025 Tw 0 -1.333 Td (4,500kg)Tj 23.387 0 Td (0.9)Tj 0.025 Tw -29.881 -1.333 Td (Class 3)Tj 5.669 0 Td (3 axles)Tj -0.025 Tw 23.687 0 Td (1.35)Tj 0.025 Tw -29.356 -1.333 Td (Class 4)Tj 5.669 0 Td (4 axles)Tj -0.025 Tw 24.212 0 Td (1.7)Tj 0.025 Tw -29.881 -1.333 Td (Class 5)Tj 5.669 0 Td (5 axles)Tj -0.025 Tw 23.687 0 Td (1.85)Tj 0.025 Tw -29.356 -1.333 Td (Class 6)Tj 5.669 0 Td (6 axles)Tj -0.025 Tw 24.212 0 Td (2.2)Tj 0.202 Tw -29.881 -1.333 Td (For goods vehicles with more than six axles: based on the charging )Tj 0.041 Tc 0.238 Tw 0 -1.333 Td [(standard)12.2 ( for)12.2 ( Class)12.2 ( 6)12.2 ( goods)12.2 ( vehicles,)12.2 ( for)12.2 ( each)12.2 ( additional)12.2 ( axle,)12.2 ( the)16 ( )]TJ 0.025 Tc 0.09 Tw 0 -1.333 Td (charging standard is determined by a factor of 1.1; For goods vehicles )Tj 0.148 Tw 0 -1.333 Td (with 10 axles and above, the toll rate shall be the same with the toll )Tj 0.025 Tw 0 -1.333 Td (rate for goods vehicle with 10 axles.)Tj 0.112 Tw 0 -2.54 Td (Based on the actual toll approvals for the Liuwu Expressway, there is )Tj 0.025 Tw 0 -1.333 Td (no additional toll fee for extra-large bridge and tunnel in the project.\ )Tj ET endstream endobj 366 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 54 \226)Tj 12 0 3.2154 12 140.5008 774.4808 Tm [(\(1\) )-821.2 (Project description)]TJ 0.225 Tw 12 0 0 12 170.0787 742.4808 Tm (The Anhui Section of the Target Company commenced construction )Tj 0.135 Tw 0 -1.333 Td (in February 2006 and was opened to traffic on 28 December 2009. It )Tj 0.226 Tw 0 -1.333 Td (starts from Dagudian \()Tj /C0_0 1 Tf -0.025 Tw 10.285 0 Td <027D16A505B3>Tj /T1_0 1 Tf 0.226 Tw 3.105 0 Td (\) of Yeji District, Lu\222an City \()Tj /C0_0 1 Tf -0.025 Tw 14.269 0 Td <02AC03C40339>Tj -27.659 -1.333 Td <0EE20DAB0A1C>Tj /T1_0 1 Tf 0.203 Tw 3.105 0 Td (\), joining the Heliuye Expressway \()Tj /C0_0 1 Tf -0.025 Tw 16.138 0 Td <03A502AC0EE209F70BBA02AE0F29>Tj /T1_0 1 Tf 0.203 Tw 7.205 0 Td (\), passing )Tj 0.072 Tw -26.448 -1.333 Td (through several towns of Yaoli Town \()Tj /C0_0 1 Tf -0.025 Tw 16.941 0 Td <06FC04BD1544>Tj /T1_0 1 Tf 0.072 Tw 3.105 0 Td (\) in Yeji District, Liu\222an )Tj 0.186 Tw -20.046 -1.333 Td (City \()Tj /C0_0 1 Tf -0.025 Tw 2.672 0 Td <02AC03C403390EE20DAB0A1C>Tj /T1_0 1 Tf 0.186 Tw 6.18 0 Td (\), as well as Baitafan \()Tj /C0_0 1 Tf -0.025 Tw 10.502 0 Td <03630DEB1B92>Tj /T1_0 1 Tf 0.186 Tw 3.105 0 Td (\), Meishan \()Tj /C0_0 1 Tf -0.025 Tw 5.562 0 Td <0AE00286>Tj /T1_0 1 Tf 2.08 0 Td (\), )Tj 0.229 Tw -30.101 -1.333 Td (Huaishuwan \()Tj /C0_0 1 Tf -0.025 Tw 6.141 0 Td <0FFA12D31744>Tj /T1_0 1 Tf 0.229 Tw 3.105 0 Td (\), Gubei \()Tj /C0_0 1 Tf -0.025 Tw 4.597 0 Td <031A0EA6>Tj /T1_0 1 Tf 0.229 Tw 2.08 0 Td (\), Nanxi \()Tj /C0_0 1 Tf -0.025 Tw 4.597 0 Td <06CC0E63>Tj /T1_0 1 Tf 0.229 Tw 2.08 0 Td (\) and Banzhuyuan )Tj 0 Tc 0 Tw -22.6 -1.333 Td (\()Tj /C0_0 1 Tf 0.025 Tc -0.025 Tw 0.388 0 Td <0C7403F60DE4>Tj /T1_0 1 Tf 0.094 Tw 3.105 0 Td (\) in Jinzhai County \()Tj /C0_0 1 Tf -0.025 Tw 9.152 0 Td <06960FBD1324>Tj /T1_0 1 Tf 0.094 Tw 3.105 0 Td (\) from northeast to southwest, and )Tj 0.078 Tw -15.75 -1.333 Td (ending at Changling pass \()Tj /C0_0 1 Tf -0.025 Tw 11.658 0 Td <069713CA15EB>Tj /T1_0 1 Tf 0.078 Tw 3.105 0 Td (\) at the junction of Anhui and Hubei )Tj 0.057 Tw -14.762 -1.333 Td (provinces. The Liuwu Expressway connects to the Hubei section of the )Tj 0.047 Tc 0.238 Tw 0 -1.333 Td [(Lu\222an-Wuhan)12.2 ( Expressway)12.2 ( \()]TJ /C0_0 1 Tf 0.035 Tc -0.035 Tw 12.876 0 Td <02AC03C40407061B100F09F70BBA02AE0F290CB3030F076C>Tj /T1_0 1 Tf 0.047 Tc 0.238 Tw 12.447 0 Td [(\).)12.3 ( The)12.2 ( total)22 ( )]TJ 0.025 Tc 0.063 Tw -25.323 -1.333 Td (chargeable mileage of the Liuwu Expressway is 92.7 kilometers. There )Tj 0.245 Tw 0 -1.333 Td (are two-way four lanes with a designated speed of 100km/h. There )Tj 0.09 Tw 0 -1.333 Td (are two extra-large bridges, 86 large bridges, seven medium and small )Tj 0.023 Tc 0.025 Tw 0 -1.333 Td [(b)0.5 (ri)0.5 (d)0.5 (ge)0.5 (s,)0.5 ( )0.5 (tw)0.5 (o)0.5 ( p)0.5 (ed)0.5 (e)0.5 (s)0.5 (tr)0.5 (ia)0.5 (n)0.5 ( o)0.5 (ve)0.5 (r)0.5 (p)0.5 (as)0.5 (s)0.5 (es)0.5 (,)0.5 ( 2)0.5 (2)0.5 ( ov)0.5 (e)0.5 (r)0.5 (pa)0.5 (s)0.5 (se)0.5 (s)0.5 (, )0.5 (a)0.5 (nd)0.5 ( e)0.5 (i)0.5 (gh)0.5 (t)0.5 ( t)0.5 (un)0.5 (n)0.5 (el)0.5 (s)0.5 ( \()0.5 (up)-2 ( )]TJ 0.025 Tc 0 -1.333 Td (and down\).)Tj 12 0 3.2154 12 140.5008 466.4808 Tm [(\(2\) )-821.2 (Concession period)]TJ 0.027 Tc 0.248 Tw 12 0 0 12 170.0787 434.4808 Tm [(On)2 ( 4)2 ( December)2 ( 2)2 (0)2 (1)2 (2)2 (,)2 ( the)2 ( People\222s)2 ( Government)2 ( of)2 ( Anhui)2 ( Province)2 ( )]TJ 0.025 Tc 0.167 Tw 0 -1.333 Td (issued the \223Reply of the People\222s Government of Anhui Province on \ )Tj 0.189 Tw 0 -1.333 Td (the Toll Operation Period of the Anhui Section of the Lu\222an-Wuhan )Tj 0.037 Tw 0 -1.333 Td (Expressway\224 \(Anhui Zheng Mi [2012] No. 545\), approving that the tol\ l )Tj 0.047 Tw 0 -1.333 Td (operation period of the Anhui Section of the Lu\222an-Wuhan Expressway )Tj 0.025 Tw 0 -1.333 Td (shall be 30 years, i.e. from 28 December 2009 to 27 December 2039.)Tj 12 0 3.2154 12 140.5008 318.4808 Tm [(\(3\) )-821.2 (Toll rates)]TJ 0.054 Tc 0.237 Tw 12 0 0 12 170.0787 286.4808 Tm [(According)12.8 ( to)12.8 ( the)12.9 ( toll)12.8 ( standard)12.8 ( prescribed)12.8 ( under)12.8 ( the)12.9 ( \223Notices)12.8 ( on)29 ( )]TJ 0.028 Tc 0.247 Tw 0 -1.333 Td [(A)0.5 (d)0.6 (j)0.5 (u)0.5 (s)0.6 (t)0.5 (i)0.5 (n)0.5 (g)3 ( t)0.5 (h)0.6 (e)3 ( T)0.5 (o)0.6 (l)0.5 (l)3 ( R)0.5 (a)0.6 (t)0.5 (e)0.5 (s)3 ( M)0.6 (e)0.5 (t)0.5 (h)0.5 (o)0.6 (d)3 ( o)0.5 (f)3 ( T)0.5 (o)0.6 (l)0.5 (l)3 ( R)0.5 (o)0.5 (a)0.6 (d)3 ( i)0.5 (n)3 ( A)0.5 (n)0.6 (h)0.5 (u)0.5 (i)3 ( P)0.5 (r)0.6 (o)0.5 (v)0.5 (i)0.5 (n)0.6 (c)0.5 (e)0.6 (\224)3 ( )]TJ 0.069 Tc 0.237 Tw 0 -1.333 Td [(\(Anhui)12.7 ( Jiao)12.7 ( Lu)12.6 ( )]TJ /C0_0 1 Tf 0 Tc 0 Tw 7.512 0 Td <0088>Tj /T1_0 1 Tf 0.056 Tc -0.056 Tw 1.056 0 Td (2019)Tj /C0_0 1 Tf 0 Tc 0 Tw <0089>Tj /T1_0 1 Tf 0.069 Tc 0.237 Tw 2.782 0 Td [( No.)12.7 ( 1)12.7 (4)12.7 (4)12.6 (\))12.7 ( issued)12.7 ( by)12.6 ( the)12.7 ( Department)12.7 ( of)44 ( )]TJ 0.025 Tc 0.124 Tw -11.35 -1.333 Td [(Transportation of Anhui Province, Anhui )0.5 (Provincial )0.5 (Development and )]TJ 0.105 Tw 0 -1.333 Td [(Reform )0.5 (Committee )0.5 (and )0.5 (Anhui )0.5 (Provincial )0.5 (Finance )0.5 (Department, )0.5 (the )0.5 (toll )]TJ 0.214 Tw 0 -1.333 Td (rates for expressways were adjusted in accordance with the relevant )Tj 0.061 Tw 0 -1.333 Td (requirements of Adjusting Plan on the Toll Rates Method of Toll Road )Tj 0.088 Tw 0 -1.333 Td (in Anhui Province. Specifically, the passenger vehicles are charged by )Tj 0.025 Tw 0 -1.333 Td (vehicle type and goods vehicles are charged by axle.)Tj ET endstream endobj 365 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 53 \226)Tj /T1_1 1 Tf -16.379 62.978 Td [(\(III\) )-104.2 (Overview of the Target Company)]TJ 12 0 3.2154 12 112.1543 738.4808 Tm [(1. )-1262.2 (Basic Company Information)]TJ /T1_0 1 Tf 12 0 0 12 141.7323 706.4808 Tm (Company name: Anhui Province Liuwu Expressway Co., Ltd.)Tj 0.044 Tc 0.237 Tw 0 -1.333 Td [(C)19 (o)19 (m)19 (p)19 (a)19.1 (n)19 (y)19 ( )231 (d)19 (o)19 (m)19 (i)19 (c)19 (i)19 (l)19 (e)19.1 (:)19 ( )231 ( )531 (Lu\222an)12.9 ( North)12.9 ( Expre)0.5 (ssway)12.9 ( Mana)0.5 (gement)12.9 ( C)0.5 (enter,)12.8 ( N)0.5 (orth)19.1 ( )]TJ 0.025 Tc 0.23 Tw 8.667 -1.333 Td (20th Shop, Chengbei Township, Jin\222an District, Lu\222an )Tj 0.025 Tw 0 -1.333 Td (City, Anhui Province)Tj -8.667 -1.333 Td (Legal representative: Liu Jun)Tj 0 -1.333 Td (Registered capital: RMB5 million)Tj 0.044 Tc 0.237 Tw 0 -1.333 Td [(C)19 (o)19 (m)19 (p)19 (a)19.1 (n)19 (y)19 ( )231 (t)19 (y)19 (p)19 (e)19 (:)19 ( )231 ( )531 (l)0.6 (i)0.5 (m)0.6 (i)0.5 (t)0.5 (e)0.6 (d)13 ( l)0.5 (i)0.6 (a)0.5 (b)0.6 (i)0.5 (l)0.6 (i)0.5 (t)0.5 (y)13.1 ( c)0.6 (o)0.5 (m)0.6 (p)0.5 (a)0.6 (n)0.5 (y)13 ( \()0.5 (s)0.6 (o)0.5 (l)0.6 (e)0.5 (l)0.6 (y)13 ( o)0.5 (w)0.5 (n)0.6 (e)0.5 (d)13.1 ( b)0.6 (y)13 ( l)0.6 (e)0.6 (g)0.5 (a)0.6 (l)13 ( p)0.6 (e)0.5 (r)0.6 (s)0.5 (o)0.6 (n)19 ( )]TJ 0.025 Tc 0.025 Tw 6.789 -1.333 Td (invested or controlled by a non-natural person\))Tj -6.789 -1.333 Td (Date of establishment: 15 December 2022)Tj 0 -1.333 Td (Unified social credit code: 91341500MA8PU3NK68)Tj 0.189 Tw 0 -1.333 Td [(Scope )164 (of )164 (business: )164 ( )463.9 (licensing items: highway management and maintenance. )]TJ 0.087 Tc 0.237 Tw 8.244 -1.333 Td [(General)12.9 ( items:)12.9 ( engineering)12.8 ( management)12.8 ( services;)62 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (maintenance of transportation facilities.)Tj /T1_1 1 Tf 12 0 3.2154 12 112.1543 478.4808 Tm [(2. )-1262.2 (Historical Development)]TJ /T1_0 1 Tf 0.177 Tw 12 0 0 12 141.7323 446.4808 Tm (The Target Company was established in December 2022 with a registered )Tj 0.062 Tc 0.238 Tw 0 -1.333 Td [(capital)12.4 ( )0.5 (of)12.4 ( )0.5 (RMB)12.5 (5)12.4 ( )0.5 (million,)12.4 ( )0.5 (which)12.4 ( )0.5 (has)12.5 ( not)12.5 ( )0.5 (been)12.4 ( )0.5 (fully)12.5 ( paid)12.5 ( yet.)12.5 ( Anhui)37 ( )]TJ 0.025 Tc 0.169 Tw 0 -1.333 Td (Transportation Holding Group holds a 100% equity interests in the Target\ )Tj 0.04 Tc 0.237 Tw 0 -1.333 Td [(Company.)12.7 ( In)12.7 ( December)12.7 ( 2)12.7 (0)12.7 (2)12.7 (2)12.7 (,)12.7 ( the)12.7 ( Anhui)12.6 ( Transportation)12.7 ( Holding)12.7 ( Group)15 ( )]TJ 0.025 Tc 0.051 Tw 0 -1.333 Td (transferred its assets of the Lu\222an -Wuhan Expressway Anhui section p\ roject )Tj 0.21 Tw 0 -1.333 Td (\(including the highway toll rights, highway assets and liabilities invo\ lved )Tj 0.193 Tw 0 -1.333 Td [(in )0.5 (the project, )0.5 (but excluding )0.5 (service )0.5 (areas )0.5 (and gas )0.5 (stations\) )0.5 (to the )0.5 (Target )]TJ 0.025 Tw 0 -1.333 Td (Company for nil consideration.)Tj /T1_1 1 Tf 12 0 3.2154 12 112.1543 298.4808 Tm [(3. )-1262.2 (Principal Business Operations)]TJ /T1_0 1 Tf 0.12 Tw 12 0 0 12 141.7323 266.4808 Tm (The Target Company is managing the property of the Anhui Section of the \ )Tj 0.034 Tc 0.241 Tw 0 -1.333 Td [(Lu\222an-Wuhan)9 ( Expressway)9 ( \(\223)]TJ /T1_1 1 Tf [(Anhui)9 ( Section)]TJ /T1_0 1 Tf [(\224\),)9 ( and)8.9 ( is)9 ( mainly)9 ( responsible)9 ( )]TJ 0.025 Tc 0.111 Tw 0 -1.333 Td (for the daily operation and management of the Anhui Section of the Targe\ t )Tj -0.025 Tw 0 -1.333 Td (Company.)Tj ET endstream endobj 364 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 52 \226)Tj /T1_1 1 Tf -16.379 62.978 Td [(\(I\) )-932.2 (Client I \226 Anhui Transportation Holding Group)]TJ /T1_0 1 Tf 2.362 -2.667 Td (Company name: Anhui Transportation Holding Group Company Limited)Tj 0 -1.333 Td [(Company domicile: )300 (No.1666, Xizang Road, Baohe District, Hefei, Anhui Province)]TJ 0 -1.333 Td (Legal representative: Xiang Xiaolong)Tj 0 -1.333 Td (Registered capital: RMB16,000 million)Tj 0 -1.333 Td (Company type: limited liability company \(wholly state-owned\))Tj 0 -1.333 Td (Date of establishment: 27 April 1993)Tj 0 -1.333 Td (Unified social credit code: 91340000MA2MT9QA0T)Tj 0.216 Tw 0 -1.333 Td [(Scope )191 (of )191 (business: )191 ( )491 (General projects: business management; investment activities )]TJ 0.023 Tc 0.025 Tw 8.244 -1.333 Td [(with own funds; asset management services for investment with)-2 ( )]TJ 0.025 Tc 0.138 Tw 0 -1.333 Td (own funds; engineering management services; maintenance of )Tj 0.029 Tc 0.246 Tw 0 -1.333 Td [(transportation)4 ( facilities;)4 ( automobile)4.1 ( trailers,)4 ( rescue,)4 ( obstacle)4 ( )]TJ 0.025 Tc 0.131 Tw 0 -1.333 Td (clearance services; housing leasing; non-residential real estate )Tj 0.025 Tw 0 -1.333 Td (leasing. Licensed projects: road management and maintenance.)Tj /T1_1 1 Tf -10.606 -3 Td [(\(II\) )-518.2 (Client II \226 The Company)]TJ /T1_0 1 Tf 2.362 -2.667 Td (Company name: Anhui Expressway Company Limited)Tj 0 -1.333 Td (Company domicile: 520 Wangjiang West Road, Hefei City, Anhui Province)Tj 0 -1.333 Td (Legal representative: Xiang Xiaolong)Tj 0 -1.333 Td (Registered capital: RMB1,658.61 million)Tj 0.039 Tc 0.238 Tw 0 -1.333 Td [(C)14 (o)14 (m)14 (p)14 (a)14 (n)14 (y)14 ( )227 (t)14 (y)14 (p)14 (e)14.1 (:)14 ( )227 ( )527 (limited)12.1 ( liability)12.1 ( company)12 ( \(Taiwan,)12.1 ( Hong)12.1 ( Kong)12.1 ( or)12.1 ( Macau)12.1 ( and)14 ( )]TJ 0.025 Tc 0.025 Tw 6.789 -1.333 Td (domestic joint stock company and listed\))Tj -6.789 -1.333 Td (Date of establishment: 15 August 1996)Tj 0 -1.333 Td (Unified social credit code: 91340000148973087E)Tj 0.123 Tw 0 -1.333 Td [(Scope )98 (of )98 (business: )98 ( )398 (design, construction, supervision, toll collection, maintenance, )]TJ 0.043 Tc 0.238 Tw 8.244 -1.333 Td [(emergency)12.1 ( repairing,)12.1 ( management)12.2 ( of)12.1 ( road)12.1 ( assets)12.1 ( and)12.1 ( road)18 ( )]TJ 0.027 Tc 0.248 Tw 0 -1.333 Td [(right)2 ( of)2 ( high)2 ( grade)2 ( highways;)2 ( storage;)2 ( consultation)2 ( services)2 ( )]TJ 0.038 Tc 0.238 Tw 0 -1.333 Td [(of)12.3 ( expressway)12.3 ( construction)12.3 ( and)12.3 ( operation,)12.3 ( housing)12.3 ( leasing,)13 ( )]TJ 0.025 Tc 0.229 Tw 0 -1.333 Td (development, production and sales of automobiles and spare )Tj 0.025 Tw 0 -1.333 Td (parts as well as high-tech products.)Tj ET endstream endobj 363 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 51 \226)Tj -5.682 62.978 Td (VALUATION OF THE ENTIRE)Tj -3.042 -1.333 Td (SHAREHOLDERS\222 EQUITY INTERESTS OF)Tj -4.128 -1.333 Td (THE TARGET COMPANY IN RELATION TO THE PROPOSED)Tj 4.34 -1.333 Td (ACQUISITION OF EQUITY INTERESTS IN)Tj -5.12 -1.333 Td (THE TARGET COMPANY BY ANHUI EXPRESSWAY COMPANY)Tj 3.447 -1.333 Td (LIMITED IN CONSIDERATION OF ISSUANCE OF)Tj 0.437 -1.333 Td (CONSIDERATION SHARES AND PAYMENT OF)Tj 5.347 -1.333 Td (CASH CONSIDERATION)Tj /T1_1 1 Tf 16 0 0 16 181.4713 621.4808 Tm (ASSET VALUATION REPORT)Tj /T1_0 1 Tf 12 0 0 12 191.0423 585.4808 Tm (Zhong Lian Ping Bao Zi [2023] No. 1418)Tj /T1_1 1 Tf -11.196 -4 Td (Anhui Transportation Holding Group Company Limited,)Tj 0 -2.667 Td (Anhui Expressway Company Limited,)Tj /T1_0 1 Tf 0.207 Tw 0 -2.667 Td (China United Assets Appraisal Group Co., Ltd. accepted the engagement of\ both parties, )Tj 0.186 Tw 0 -1.333 Td (adhered to the principles of independence, objectivity and impartiality \ in accordance with )Tj 0.119 Tw 0 -1.333 Td (the laws, administrative regulations and Asset Valuation Standards, adop\ ted the asset-based )Tj 0.032 Tc 0.243 Tw 0 -1.333 Td [(a)0.5 (p)0.5 (pr)0.5 (o)0.5 (a)0.5 (c)0.5 (h)7 ( a)0.5 (nd)7 ( t)0.5 (h)0.5 (e)7 ( i)0.5 (nc)0.5 (o)0.5 (m)0.5 (e)7 ( a)0.5 (pp)0.5 (r)0.5 (o)0.5 (a)0.5 (ch)0.5 (,)7 ( a)0.5 (n)0.5 (d)7 ( f)0.5 (ol)0.5 (l)0.5 (o)0.5 (w)0.5 (ed)7 ( t)0.5 (h)0.5 (e)7 ( n)0.5 (e)0.5 (ce)0.5 (s)0.5 (s)0.5 (a)0.5 (r)0.5 (y)7 ( va)0.5 (l)0.5 (u)0.5 (a)0.5 (ti)0.5 (o)0.5 (n)7 ( p)0.5 (ro)0.5 (c)0.5 (e)0.5 (d)0.5 (ur)0.5 (e)0.5 (s)7 ( t)0.5 (o)7 ( )]TJ 0.025 Tc 0.075 Tw 0 -1.333 Td (assess the market value of the entire shareholders\222 equity interests \ of Anhui Province Liuwu )Tj 0.024 Tc 0.025 Tw 0 -1.333 Td [(E)0.5 (xpr)0.5 (es)0.5 (sw)0.5 (ay )0.5 (Co)0.5 (., L)0.5 (td)0.5 (. a)0.5 (s )0.5 (at )0.5 (th)0.5 (e V)0.5 (al)0.5 (ua)0.5 (tio)0.5 (n B)0.5 (en)0.5 (ch)0.5 (ma)0.5 (rk )0.5 (Da)0.5 (te )0.5 (\(i)0.5 (.e.)0.5 ( 3)0.5 (1 D)0.5 (ec)0.5 (emb)0.5 (er)0.5 ( 20)0.5 (22)0.5 (\) i)0.5 (n r)0.5 (el)0.5 (at)0.5 (ion)-1 ( )]TJ 0.025 Tc 0.047 Tw 0 -1.333 Td [(to )0.5 (the Proposed )0.5 (Acquisition of )0.5 (100% equity )0.5 (interests in )0.5 (the )0.5 (Target Company )0.5 (in )0.5 (consideration )]TJ 0.101 Tw 0 -1.333 Td (of issuance of Consideration Shares and Cash Consideration. The Asset Va\ luation Report is )Tj 0.025 Tw 0 -1.333 Td (presented as follows:)Tj /T1_1 1 Tf 0.039 Tc 0.238 Tw 14 0 0 14 56.6929 309.4808 Tm [(I)14 (.)14 ( )-808.7 (CLIENT,)12.4 ( )0.5 (APPRAISED)12.5 ( )0.5 (ENTITY)12.5 ( )0.5 (AND)12.5 ( )0.5 (OTHER)12.5 ( )0.5 (USERS)12.5 ( )0.5 (OF)12.5 ( )0.5 (ASSET)14 ( )]TJ 0.055 Tc 2.025 -1.429 Td [(VALUATION)12.2 ( REPORT)12.2 ( AGREED)12.2 ( IN)12.2 ( THE)12.2 ( ASSET)12.2 ( VALUATION)30.1 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.429 Td (ENGAGEMENT CONTRACT)Tj /T1_0 1 Tf 0.166 Tw 12 0 0 12 85.0394 237.4808 Tm (The clients of the asset valuation are Anhui Transportation Holding Grou\ p Company )Tj 0.132 Tw 0 -1.333 Td (Limited \(\223)Tj /T1_1 1 Tf (Anhui Transportation Holding Group)Tj /T1_0 1 Tf (\224\) and Anhui Expressway Company )Tj 0.026 Tw 0 -1.333 Td (Limited \(the \223)Tj /T1_1 1 Tf -0.025 Tw (Company)Tj /T1_0 1 Tf 0.026 Tw (\224\) \(each a \223)Tj /T1_1 1 Tf -0.025 Tw (Client)Tj /T1_0 1 Tf 0.026 Tw (\224, collectively the \223)Tj /T1_1 1 Tf -0.025 Tw (Clients)Tj /T1_0 1 Tf 0.026 Tw (\224\) while the Target )Tj 0.025 Tw 0 -1.333 Td (Company is Anhui Province Liuwu Expressway Co., Ltd. \(the \223)Tj /T1_1 1 Tf (Target Company)Tj /T1_0 1 Tf -0.025 Tw (\224\).)Tj ET endstream endobj 25 0 obj <> endobj 26 0 obj <> endobj 27 0 obj <> endobj 28 0 obj <> endobj 29 0 obj <> endobj 388 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 389 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 390 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 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the )Tj 0.239 Tw 0 -1.333 Td (Target Company by CHELBI Engineering Consultants, Inc., the PRC Traffic \ Consultant, )Tj 0.065 Tw 0 -1.333 Td (and the future operation plans of the Target Company and the management \ of the enterprise, )Tj 0.03 Tc 0.245 Tw 0 -1.333 Td [(the)5 ( market)5 ( value)5.1 ( of)5.1 ( the)5 ( entire)5 ( shareholders\222)5 ( equity)5 ( interests)5 ( of)5 ( the)5 ( Target)5 ( Company)5 ( )5 (o)5.3 (n)10 ( )]TJ 0.02 Tc 0.185 Tw 0 -1.333 Td [(the Valuation Benchmark Date of 31 December 2022 amounts t)-5 (o)-5 ( )-4.7 (R)-4.9 (M)-5 (B)-5 (3)-5 (,)-5 (6)-5 (6)-5 (1)-5 (.)-5 (0)-5 (0)-5 (3)-5 (9)-5 ( )-4.7 (m)-5 (i)-5 (l)-5 (l)-5 (i)-5 (o)-5 (n)-5 (,)-5 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (representing an increase of RMB923.4952 million with an appreciation rat\ e of 33.73%.)Tj 0 -2.667 Td (The valuation conclusion has been drawn based on the income approach.)Tj 0.18 Tw 0 -2.667 Td (When using the valuation conclusion, the users of this report are hereby\ reminded to pay )Tj 0.025 Tw 0 -1.333 Td (attention to the special notes and material subsequent events set out he\ rein.)Tj 0.028 Tc 0.247 Tw 0 -2.667 Td [(A)0.6 (c)0.5 (c)0.5 (o)0.6 (r)0.5 (d)0.6 (i)0.5 (n)0.5 (g)3 ( t)0.5 (o)3 ( t)0.6 (h)0.5 (e)3 ( l)0.5 (a)0.6 (w)0.5 (s)3 ( a)0.6 (n)0.5 (d)3 ( r)0.6 (e)0.5 (g)0.5 (u)0.6 (l)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.6 (n)0.5 (s)3 ( r)0.5 (e)0.6 (l)0.5 (a)0.5 (t)0.6 (e)0.5 (d)3 ( t)0.6 (o)3 ( a)0.5 (s)0.5 (s)0.6 (e)0.5 (t)3 ( v)0.6 (a)0.5 (l)0.5 (u)0.6 (a)0.5 (t)0.5 (i)0.6 (o)0.5 (n)0.6 (,)3 ( a)0.6 (s)0.5 (s)0.6 (e)0.5 (t)3 ( v)0.5 (a)0.6 (l)0.5 (u)0.6 (a)0.5 (t)0.5 (i)0.6 (o)0.5 (n)3 ( r)0.5 (e)0.6 (p)0.5 (o)0.6 (r)0.5 (t)0.5 (s)3 ( )]TJ 0.025 Tc 0.153 Tw 0 -1.333 Td (involving valuation of business for legal compliance purposes shall only\ be used upon the )Tj 0.072 Tw 0 -1.333 Td (client has performed the supervisory and administrative procedures regar\ ding asset valuation )Tj 0.041 Tc 0.237 Tw 0 -1.333 Td [(as)12.6 ( required)12.6 ( by)12.6 ( law)12.6 ( and)12.6 ( regulations.)12.5 ( The)12.6 ( valuation)12.6 ( conclusions)12.6 ( shall)12.6 ( be)12.6 ( effective)12.6 ( from)16 ( )]TJ 0.025 Tc 0.094 Tw 0 -1.333 Td [(Valuation Benchmark Date, )0.5 (i.e. )0.5 (31 )0.5 (December )0.5 (2022, to )0.5 (30 December 2023 )0.5 (for a )0.5 (term )0.5 (of one )]TJ -0.025 Tw 0 -1.333 Td (year.)Tj /T1_1 1 Tf 0.187 Tw 0 -2.667 Td (The above content is extracted from the full text of the Asset Valuation\ Report. For )Tj 0.175 Tw 0 -1.333 Td [(details )0.5 (of )0.5 (the )0.5 (valuation and )0.5 (correct )0.5 (understanding )0.5 (of )0.5 (the )0.5 (valuation )0.5 (conclusion, )0.5 (please )]TJ 0.025 Tw 0 -1.333 Td (read the full text of the Asset Valuation Report.)Tj ET endstream endobj 396 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 49 \226)Tj /T1_1 1 Tf -6.073 62.978 Td (VALUATION OF THE ENTIRE)Tj -3.209 -1.333 Td (SHAREHOLDERS\222 EQUITY INTERESTS OF)Tj -4.406 -1.333 Td (THE TARGET COMPANY IN RELATION TO THE PROPOSED)Tj 4.618 -1.333 Td (ACQUISITION OF EQUITY INTERESTS IN)Tj -5.201 -1.333 Td (THE TARGET COMPANY BY ANHUI EXPRESSWAY COMPANY)Tj 3.474 -1.333 Td (LIMITED IN CONSIDERATION OF ISSUANCE OF)Tj 0.577 -1.333 Td (CONSIDERATION SHARES AND PAYMENT OF)Tj 5.541 -1.333 Td (CASH CONSIDERATION)Tj 16 0 0 16 181.4713 621.4808 Tm (ASSET VALUATION REPORT)Tj /T1_0 1 Tf 12 0 0 12 191.0423 589.4808 Tm (Zhong Lian Ping Bao Zi [2023] No. 1418)Tj /T1_1 1 Tf -0.025 Tw 6.142 -2.667 Td (SUMMARY)Tj /T1_0 1 Tf 0.059 Tc 0.238 Tw -17.338 -2.667 Td [(China)12 ( United)12 ( Assets)12.1 ( Appraisal)12.1 ( Group)12.1 ( Co.,)12.1 ( Ltd.)12.1 ( accepted)12.1 ( the)12.1 ( engagement)12.1 ( of)12.1 ( Anhui)34 ( )]TJ 0.024 Tc 0.025 Tw 0 -1.333 Td [(Transportation Holding Group Company Limited and Anhui Expressway Compan\ y Limited to)-1 ( )]TJ 0.025 Tc 0.075 Tw 0 -1.333 Td (assess the market value of the entire shareholders\222 equity interests \ of Anhui Province Liuwu )Tj 0.024 Tc 0.025 Tw 0 -1.333 Td [(Ex)0.5 (pr)0.5 (es)0.5 (sw)0.5 (ay )0.5 (Co.)0.5 (, L)0.5 (td)0.5 (. a)0.5 (s )0.5 (at )0.5 (th)0.5 (e V)0.5 (al)0.5 (ua)0.5 (tio)0.5 (n B)0.5 (en)0.5 (chm)0.5 (ar)0.5 (k )0.5 (Dat)0.5 (e )0.5 (\(i)0.5 (.e.)0.5 ( 31)0.5 ( De)0.5 (c)0.5 (emb)0.5 (er)0.5 ( 20)0.5 (22)0.5 (\) i)0.5 (n r)0.5 (el)0.5 (at)0.5 (ion)-1 ( )]TJ 0.025 Tc 0.047 Tw 0 -1.333 Td [(to )0.5 (the )0.5 (Proposed )0.5 (Acquisition )0.5 (of )0.5 (100% equity )0.5 (interests in )0.5 (the )0.5 (Target Company )0.5 (in )0.5 (consideration )]TJ 0.025 Tw 0 -1.333 Td (of the issuance of Consideration Shares and the payment of Cash Consider\ ation.)Tj 0.026 Tw 0 -2.667 Td (The Target Assets is the value of entire shareholders\222 equity interes\ ts of the Target Company, )Tj 0.245 Tw 0 -1.333 Td [(and)5 ( the)5 ( scope)5 ( of)5 ( valuation)5 ( covers)5 ( audited)5 ( assets)5 ( and)4.9 ( liabilities)5 ( corresponding)5 ( to)5 ( the)5 ( pro)5 ( )]TJ 0.213 Tw 0 -1.333 Td [(f)5 (o)5 (r)5 (m)5 (a)5 ( )5.4 (s)5 (t)5 (a)5 (t)5 (e)5 (m)5 (e)5 (n)5 (t)5 (s)5 ( )5.3 (o)5 (f)5 ( )5.4 (t)5 (h)5 (e)5 ( )5.3 (T)5 (a)5.1 (r)5 (g)5 (e)5 (t)5 ( )5.3 (Company, including current assets, non-current assets and )]TJ 0.025 Tw 0 -1.333 Td (corresponding liabilities.)Tj 0 -2.667 Td (The Valuation Benchmark Date is 31 December 2022.)Tj 0 -2.667 Td (The type of value under the valuation is market value.)Tj 0.039 Tc 0.238 Tw 0 -2.667 Td [(The)12.2 ( valuation)12.3 ( is)12.2 ( conducted)12.2 ( on)12.2 ( the)12.2 ( premise)12.2 ( of)12.3 ( continued)12.2 ( use)12.2 ( and)12.2 ( open)12.2 ( market.)12.2 ( Taking)14 ( )]TJ 0.027 Tc 0.248 Tw 0 -1.333 Td [(into)2 ( account)2 ( the)2 ( applicable)2 ( premise)2 ( of)2 ( the)2 ( valuation)2 ( approaches)2.1 ( and)2 ( the)2 ( need)2 ( to)2 ( satisfy)2 ( )]TJ 0.025 Tc 0.207 Tw 0 -1.333 Td [(the )0.5 (valuation )0.5 (purpose, taking )0.5 (into )0.5 (account the )0.5 (actual )0.5 (conditions )0.5 (of )0.5 (the Target )0.5 (Assets )0.5 (and )]TJ 0.059 Tw 0 -1.333 Td [(comprehensively considering )0.5 (various influencing factors, )0.5 (we )0.5 (conducted an )0.5 (overall evaluation )]TJ 0.025 Tw 0 -1.333 Td (of Target Assets using the asset-based approach and the income approach.\ )Tj ET endstream endobj 395 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 48 \226)Tj 0.237 Tw -18.741 62.978 Td [(IV. )-470.2 (The asset valuation agency and asset valuers do not have any existing or\ potential )]TJ 0.172 Tw 2.362 -1.333 Td (interests in the Target Assets involved in the Asset Valuation Report, n\ ot interested, )Tj 0.223 Tw 0 -1.333 Td (either presently or expectedly, in relevant concerned parties, and not b\ iased against )Tj 0.025 Tw 0 -1.333 Td (relevant concerned parties.)Tj 0.2 Tw -2.362 -2.667 Td [(V. )-865.2 (The )0.5 (asset )0.5 (valuation )0.5 (valuers )0.5 (have )0.6 (carried )0.5 (out )0.5 (on-site )0.5 (inspection )0.5 (on )0.5 (the )0.5 (Target )0.5 (Assets )]TJ 0.075 Tw 2.362 -1.333 Td (and its assets involved in the Asset Valuation Report, attended to the l\ egal titles of the )Tj 0.14 Tw 0 -1.333 Td (Target Assets and its assets involved as necessary, verified the informa\ tion related to )Tj 0.073 Tw 0 -1.333 Td (the legal titles of the Target Assets and its assets involved, and truth\ fully disclosed the )Tj 0.085 Tw 0 -1.333 Td (issues identified in the process, and requested the client and other par\ ties concerned to )Tj 0.129 Tw 0 -1.333 Td (perfect their ownership so as to meet the requirements for issuing an As\ set Valuation )Tj -0.025 Tw 0 -1.333 Td (Report.)Tj 0.024 Tc 0.025 Tw -2.362 -2.667 Td [(V)-1 (I)-1 (.)-1 ( )-683.2 (The analysis, judgment and conclusion in the Asset Valuation Report issu\ ed by the asset)-1 ( )]TJ 0.025 Tc 0.199 Tw 2.362 -1.333 Td (valuation agency are subject to the assumptions and limitations set out \ in the Asset )Tj 0.063 Tw 0 -1.333 Td (Valuation Report. The users of the Asset Valuation Report shall give due\ consideration )Tj 0.158 Tw 0 -1.333 Td (to the assumptions, limitations, explanation on special issues and their\ impact on the )Tj 0.025 Tw 0 -1.333 Td (valuation conclusions set out herein.)Tj 0.047 Tc 0.238 Tw -2.362 -2.667 Td [(V)22 (I)22 (I)22 (.)22 ( )-89.2 (The)12.3 ( asset)12.3 ( valuation)12.3 ( agency)12.3 ( and)12.2 ( asset)12.3 ( valuation)12.2 ( valuers)12.2 ( shall)12.3 ( abide)12.3 ( by)12.3 ( the)12.3 ( laws,)22 ( )]TJ 0.024 Tc 0.025 Tw 2.362 -1.333 Td [(administrative regulations and the Asset Valuation Standards, adhere to \ the principles of)-1 ( )]TJ 0.023 Tc 0 -1.333 Td [(independence, objectivity and impartiality, and bear the liability for t\ his Asset Valuation)-2 ( )]TJ 0.025 Tc 0 -1.333 Td (Report in accordance with the laws and regulations.)Tj ET endstream endobj 394 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 47 \226)Tj /T1_1 1 Tf -0.025 Tw -1.902 62.978 Td (STATEMENT)Tj /T1_0 1 Tf 0.194 Tw -16.839 -2.667 Td [(I. )-1260.2 (This Asset Valuation Report is prepared in accordance with the Basic Sta\ ndards for )]TJ 0.07 Tw 2.362 -1.333 Td (Asset Valuation \()Tj /C0_0 1 Tf -0.025 Tw 7.595 0 Td <0F1F0B2A0D59041F0A3F03490E5F06C6>Tj /T1_0 1 Tf 0.07 Tw 8.23 0 Td (\)issued by the Ministry of Finance of the PRC and )Tj 0.031 Tw -15.825 -1.333 Td (the Practicing Standards for Asset Valuation and the Code of Ethics for \ Asset Valuation )Tj 0 Tc 0 Tw 0 -1.333 Td (\()Tj /C0_0 1 Tf 0.025 Tc -0.025 Tw 0.388 0 Td <0F1F0B2A0D59041F0A420E380E5F06C6057115160E380F3811430E5F06C6>Tj /T1_0 1 Tf 0.06 Tw 15.405 0 Td (\)issued by the China Appraisal Society \(the \223)Tj /T1_1 1 Tf -0.025 Tw (Asset )Tj 0.025 Tw -15.793 -1.333 Td (Valuation Standards)Tj /T1_0 1 Tf -0.025 Tw (\224\).)Tj 0.137 Tw -2.362 -2.667 Td [(II. )-959.2 (The client or other users of the Asset Valuation Report shall use the As\ set Valuation )]TJ 0.046 Tc 0.238 Tw 2.362 -1.333 Td [(Report)12.3 ( in)12.2 ( accordance)12.3 ( with)12.2 ( the)12.3 ( provisions)12.3 ( of)12.3 ( laws)12.3 ( and)12.3 ( administrative)12.3 ( regulations)21 ( )]TJ 0.025 Tc 0.197 Tw 0 -1.333 Td (as well as the scope of use indicated herein. Where the client or other \ users of the )Tj 0.174 Tw 0 -1.333 Td [(Asset Valuation )0.5 (Report use the )0.5 (Asset Valuation )0.5 (Report in violation of the )0.5 (preceding )]TJ 0.025 Tw 0 -1.333 Td (provisions, the asset valuation agency and asset valuers shall bear no l\ iability thereof.)Tj 0.171 Tw 0 -2.667 Td [(This )0.5 (Asset )0.5 (Valuation )0.5 (Report shall be )0.5 (used )0.5 (only )0.5 (by )0.5 (the )0.5 (client, )0.5 (any )0.5 (other )0.5 (users )0.5 (of )0.5 (the )]TJ 0.141 Tw 0 -1.333 Td (Asset Valuation Report as agreed in the asset valuation engagement and a\ ny users of )Tj 0.109 Tw 0 -1.333 Td (the Asset Valuation Report as prescribed by laws and administrative regu\ lations. Save )Tj 0.053 Tw 0 -1.333 Td (for the above, any other agencies or individuals shall not become the us\ ers of the Asset )Tj 0.025 Tw 0 -1.333 Td (Valuation Report.)Tj 0.139 Tw 0 -2.667 Td (The asset valuation agency and asset valuers remind the users of the Ass\ et Valuation )Tj 0.102 Tw 0 -1.333 Td (Report to correctly understand and use the valuation conclusion, which d\ oes not equal )Tj 0.027 Tc 0.248 Tw 0 -1.333 Td [(to)2 ( the)2 ( realizable)2 ( price)2 ( of)2.1 ( the)2 ( Target)2 ( Assets.)2 ( The)2.1 ( valuation)2 ( conclusion)2 ( shall)2 ( not)2 ( be)2 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (considered as a guarantee for the realizable price of the Target Assets.\ )Tj 0.123 Tw -2.362 -2.667 Td [(III. )-615.2 (The valuation conclusion is premised upon the authenticity, legality and\ completeness )]TJ 0.032 Tc 0.243 Tw 2.362 -1.333 Td [(o)0.5 (f)7 ( th)0.5 (e)7 ( in)0.5 (f)0.5 (or)0.5 (m)0.5 (at)0.5 (io)0.5 (n)7 ( p)0.5 (ro)0.5 (v)0.5 (id)0.5 (ed)7 ( b)0.5 (y)7 ( th)0.5 (e)7 ( c)0.5 (li)0.5 (e)0.5 (nt)7 ( a)0.5 (n)0.5 (d)7 ( ot)0.5 (he)0.5 (r)7 ( p)0.5 (ar)0.5 (t)0.5 (ie)0.5 (s)7 ( c)0.5 (on)0.5 (c)0.5 (er)0.5 (n)0.5 (e)0.5 (d.)7 ( T)0.5 (he)7 ( l)0.5 (i)0.5 (st)7 ( o)0.5 (f)7 ( )]TJ 0.025 Tc 0.089 Tw 0 -1.333 Td (assets and liabilities included in the scope of valuation, as well as th\ e forward-looking )Tj 0.045 Tc 0.237 Tw 0 -1.333 Td [(finan)0.5 (cial)12.9 ( i)0.5 (nformati)0.5 (on,)12.9 ( owne)0.5 (rship)12.9 ( c)0.5 (ertif)0.5 (icates)13 ( and)12.9 ( othe)0.5 (r)12.9 ( mate)0.5 (rials)13 ( require)0.5 (d)12.9 ( for)12.9 ( t)0.5 (he)20 ( )]TJ 0.025 Tc 0.088 Tw 0 -1.333 Td (valuation, have been provided by and confirmed with seals or other ways \ by the client )Tj 0.025 Tw 0 -1.333 Td (and the Target Company.)Tj ET endstream endobj 393 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 46 \226)Tj /T1_1 1 Tf 14 0 0 14 255.2535 772.6948 Tm (APPENDIX I)Tj -9.441 -1.429 Td (FULL TEXT OF THE ASSET VALUATION REPORT)Tj /T1_0 1 Tf 0.03 Tc 0.245 Tw 12 0 3.2154 12 55.4614 720.6948 Tm [(The)5 ( Asset)4.9 ( Valuation)5 ( Report)4.9 ( is)5 ( originally)5 ( prepared)5 ( by)5 ( China)5 ( United)5 ( in)5 ( Chinese)5 ( and)5 ( the)5.1 ( )]TJ 0.025 Tc 0.173 Tw 0.357 -1.333 Td (English translation is prepared for reference only. In the event of any \ inconsistencies, the )Tj 0.025 Tw 0.357 -1.333 Td (Chinese version of the Asset Valuation Report shall prevail.)Tj 12 0 0 12 119.1221 656.6948 Tm (This Asset Valuation Report is prepared in accordance with the Asset)Tj 8.047 -1.333 Td (Valuation Standards of the PRC)Tj /T1_1 1 Tf 13 0 0 13 201.3025 588.6948 Tm (VALUATION OF THE ENTIRE)Tj -3.209 -1.538 Td (SHAREHOLDERS\222 EQUITY INTERESTS OF)Tj -4.406 -1.538 Td (THE TARGET COMPANY IN RELATION TO THE PROPOSED)Tj 4.618 -1.538 Td (ACQUISITION OF EQUITY INTERESTS IN)Tj -5.201 -1.538 Td (THE TARGET COMPANY BY ANHUI EXPRESSWAY COMPANY)Tj 3.474 -1.538 Td (LIMITED IN CONSIDERATION OF ISSUANCE OF)Tj 4.211 -1.538 Td (CONSIDERATION SHARES AND)Tj -1.727 -1.538 Td (PAYMENT OF CASH CONSIDERATION)Tj 16 0 0 16 181.4713 387.6948 Tm (ASSET VALUATION REPORT)Tj /T1_0 1 Tf 13 0 0 13 182.1594 342.6948 Tm (Zhong Lian Ping Bao Zi [2023] No. 1418)Tj /T1_1 1 Tf -1.868 -15.077 Td (China United Assets Appraisal Group Co., Ltd.)Tj 7.81 -3.077 Td (20 June 2023)Tj ET endstream endobj 383 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 384 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 385 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 386 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 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3.2154 12 55.4614 612.2449 Tm (As at the date of this announcement, the Board of the Company comprises \ Xiang Xiaolong )Tj 0.203 Tw 0.357 -1.333 Td (\(chairman\), Yang Xiaoguang, Tao Wensheng and Chen Jiping as the execut\ ive Directors; )Tj 0.071 Tw 0.357 -1.333 Td [(Yang )0.5 (Xudong )0.5 (and )0.5 (Du )0.5 (Jian )0.5 (as )0.5 (the )0.5 (non-executive )0.5 (Directors; )0.5 (and )0.5 (Liu )0.5 (Hao, )0.5 (Zhang )0.5 (Jianping )0.5 (and )]TJ 0.025 Tw 0.357 -1.333 Td (Fang Fang as the independent non-executive Directors.)Tj 0.049 Tc 0.237 Tw 0.715 -2.667 Td [(The)12.9 ( Directors)12.9 ( jointly)12.9 ( and)12.9 ( severally)12.9 ( acc)0.5 (ept)12.9 ( full)12.9 ( responsibility)12.9 ( for)12.9 ( the)12.9 ( accuracy)12.9 ( of)12.9 ( the)24 ( )]TJ 0.05 Tc 0.357 -1.333 Td [(information)12.9 ( contained)12.9 ( in)12.9 ( this)12.9 ( announc)0.5 (ement)12.9 ( and)12.9 ( confirm)12.9 ( having)12.9 ( made)13 ( a)0.5 (ll)12.9 ( re)0.5 (aso)0.5 (na)0.5 (ble)25.1 ( )]TJ 0.025 Tc 0.075 Tw 0.357 -1.333 Td (enquiries, that to the best of their knowledge, opinions expressed in th\ is announcement have )Tj 0.066 Tw 0.357 -1.333 Td (been arrived at after due and careful consideration and there are no oth\ er facts not contained )Tj 0.044 Tw 0.357 -1.333 Td (in this announcement the omission of which would make any statement in t\ his announcement )Tj -0.025 Tw 0.357 -1.333 Td (misleading.)Tj 11 0 0 11 56.6929 422.2449 Tm (* )Tj 0.025 Tw 11 0 2.9474 11 72.614 422.2449 Tm (For identification purpose only.)Tj ET endstream endobj 401 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 44 \226)Tj -16.379 62.664 Td (\223Takeovers Code )Tj 0 Tc 0 Tw ( )Tj 0.025 Tc 0.025 Tw 1.087 -1.333 Td (Independent Shareholders\224)Tj 0.062 Tc 0.238 Tw 13.087 1.333 Td [(Shareholders)12.4 ( other)12.4 ( than)12.4 ( )0.5 (\(i\))12.4 ( Anhui)12.5 ( Transportation)37 ( )]TJ 0.051 Tc 0 -1.333 Td [(Holding)12.2 ( Group)12.2 ( and)12.2 ( parties)12.2 ( acting)12.2 ( in)12.2 ( concert)12.2 ( with)25.9 ( )]TJ 0.064 Tc 0.237 Tw 0 -1.333 Td [(it)12.8 ( \(including)12.7 ( China)12.8 ( Merchants)12.8 ( Highway)12.7 ( Network)39 ( )]TJ 0.077 Tc 0 -1.333 Td [(Technology)12.8 ( Holding)12.8 ( Company)12.8 ( Limited,)12.9 ( being)12.8 ( a)52.1 ( )]TJ 0.035 Tc 0.24 Tw 0 -1.333 Td [(party)10.1 ( presumed)10 ( to)10 ( be)10 ( acting)10 ( in)10 ( concert)10 ( with)10 ( Anhui)10 ( )]TJ 0.025 Tc 0.074 Tw 0 -1.333 Td (Transportation Holding Group\); and \(ii\) those who are )Tj 0.13 Tw 0 -1.333 Td (interested in or involved in the Proposed Acquisition, )Tj 0.035 Tc 0.24 Tw 0 -1.333 Td [(the)10 ( Proposed)10 ( Acquisition)10 ( Specific)10 ( Mandate)10 ( and)10 ( the)10 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (Whitewash Waiver)Tj -14.173 -2.667 Td (\223Target Assets\224)Tj 14.173 0 Td (100% of the equity interests in the Target Company)Tj -14.173 -2.667 Td (\223Target Company\224)Tj 0.222 Tw 14.173 0 Td (Anhui Province Liuwu Expressway Co., Ltd.* \()Tj /C0_0 1 Tf -0.025 Tw 21.597 0 Td <03C413CF>Tj 0.051 Tc -0.051 Tw -21.597 -1.333 Td <07B202AC061B09F70BBA02AE0F2903DE082202AE0321>Tj /T1_0 1 Tf 0.064 Tc 0.237 Tw 11.594 0 Td [(\),)12.7 ( a)12.8 ( company)12.7 ( established)39 ( )]TJ 0.025 Tc 0.134 Tw -11.594 -1.333 Td [(in )0.5 (the )0.5 (PRC )0.5 (with limited )0.5 (liability and )0.5 (a )0.5 (wholly-owned )]TJ 0.146 Tw 0 -1.333 Td (subsidiary of Anhui Transportation Holding Group as )Tj 0.025 Tw 0 -1.333 Td (at the date of this announcement)Tj -14.173 -2.667 Td (\223Target Company Profit )Tj -0.025 Tw 1.087 -1.333 Td (Forecasts\224)Tj 0.196 Tw 13.087 1.333 Td (has the meaning ascribed to it in the section headed )Tj 0.026 Tc 0.249 Tw 0 -1.333 Td [(\223I.)1 ( MAJOR)1 ( AND)1 ( CONNECTED)1 ( TRANSACTION)1 ( \226)1 ( )]TJ 0.024 Tc 0.025 Tw 0 -1.333 Td [(PROPOSED ACQUISITION \226 Profit Forecasts\224 of this)-1 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.333 Td (announcement)Tj 0.025 Tw -14.173 -2.667 Td (\223Total Consideration\224)Tj 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Company)63 ( )]TJ 0.064 Tc 0 -1.25 Td [(Limited*)12.2 ( \()]TJ /C0_0 1 Tf 0.052 Tc -0.052 Tw 5.135 0 Td <03C413CF07B203740BB70A9B06700DAB0FA003DE082202AE0321>Tj /T1_0 1 Tf 0.064 Tc 0.238 Tw 13.702 0 Td [(\),)12.3 ( a)12.3 ( state-)]TJ 0.058 Tc -18.837 -1.25 Td [(owned)12 ( enterprise)12 ( established)12.1 ( in)12.1 ( the)12 ( PRC)12.1 ( and)12 ( the)33 ( )]TJ 0.071 Tc 0 -1.25 Td [(controlling)12.6 ( )0.5 (shareholder)12.5 ( )0.6 (of)12.5 ( )0.6 (the)12.6 ( )0.6 (Company)12.6 ( )0.5 (holding)46 ( )]TJ 0.025 Tc 0.182 Tw 0 -1.25 Td (approximately 31.63% of the Company\222s total issued )Tj 0.025 Tw 0 -1.25 Td (share capital as at the date of this announcement)Tj -14.173 -2.5 Td [(\223)80 (Administrative Measures for )]TJ 1.087 -1.25 Td (Material Asset Restructuring\224)Tj 0.076 Tc 0.237 Tw 13.087 1.25 Td [(Administrative)12.6 ( Measures)12.6 ( for)12.6 ( the)12.5 ( Material)12.6 ( Asset)51 ( )]TJ 0.025 Tc 0.239 Tw 0 -1.25 Td (Restructuring of Listed Companies \()Tj /C0_0 1 Tf -0.025 Tw 16.472 0 Td <026A033902AE03210820027D0F1F>Tj -16.472 -1.25 Td <0B2A08200B5C104D0B23136C062C>Tj /T1_0 1 Tf 0.025 Tw 7.205 0 Td (\)promulgated by the CSRC)Tj -0.025 Tw -21.378 -2.5 Td [(\223)80 (Announcement\224)]TJ 0.023 Tc 0.025 Tw 14.173 0 Td [(the announcement of the Company dated 17 April 2023)-2 ( )]TJ 0.029 Tc 0.246 Tw 0 -1.25 Td [(in)4 ( rela)0.5 (tion)4 ( to,)4 ( among)4 ( other)4.1 ( things,)4 ( \(i\))4 ( the)4.1 ( Proposed)4 ( )]TJ 0.025 Tc 0.147 Tw 0 -1.25 Td (Acquisition; \(ii\) the Proposed Non-public Issuance of )Tj 0.025 Tw 0 -1.25 Td (A Shares; and \(iii\) the Whitewash Waiver)Tj -14.173 -2.5 Td [(\223)80 (Articles of Association\224)]TJ 0.024 Tc 14.173 0 Td [(the articles of association of the Company from time to)-1 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.25 Td (time)Tj 0.025 Tw -14.173 -2.5 Td [(\223)80 (Asset Valuation Report\224)]TJ 0.06 Tc 0.238 Tw 14.173 0 Td [(the)12.6 ( )0.5 (asset)12.5 ( )0.5 (valuation)12.6 ( )0.5 (report)12.5 ( )0.5 (dated)12.5 ( )0.5 (2)12.6 (0)12.5 ( )0.5 (June)12.6 ( )0.5 (2)12.5 (0)12.5 (2)12.5 (3)12.6 ( )0.5 (in)35 ( )]TJ 0.025 Tc 0.172 Tw 0 -1.25 Td (respect of the Target Assets issued by China United, )Tj 0.081 Tw 0 -1.25 Td (the full text of which are set out in Appendix I to this )Tj -0.025 Tw 0 -1.25 Td (announcement)Tj -14.173 -2.5 Td (\223associate\(s\)\224)Tj 0.025 Tw 14.173 0 Td (has the meaning ascribed to it under the Listing Rules)Tj -0.025 Tw -14.173 -2.5 Td (\223Board\224)Tj 0.025 Tw 14.173 0 Td (the board of directors of the Company)Tj -14.173 -2.5 Td (\223China United\224)Tj 0.12 Tw 14.173 0 Td (China United Assets Appraisal Group Co., Ltd. \()Tj /C0_0 1 Tf -0.025 Tw 21.597 0 Td <0295144C>Tj 0.031 Tc -0.031 Tw -21.597 -1.25 Td <0F1F0B2A0D59041F0DAB0FA003DE082202AE0321>Tj /T1_0 1 Tf 0.043 Tc 0.238 Tw 10.336 0 Td [(\),)12.4 ( a)12.4 ( qualified)12.3 ( )0.5 (asset)12.3 ( appraisal)18 ( )]TJ 0.025 Tc 0.025 Tw -10.336 -1.25 Td (agency in the PRC)Tj -14.173 -2.5 Td (\223Cash Consideration\224)Tj 0.066 Tc 0.237 Tw 14.173 0 Td [(the)12.7 ( cash)12.7 ( consideration)12.7 ( in)12.7 ( the)12.7 ( amount)12.7 ( of)12.7 ( 1)12.7 (5)12.7 (%)12.7 ( of)41 ( )]TJ 0.058 Tc 0 -1.25 Td [(the)12.6 ( Total)12.6 ( Consideration)12.6 ( payable)12.6 ( by)12.6 ( the)12.5 ( Company)33 ( )]TJ 0.062 Tc 0.238 Tw 0 -1.25 Td [(to)12.1 ( Anhui)12.2 ( Transportation)12.2 ( Holding)12.2 ( Group)12.1 ( pursuant)37 ( )]TJ 0.041 Tc 0 -1.25 Td [(to)12.2 ( the)12.2 ( Acquisition)12.2 ( Agreement)12.2 ( \(as)12.2 ( supplemented)12.2 ( by)16 ( )]TJ 0.035 Tc 0.24 Tw 0 -1.25 Td [(the)10 ( Supplemental)10 ( Agreement)10 ( and)10 ( the)10 ( Compensation)10 ( )]TJ 0.025 Tc 0.075 Tw 0 -1.25 Td [(Agreement\) )0.5 (as )0.6 (part )0.5 (of )0.5 (the )0.5 (Total )0.5 (Consideration )0.5 (payable )]TJ 0.077 Tc 0.237 Tw 0 -1.25 Td [(to)12.5 ( Anhui)12.6 ( Transportation)12.5 ( Holding)12.5 ( Group)12.5 ( for)12.6 ( the)52.1 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.25 Td (Proposed Acquisition, being RMB549,900,585)Tj -0.025 Tw -14.173 -2.5 Td (\223Circular\224)Tj 0.028 Tw 14.173 0 Td (the circular to be issued by the Company in relation to, )Tj 0.15 Tw 0 -1.25 Td (among other things, the \(i\) Proposed Acquisition, \(ii\) )Tj 0.024 Tc 0.025 Tw 0 -1.25 Td [(the Proposed Non-public Issuance of A Shares, \(iii\) the)-1 ( )]TJ 0.025 Tc 0 -1.25 Td (Specific Mandates, and \(iv\) the Whitewash Waiver)Tj -14.173 -2.5 Td (\223Class Meetings\224)Tj 0.205 Tw 14.173 0 Td [(the A Shares Class Meeting and the H )0.5 (Shares Class )]TJ -0.025 Tw 0 -1.25 Td (Meeting)Tj ET endstream endobj 405 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 38 \226)Tj 0.14 Tw -16.379 62.978 Td (Reference is made to the disclosure of unaudited financial information r\ elating to the )Tj 0.032 Tw 0 -1.167 Td (profit of the Group and the Enlarged Group for the two months ended 28 F\ ebruary 2023 )Tj 0.059 Tw 0 -1.167 Td [(\(the )0.5 (\223)]TJ /T1_1 1 Tf [(Relevant )0.5 (Profit )0.5 (Forecast )0.5 (Information)]TJ /T1_0 1 Tf [(\224\) )0.5 (disclosed )0.5 (in )0.5 (the )0.5 (Report on )0.5 (the )0.5 (Proposed )]TJ 0.041 Tw 0 -1.167 Td (Acquisition and Proposed Non-public Issuance of A Shares and related tra\ nsactions, the )Tj 0.034 Tw 0 -1.167 Td (A Share Independent Financial Adviser Inspection Opinion Announcement, t\ he Dilution )Tj 0.185 Tw 0 -1.167 Td (of Immediate Return Announcement and the Review Report on Pro Forma Fina\ ncial )Tj 0.056 Tw 0 -1.167 Td (Information, detail of which are set out in the Appendix VII of this ann\ ouncement. The )Tj 0.187 Tw 0 -1.167 Td (Relevant Profit Forecast Information constitutes profit forecast under R\ ule 10 of the )Tj 0.155 Tw 0 -1.167 Td (Takeovers Code and is required to be reported on by both the Financial A\ dviser and )Tj 0.1 Tw 0 -1.167 Td (Company\222s auditors in accordance with Rule 10.4 of the Takeovers Code\ . Please refer )Tj 0.087 Tw 0 -1.167 Td (to Appendix V for the report issued by the Financial Adviser and Appendi\ x VI for the )Tj 0.032 Tw 0 -1.167 Td (letter issued by the Company\222s auditors, Ernst & Young Hua Ming LLP, \ each in respect )Tj 0.025 Tw 0 -1.167 Td (of the Relevant Profit Forecast Information respectively.)Tj /T1_1 1 Tf 0.25 Tw 0 -2.333 Td (Completion of the Proposed Acquisition and the Proposed Non-public Issua\ nce )Tj 0.123 Tw 0 -1.167 Td [(of )0.5 (A Shares )0.5 (are subject )0.5 (to the )0.5 (satisfaction of )0.5 (certain conditions, and )0.5 (may )0.5 (or )0.5 (may )]TJ 0.088 Tw 0 -1.167 Td (not proceed. The Whitewash Waiver may or may not be granted by the Execu\ tive )Tj 0.17 Tw 0 -1.167 Td (and if granted, will, among others things, be subject to the approval by\ at least )Tj 0.172 Tw 0 -1.167 Td [(75% )0.5 (of )0.5 (the )0.5 (votes )0.6 (cast )0.5 (by )0.5 (the )0.5 (Takeovers )0.6 (Code )0.5 (Independent )0.5 (Shareholders )0.5 (by )0.5 (way )]TJ 0.127 Tw 0 -1.167 Td (of poll in respect of the Whitewash Waiver and more than 50% of the vote\ s cast )Tj 0.241 Tw 0 -1.167 Td (by the Takeovers Code Independent Shareholders by way of poll in respect\ of )Tj 0.162 Tw 0 -1.167 Td (the Proposed Acquisition, respectively, at the EGM. Completion of the Pr\ oposed )Tj 0.095 Tw 0 -1.167 Td (Acquisition is conditional upon, among other things, the Whitewash Waive\ r being )Tj 0.044 Tc 0.237 Tw 0 -1.167 Td [(g)0.5 (r)0.5 (a)0.6 (n)0.5 (t)0.5 (e)0.5 (d)13 ( b)0.5 (y)13.1 ( t)0.5 (h)0.5 (e)13 ( E)0.6 (x)0.5 (e)0.5 (c)0.5 (u)0.6 (t)0.5 (i)0.5 (v)0.5 (e)13 ( a)0.5 (n)0.6 (d)13 ( a)0.5 (p)0.5 (p)0.5 (r)0.5 (o)0.5 (v)0.6 (e)0.5 (d)13 ( b)0.5 (y)13 ( t)0.5 (h)0.5 (e)13 ( T)0.5 (a)0.5 (k)0.6 (e)0.5 (o)0.5 (v)0.5 (e)0.5 (r)0.6 (s)13 ( C)0.5 (o)0.5 (d)0.5 (e)13.1 ( I)0.5 (n)0.5 (d)0.5 (e)0.5 (p)0.6 (e)0.5 (n)0.5 (d)0.5 (e)0.5 (n)0.6 (t)19 ( )]TJ 0.025 Tc 0.102 Tw 0 -1.167 Td (Shareholders, and completion of the Proposed Non-public Issuance of A Sh\ ares is )Tj 0.099 Tw 0 -1.167 Td (subject to the completion of the Proposed Acquisition. Shareholders and \ potential )Tj 0.03 Tc 0.245 Tw 0 -1.167 Td [(investors)5 ( are)5 ( advised)5 ( to)5 ( exercise)5 ( caution)5 ( when)5 ( dealing)5 ( in)5 ( the)5 ( securities)5 ( of)5 ( the)5 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.167 Td (Company.)Tj 0.728 Tw 14 0 0 14 56.6929 364.4808 Tm (X. 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The Company will despatch the Circular to the\ Shareholders )Tj 0.035 Tw 0 -1.333 Td (as soon as practicable and will make further announcement in respect of \ despatch of the )Tj 0.025 Tw 0 -1.333 Td (Circular if and when appropriate.)Tj 0.043 Tc 0.238 Tw 0 -2.667 Td [(Pursuant)12.6 ( )0.5 (to)12.5 ( )0.5 (the)12.6 ( )0.5 (\223Decision)12.5 ( )0.6 (of)12.6 ( )0.5 (the)12.5 ( )0.6 (State)12.5 ( )0.6 (Council)12.5 ( )0.6 (to)12.5 ( )0.6 (Repeal)12.6 ( )0.5 (Certain)12.6 ( )0.5 (Administrative)18 ( )]TJ 0.045 Tc 0.237 Tw 0 -1.333 Td [(Re)0.5 (gula)0.5 (tions)13 ( an)0.5 (d)12.9 ( Do)0.5 (cume)0.5 (nts\224)13 ( \()]TJ /C0_0 1 Tf 0.032 Tc -0.032 Tw 13.665 0 Td <00900A370A1509EB15EB05F5113B02DF0BC502B104110741062C0B9D057102D60381065904D4059B>Tj /T1_0 1 Tf 0 Tc 0 Tw 20.672 0 Td (\()Tj /C0_0 1 Tf 0.032 Tc -0.032 Tw 0.395 0 Td <02950D36025B>Tj 0.025 Tc -0.025 Tw -34.731 -1.333 Td <034F038D05710A370A370A1509EB02FF0B4B>Tj /T1_0 1 Tf 9.255 0 Td (758)Tj /C0_0 1 Tf 0 Tc 0 Tw 1.625 0 Td <0EEE>Tj /T1_0 1 Tf 1.055 0 Td (\))Tj /C0_0 1 Tf 0.358 0 Td <0091>Tj /T1_0 1 Tf 0.025 Tc 0.105 Tw 0.475 0 Td (\) issued by the State Council of the PRC on 14 February )Tj 0.037 Tc 0.238 Tw -12.768 -1.333 Td [(2)12 (0)12 (2)12 (3)12 ( a)0.6 (n)0.5 (d)12 ( t)0.6 (h)0.5 (e)12 ( \223)0.6 (T)0.5 (r)0.6 (i)0.5 (a)0.5 (l)12 ( A)0.6 (d)0.5 (m)0.6 (i)0.5 (n)0.5 (i)0.6 (s)0.5 (t)0.6 (r)0.5 (a)0.5 (t)0.6 (i)0.5 (v)0.5 (e)12.1 ( M)0.5 (e)0.6 (a)0.5 (s)0.6 (u)0.5 (r)0.5 (e)0.6 (s)12 ( o)0.5 (f)12.1 ( O)0.5 (v)0.6 (e)0.5 (r)0.6 (s)0.5 (e)0.5 (a)0.6 (s)12 ( S)0.5 (e)0.6 (c)0.5 (u)0.6 (r)0.5 (i)0.6 (t)0.5 (i)0.5 (e)0.6 (s)12 ( O)0.5 (f)0.6 (f)0.5 (e)0.6 (r)0.5 (i)0.6 (n)0.5 (g)12 ( a)0.6 (n)0.5 (d)12 ( )]TJ 0.025 Tc 0.1 Tw 0 -1.333 Td (Listing by Domestic Companies\224 \()Tj /C0_0 1 Tf -0.025 Tw 14.593 0 Td <00900FA402AB03860E380FA4032E0CEF041115C7054E0571026A0339104D0B230F0A0411136C062C0091>Tj /T1_0 1 Tf 0.1 Tw 20.975 0 Td (\) and )Tj 0.025 Tw -35.568 -1.333 Td (related guidelines issued by the CSRC on 17 February 2023, the Company i\ s required to )Tj 0.093 Tw 0 -1.333 Td (conform its articles of association to a new set of standard. In the eve\ nt that the Hong )Tj 0.136 Tw 0 -1.333 Td (Kong Stock Exchange has effected the required amendments to the Listing \ Rules and )Tj 0.16 Tw 0 -1.333 Td (the articles of association of the Company has been amended in accordanc\ e with the )Tj 0.072 Tw 0 -1.333 Td (changes in the PRC laws and regulations and/or the applicable listing ru\ les prior to the )Tj 0.161 Tw 0 -1.333 Td (holding of the EGM and \(if applicable\) Class Meetings, it is expected \ that the Class )Tj 0.229 Tw 0 -1.333 Td (Meetings will no longer be required for the purposes of considering and \ approving )Tj 0.238 Tw 0 -1.333 Td (the Proposed Acquisition, the Specific Mandates, the Whitewash Waiver an\ d/or the )Tj 0.091 Tw 0 -1.333 Td (Proposed Non-public Issuance of A Shares. The Company will update its Sh\ areholders )Tj 0.025 Tw 0 -1.333 Td (and potential investors once the amendment is effective as and when appr\ opriate.)Tj /T1_1 1 Tf 14 0 0 14 56.6929 398.4808 Tm [(IX. )-288.8 (OTHER INFORMATION)]TJ /T1_0 1 Tf 0.155 Tw 12 0 0 12 85.0394 366.4808 Tm [(Shareholders\222 )0.5 (attention is )0.5 (also )0.5 (drawn )0.5 (to the )0.5 (overseas )0.5 (regulatory )0.5 (announcement )0.5 (of )0.5 (the )]TJ 0.051 Tw 0 -1.333 Td (Company setting out the announcements published on 20 June 2023 by the C\ ompany in )Tj 0.054 Tw 0 -1.333 Td (relation to the Proposed Acquisition and the Proposed Non-public Issuanc\ e of A Shares )Tj 0.025 Tw 0 -1.333 Td (on the Shanghai Stock Exchange \(the \223)Tj /T1_1 1 Tf (A Share Announcements)Tj /T1_0 1 Tf -0.025 Tw (\224\).)Tj 0.208 Tw 0 -2.667 Td (In addition, English translation and the Chinese version of the relevant\ parts of the )Tj 0.03 Tc 0.245 Tw 0 -1.333 Td [(following)5 ( A)5 ( Share)5 ( Announcements)5 ( containing)5 ( material)5 ( information)5 ( with)5 ( Takeovers)5 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (Code implications are attached to this announcement as Appendix VII:)Tj 0.14 Tw 0 -2.667 Td [(\(i\) )-928.2 (the )0.5 (Report )0.5 (on )0.5 (the )0.5 (Proposed )0.6 (Acquisition )0.5 (and )0.5 (Proposed )0.5 (Non-public )0.5 (Issuance )0.5 (of )0.5 (A )]TJ 0.055 Tc 0.237 Tw 2.362 -1.333 Td [(Shares)12.6 ( and)12.6 ( related)12.6 ( transactions)12.6 ( \()]TJ /C0_0 1 Tf 0.042 Tc -0.042 Tw 15.67 0 Td <0CEF04110670038502BF02D502F90B24069614850D6F0F1F0B2A05280DCD0DAB09E308810F1F>Tj 0.03 Tc -0.03 Tw -15.67 -1.333 Td [<06960FEC15EB144C037405F80C1C045308E3>775.3 <008009A308E9>]TJ /T1_0 1 Tf 0.042 Tc 0.238 Tw 11.612 0 Td [(\)\))12.3 ( \(the)12.3 ( \223)]TJ /T1_1 1 Tf [(Report)12.4 ( on)12.2 ( the)12.4 ( Proposed)12.3 ( Acquisition)12.3 ( and)17 ( )]TJ 0.025 Tc 0.025 Tw -11.612 -1.333 Td (Proposed Non-public Issuance of A Shares and related transactions)Tj /T1_0 1 Tf -0.025 Tw (\224\);)Tj 0.134 Tw -2.362 -2.667 Td [(\(ii\) )-631.2 (the announcement on the independent opinion of the Independent Non-execu\ tive )]TJ 0.104 Tw 2.362 -1.333 Td (Director on the matters considered at the 32)Tj -0.025 Tw 6.996 0 0 6.996 345.5831 130.4768 Tm (nd)Tj 0.104 Tw 12 0 0 12 352.9289 126.4808 Tm ( board meeting of the ninth session )Tj 0.108 Tw -19.962 -1.333 Td (of the Board of Directors \()Tj /C0_0 1 Tf -0.025 Tw 11.883 0 Td <12F9036D0EE8052B15EB05F502AE0321025805A302670264025A03E30EE8052B0E3611321644052B0DB0065912F9>Tj -11.883 -1.333 Td <036D0E080508>Tj /T1_0 1 Tf 0.025 Tw 3.105 0 Td (\)\(the \223)Tj /T1_1 1 Tf (Independent Director Opinion Announcement)Tj /T1_0 1 Tf -0.025 Tw (\224\);)Tj ET endstream endobj 373 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 374 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 375 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 376 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 377 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 412 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 35 \226)Tj 0.036 Tc 0.239 Tw -16.379 62.978 Td [(In)11 ( respect)11 ( of)11 ( the)11.1 ( Proposed)11 ( Acquisition,)11 ( \(i\))11 ( with)11 ( respect)11 ( to)11 ( the)11 ( approvals)11 ( required)11 ( )]TJ 0.025 Tc 0.192 Tw 0 -1.333 Td [(under )0.5 (the )0.5 (Listing )0.5 (Rules, )0.5 (Anhui )0.5 (Transportation Holding )0.5 (Group )0.5 (and )0.5 (its )0.5 (associates and )]TJ 0.169 Tw 0 -1.333 Td (any Shareholders which have a material interest in the Proposed Acquisit\ ion and the )Tj 0.116 Tw 0 -1.333 Td (Proposed Acquisition Specific Mandate will be required to abstain from v\ oting on the )Tj 0.108 Tw 0 -1.333 Td (relevant resolutions to be proposed at the EGM \(and if applicable, the \ A Shares Class )Tj 0.211 Tw 0 -1.333 Td (Meeting and/or the H Shares Class Meeting\); and \(ii\) with respect to \ the approvals )Tj 0.161 Tw 0 -1.333 Td (required under the Takeovers Code, Anhui Transportation Holding Group an\ d parties )Tj 0.218 Tw 0 -1.333 Td (acting in concert with it \(including China Merchants Highway Network Te\ chnology )Tj 0.083 Tw 0 -1.333 Td (Holding Company Limited \(being a party presumed to be acting in concert\ with Anhui )Tj 0.243 Tw 0 -1.333 Td (Transportation Holding Group\)\) and those who are involved in or intere\ sted in the )Tj 0.151 Tw 0 -1.333 Td [(Proposed )0.5 (Acquisition, )0.5 (the )0.5 (Proposed )0.5 (Acquisition )0.5 (Specific )0.5 (Mandate )0.5 (and the Whitewash )]TJ 0.04 Tc 0.238 Tw 0 -1.333 Td [(Waiver)12.2 ( will)12.2 ( be)12.3 ( required)12.2 ( to)12.2 ( abstain)12.2 ( from)12.2 ( voting)12.2 ( on)12.2 ( the)12.3 ( relevant)12.2 ( resolutions)12.3 ( to)12.2 ( be)15 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (proposed at the EGM.)Tj 0.04 Tc 0.238 Tw 0 -2.667 Td [(In)12.5 ( respect)12.4 ( )0.5 (of)12.4 ( )0.5 (the)12.5 ( Proposed)12.4 ( )0.5 (Non-public)12.4 ( )0.5 (Issuance)12.4 ( )0.5 (of)12.4 ( )0.5 (A)12.4 ( )0.5 (Shares,)12.4 ( )0.5 (in)12.5 ( the)12.4 ( )0.5 (event)12.5 ( that)12.5 ( a)15 ( )]TJ 0.028 Tc 0.247 Tw 0 -1.333 Td [(Shareholder)3 ( has)3 ( indicated)3 ( to)3 ( participate)3 ( in)3 ( the)3 ( Proposed)3 ( Non-public)3 ( Issuance)3 ( of)3 ( A)3.1 ( )]TJ 0.025 Tc 0.13 Tw 0 -1.333 Td (Shares before the EGM and \(if applicable\) Class Meetings, such Shareho\ lder and his/)Tj 0.095 Tw 0 -1.333 Td (her/its close associates \(as defined under the Listing Rules\) will be \ required to abstain )Tj 0.112 Tw 0 -1.333 Td [(from voting )0.5 (on )0.5 (the )0.5 (relevant resolutions to )0.5 (be proposed )0.5 (at the )0.5 (EGM \(and )0.5 (if applicable, )]TJ 0.025 Tw 0 -1.333 Td (the A Shares Class Meeting and/or the H Shares Class Meeting\).)Tj 0.151 Tw 0 -2.667 Td (Save as aforementioned, no other Shareholder has a material interest in \ the Proposed )Tj 0.074 Tw 0 -1.333 Td (Acquisition, the Proposed Non-public Issuance of A Shares, the Specific \ Mandates and )Tj 0.132 Tw 0 -1.333 Td (the Whitewash Waiver and therefore no other Shareholder is required to a\ bstain from )Tj 0.025 Tw 0 -1.333 Td (voting at the EGM and/or \(if applicable\) the Class Meetings.)Tj 0.047 Tc 0.238 Tw 0 -2.667 Td [(The)12.1 ( Circular)12.1 ( containing,)12.2 ( among)12.1 ( other)12.2 ( things,)12.1 ( \(i\))12.1 ( further)12.1 ( details)12.2 ( of)12.2 ( the)12.1 ( Proposed)22 ( )]TJ 0.027 Tc 0.248 Tw 0 -1.333 Td [(Acquisition,)2 ( the)2 ( Proposed)2 ( Non-public)2 ( Issuance)2 ( of)2 ( A)2.1 ( Shares,)2 ( the)2 ( Specific)2 ( Mandates)2 ( )]TJ 0.025 Tc 0.247 Tw 0 -1.333 Td (and the Whitewash Waiver; \(ii\) a letter from the Independent Board Com\ mittee to )Tj 0.048 Tc 0.237 Tw 0 -1.333 Td [(the)12.9 ( Proposed)12.9 ( Acquisition)12.8 ( LR)12.8 ( Independent)12.8 ( Shareholders)12.9 ( and)12.8 ( the)12.9 ( Takeovers)12.9 ( Code)23 ( )]TJ 0.025 Tc 0.234 Tw 0 -1.333 Td (Independent Shareholders containing its recommendation in respect of the\ Proposed )Tj 0.022 Tc 0.025 Tw 0 -1.333 Td [(Acquisition, the Proposed Acquisition Specific Mandate and the Whitewash\ Waiver; \(iii\))-3 ( )]TJ 0.025 Tc 0.129 Tw 0 -1.333 Td (a letter from the Independent Financial Adviser to the Independent Board\ Committee, )Tj 0.048 Tc 0.237 Tw 0 -1.333 Td [(the)12.9 ( Takeovers)12.9 ( Code)12.9 ( Independent)12.9 ( Shareholders)12.8 ( and)12.9 ( the)12.9 ( Proposed)12.8 ( Acquisition)12.9 ( LR)23 ( )]TJ 0.025 Tc 0.234 Tw 0 -1.333 Td (Independent Shareholders containing its recommendation in respect of the\ Proposed )Tj 0.209 Tw 0 -1.333 Td (Acquisition, the Proposed Acquisition Specific Mandate and the Whitewash\ Waiver; )Tj 0.119 Tw 0 -1.333 Td [(\(iv\) the )0.5 (financial information of )0.5 (the Target )0.5 (Company; )0.5 (\(v\) the )0.5 (Asset Valuation )0.5 (Report; )]TJ 0.045 Tw 0 -1.333 Td (\(vi\) certain other information required under the Listing Rules and th\ e Takeovers Code; )Tj 0.039 Tw 0 -1.333 Td (and \(vii\) the notice of the EGM and \(if applicable\) the Class Meetin\ gs is expected to be )Tj 0.025 Tw 0 -1.333 Td (despatched to the Shareholders.)Tj ET endstream endobj 411 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 34 \226)Tj 0.117 Tw -16.379 62.978 Td [(\(viii\) )179.8 (there )0.5 (is )0.5 (no )0.5 (understanding, )0.5 (arrangement, )0.5 (agreement )0.5 (which )0.5 (constitutes )0.5 (special )0.5 (deal )]TJ 0.027 Tw 2.362 -1.333 Td (between \(1\) any Shareholder; and \(2\) \(a\) Anhui Transportation Hold\ ing Group and )Tj 0.052 Tw 0 -1.333 Td [(parties acting in )0.5 (concert with it; or \(b\) )0.5 (the Company, its subsidiaries or associated )]TJ -0.025 Tw 0 -1.333 Td (companies.)Tj 0.174 Tw -2.362 -2.667 Td (Save for the Acquisition Agreement and the Supplemental Agreement, neith\ er Anhui )Tj 0.088 Tw 0 -1.333 Td (Transportation Holding Group nor any parties acting in concert with it h\ as acquired or )Tj 0.09 Tw 0 -1.333 Td (disposed of or entered into any agreement or arrangement to acquire or d\ ispose of any )Tj 0.025 Tw 0 -1.333 Td (voting rights of the Company or has dealt for value in any shares, conve\ rtible securities, )Tj 0.11 Tw 0 -1.333 Td (warrants, options or derivatives in respect of the securities in the Com\ pany within the )Tj 0.179 Tw 0 -1.333 Td (six months period prior to and including 3 April 2023 \(being the date o\ n which the )Tj 0.127 Tw 0 -1.333 Td (Company first made an announcement in respect of the Proposed Acquisitio\ n\) and up )Tj 0.082 Tw 0 -1.333 Td (to and including the date of this announcement. Other than pursuant to t\ he Acquisition )Tj 0.032 Tc 0.243 Tw 0 -1.333 Td [(Agreement)7 ( and)7 ( the)7 ( Supplemental)7 ( Agreement,)7 ( Anhui)7 ( Transportation)7 ( Holding)7 ( Group)7 ( )]TJ 0.025 Tc 0.173 Tw 0 -1.333 Td (and parties acting in concert with it will not acquire or dispose of any\ voting rights )Tj 0.124 Tw 0 -1.333 Td (of the Company after the date of this announcement until completion of t\ he Proposed )Tj -0.025 Tw 0 -1.333 Td (Acquisition.)Tj /T1_1 1 Tf 9.8 0 0 14 56.6929 482.4808 Tm (VIII.)Tj 0.025 Tw 14 0 0 14 78.8797 482.4808 Tm [( )-140 (EGM AND \(IF APPLICABLE\) CLASS MEETINGS AND CIRCULAR)]TJ /T1_0 1 Tf 0.032 Tw 12 0 0 12 85.0394 450.4808 Tm (The EGM will be convened to consider and, if thought fit, approve, among\ other things, )Tj 0.14 Tw 0 -1.333 Td [(\(i\) the )0.5 (Proposed Acquisition; \(ii\) the )0.5 (Proposed Non-public Issuance )0.5 (of A )0.5 (Shares; \(iii\) )]TJ 0.025 Tw 0 -1.333 Td (the Specific Mandates; and \(iv\) the Whitewash Waiver.)Tj 0.084 Tw 0 -2.667 Td (If applicable, the A Shares Class Meeting will be convened to consider a\ nd, if thought )Tj 0.128 Tw 0 -1.333 Td (fit, approve, among other things, \(i\) the Proposed Acquisition; \(ii\)\ the Proposed Non-)Tj 0.025 Tw 0 -1.333 Td (public Issuance of A Shares; and \(iii\) the Specific Mandates.)Tj 0.084 Tw 0 -2.667 Td (If applicable, the H Shares Class Meeting will be convened to consider a\ nd, if thought )Tj 0.128 Tw 0 -1.333 Td (fit, approve, among other things, \(i\) the Proposed Acquisition; \(ii\)\ the Proposed Non-)Tj 0.025 Tw 0 -1.333 Td (public Issuance of A Shares; and \(iii\) the Specific Mandates.)Tj 0.131 Tw 0 -2.667 Td (The voting in relation to the Proposed Acquisition, the Proposed Non-pub\ lic Issuance )Tj 0.119 Tw 0 -1.333 Td (of A Shares, the Specific Mandates and the Whitewash Waiver at the EGM a\ nd/or \(if )Tj 0.025 Tw 0 -1.333 Td (applicable\) the Class Meetings will be conducted by way of poll.)Tj ET endstream endobj 410 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 33 \226)Tj 0.115 Tw -16.379 62.978 Td (As at the date of this announcement, the Company does not believe that t\ he Proposed )Tj 0.126 Tw 0 -1.333 Td (Acquisition gives rise to any concerns in relation to compliance with ot\ her applicable )Tj 0.174 Tw 0 -1.333 Td (rules or regulations \(including the Listing Rules\). If a concern shoul\ d arise after the )Tj 0.12 Tw 0 -1.333 Td (release of this announcement, the Company will endeavor to resolve the m\ atter to the )Tj 0.175 Tw 0 -1.333 Td (satisfaction of the relevant authority as soon as possible but in any ev\ ent before the )Tj 0.078 Tw 0 -1.333 Td (despatch of the circular in relation to, among other things, the Whitewa\ sh Waiver. The )Tj 0.039 Tw 0 -1.333 Td [(Company )0.5 (notes that )0.5 (the )0.5 (Executive )0.5 (may )0.5 (not )0.5 (grant )0.5 (the )0.5 (Whitewash )0.5 (Waiver )0.5 (if )0.5 (the )0.5 (Proposed )]TJ 0.025 Tw 0 -1.333 Td (Acquisition does not comply with other applicable rules and regulations.\ )Tj 0.064 Tw 0 -2.667 Td (As at the date of this announcement, other than holding of voting rights\ as disclosed in )Tj 0.087 Tw 0 -1.333 Td [(the )0.5 (paragraph )0.6 (headed )0.5 (\223III. )0.5 (Effects )0.6 (on )0.5 (the )0.5 (Shareholding )0.5 (Structure )0.5 (of )0.5 (the )0.6 (Company\224, )0.5 (the )]TJ 0.028 Tc 0.247 Tw 0 -1.333 Td [(Acquisition)3 ( Agreement,)3 ( the)3 ( Supplemental)3 ( Agreement,)3 ( the)3 ( Compensation)3 ( Agreement)3 ( )]TJ 0.025 Tc 0.205 Tw 0 -1.333 Td [(and the Proposed Acquisition contemplated thereunder, neither )0.5 (Anhui )0.5 (Transportation )]TJ 0.025 Tw 0 -1.333 Td (Holding Group nor parties acting in concert with it:)Tj 0.042 Tc 0.238 Tw 0 -2.667 Td [(\()17 (i)17 (\))17 ( )-813.2 (holds,)12.3 ( owns,)12.4 ( controls)12.3 ( or)12.3 ( directs)12.3 ( any)12.3 ( shares,)12.3 ( convertible)12.4 ( securities,)12.3 ( warrants,)17 ( )]TJ 0.027 Tc 0.248 Tw 2.362 -1.333 Td [(options)2 ( or)2 ( has)2 ( entered)2 ( into)2 ( any)2 ( derivatives)2 ( in)2 ( respect)2 ( of)2 ( the)2 ( securities)2 ( in)2 ( the)2 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.333 Td (Company;)Tj 0.047 Tc 0.238 Tw -2.362 -2.667 Td [(\()22 (i)22 (i)22 (\))22 ( )-505.2 (has)12.2 ( received)12.2 ( an)12.2 ( irrevocable)12.2 ( commitment)12.2 ( to)12.2 ( vote)12.2 ( in)12.2 ( favor)12.2 ( of)12.2 ( or)12.2 ( against)12.2 ( the)22 ( )]TJ 0.025 Tc 0.025 Tw 2.362 -1.333 Td (Proposed Acquisition and the Whitewash Waiver;)Tj 0.036 Tc 0.239 Tw -2.362 -2.667 Td [(\()11 (i)11 (i)11 (i)11 (\))11 ( )-212.2 (has)11 ( any)11 ( arrangement)11 ( \(whether)11 ( by)11 ( way)11.1 ( of)11 ( option,)11 ( indemnity)11 ( or)11 ( otherwise\))11 ( or)11 ( )]TJ 0.025 Tc 0.102 Tw 2.362 -1.333 Td (contracts in relation to the Shares or Anhui Transportation Holding Grou\ p which )Tj 0.025 Tw 0 -1.333 Td (might be material to the Proposed Acquisition and the Whitewash Waiver;)Tj 0.084 Tw -2.362 -2.667 Td [(\(iv\) )-459.2 (has any agreement or arrangement to which Anhui Transportation Holding G\ roup )]TJ 0.062 Tw 2.362 -1.333 Td [(or )0.5 (parties )0.5 (acting )0.5 (in concert )0.5 (with )0.5 (it )0.5 (is )0.5 (a )0.5 (party )0.5 (which )0.5 (relates )0.5 (to )0.5 (the )0.5 (circumstances )0.5 (in )]TJ 0.025 Tw 0 -1.333 Td [(w)0.5 (h)0.6 (i)0.5 (c)0.6 (h)0.5 ( )0.5 (i)0.6 (t)0.5 ( )0.5 (m)0.5 (a)0.6 (y)0.5 ( )0.6 (o)0.5 (r)0.5 ( )0.6 (m)0.5 (a)0.5 (y)0.6 ( )0.5 (n)0.5 (o)0.6 (t)0.5 ( )0.5 (i)0.6 (n)0.5 (v)0.5 (o)0.6 (k)0.5 (e)0.5 ( )0.6 (o)0.5 (r)0.6 ( )0.5 (s)0.5 (e)0.6 (e)0.5 (k)0.5 ( )0.6 (t)0.5 (o)0.5 ( )0.6 (i)0.5 (n)0.5 (v)0.6 (o)0.5 (k)0.5 (e)0.6 ( )0.5 (a)0.6 ( )0.5 (p)0.5 (r)0.6 (e)0.5 (-)0.5 (c)0.6 (o)0.5 (n)0.6 (d)0.5 (i)0.5 (t)0.6 (i)0.5 (o)0.5 (n)0.6 ( )0.5 (o)0.5 (r)0.6 ( )0.5 (a)0.5 ( )0.6 (c)0.5 (o)0.5 (n)0.6 (d)0.5 (i)0.5 (t)0.6 (i)0.5 (o)0.5 (n)0.6 ( )0.5 (t)0.5 (o )]TJ 0 -1.333 Td (the Proposed Acquisition and the Whitewash Waiver;)Tj 0.125 Tw -2.362 -2.667 Td [(\(v\) )-721.2 (has borrowed or lent any relevant securities \(as defined in Note 4 to R\ ule 22 of )]TJ 0.025 Tw 2.362 -1.333 Td (the Takeovers Code\) in the Company;)Tj 0.105 Tw -2.362 -2.667 Td [(\(vi\) )-438.2 (there is no other consideration or benefit in whatever form paid or to b\ e paid by )]TJ 0.138 Tw 2.362 -1.333 Td (Anhui Transportation Holding Group and parties acting in concert with it\ to the )Tj 0.127 Tw 0 -1.333 Td (Company or any party acting in concert with it in connection with the Pr\ oposed )Tj -0.025 Tw 0 -1.333 Td (Acquisition;)Tj 0.053 Tc 0.238 Tw -2.362 -2.667 Td [(\()28 (v)28 (i)28 (i)28 (\))28 ( )25.8 (save)12.1 ( for)12.2 ( the)12.2 ( Consideration)12.2 ( Shares)12.2 ( to)12.2 ( be)12.2 ( issued)12.2 ( by)12.2 ( the)12.2 ( Company)12.2 ( to)12.1 ( Anhui)28 ( )]TJ 0.041 Tc 0.237 Tw 2.362 -1.333 Td [(Transportation)12.9 ( Holding)12.9 ( Group)12.9 ( under)12.9 ( the)13 ( Proposed)12.9 ( Acquisition)12.9 ( and)12.9 ( the)12.9 ( Ca)0.5 (sh)16 ( )]TJ 0.025 Tc 0.186 Tw 0 -1.333 Td (Consideration, there is no other consideration or benefit in whatever fo\ rm paid )Tj 0.237 Tw 0 -1.333 Td (or to be paid by the Company and parties acting in concert with it to An\ hui )Tj 0.06 Tw 0 -1.333 Td (Transportation Holding Group or any party acting in concert with it in c\ onnection )Tj 0.025 Tw 0 -1.333 Td (with the Proposed Acquisition; and)Tj ET endstream endobj 409 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 32 \226)Tj /T1_1 1 Tf -0.025 Tw 14 0 0 14 56.6929 772.6948 Tm (VII. )Tj 0.025 Tw 2.025 0 Td (IMPLICATIONS UNDER THE TAKEOVERS CODE)Tj 12 0 0 12 85.0394 738.6948 Tm (Application for Whitewash Waiver)Tj /T1_0 1 Tf 0 -2.5 Td (As at the date of this announcement,)Tj 0.202 Tw 0 -2.5 Td [(\(i\) )-866.2 (Anhui Transportation Holding Group holds 524,644,220 A Shares, represent\ ing )]TJ 0.025 Tw 2.362 -1.25 Td (approximately 31.63% of the total issued share capital of the Company; a\ nd)Tj 0.198 Tw -2.362 -2.5 Td [(\(ii\) )-567.2 (Anhui Transportation Holding Group and parties acting in concert with it\ hold )]TJ 0.06 Tc 0.238 Tw 2.362 -1.25 Td [(in)12.1 ( aggregate)12.2 ( 1)12.2 (,)12.2 (0)12.2 (2)12.1 (1)12.2 (,)12.2 (2)12.2 (3)12.1 (1)12.2 (,)12.2 (7)12.2 (2)12.1 (1)12.2 ( Shares)12.2 ( \(comprising)12.1 ( 9)12.2 (2)12.2 (8)12.1 (,)12.2 (8)12.2 (3)12.2 (5)12.1 (,)12.2 (7)12.2 (2)12.1 (1)12.2 ( A)12.2 ( Shares)12.2 ( and)35 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.25 Td [(92,3)0.5 (96,000 H)0.5 ( Shar)0.5 (es\), )0.5 (repre)0.5 (sent)0.5 (ing app)0.5 (roxima)0.5 (tely 6)0.5 (1.57% o)0.5 (f the)0.5 ( total )0.5 (issue)0.5 (d shar)0.5 (e )]TJ 0 -1.25 Td (capital of the Company.)Tj 0.041 Tc 0.237 Tw -2.362 -2.5 Td [(Immediately)12.7 ( following)12.6 ( completion)12.6 ( of)12.6 ( the)12.7 ( Proposed)12.7 ( Acquisition,)12.7 ( on)12.7 ( the)12.7 ( basis)12.7 ( that)16 ( )]TJ 0.025 Tc 0.197 Tw 0 -1.25 Td [(the )0.5 (Total )0.5 (Consideration )0.5 (to )0.5 (be )0.5 (settled )0.5 (by )0.5 (way )0.5 (of )0.5 (issuance )0.5 (of Consideration )0.5 (Shares )0.5 (is )]TJ 0.169 Tw 0 -1.25 Td (RMB3,116,103,315, and assuming that \(i\) the issue price is the Adjuste\ d Issue Price )Tj 0 -1.25 Td (and there will not be any further adjustments to the issue price of the \ Consideration )Tj 0 -1.25 Td [(Shares )0.5 (of )0.6 (RMB6.64 )0.6 (per )0.5 (Consideration )0.5 (Share; )0.5 (and )0.6 (\(ii\) )0.6 (there )0.5 (will )0.5 (be )0.6 (no )0.6 (change )0.5 (in )0.5 (the )]TJ 0.084 Tw 0 -1.25 Td (total issued share capital of the Company since the date of this announc\ ement save for )Tj 0.12 Tw 0 -1.25 Td (the issue of the A Shares pursuant to the Acquisition Agreement \(as sup\ plemented by )Tj 0.025 Tw 0 -1.25 Td (the Supplemental Agreement and the Compensation Agreement\),)Tj 0.222 Tw 0 -2.5 Td [(\(i\) )-846.2 (the shareholding of Anhui Transportation Holding Group in the Company wi\ ll )]TJ 0.025 Tw 2.362 -1.25 Td (increase to approximately 46.71%; and)Tj 0.208 Tw -2.362 -2.5 Td [(\(ii\) )-557.2 (the aggregate shareholding of Anhui Transportation Holding Group and par\ ties )]TJ 0.025 Tw 2.362 -1.25 Td (acting in concert with it in the Company will increase to approximately \ 70.05%.)Tj 0.171 Tw -2.362 -2.5 Td (Accordingly, upon completion of the Proposed Acquisition, pursuant to Ru\ le 26.1 of )Tj 0.214 Tw 0 -1.25 Td (the Takeovers Code, Anhui Transportation Holding Group will be required \ to make )Tj 0.128 Tw 0 -1.25 Td [(a )0.5 (mandatory )0.5 (general )0.6 (offer )0.5 (for )0.5 (all )0.6 (the )0.6 (securities )0.5 (of )0.5 (the )0.5 (Company )0.5 (not )0.6 (already )0.6 (owned )0.5 (or )]TJ 0.201 Tw 0 -1.25 Td (agreed to be acquired by Anhui Transportation Holding Group and parties \ acting in )Tj 0.073 Tw 0 -1.25 Td (concert with it, unless the Whitewash Waiver from strict compliance with\ Rule 26.1 of )Tj 0.025 Tw 0 -1.25 Td (the Takeovers Code is obtained from the Executive.)Tj 0.249 Tw 0 -2.5 Td (As such, completion of the Proposed Acquisition is conditional upon, amo\ ng other )Tj 0.222 Tw 0 -1.25 Td [(things, )0.5 (the )0.5 (Whitewash )0.6 (Waiver )0.5 (being )0.5 (granted )0.5 (by )0.5 (the )0.6 (Executive )0.5 (and )0.5 (approved )0.5 (by )0.5 (the )]TJ 0.032 Tc 0.243 Tw 0 -1.25 Td [(Takeovers)7 ( Code)7 ( Independent)7 ( Shareholders.)7 ( An)7 ( application)7 ( will)6.9 ( be)7 ( made)7 ( by)7 ( Anhui)7 ( )]TJ 0.025 Tc 0.19 Tw 0 -1.25 Td (Transportation Holding Group \(on behalf of itself and parties acting in\ concert with )Tj 0.148 Tw 0 -1.25 Td (it\) to the Executive for the granting of the Whitewash Waiver pursuant \ to Note 1 on )Tj 0.093 Tw 0 -1.25 Td [(dispensations from Rule )0.5 (26 of the )0.5 (Takeovers Code. )0.5 (The Whitewash )0.5 (Waiver, if )0.5 (granted )]TJ 0.024 Tc 0.025 Tw 0 -1.25 Td [(by the Executive, will be subject to \(i\) the approval of the Whitewash\ Waiver by at least)-1 ( )]TJ 0.025 Tc 0.071 Tw 0 -1.25 Td (75% of the votes cast by Takeovers Code Independent Shareholders either \ in person or )Tj 0.107 Tw 0 -1.25 Td (by proxy at the EGM; and \(ii\) the approval of the Proposed Acquisition\ by more than )Tj 0.071 Tw 0 -1.25 Td (50% of the votes cast by Takeovers Code Independent Shareholders either \ in person or )Tj 0.068 Tw 0 -1.25 Td (by proxy at the EGM as required under the Takeovers Code. The Proposed A\ cquisition )Tj 0.032 Tw 0 -1.25 Td (will not proceed if the Whitewash Waiver is not obtained or if the White\ wash Waiver is )Tj 0.025 Tw 0 -1.25 Td (not approved by the Takeovers Code Independent Shareholders.)Tj ET endstream endobj 408 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 31 \226)Tj /T1_1 1 Tf 14 0 0 14 56.6929 772.6948 Tm [(VI. )-288.8 (IMPLICATIONS UNDER THE LISTING RULES)]TJ 12 0 0 12 85.0394 736.6948 Tm (Proposed Acquisition)Tj /T1_0 1 Tf 0.054 Tc 0.237 Tw 0 -2.667 Td [(As)12.9 ( one)12.9 ( o)0.5 (r)12.9 ( more)13 ( of)12.9 ( the)13 ( appl)0.5 (icable)13 ( per)0.5 (centa)0.5 (ge)12.9 ( ra)0.5 (tios)12.9 ( i)0.5 (n)12.9 ( resp)0.5 (ect)12.9 ( o)0.5 (f)12.9 ( the)12.9 ( Propos)0.5 (ed)29 ( )]TJ 0.025 Tc 0.118 Tw 0 -1.333 Td (Acquisition in accordance with the Listing Rules exceed 25% but are less\ than 100%, )Tj 0.029 Tc 0.246 Tw 0 -1.333 Td [(the)4 ( Proposed)4 ( Acquisition)4 ( constitutes)4 ( a)4.1 ( major)4 ( transaction)4 ( of)4 ( the)4 ( Company)4 ( which)4 ( is)4 ( )]TJ 0.025 Tc 0.099 Tw 0 -1.333 Td (subject to the reporting, announcement and Shareholders\222 approval req\ uirements under )Tj 0.025 Tw 0 -1.333 Td (Chapter 14 of the Listing Rules.)Tj 0.247 Tw 0 -2.667 Td (As at the date of this announcement, Anhui Transportation Holding Group \ directly )Tj 0.236 Tw 0 -1.333 Td [(holds )0.5 (524,644,220 )0.6 (A )0.5 (Shares, )0.6 (representing )0.5 (approximately )0.6 (31.63% )0.5 (of )0.5 (the )0.5 (total )0.6 (issued )]TJ 0.03 Tc 0.245 Tw 0 -1.333 Td [(share)5 ( capital)5 ( of)5 ( the)5.1 ( Company,)5 ( and)5 ( is)5.1 ( the)5.1 ( controlling)5 ( shareholder)5 ( of)5 ( the)5 ( Company.)5 ( )]TJ 0.049 Tc 0.238 Tw 0 -1.333 Td [(Accordingly,)12.3 ( Anhui)12.3 ( Transportation)12.3 ( Holding)12.3 ( Group)12.3 ( is)12.3 ( a)12.3 ( connected)12.3 ( person)12.3 ( of)12.4 ( the)24 ( )]TJ 0.025 Tc 0.173 Tw 0 -1.333 Td (Company. 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841.89]/Type/Page>> endobj 438 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 25 \226)Tj /T1_1 1 Tf -16.379 62.978 Td (Information on the Target Company)Tj /T1_0 1 Tf 0.052 Tw 0 -2.667 Td [(As )0.5 (at )0.5 (the )0.5 (date )0.5 (of this )0.5 (announcement, )0.5 (the )0.5 (Target )0.5 (Company )0.5 (is )0.5 (a )0.5 (wholly-owned )0.5 (subsidiary )]TJ 0.053 Tw 0 -1.333 Td [(of Anhui Transportation )0.5 (Holding )0.5 (Group. Upon completion of )0.5 (the )0.5 (Proposed Acquisition, )]TJ 0.126 Tw 0 -1.333 Td (the Target Company will become a wholly-owned subsidiary of the Company \ and the )Tj 0.069 Tw 0 -1.333 Td (financial information of the Target Company will be consolidated into th\ e consolidated )Tj 0.025 Tw 0 -1.333 Td (financial statements of the Group.)Tj 0.03 Tc 0.245 Tw 0 -2.667 Td [(The)5 ( Target)5 ( Company)5 ( is)5 ( a)5 ( limited)5 ( liability)5 ( company)5 ( established)5 ( in)5 ( the)5 ( PRC)5 ( on)5 ( 1)5 (5)5 ( )]TJ 0.05 Tc 0.238 Tw 0 -1.333 Td [(December)12.3 ( 2)12.4 (0)12.3 (2)12.3 (2)12.4 (.)12.3 ( The)12.4 ( Target)12.3 ( Company)12.3 ( is)12.4 ( principally)12.4 ( engaged)12.3 ( in)12.3 ( the)12.4 ( investment,)25 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (operation and management of the Liuwu Expressway in Anhui Province in th\ e PRC. For )Tj 0 -1.333 Td (further details of the Liuwu Expressway, please refer to the Announcemen\ t.)Tj 0.165 Tw 0 -2.667 Td [(The audited )0.5 (financial information of the )0.5 (Target Company for the )0.5 (two financial years )]TJ 0.136 Tw 0 -1.333 Td (ended 31 December 2021 and 2022 and for the two months ended 28 February\ 2023, )Tj 0.026 Tw 0 -1.333 Td (prepared in accordance with Generally Accepted Accounting Principles of \ the PRC, was )Tj 0.025 Tw 0 -1.333 Td (as follows:)Tj /T1_1 1 Tf 19.364 -2.667 Td (For the )Tj -1.909 -1.333 Td (two months )Tj -0.025 Tw 2.566 -1.333 Td (ended )Tj 0.025 Tw -2.924 -1.333 Td (28 February )Tj -0.025 Tw 3.505 -1.333 Td (2023)Tj 0.025 Tw 6.321 4 Td (For the)Tj -1.631 -1.333 Td (year ended)Tj -0.912 -1.333 Td (31 December)Tj -0.025 Tw 3.781 -1.333 Td (2021)Tj 0.025 Tw 6.321 4 Td (For the)Tj -1.631 -1.333 Td (year ended)Tj -0.912 -1.333 Td (31 December)Tj -0.025 Tw 3.781 -1.333 Td (2022)Tj -17.132 -1.333 Td (\(audited\) )Tj 7.559 0 Td (\(audited\) )Tj 7.559 0 Td (\(audited\))Tj /T1_0 1 Tf 0.025 Tw 12 0 3.2154 12 288.2781 390.4808 Tm (RMB million)Tj 7.559 0 Td (RMB million)Tj 7.559 0 Td (RMB million)Tj 12 0 0 12 85.0393 358.4808 Tm (Net profit before taxation)Tj -0.025 Tw 20.852 0 Td (57.0)Tj 7.034 0 Td (344.8)Tj 7.559 0 Td (289.3)Tj 0.025 Tw -35.445 -1.333 Td (Net profit after taxation)Tj -0.025 Tw 20.852 0 Td (42.8)Tj 7.034 0 Td (258.6)Tj 7.559 0 Td (216.9)Tj 0.198 Tw -35.445 -2.54 Td (The audited net asset value of the Target Company attributable to the ow\ ner of the )Tj 0.099 Tw 0 -1.333 Td [(equity as )0.5 (at )0.5 (31 )0.5 (December )0.5 (2022 was )0.5 (RMB2,737.51 )0.5 (million )0.5 (and as at )0.5 (28 February 2023 )]TJ 0.025 Tw 0 -1.333 Td (was RMB2,785.27 million.)Tj /T1_1 1 Tf 0 -3 Td (Information on the parties to the Supplemental Agreement)Tj /T1_0 1 Tf 0.043 Tw 0 -2.667 Td (For information on the Company and Anhui Transportation Holding Group, p\ lease refer )Tj 0.025 Tw 0 -1.333 Td (to the Announcement.)Tj ET endstream endobj 437 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 24 \226)Tj 0.158 Tw 10 0 0 10 113.3858 776.2668 Tm (projected; \(e\) the toll rate )Tj (were determined based on the standards as set out in \223Notice on the )Tj 0.118 Tw 0 -1.3 Td (adjustment plan of vehicle toll rates of toll expressways within the Anh\ ui Province published by )Tj 0.025 Tw 0 -1.3 Td [(t)0.5 (h)0.5 (e)0.5 ( )0.5 (D)0.5 (e)0.5 (p)0.5 (a)0.5 (r)0.5 (t)0.5 (m)0.5 (e)0.5 (n)0.5 (t)0.5 ( )0.5 (o)0.5 (f)0.5 ( T)0.6 (r)0.5 (a)0.5 (ns)0.6 (p)0.5 (or)0.5 (t)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 ( )0.5 (o)0.5 (f)0.5 ( )0.5 (A)0.5 (n)0.5 (h)0.5 (u)0.5 (i)0.5 ( )0.5 (Pr)0.5 (o)0.5 (v)0.5 (i)0.5 (n)0.5 (c)0.5 (e)0.5 (,)0.5 ( )0.5 (t)0.5 (h)0.5 (e)0.5 ( )0.5 (A)0.5 (n)0.5 (h)0.5 (u)0.5 (i)0.5 ( )0.5 (Pr)0.6 (ov)0.5 (i)0.5 (n)0.5 (c)0.5 (e)0.5 ( )0.5 (D)0.5 (e)0.5 (v)0.5 (e)0.5 (l)0.5 (o)0.5 (p)0.5 (m)0.5 (e)0.5 (n)0.5 (t)0.5 ( )0.5 (a)0.5 (n)0.5 (d)0.5 ( )0.5 (R)0.5 (e)0.5 (f)0.5 (o)0.5 (r)0.5 (m )]TJ 0.108 Tw 0 -1.3 Td (Commission and the Department of Finance of Anhui Province\) \()Tj /C0_0 1 Tf -0.025 Tw 28.195 0 Td <009003C413CF07B203740BB70F3613691742006503C413CF07B20CEF>Tj 0.042 Tc -0.042 Tw -28.195 -1.3 Td <089D04B708270589006503C413CF07B209CC0741174215EB05F503990CEF03C413CF07B203D70D6C02AE0F290513123F0BB704110D6C08070D6C02D903CC121C12C602D908E906590BB7065D0091>Tj /T1_0 1 Tf 0 Tc 0 Tw 40.073 0 Td (\()Tj /C0_0 1 Tf 0.042 Tc -0.042 Tw 0.405 0 Td <0CF00374>Tj -0.35 Tc 0.35 Tw -40.478 -1.3 Td <0F290088>Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 1.675 0 Td (2019)Tj /C0_0 1 Tf 0 Tc 0 Tw <0089>Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 2.625 0 Td (144)Tj /C0_0 1 Tf 0 Tc 0 Tw 1.625 0 Td <0EEE>Tj /T1_0 1 Tf 0.025 Tc 0.073 Tw 1.055 0 Td [(\) and as adjusted in accordance with the requirements under the \223)80 (Adjustment plan )]TJ 0.035 Tw -6.98 -1.3 Td (of vehicle toll rates of toll expressways within the Anhui Province \()Tj /C0_0 1 Tf -0.025 Tw 29.22 0 Td <03C413CF07B203D70D6C02AE0F290513123F0BB704110D6C0807>Tj -29.22 -1.3 Td <0D6C02D903CC121C12C602D908E9>Tj /T1_0 1 Tf 0.117 Tw 7.205 0 Td (\)\224 \(i.e. passenger vehicles are charged based on vehicle types and \ goods vehicle )Tj 0.173 Tw -7.205 -1.3 Td (and specialized vehicle are charged based on number of axles\) and the r\ elated discount policy; )Tj 0.215 Tw 0 -1.3 Td (and \(f\) the toll income projection were then prepared based on the adj\ usted toll rate standard )Tj 0.163 Tw 0 -1.35 Td (and the projected traffic volume.)Tj ( The traffic volume projection has taken into account the PRC )Tj 0.136 Tw 0 -1.35 Td (national policies that \(a\) no toll shall be charged on toll expressway\ users during PRC statutory )Tj 0.073 Tw 0 -1.35 Td (holidays; and \(b\) specialized vehicles which are not required to pay a\ ny toll, such as fire engines, )Tj 0.216 Tw 0 -1.35 Td (ambulance, and military and police vehicles. The toll income projection \ also assumes that the )Tj 0.119 Tw 0 -1.35 Td (effective charging rate for passenger cars utilising the Liuwu Expresswa\ y is 95.5% and effective )Tj 0.025 Tw 0 -1.35 Td (charging rate for trucks utilising the Liuwu Expressway is 91% during th\ e forecast period.)Tj 0.144 Tw 12 0 0 12 85.0394 547.2668 Tm [(The )0.5 (following are the )0.5 (qualifications )0.5 (of )0.5 (the )0.5 (experts )0.5 (who )0.5 (have )0.5 (given )0.5 (opinion )0.5 (or )0.5 (advice )]TJ 0.025 Tw 0 -1.292 Td (contained in this announcement:)Tj /T1_1 1 Tf -0.025 Tw 0 -3.875 Td (Name)Tj 11.89 0 Td (Qualification)Tj 0.056 Tc 0.237 Tw 16.535 1.292 Td [(Date)13 ( of)12.9 ( opinion)12.9 ( or)31 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.292 Td (advice given)Tj /T1_0 1 Tf -28.425 -2.583 Td (China United)Tj 11.89 0 Td (Qualified PRC valuer)Tj 16.535 0 Td (20 June 2023)Tj -28.425 -2.583 Td (CHELBI Engineering )Tj 1.087 -1.292 Td (Consultants, Inc* \()Tj /C0_0 1 Tf -0.025 Tw 8.138 0 Td <0D360BEB>Tj -8.138 -1.292 Td <02880CFB13540F1403DE082202AE0321>Tj /T1_0 1 Tf 0 Tc 0 Tw 8.23 0 Td (\))Tj 0.025 Tc 0.025 Tw 2.573 2.583 Td (PRC Qualified Traffic Consultant)Tj 16.535 0 Td (20 June 2023)Tj -28.425 -5.167 Td (BOCOM International )Tj 1.087 -1.292 Td (\(Asia\) Limited)Tj 0.01 Tc 0.25 Tw 10.803 1.292 Td (A corporation licensed to conduct )Tj 0.228 Tw 0 -1.292 Td (Type 1 \(dealing in securities\) and )Tj 0.069 Tc 0.237 Tw 0 -1.292 Td [(Type)12.7 ( 6)12.6 ( \(advising)12.6 ( on)12.6 ( corporate)59 ( )]TJ 0.016 Tc 0.244 Tw 0 -1.292 Td [(finance\))6 ( regulated)6 ( activities)6 ( under)6.1 ( )]TJ 0.01 Tc 0.025 Tw 0 -1.292 Td (the SFO)Tj 0.025 Tc 16.535 5.167 Td (20 June 2023)Tj -28.425 -7.75 Td (Ernst & Young)Tj -0.005 Tc 0.238 Tw 11.89 0 Td (Certified Public Accountants, Hong )Tj 0.005 Tw 0 -1.292 Td (Kong)Tj 0.025 Tc 0.025 Tw 16.535 1.292 Td (20 June 2023)Tj -28.425 -3.875 Td (Ernst & Young )Tj 0 Tc 0 Tw ( )Tj 0.025 Tc 0.025 Tw 1.087 -1.292 Td (Hua Ming LLP)Tj -0.005 Tc 10.803 1.292 Td (PRC Certified Public Accountants)Tj 0.025 Tc 16.535 0 Td (20 June 2023)Tj 0.186 Tw -28.425 -3.748 Td (As at the date of this announcement, each of the abovementioned experts \ had given )Tj 0.028 Tc 0.247 Tw 0 -1.292 Td [(and)3 ( had)3 ( not)3 ( withdrawn)3 ( its)3 ( written)3 ( consent)3 ( to)3 ( the)3.1 ( issue)3.1 ( of)3 ( this)3 ( announcement)3 ( with)3 ( )]TJ 0.025 Tc 0.238 Tw 0 -1.292 Td (the inclusion of its letter or opinion and/or the reference to its name \ and opinions )Tj 0.031 Tc 0.244 Tw 0 -1.292 Td [(i)0.5 (n)6 ( t)0.6 (h)0.5 (e)6 ( f)0.5 (o)0.5 (r)0.6 (m)6 ( a)0.5 (n)0.5 (d)6.1 ( c)0.5 (o)0.6 (n)0.5 (t)0.5 (e)0.6 (x)0.5 (t)6 ( i)0.6 (n)6 ( w)0.5 (h)0.5 (i)0.6 (c)0.5 (h)6 ( t)0.6 (h)0.5 (e)0.6 (y)6 ( r)0.5 (e)0.6 (s)0.5 (p)0.5 (e)0.6 (c)0.5 (t)0.6 (i)0.5 (v)0.5 (e)0.6 (l)0.5 (y)6 ( a)0.6 (p)0.5 (p)0.6 (e)0.5 (a)0.6 (r)0.5 (.)6 ( A)0.5 (s)6.1 ( a)0.5 (t)6 ( t)0.6 (h)0.5 (e)6 ( d)0.6 (a)0.5 (t)0.5 (e)6.1 ( o)0.5 (f)6 ( t)0.6 (h)0.5 (i)0.5 (s)6 ( )]TJ 0.025 Tc 0.159 Tw 0 -1.292 Td (announcement, each of the abovementioned experts did not have any shareh\ olding in )Tj 0.053 Tw 0 -1.292 Td [(any )0.5 (member )0.5 (of )0.5 (the )0.5 (Group )0.5 (or )0.5 (any )0.5 (right )0.6 (\(whether )0.5 (legally )0.5 (enforceable )0.5 (or )0.5 (not\) )0.5 (to )0.5 (subscribe )]TJ 0.025 Tw 0 -1.333 Td (for or nominate persons to subscribe for securities in any member of the\ Group.)Tj ET endstream endobj 436 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 23 \226)Tj /T1_1 1 Tf -9.044 62.978 Td (Estimation of toll income of the Liuwu Expressway)Tj -0.025 Tw -7.335 -7.75 Td (Year)Tj 0.025 Tw 25.406 2.583 Td (Toll income)Tj -0.025 Tw 1.741 -1.292 Td (forecast)Tj 0.579 -1.292 Td (results )Tj 0.025 Tw 6.813 5.167 Td (Rate of)Tj -0.025 Tw -1.882 -1.292 Td (growth/loss )Tj 0.687 -1.292 Td (compared )Tj 0.025 Tw 0.78 -1.292 Td (with the )Tj -2.458 -1.292 Td (previous year)Tj /T1_0 1 Tf -0.025 Tw 12 0 3.2154 12 416.4442 665.9808 Tm (\(RMB\))Tj 12 0 0 12 85.0394 634.9808 Tm (2023)Tj 25.459 0 Td (559,405,181)Tj 6.102 0 Td (3.62% )Tj 0.025 Tw 12 0 3.2154 12 498.6276 634.9808 Tm (\(Note 1\))Tj -0.025 Tw 12 0 0 12 85.0394 619.4808 Tm (2024)Tj 25.459 0 Td (547,241,380)Tj 9.296 0 Td (-2.17%)Tj -34.754 -1.292 Td (2025)Tj 25.459 0 Td (565,059,568)Tj 9.654 0 Td (3.26%)Tj -35.112 -1.292 Td (2026)Tj 25.459 0 Td (574,581,466)Tj 9.654 0 Td (1.69%)Tj -35.112 -1.292 Td (2027)Tj 25.459 0 Td (573,646,200)Tj 9.296 0 Td (-0.16%)Tj -34.754 -1.292 Td (2028)Tj 25.459 0 Td (583,119,628)Tj 9.654 0 Td (1.65%)Tj -35.112 -1.292 Td (2029)Tj 25.459 0 Td (600,296,207)Tj 9.654 0 Td (2.95%)Tj -35.112 -1.292 Td (2030)Tj 25.459 0 Td (621,109,451)Tj 9.654 0 Td (3.47%)Tj -35.112 -1.292 Td (2031)Tj 25.459 0 Td (642,179,351)Tj 9.654 0 Td (3.39%)Tj -35.112 -1.292 Td (2032)Tj 25.459 0 Td (662,998,759)Tj 9.654 0 Td (3.24%)Tj -35.112 -1.292 Td (2033)Tj 25.459 0 Td (682,992,587)Tj 9.654 0 Td (3.02%)Tj -35.112 -1.292 Td (2034)Tj 25.459 0 Td (702,562,651)Tj 9.654 0 Td (2.87%)Tj -35.112 -1.292 Td (2035)Tj 25.459 0 Td (734,420,391)Tj 9.654 0 Td (4.53%)Tj -35.112 -1.292 Td (2036)Tj 25.459 0 Td (759,715,903)Tj 9.654 0 Td (3.44%)Tj -35.112 -1.292 Td (2037)Tj 25.459 0 Td (780,176,436)Tj 9.654 0 Td (2.69%)Tj -35.112 -1.292 Td (2038)Tj 25.459 0 Td (798,076,085)Tj 9.654 0 Td (2.29%)Tj -35.112 -1.292 Td (2039 )Tj 0.025 Tw 12 0 3.2154 12 112.6079 386.9808 Tm (\(Note 2\))Tj -0.025 Tw 12 0 0 12 390.5433 386.9808 Tm (815,319,127)Tj 9.654 0 Td (2.16%)Tj /T1_1 1 Tf 0.025 Tw -35.112 -1.292 Td (Total of 2023\2262039)Tj /T1_0 1 Tf -0.025 Tw 24.134 0 Td (11,202,900,371)Tj 10 0 2.6795 10 84.0131 344.0048 Tm (Notes:)Tj 0.025 Tw 10 0 0 10 85.0394 317.0048 Tm [(\(1\) )-1293.7 (Compared with the toll income of RMB539,876,096 during the year of 2022.\ )]TJ 0.031 Tc 0.244 Tw 0 -2.7 Td [(\()6 (2)6 (\))6 ( )-1068.6 (Until)6 ( 2)6 (7)6 ( December)6 ( 2)6 (0)6 (3)6 (9)6.1 ( only,)6 ( being)6 ( the)6 ( date)6 ( on)6 ( w)0.5 (hic)0.5 (h)6 ( the)6.1 ( conc)0.5 (ession)6.1 ( p)0.5 (eriod)6 ( of)6.1 ( the)6.1 ( Liuw)0.5 (u)6 ( )]TJ 0.025 Tc 0.025 Tw 2.835 -1.35 Td (Expressway will end.)Tj 0.151 Tw -2.835 -2.7 Td [( )-2408.7 (The traffic volume forecast and the toll income estimation were prepared\ by the PRC Qualified )]TJ 0.037 Tc 0.238 Tw 2.835 -1.35 Td [(Traffic)12 ( Consultant)12 ( using)12.1 ( the)12.1 ( following)12 ( methodology:)12 ( \()0.5 (a\))12.1 ( the)12 ( transportation)12 ( characteristics)12 ( of)12 ( )]TJ 0.025 Tc 0.127 Tw 0 -1.35 Td (the relevant area are first evaluated through collection of the traffic \ volume of the road network )Tj 0.148 Tw 0 -1.35 Td (of Liuwu Expressway and the relevant expressway within the area in 2021 \ \(as the data in 2022 )Tj 0.152 Tw 0 -1.35 Td (are affected by relevant COVID-19 restriction measures\). The traffic vo\ lume data collected will )Tj 0.21 Tw 0 -1.35 Td (be considered together with the data of the expressway network within th\ e Anhui Province to )Tj 0.185 Tw 0 -1.35 Td (produce the basic origin-destination \(OD\) data for the traffic volume \ projection for the current )Tj 0.165 Tw 0 -1.35 Td (study; \(b\) based on the traffic flow and volume data, the socio-econom\ ic and traffic conditions )Tj 0.192 Tw 0 -1.35 Td (of the major areas attracting traffic flow were investigated, and the el\ astic coefficient attached )Tj 0.1 Tw 0 -1.35 Td (to such conditions were analysed. The traffic volume growth was then pro\ jected using the elastic )Tj 0.172 Tw 0 -1.35 Td (coefficient method; \(c\) the \223four-stage method\224 were then utilis\ ed. A model of the relationship )Tj 0.078 Tw 0 -1.35 Td (between the socio-economic condition and the traffic were established, a\ nd the traffic distribution )Tj 0.034 Tc 0.241 Tw 0 -1.35 Td [(were)9 ( projected)9 ( applying)9 ( the)9 ( OD)9 ( data)9 ( and)9 ( taking)8.9 ( into)9 ( account)9 ( the)9 ( impact)9 ( of)9 ( other)9 ( means)9 ( of)9 ( )]TJ 0.025 Tc 0.081 Tw 0 -1.35 Td (transportation on road transportation; \(d\) the means of transportation\ within the area were studied )Tj 0.225 Tw 0 -1.35 Td (and a projection of the traffic distribution of the relevant area was th\ en prepared. The traffic )Tj 0.094 Tw 0 -1.35 Td (volume of the areas near the Liuwu Expressway, and in turn of the Liuwu \ Expressway were then )Tj ET endstream endobj 435 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 22 \226)Tj 0.213 Tw -14.017 62.978 Td [(\(o\) )-633.2 (This valuation assumed that there is no unforeseen material expansion or\ )]TJ 0.105 Tw 2.362 -1.333 Td [(reconstruction )0.5 (of )0.5 (the )0.6 (connecting )0.6 (highways )0.5 (of )0.5 (Liuwu )0.5 (Expressway )0.6 (during )0.6 (the )]TJ 0.247 Tw 0 -1.333 Td (concession period, and there are no factors leading to material diversio\ n )Tj 0.022 Tc 0.025 Tw 0 -1.333 Td [(i)0.5 (m)0.5 (pa)0.5 (c)0.5 (t)0.5 ( f)0.5 (r)0.5 (o)0.5 (m )0.5 (t)0.5 (he)0.5 ( )0.5 (L)0.5 (iu)0.5 (w)0.5 (u)0.5 ( )0.5 (Ex)0.5 (p)0.5 (r)0.5 (es)0.5 (s)0.5 (w)0.5 (a)0.5 (y )0.5 (\()0.5 (s)0.5 (uc)0.5 (h)0.5 ( )0.5 (a)0.5 (s )0.5 (a)0.5 (n)0.5 (y )0.5 (u)0.5 (nf)0.5 (o)0.5 (r)0.5 (e)0.5 (se)0.5 (e)0.5 (n)0.5 ( )0.5 (ne)0.5 (w)0.5 ( )0.5 (c)0.5 (on)0.5 (s)0.5 (t)0.5 (ru)0.5 (c)0.5 (t)0.5 (io)0.5 (n)-3 ( )]TJ 0.025 Tc 0 -1.333 Td (of expressway outside of the current planning by the PRC government\).)Tj 0.066 Tc 0.238 Tw -2.362 -2.667 Td [(\()41 (p)41 (\))41 ( )-567.2 (This)12.5 ( )0.5 (valuation)12.5 ( )0.5 (assumed)12.5 ( )0.5 (that)12.5 ( )0.5 (there)12.5 ( )0.5 (is)12.5 ( )0.5 (no)12.4 ( )0.5 (unforeseen)12.5 ( )0.5 (material)12.5 ( )0.5 (capital)41 ( )]TJ 0.025 Tc 0.025 Tw 2.362 -1.333 Td (expenditure as a result of any material expansion or reconstruction.)Tj 0.076 Tc 0.237 Tw -4.724 -2.667 Td [(China)12.6 ( United)12.6 ( has)12.6 ( confirmed)12.6 ( that)12.6 ( nothing)12.5 ( has)12.6 ( come)12.6 ( to)12.6 ( its)12.6 ( attention)12.6 ( that)12.6 ( the)51 ( )]TJ 0.025 Tc 0.236 Tw 0 -1.333 Td (abovementioned assumptions will prove to be incorrect or invalid in resp\ ect of the )Tj 0.079 Tw 0 -1.333 Td (Target Company. In addition, as the Valuation Benchmark Date is more tha\ n 3 months )Tj 0.141 Tw 0 -1.333 Td (from the date of this announcement, China United has issued a letter of \ confirmation )Tj 0.026 Tc 0.249 Tw 0 -1.333 Td [(c)0.5 (o)0.6 (n)0.5 (f)0.5 (i)0.6 (r)0.5 (m)0.5 (i)0.5 (n)0.6 (g)1 ( t)0.5 (h)0.5 (a)0.6 (t)1 ( t)0.5 (h)0.5 (e)0.5 (r)0.6 (e)1 ( w)0.5 (a)0.6 (s)1 ( n)0.5 (o)1 ( m)0.5 (a)0.6 (t)0.5 (e)0.5 (r)0.6 (i)0.5 (a)0.5 (l)1 ( c)0.6 (h)0.5 (a)0.5 (n)0.6 (g)0.5 (e)1 ( i)0.5 (n)1 ( t)0.5 (h)0.6 (e)1 ( a)0.5 (p)0.5 (p)0.6 (r)0.5 (a)0.5 (i)0.6 (s)0.5 (e)0.5 (d)1 ( v)0.6 (a)0.5 (l)0.5 (u)0.5 (e)1 ( o)0.6 (f)1 ( t)0.5 (h)0.5 (e)1 ( T)0.6 (a)0.5 (r)0.5 (g)0.6 (e)0.5 (t)1 ( )]TJ 0.025 Tc 0.084 Tw 0 -1.333 Td (Assets as at 31 March 2023 as compared to that set out in the Asset Valu\ ation Report. )Tj 0.204 Tw 0 -1.333 Td [(The letter of )0.5 (confirmation issued )0.5 (by )0.5 (China United is set out in Appendix II of )0.5 (this )]TJ -0.025 Tw 0 -1.333 Td (announcement.)Tj 0.027 Tc 0.248 Tw 0 -2.667 Td [(In)2 ( addition,)1.9 ( set)2 ( out)2 ( below)2 ( is)2 ( the)2 ( traffic)2 ( volume)2 ( and)2 ( revenue)2 ( forecast)2 ( projection)2 ( in)2 ( )]TJ 0.025 Tc 0.057 Tw 0 -1.333 Td (relation to the Liuwu Expressway as extracted from the traffic study rep\ ort prepared by )Tj 0.025 Tw 0 -1.333 Td (the PRC Qualified Traffic Consultant:)Tj /T1_1 1 Tf 1.711 -2.667 Td (Average traffic volume forecast results in relation to the Liuwu Express\ way)Tj -0.025 Tw 8.4 0 0 12 85.0394 390.4808 Tm (Year)Tj 14.123 0 Td (2023)Tj 4.724 0 Td (2024)Tj 4.724 0 Td (2025)Tj 4.724 0 Td (2026)Tj 4.724 0 Td (2027)Tj 4.724 0 Td (2030)Tj 4.724 0 Td (2034)Tj 4.724 0 Td (2035)Tj 4.724 0 Td (2039 )Tj /T1_0 1 Tf 0.025 Tw 8.4 0 3.2154 12 507.4476 374.4808 Tm (\(Note 1\))Tj /T1_1 1 Tf 8.4 0 0 12 85.0394 342.4808 Tm (Average Traffic Volume )Tj /T1_0 1 Tf -0.025 Tw 8.4 0 3.2154 12 93.5433 326.4808 Tm (\(vehicles/day\))Tj 8.4 0 0 12 196.9524 326.4808 Tm (18,431)Tj 4.724 0 Td (18,033)Tj 4.724 0 Td (18,623)Tj 4.724 0 Td (18,929)Tj 4.724 0 Td (18,901)Tj 4.724 0 Td (20,474)Tj 4.724 0 Td (23,148)Tj 4.724 0 Td (24,201)Tj 4.724 0 Td (26,867)Tj /T1_1 1 Tf 0.025 Tw -51.118 -1.333 Td (Rate of growth/loss )Tj 1.012 -1.333 Td (compared with the )Tj 0 -1.333 Td (previous year)Tj /T1_0 1 Tf 0 Tc 0 Tw 14.853 0 Td (-)Tj 0.025 Tc -0.025 Tw 2.016 0 Td (-2.16%)Tj 5.082 0 Td (3.27%)Tj 4.724 0 Td (1.65%)Tj 4.366 0 Td (-0.15%)Tj 5.082 0 Td (2.70%)Tj 4.724 0 Td (3.12%)Tj 4.724 0 Td (4.55%)Tj 4.724 0 Td (2.65%)Tj ET endstream endobj 434 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 21 \226)Tj 0.056 Tc 0.237 Tw -14.017 62.978 Td [(\()31 (e)31 (\))31 ( )-634.2 (T)0.5 (h)0.5 (i)0.5 (s)13 ( v)0.5 (a)0.6 (l)0.5 (u)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( a)0.5 (s)0.6 (s)0.5 (u)0.5 (m)0.5 (e)0.5 (s)13 ( t)0.5 (h)0.5 (a)0.5 (t)13 ( t)0.5 (h)0.5 (e)13 ( u)0.5 (n)0.5 (d)0.5 (e)0.5 (r)0.6 (l)0.5 (y)0.5 (i)0.5 (n)0.5 (g)13 ( i)0.5 (n)0.5 (f)0.5 (o)0.5 (r)0.5 (m)0.5 (a)0.5 (t)0.6 (i)0.5 (o)0.5 (n)13 ( a)0.5 (n)0.5 (d)13 ( f)0.5 (i)0.5 (n)0.5 (a)0.5 (n)0.6 (c)0.5 (i)0.5 (a)0.5 (l)31 ( )]TJ 0.025 Tc 0.058 Tw 2.362 -1.333 Td (information provided by the Company, Anhui Transportation Holding Group \ )Tj 0.025 Tw 0 -1.333 Td (and the Target Company are true, accurate and complete.)Tj 0.094 Tw -2.362 -2.667 Td [(\(f\) )-919.2 (This valuation assumes that the operational assets and operational liabi\ lities )]TJ 0.091 Tw 2.362 -1.333 Td (as set out in the financial information of the Target Company are comple\ te, )Tj 0.055 Tw 0 -1.333 Td [(and the )0.5 (operating results as )0.5 (set out in the )0.5 (financial information of the )0.5 (Target )]TJ 0.025 Tw 0 -1.333 Td (Company is correct and accurate.)Tj 0.101 Tw -2.362 -2.667 Td [(\(g\) )-745.2 (The scope of the valuation is based on the valuation return provided by \ the )]TJ 0.105 Tw 2.362 -1.333 Td (Target Company. Contingent assets and contingent liabilities that may ex\ ist )Tj 0.025 Tw 0 -1.333 Td (outside the list provided by the Target Company have not been considered\ .)Tj 0.144 Tw -2.362 -2.667 Td [(\(h\) )-702.2 (The parameters measured in this valuation have not taken into account th\ e )]TJ 0.025 Tw 2.362 -1.333 Td (impact of inflation.)Tj 0.024 Tc -2.362 -2.667 Td [(\()-1 (i)-1 (\))-1 ( )-1044.2 (There are no force majeure and unforeseen factors that would have a mate\ rial)-1 ( )]TJ 0.025 Tc 2.362 -1.333 Td (adverse impact on the Target Company.)Tj 0.139 Tw -2.362 -2.667 Td [(\(j\) )-929.2 (It is assumed that the cash inflow from the income obtained by the Targe\ t )]TJ 0.183 Tw 2.362 -1.333 Td (Company subsequent to the Valuation Benchmark Date inflow evenly and )Tj 0.036 Tw 0 -1.333 Td (cash outflow of the Target Company subsequent to the Valuation Benchmark\ )Tj 0.025 Tw 0 -1.333 Td (Date outflow evenly.)Tj 0.082 Tc 0.237 Tw -2.362 -2.667 Td [(\()57 (k)57 (\))57 ( )-552.2 (This)12.6 ( valuation)12.6 ( assumed)12.6 ( that)12.6 ( there)12.6 ( are)12.6 ( no)12.6 ( material)12.6 ( changes)12.6 ( in)12.6 ( the)57 ( )]TJ 0.032 Tc 0.243 Tw 2.362 -1.333 Td [(tr)0.5 (an)0.5 (sp)0.5 (ort)0.5 (at)0.5 (ion)7 ( i)0.5 (ndu)0.5 (st)0.5 (ry)7 ( pol)0.5 (ic)0.5 (ie)0.5 (s,)7 ( pr)0.5 (ic)0.5 (in)0.5 (g)6.9 ( p)0.5 (ri)0.5 (nci)0.5 (pl)0.5 (es)7 ( a)0.5 (nd)7 ( ma)0.5 (rk)0.5 (et)7 ( co)0.5 (nd)0.5 (iti)0.5 (ons)7 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (during the concession period of the Liuwu Expressway.)Tj 0.048 Tc 0.237 Tw -2.362 -2.667 Td [(\()23 (l)23 (\))23 ( )-808.2 (This)12.6 ( valuation)12.7 ( assumed)12.7 ( the)12.7 ( discount)12.6 ( policy)12.7 ( for)12.7 ( ETC)12.7 ( users)12.7 ( \(which)12.6 ( are)23 ( )]TJ 0.025 Tc 0.025 Tw 2.362 -1.333 Td (provided by all expressways within the Anhui province\) will continue.)Tj 0.228 Tw -2.362 -2.667 Td [(\(m\) )-340.2 (During the forecast period, the effective charging rate for passenger ca\ rs )]TJ 0.026 Tc 0.249 Tw 2.362 -1.333 Td [(u)0.5 (t)0.6 (i)0.5 (l)0.6 (i)0.5 (s)0.6 (i)0.5 (n)0.5 (g)1 ( t)0.6 (h)0.5 (e)1 ( L)0.6 (i)0.5 (u)0.6 (w)0.5 (u)1 ( E)0.6 (x)0.5 (p)0.5 (r)0.6 (e)0.5 (s)0.6 (s)0.5 (w)0.6 (a)0.5 (y)1 ( i)0.6 (s)1 ( 9)1 (5)1 (.)1 (5)1 (%)1 ( a)0.5 (n)0.6 (d)1 ( e)0.5 (f)0.6 (f)0.5 (e)0.6 (c)0.5 (t)0.6 (i)0.5 (v)0.6 (e)1 ( c)0.5 (h)0.6 (a)0.5 (r)0.6 (g)0.5 (i)0.6 (n)0.5 (g)1 ( r)0.5 (a)0.6 (t)0.5 (e)1 ( f)0.6 (o)0.5 (r)1 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (trucks utilising the Liuwu Expressway is 91%.)Tj 0.069 Tc 0.238 Tw -2.362 -2.667 Td [(\()44 (n)44 (\))44 ( )-564.2 (The)12.3 ( office)12.3 ( premises)12.4 ( currently)12.3 ( leased)12.3 ( by)12.3 ( the)12.3 ( Liuwu)12.3 ( Expressway)12.3 ( are)44 ( )]TJ 0.025 Tc 0.025 Tw 2.362 -1.333 Td (continuously leased for use.)Tj ET endstream endobj 424 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 425 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 426 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 427 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 428 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 443 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 20 \226)Tj 0.052 Tw -16.379 62.978 Td (The principal assumptions upon which the valuation of the Target Assets \ was based are )Tj 0.025 Tw 0 -1.333 Td (set out below:)Tj /T1_1 1 Tf 12 0 3.2154 12 83.8079 722.4808 Tm [(1. )-1262.2 (Basic assumptions)]TJ /T1_0 1 Tf 0.147 Tw 12 0 0 12 113.3858 690.4808 Tm [(\(a\) )-755.2 (Transaction assumption. The transaction assumption is that all assets to\ be )]TJ 0.222 Tw 2.362 -1.333 Td (appraised are already the subject of a transaction, and China United wil\ l )Tj 0.155 Tw 0 -1.333 Td (make estimation based on a simulated market according to \(among others\)\ )Tj 0.103 Tw 0 -1.333 Td [(the )0.5 (transaction )0.5 (conditions )0.5 (of )0.5 (assets )0.5 (to )0.5 (be )0.5 (appraised. )0.6 (Transaction )0.6 (assumption )]TJ 0.025 Tw 0 -1.333 Td (is a fundamental premise for asset valuation to be carried out.)Tj 0.221 Tw -2.362 -2.667 Td [(\(b\) )-625.2 (Open market assumption. The open market assumption is that the parties )]TJ 0.112 Tw 2.362 -1.333 Td (to a transaction are on an equal footing with each other and have access\ to )Tj 0.144 Tw 0 -1.333 Td (sufficient market information and time to make a rational judgment on th\ e )Tj 0.128 Tw 0 -1.333 Td (function and use of the assets and their transaction price. The open mar\ ket )Tj 0.074 Tw 0 -1.333 Td (assumption is based on the assumption that assets may be publicly traded\ in )Tj 0.025 Tw 0 -1.333 Td (the market.)Tj 0.246 Tw -2.362 -2.667 Td [(\(c\) )-656.2 (Going )0.5 (concern )0.5 (assumption. )0.5 (The )0.6 (going )0.6 (concern )0.5 (assumption )0.5 (refers )0.5 (to )0.5 (such )]TJ 0.211 Tw 2.362 -1.333 Td (an assumption that, the subject assets will continue to be used as per i\ ts )Tj 0.051 Tw 0 -1.333 Td (current purpose and the manner, scale, frequency and environment of use,\ or )Tj 0.058 Tw 0 -1.333 Td (continue to be used on the basis of certain change therein, and China Un\ ited )Tj 0.025 Tw 0 -1.333 Td (determines the method, parameters and basis for appraisal accordingly.)Tj /T1_1 1 Tf 12 0 3.2154 12 83.8079 382.4808 Tm [(2. )-1262.2 (Specific assumptions)]TJ /T1_0 1 Tf 0.023 Tc 12 0 0 12 113.3858 350.4808 Tm [(\()-2 (a)-2 (\))-2 ( )-879.2 (There will be no significant changes in the current macro-economic, fina\ ncial)-2 ( )]TJ 0.025 Tc 2.362 -1.333 Td (and industrial policies in the PRC.)Tj 0.039 Tc 0.237 Tw -2.362 -2.667 Td [(\()14 (b)14 (\))14 ( )-595.2 (There)12.8 ( are)12.7 ( no)12.8 ( significant)12.8 ( changes)12.7 ( in)12.8 ( the)12.8 ( socio-economic)12.8 ( environment)12.7 ( in)14 ( )]TJ 0.025 Tc 0.197 Tw 2.362 -1.333 Td (which the Target Company operates, and there are no significant changes \ )Tj 0.032 Tc 0.243 Tw 0 -1.333 Td [(in)7 ( the)7 ( policies)7 ( on)7 ( taxation,)7 ( tax)7 ( rates,)7 ( and)7 ( adjustment)7 ( of)7 ( taxable)7 ( income)7 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (implemented in the future operation period.)Tj 0.107 Tc 0.237 Tw -2.362 -2.667 Td [(\()82 (c)82 (\))82 ( )-583.2 (The)12.9 ( management)12.9 ( of)12.9 ( the)12.9 ( Target)12.8 ( Company)12.9 ( will)12.9 ( perform)12.9 ( its)12.9 ( duty)82 ( )]TJ 0.025 Tc 0.139 Tw 2.362 -1.333 Td (conscientiously in the future operating period and continue to maintain \ the )Tj 0.025 Tw 0 -1.333 Td (existing business management model as at the Valuation Benchmark Date.)Tj 0.063 Tw -2.362 -2.667 Td [(\(d\) )-783.2 (In view of the frequent changes or significant changes in the production\ and )]TJ 0.2 Tw 2.362 -1.333 Td (operation process of the enterprise\222s monetary funds or its bank depo\ sits, )Tj 0.048 Tc 0.237 Tw 0 -1.333 Td [(interest)12.8 ( income)12.8 ( generated)12.8 ( from)12.7 ( the)12.8 ( deposits)12.8 ( and)12.7 ( other)12.7 ( uncertain)12.8 ( gains)23 ( )]TJ 0.025 Tc 0.206 Tw 0 -1.333 Td (and losses \(such as exchange gains or losses\) were not considered in t\ he )Tj -0.025 Tw 0 -1.333 Td (valuation.)Tj ET endstream endobj 442 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 19 \226)Tj /T1_1 1 Tf -16.379 62.664 Td (Effectiveness of the )Tj -0.025 Tw 1.087 -1.333 Td (Compensation )Tj 0 -1.333 Td (Agreement:)Tj /T1_0 1 Tf 0.045 Tc 0.237 Tw 11.906 2.667 Td [(The)12.6 ( Compensation)12.6 ( Agreement)12.6 ( shall)12.6 ( become)12.7 ( effective)20.1 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (upon the Acquisition Agreement becoming effective.)Tj /T1_1 1 Tf -12.992 -4 Td (Amendment and )Tj 1.087 -1.333 Td (termination of )Tj 0 -1.333 Td (the Compensation )Tj -0.025 Tw 0 -1.333 Td (Agreement:)Tj /T1_0 1 Tf 0.043 Tc 0.237 Tw 11.906 4 Td [(If)12.8 ( any)12.8 ( terms)12.8 ( under)12.8 ( the)12.8 ( Acquisition)12.8 ( Agreement)12.8 ( which)18 ( )]TJ 0.025 Tc 0.168 Tw 0 -1.333 Td (relates to the Compensation Agreement is amended, the )Tj 0.032 Tw 0 -1.333 Td (terms of the Compensation Agreement shall be deemed to )Tj 0.025 Tw 0 -1.333 Td (have been correspondingly amended.)Tj 0.05 Tc 0.237 Tw 0 -2.667 Td [(T)0.5 (h)0.5 (e)13.1 ( C)0.5 (o)0.5 (m)0.5 (p)0.5 (e)0.6 (n)0.5 (s)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.5 (n)13 ( A)0.6 (g)0.5 (r)0.5 (e)0.5 (e)0.6 (m)0.5 (e)0.5 (n)0.5 (t)13 ( s)0.5 (h)0.5 (a)0.5 (l)0.5 (l)13.1 ( b)0.5 (e)13 ( a)0.6 (u)0.5 (t)0.5 (o)0.5 (m)0.5 (a)0.6 (t)0.5 (i)0.5 (c)0.5 (a)0.6 (l)0.5 (l)0.5 (y)25 ( )]TJ 0.025 Tc 0.046 Tw 0 -1.333 Td (terminated if the Acquisition Agreement is terminated for )Tj 0.025 Tw 0 -1.333 Td (any reason.)Tj /T1_1 1 Tf -12.992 -2.873 Td (Profit forecasts)Tj /T1_0 1 Tf 0.141 Tw 0 -2.667 Td (As the appraised values of the Target Assets were determined primarily b\ ased on the )Tj 0.167 Tw 0 -1.333 Td (income approach, which involved the calculation of discounted future est\ imated cash )Tj 0.055 Tw 0 -1.333 Td [(flows, )0.5 (the aforementioned )0.5 (valuation of )0.5 (the )0.5 (Target )0.5 (Assets and the )0.5 (appraised )0.5 (value of )0.5 (the )]TJ 0.192 Tw 0 -1.333 Td (Target Assets based on the income approach constitute profit forecasts \(\ the \223)Tj /T1_1 1 Tf -0.025 Tw (Target )Tj 0.1 Tw 0 -1.333 Td (Company Profit Forecasts)Tj /T1_0 1 Tf (\224\) under Rule 14.61 of the Listing Rules and Rules 10 and )Tj 0.213 Tw 0 -1.333 Td (11.1\(a\) of the Takeovers Code, and the Company is required to comply w\ ith Rules )Tj 0.025 Tw 0 -1.333 Td (14.62 and 14A.68\(7\) of the Listing Rules and Rules 10 and 11 of the Ta\ keovers Code.)Tj 0.106 Tw 0 -2.667 Td (For the purpose of complying with the requirements under Rules 14.62 and\ 14A.68\(7\) )Tj 0.092 Tw 0 -1.333 Td (of the Listing Rules and Rules 10 and 11 of the Takeovers Code, the Targ\ et Company )Tj 0.175 Tw 0 -1.333 Td (Profit Forecasts have been reported on in accordance with the Listing Ru\ les and the )Tj 0.043 Tc 0.237 Tw 0 -1.333 Td [(T)0.5 (ak)0.5 (eo)0.5 (ver)0.5 (s)13 ( Co)0.5 (de)13 ( b)0.5 (y)12.9 ( BO)0.5 (CO)0.5 (M)12.9 ( In)0.5 (te)0.5 (rn)0.5 (at)0.5 (io)0.5 (na)0.5 (l)12.9 ( \(A)0.5 (si)0.5 (a\))13 ( L)0.5 (im)0.5 (it)0.5 (ed)0.5 (,)12.9 ( t)0.5 (he)13 ( F)0.5 (in)0.5 (an)0.5 (ci)0.5 (al)13 ( A)0.5 (dv)0.5 (ise)0.5 (r)0.5 (,)18 ( )]TJ 0.025 Tc 0.095 Tw 0 -1.333 Td (confirming that the Target Company Profit Forecasts have been made by th\ e Directors )Tj 0.23 Tw 0 -1.333 Td (after due care and consideration, and Ernst & Young, the auditor of the \ Company, )Tj 0.04 Tc 0.237 Tw 0 -1.333 Td [(examining)12.8 ( the)12.9 ( calculations)12.9 ( of)12.9 ( the)12.9 ( discounted)12.8 ( future)12.9 ( estimated)12.9 ( cash)12.9 ( flows)12.9 ( used)12.9 ( in)15 ( )]TJ 0.025 Tc 0.25 Tw 0 -1.333 Td [(connection )0.5 (with )0.5 (the )0.5 (Target )0.5 (Company )0.5 (Profit )0.5 (Forecasts. )0.5 (The )0.5 (reports )0.5 (of )0.5 (the Financial )]TJ 0.056 Tw 0 -1.333 Td (Adviser and Ernst & Young are set out in Appendices III and IV to this a\ nnouncement, )Tj -0.025 Tw 0 -1.333 Td (respectively.)Tj ET endstream endobj 441 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 18 \226)Tj 0.028 Tw -3.387 62.664 Td (Q = the number of Compensation Shares to be returned in )Tj 0.082 Tw 0 -1.333 Td (respect of the performance compensation for the relevant )Tj 0.2 Tw 0 -1.333 Td (financial year or impairment compensation \(as the case )Tj 0.061 Tw 0 -1.333 Td [(may )0.5 (be\) )0.5 (payable )0.6 (by )0.6 (Anhui )0.5 (Transportation )0.5 (Holding )0.6 (Group )]TJ 0.025 Tw 0 -1.333 Td (to the Company)Tj 0 -2.667 Td (R = the final issue price per Consideration Share)Tj 0.093 Tc 0.238 Tw 0 -2.667 Td [(Such)12.5 ( )0.5 (cash)12.5 ( )0.5 (compensation)12.5 ( )0.5 (shall)12.5 ( )0.6 (be)12.5 ( )0.5 (paid)12.5 ( )0.6 (by)12.5 ( )0.5 (Anhui)68 ( )]TJ 0.036 Tc 0.239 Tw 0 -1.333 Td [(Transportation)11 ( Holding)10.9 ( Group)11 ( to)11 ( the)11 ( Company)10.9 ( within)11 ( )]TJ 0.062 Tc 0.238 Tw 0 -1.333 Td [(3)12.4 (0)12.3 ( business)12.4 ( days)12.4 ( after)12.4 ( the)12.4 ( date)12.3 ( of)12.3 ( approval)12.4 ( by)12.3 ( the)37 ( )]TJ 0.025 Tc 0.03 Tw 0 -1.333 Td (Shareholders of the buy-back of the Compensation Shares )Tj 0.058 Tc 0.237 Tw 0 -1.333 Td [(i)0.5 (n)13 ( r)0.5 (e)0.5 (s)0.5 (p)0.5 (e)0.6 (c)0.5 (t)13 ( o)0.5 (f)13 ( t)0.5 (h)0.5 (e)13 ( p)0.5 (e)0.5 (r)0.5 (f)0.5 (o)0.5 (r)0.5 (m)0.5 (a)0.6 (nc)0.6 (e)13 ( c)0.5 (o)0.5 (m)0.5 (p)0.5 (e)0.5 (n)0.5 (s)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( f)0.5 (o)0.6 (r)13 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any\))Tj 0.111 Tc 0.238 Tw 0 -2.667 Td [(For)12.2 ( the)12.1 ( avoidance)12.2 ( of)12.2 ( doubt,)12.1 ( where)12.2 ( the)12.2 ( amount)86 ( )]TJ 0.115 Tc 0.237 Tw 0 -1.333 Td [(of)12.7 ( impairment)12.7 ( compensation)12.7 ( payable)12.8 ( by)12.8 ( Anhui)90 ( )]TJ 0.025 Tc 0.133 Tw 0 -1.333 Td (Transportation Holding Group is a negative amount \(i.e. )Tj 0.118 Tw 0 -1.333 Td (G<0\), no refund of the compensation previously paid by )Tj 0.038 Tc 0.238 Tw 0 -1.333 Td [(Anhui)12.1 ( Transportation)12.1 ( Holding)12.1 ( Group)12.1 ( to)12.1 ( the)12.1 ( Company)13 ( )]TJ 0.025 Tc 0.209 Tw 0 -1.333 Td (\(if any\) will be made to Anhui Transportation Holding )Tj -0.025 Tw 0 -1.333 Td (Group.)Tj /T1_1 1 Tf 0.025 Tw -12.992 -2.667 Td (Settlement of any )Tj 1.087 -1.333 Td (compensation payable by )Tj 0 -1.333 Td (Anhui Transportation )Tj 0 -1.333 Td (Holding Group)Tj 12 0 3.2154 12 239.7134 354.7209 Tm (Compensation Shares)Tj /T1_0 1 Tf 0.093 Tc 0.237 Tw 12 0 0 12 240.9449 322.7209 Tm [(In)12.6 ( the)12.6 ( event)12.6 ( that)12.7 ( any)12.6 ( performance)12.6 ( compensation)67.9 ( )]TJ 0.082 Tc 0 -1.333 Td [(or)12.8 ( impairment)12.8 ( compensation)12.7 ( is)12.8 ( payable)12.8 ( by)12.8 ( Anhui)57 ( )]TJ 0.047 Tc 0.238 Tw 0 -1.333 Td [(Transportation)12.4 ( Holding)12.4 ( )0.5 (Group)12.4 ( to)12.4 ( )0.5 (the)12.4 ( Company,)12.4 ( such)22 ( )]TJ 0.033 Tc 0.242 Tw 0 -1.333 Td [(compensation)8 ( payable)8 ( shall)8 ( first)8 ( be)8.1 ( settled)8 ( by)8 ( way)8 ( of)8 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (return of the Consideration Shares to the Company.)Tj 0.056 Tc 0.238 Tw 0 -2.667 Td [(The)12.2 ( number)12.1 ( of)12.1 ( Consideration)12.1 ( Shares)12.2 ( to)12.2 ( be)12.2 ( returned)31 ( )]TJ 0.041 Tc 0 -1.333 Td [(\(the)12.4 ( )0.5 (\223)]TJ /T1_1 1 Tf [(Compensation)12.4 ( )0.5 (Shares)]TJ /T1_0 1 Tf [(\224\))12.4 ( )0.5 (shall)12.5 ( )0.5 (be)12.5 ( determined)12.4 ( )0.5 (in)16 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (accordance with the following formula:)Tj 0 Tc 0 Tw 7.483 -3.459 Td (J)Tj 2.275 0 Td (=)Tj 4.645 0.792 Td (K)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 375.5905 158.4379 cm 0 0 m 85.039 0 l S Q BT 12 0 0 12 375.5905 159.7118 Tm ( )Tj 3.238 -1.333 Td (L)Tj ET endstream endobj 447 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 14 \226)Tj 0.158 Tw -3.387 62.664 Td (F = the aggregate amount of performance compensation )Tj 0.14 Tw 0 -1.333 Td (previously paid by Anhui Transportation Holding Group )Tj 0.025 Tw 0 -1.333 Td (to the Company \(if any\))Tj 0.111 Tc 0.238 Tw 0 -2.667 Td [(For)12.2 ( the)12.1 ( avoidance)12.2 ( of)12.2 ( doubt,)12.1 ( where)12.2 ( the)12.2 ( amount)86 ( )]TJ 0.102 Tc 0.237 Tw 0 -1.333 Td [(of)12.7 ( performance)12.7 ( compensation)12.7 ( payable)12.7 ( by)12.7 ( Anhui)77 ( )]TJ 0.071 Tc 0 -1.333 Td [(Transportation)12.6 ( Holding)12.6 ( Group)12.7 ( for)12.6 ( a)12.7 ( financial)12.6 ( year)46 ( )]TJ 0.072 Tc 0.238 Tw 0 -1.333 Td [(is)12.3 ( a)12.3 ( negative)12.3 ( amount)12.3 ( \(i.e.)12.3 ( A<)12.3 (0)12.3 (\),)12.3 ( no)12.3 ( refund)12.3 ( of)12.4 ( the)47 ( )]TJ 0.029 Tc 0.246 Tw 0 -1.333 Td [(c)0.6 (o)0.5 (m)0.6 (p)0.5 (e)0.6 (n)0.6 (s)0.6 (a)0.5 (t)0.6 (i)0.6 (o)0.5 (n)4 ( p)0.6 (r)0.6 (e)0.5 (v)0.6 (i)0.5 (o)0.6 (u)0.6 (s)0.5 (l)0.6 (y)4 ( p)0.6 (a)0.6 (i)0.5 (d)4 ( b)0.6 (y)4 ( A)0.6 (n)0.5 (h)0.6 (u)0.6 (i)4 ( T)0.5 (r)0.6 (a)0.6 (n)0.5 (s)0.6 (p)0.6 (o)0.5 (r)0.6 (t)0.6 (a)0.5 (t)0.6 (i)0.6 (o)0.5 (n)4 ( )]TJ 0.025 Tc 0.112 Tw 0 -1.333 Td (Holding Group to the Company \(if any\) will be made to )Tj 0.025 Tw 0 -1.333 Td (Anhui Transportation Holding Group.)Tj /T1_1 1 Tf 12 0 3.2154 12 239.7134 578.7209 Tm (Compensation for impairment)Tj /T1_0 1 Tf 0.015 Tc 0.063 Tw 12 0 0 12 240.9449 546.7209 Tm (Upon the expiry of the Performance Compensation Period, )Tj 0.012 Tc 0.025 Tw 0 -1.333 Td [(the Company shall select and engage a qualified accounting)-3 ( )]TJ 0.036 Tc 0.238 Tw 0 -1.333 Td [(firm)12.4 ( )0.5 (to)12.4 ( carry)12.4 ( out)12.4 ( )0.5 (impairment)12.4 ( test)12.4 ( on)12.4 ( the)12.5 ( Performance)21 ( )]TJ 0.101 Tc 0.237 Tw 0 -1.333 Td [(Compensation)12.9 ( Assets)12.9 ( and)12.8 ( issue)12.9 ( a)12.8 ( corresponding)86 ( )]TJ 0.015 Tc 0.025 Tw 0 -1.333 Td (impairment test report.)Tj 0.089 Tc 0.237 Tw 0 -2.667 Td [(I)0.5 (f)13 ( t)0.6 (he)13.1 ( a)0.5 (m)0.5 (o)0.5 (u)0.5 (n)0.5 (t)13 ( o)0.6 (f)13 ( i)0.5 (m)0.5 (p)0.5 (a)0.5 (i)0.5 (r)0.6 (m)0.5 (e)0.5 (n)0.5 (t)13 ( o)0.5 (f)13 ( t)0.6 (h)0.5 (e)13 ( P)0.5 (e)0.5 (r)0.5 (f)0.6 (o)0.5 (r)0.5 (m)0.5 (a)0.5 (n)0.5 (c)0.5 (e)64 ( )]TJ 0.025 Tc 0.219 Tw 0 -1.333 Td (Compensation Assets as at the end of the Performance )Tj 0.192 Tw 0 -1.333 Td (Compensation Period is larger than the total amount of )Tj 0.107 Tw 0 -1.333 Td (performance compensation paid by Anhui Transportation )Tj 0.163 Tw 0 -1.333 Td (Holding Group to the Company during the Performance )Tj 0.055 Tc 0.237 Tw 0 -1.333 Td [(Compensation)12.8 ( Period)12.8 ( \(if)12.8 ( any\),)12.8 ( Anhui)12.7 ( Transportation)30 ( )]TJ 0.038 Tc 0 -1.333 Td [(Holding)12.7 ( Group)12.7 ( shall)12.7 ( compensate)12.7 ( the)12.7 ( Company)12.7 ( for)12.7 ( an)13 ( )]TJ 0.025 Tc 0.158 Tw 0 -1.333 Td (amount to be calculated in accordance with the formula )Tj -0.025 Tw 0 -1.333 Td (below:)Tj 0.025 Tw 10.331 -2.667 Td (G = H \226 I)Tj -0.025 Tw -10.331 -2.667 Td (where:)Tj 0.044 Tc 0.238 Tw 0 -2.667 Td [(G)12.2 ( =)12.2 ( amount)12.2 ( of)12.2 ( impairment)12.2 ( compensation)12.2 ( payable)12.2 ( by)19 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (Anhui Transportation Holding Group to the Company)Tj ET endstream endobj 446 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 13 \226)Tj 0.038 Tw -3.387 62.706 Td (where \223net profit\224 for such purposes shall be the lower of )Tj 0.098 Tw 0 -1.292 Td (\(i\) audited net profit attributable to owners of the Target )Tj 0.129 Tw 0 -1.292 Td [(Company )0.5 (before )0.5 (deducting )0.5 (non-recurring )0.5 (gain )0.5 (or )0.5 (loss )0.5 (or )]TJ 0.065 Tw 0 -1.292 Td (\(ii\) audited net profit attributable to owners of the Target )Tj 0.184 Tw 0 -1.292 Td (Company after deducting non-recurring gain or loss for )Tj 0.025 Tw 0 -1.292 Td (the relevant year.)Tj 0.069 Tc 0.237 Tw 0 -2.625 Td [(U)0.6 (p)0.5 (o)0.5 (n)13 ( t)0.5 (h)0.6 (e)13 ( e)0.6 (x)0.5 (p)0.5 (i)0.6 (r)0.5 (y)13.1 ( o)0.5 (f)13.1 ( e)0.6 (a)0.5 (c)0.6 (h)13 ( f)0.6 (i)0.5 (n)0.5 (a)0.6 (n)0.5 (c)0.6 (i)0.5 (a)0.6 (l)13 ( y)0.6 (e)0.5 (a)0.6 (r)13 ( d)0.6 (u)0.5 (r)0.5 (i)0.6 (n)0.5 (g)13 ( t)0.5 (h)0.5 (e)44.1 ( )]TJ 0.034 Tc 0.241 Tw 0 -1.292 Td [(P)0.5 (e)0.6 (r)0.5 (f)0.5 (o)0.6 (r)0.5 (m)0.5 (a)0.6 (n)0.5 (c)0.5 (e)9 ( C)0.6 (o)0.5 (m)0.5 (p)0.5 (e)0.6 (n)0.5 (s)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.6 (n)9 ( P)0.5 (e)0.5 (r)0.5 (i)0.6 (o)0.5 (d)0.5 (,)9 ( t)0.5 (h)0.6 (e)9 ( C)0.5 (o)0.5 (m)0.6 (p)0.5 (a)0.5 (n)0.6 (y)9 ( s)0.6 (h)0.5 (a)0.5 (l)0.6 (l)9 ( )]TJ 0.025 Tc 0.103 Tw 0 -1.292 Td (select and engage a qualified accounting firm to conduct )Tj 0.168 Tw 0 -1.292 Td (audit on the Target Company and issue a specific audit )Tj -0.025 Tw 0 -1.292 Td (opinion.)Tj 0.029 Tc 0.246 Tw 0 -2.625 Td [(If)4 ( the)4 ( aggregate)4 ( audited)4 ( net)4 ( profit)4 ( of)4 ( the)4 ( Performance)4 ( )]TJ 0.025 Tc 0.226 Tw 0 -1.292 Td (Compensation Assets as of the end of a financial year )Tj 0.037 Tc 0.238 Tw 0 -1.292 Td [(is)12.1 ( lower)12 ( than)12 ( the)12 ( aggregate)12 ( guaranteed)12 ( amount)12 ( as)12 ( set)12 ( )]TJ 0.031 Tc 0.244 Tw 0 -1.292 Td [(out)6 ( above)6 ( as)6.1 ( of)6.1 ( the)6.1 ( end)6 ( of)6.1 ( that)6 ( financial)6 ( year,)6 ( Anhui)6 ( )]TJ 0.06 Tc 0.237 Tw 0 -1.292 Td [(Transportation)12.6 ( Holding)12.5 ( Group)12.6 ( shall)12.6 ( compensate)12.6 ( the)35 ( )]TJ 0.025 Tc 0.185 Tw 0 -1.292 Td (Company for an amount to be calculated in accordance )Tj 0.025 Tw 0 -1.292 Td (with the formula below:)Tj 0 Tc 0 Tw 4.6 -3.459 Td (A)Tj 1.969 0 Td (=)Tj 0.025 Tc -0.025 Tw 2.727 0.792 Td (\(B-C\))Tj 0 Tc 0 Tw 4.628 -0.792 Td (x)Tj 1.834 0 Td (E)Tj 1.945 0 Td (\226)Tj 1.862 0 Td (F)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 337.3229 439.4378 cm 0 0 m 59.528 0 l S Q BT 12 0 0 12 331.6536 440.7118 Tm ( )Tj 2.592 -1.333 Td (D)Tj 0.025 Tc -0.025 Tw -10.151 -2.625 Td (where:)Tj 0.033 Tc 0.242 Tw 0 -2.667 Td [(A)8 ( =)8 ( amount)8 ( of)8 ( performance)8 ( compensation)8.1 ( payable)8 ( by)8 ( )]TJ 0.025 Tc 0.068 Tw 0 -1.292 Td (Anhui Transportation Holding Group to the Company for )Tj 0.025 Tw 0 -1.292 Td (such financial year)Tj 0.087 Tw 0 -2.625 Td (B = the aggregate guaranteed amount of net profit of the )Tj 0.025 Tw 0 -1.292 Td (Target Company as of the end of such financial year)Tj 0.039 Tc 0.238 Tw 0 -2.625 Td [(C)12.4 ( =)12.5 ( the)12.4 ( )0.5 (aggregate)12.4 ( amount)12.4 ( of)12.4 ( actual)12.4 ( )0.5 (net)12.4 ( )0.5 (profit)12.5 ( of)12.4 ( the)14 ( )]TJ 0.025 Tc 0.122 Tw 0 -1.292 Td (Target Company realised as of the end of such financial )Tj -0.025 Tw 0 -1.292 Td (year)Tj 0.156 Tw 0 -2.625 Td (D = total guaranteed amount of net profit of the Target )Tj 0.051 Tc 0.238 Tw 0 -1.292 Td [(Company)12.3 ( for)12.4 ( the)12.4 ( Performance)12.4 ( Compensation)12.4 ( Period,)26 ( )]TJ 0.025 Tc 0.199 Tw 0 -1.292 Td (being RMB660,316,700 \(in the event that the Proposed )Tj 0.055 Tc 0.238 Tw 0 -1.292 Td [(Acquisition)12.1 ( is)12.1 ( completed)12.1 ( during)12.1 ( the)12.1 ( year)12.1 ( ending)12.1 ( 3)12.1 (1)30 ( )]TJ 0.025 Tc 0.187 Tw 0 -1.292 Td (December 2023\) or RMB661,520,300 \(in the event that )Tj 0.25 Tw 0 -1.292 Td (the Proposed Acquisition is completed during the year )Tj 0.025 Tw 0 -1.292 Td (ending 31 December 2024\))Tj 0 -2.625 Td (E = the Total Consideration)Tj ET endstream endobj 445 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 12 \226)Tj 0.065 Tc 0.237 Tw -3.387 62.664 Td [(Pursuant)12.7 ( to)12.7 ( the)12.7 ( requirements)12.6 ( of)12.6 ( the)12.7 ( Administrative)40 ( )]TJ 0.048 Tc 0.238 Tw 0 -1.333 Td [(Measures)12.4 ( )0.5 (for)12.5 ( Material)12.4 ( )0.5 (Asset)12.4 ( )0.5 (Restructuring)12.5 ( and)12.5 ( other)23 ( )]TJ 0.025 Tc 0.081 Tw 0 -1.333 Td (relevant PRC laws and regulations, Anhui Transportation )Tj 0.073 Tc 0.238 Tw 0 -1.333 Td [(Holding)12.1 ( Group)12.1 ( undertakes)12.1 ( to)12.1 ( provide)12 ( performance)48 ( )]TJ 0 -1.333 Td [(guarantees)12.3 ( and)12.2 ( related)12.2 ( compensation)12.2 ( in)12.3 ( respect)12.3 ( of)48 ( )]TJ 0.058 Tc 0 -1.333 Td [(the)12.4 ( Performance)12.3 ( Compensation)12.3 ( Assets)12.3 ( based)12.4 ( on)12.3 ( the)33 ( )]TJ 0.025 Tc 0.202 Tw 0 -1.333 Td (future estimated profit attributable to such Performance )Tj 0.025 Tw 0 -1.333 Td (Compensation Assets in the Asset Valuation Report.)Tj /T1_1 1 Tf 0.023 Tc -12.992 -2.667 Td [(Performance Compensation)-2 ( )]TJ 0.025 Tc -0.025 Tw 1.087 -1.333 Td (Period:)Tj /T1_0 1 Tf 0.042 Tc 0.238 Tw 11.906 1.333 Td [(The)12.3 ( Performance)12.3 ( Compensation)12.3 ( Period)12.3 ( shall)12.3 ( be)12.3 ( three)17.1 ( )]TJ 0.068 Tc 0 -1.333 Td [(consecutive)12.2 ( financial)12.2 ( years)12.1 ( commencing)12.1 ( from)12.2 ( \(and)42.9 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (including\) the year in which the Completion takes place.)Tj 0.03 Tc 0.245 Tw 0 -2.667 Td [(Accordingly,)5 ( if)5 ( the)5.1 ( Proposed)5 ( Acquisition)5 ( is)5 ( completed)5 ( )]TJ 0.109 Tc 0.237 Tw 0 -1.333 Td [(during)12.5 ( the)12.6 ( year)12.6 ( ending)12.6 ( 3)12.6 (1)12.6 ( December)12.6 ( 2)12.6 (0)12.6 (2)12.5 (3)12.6 (,)12.6 ( the)84 ( )]TJ 0.025 Tc 0.18 Tw 0 -1.333 Td (Performance Compensation Period shall be the years of )Tj 0.076 Tw 0 -1.333 Td (2023, 2024 and 2025. On the other hand, if the Proposed )Tj 0.055 Tc 0.238 Tw 0 -1.333 Td [(Acquisition)12.1 ( is)12.1 ( completed)12.1 ( during)12.1 ( the)12.1 ( year)12.1 ( ending)12.1 ( 3)12.1 (1)30 ( )]TJ 0.025 Tc 0.25 Tw 0 -1.333 Td (December 2024, the Performance Compensation Period )Tj 0.025 Tw 0 -1.333 Td (shall be the years of 2024, 2025 and 2026.)Tj /T1_1 1 Tf -0.025 Tw -12.992 -2.667 Td (Compensation )Tj 1.087 -1.333 Td (arrangements:)Tj 0.025 Tw 12 0 3.2154 12 239.7134 434.7209 Tm (Compensation for performance guarantees)Tj /T1_0 1 Tf 0.099 Tc 0.237 Tw 12 0 0 12 240.9449 402.7209 Tm [(Anhui)12.7 ( Transportation)12.6 ( Holding)12.7 ( Group)12.7 ( undertakes)74 ( )]TJ 0.041 Tc 0.238 Tw 0 -1.333 Td [(that)12.4 ( )0.5 (the)12.5 ( future)12.5 ( )0.5 (realised)12.5 ( net)12.4 ( )0.5 (profit)12.4 ( )0.5 (of)12.5 ( )0.5 (the)12.4 ( )0.5 (Performance)16 ( )]TJ 0.022 Tc 0.025 Tw 0 -1.333 Td [(C)0.5 (o)0.5 (m)0.5 (p)0.5 (e)0.5 (n)0.5 (s)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 ( )0.5 (A)0.5 (s)0.5 (s)0.5 (e)0.5 (t)0.5 (s)0.5 ( )0.5 (d)0.5 (u)0.5 (r)0.5 (i)0.5 (n)0.5 (g)0.5 ( )0.5 (e)0.5 (a)0.5 (c)0.5 (h)0.5 ( )0.5 (y)0.5 (e)0.5 (a)0.5 (r)0.5 ( )0.5 (o)0.5 (f)0.5 ( )0.5 (t)0.5 (h)0.5 (e)0.5 ( )0.5 (Pe)0.6 (r)0.5 (f)0.5 (o)0.5 (r)0.5 (m)0.5 (a)0.5 (n)0.5 (c)0.5 (e)-3 ( )]TJ 0.082 Tc 0.237 Tw 0 -1.333 Td [(Compensation)12.8 ( Period)12.8 ( shall)12.8 ( not)12.8 ( be)12.8 ( lower)12.8 ( than)12.8 ( the)57 ( )]TJ 0.025 Tc 0.204 Tw 0 -1.333 Td (respective estimated net profit for that relevant year as )Tj 0.024 Tc 0.025 Tw 0 -1.333 Td [(set out in the Asset Valuation Report, the details of which)-1 ( )]TJ 0.025 Tc 0 -1.333 Td (are set out below:)Tj 0.042 Tc 0.237 Tw 0 -2.667 Td [(\()17 (i)17 (\))17 ( )-814.2 (if)12.6 ( the)12.7 ( Proposed)12.6 ( Acquisition)12.7 ( is)12.6 ( completed)12.7 ( during)17 ( )]TJ 0.093 Tc 2.362 -1.333 Td [(the)12.7 ( year)12.7 ( ending)12.7 ( 3)12.7 (1)12.7 ( December)12.7 ( 2)12.7 (0)12.8 (2)12.7 (3)12.7 (,)12.8 ( the)12.7 ( net)67.9 ( )]TJ 0.029 Tc 0.246 Tw 0 -1.333 Td [(profit)4 ( of)4.1 ( the)4 ( Target)4 ( Company)4 ( shall)4 ( not)4 ( be)4 ( lower)4 ( )]TJ 0.079 Tc 0.25 Tw 0 -1.333 Td [(t)-12 (h)-12.1 (a)-12 (n )0.5 (R)-12 (M)-12.1 (B)0.5 (22)0.5 (4,)0.5 (9)0.5 (93)0.5 (,0)0.5 (00)0.5 ( )0.5 (f)-12.1 (o)-12 (r )0.5 (t)-12.1 (h)-12 (e)0.5 ( y)-12 (e)-12 (a)-12.1 (r)0.5 ( )0.5 (o)-12.1 (f)0.5 ( 2)0.5 (02)0.5 (3,)54 ( )]TJ 0.097 Tc 0 -1.333 Td [(R)-12.4 (M)-12.4 (B212,843,300 f)-12.4 (o)-12.4 (r t)-12.4 (h)-12.4 (e y)-12.3 (e)-12.4 (a)-12.4 (r o)-12.4 (f 2024 a)-12.4 (n)-12.3 (d)72 ( )]TJ 0.025 Tc 0.078 Tw 0 -1.333 Td (RMB222,480,400 for the year of 2025 respectively; )Tj -0.025 Tw 0 -1.333 Td (and)Tj 0.042 Tc 0.237 Tw -2.362 -2.667 Td [(\()17 (i)17 (i)17 (\))17 ( )-511.2 (if)12.6 ( the)12.7 ( Proposed)12.7 ( Acquisition)12.7 ( is)12.7 ( completed)12.7 ( during)17 ( )]TJ 0.093 Tc 2.362 -1.333 Td [(the)12.7 ( year)12.7 ( ending)12.7 ( 3)12.7 (1)12.7 ( December)12.7 ( 2)12.7 (0)12.8 (2)12.7 (4)12.7 (,)12.8 ( the)12.7 ( net)67.9 ( )]TJ 0.029 Tc 0.246 Tw 0 -1.333 Td [(profit)4 ( of)4.1 ( the)4 ( Target)4 ( Company)4 ( shall)4 ( not)4 ( be)4 ( lower)4 ( )]TJ 0.079 Tc 0.25 Tw 0 -1.333 Td [(t)-12 (h)-12.1 (a)-12 (n )0.5 (R)-12 (M)-12.1 (B)0.5 (21)0.5 (2,)0.5 (8)0.5 (43)0.5 (,3)0.5 (00)0.5 ( )0.5 (f)-12.1 (o)-12 (r )0.5 (t)-12.1 (h)-12 (e)0.5 ( y)-12 (e)-12 (a)-12.1 (r)0.5 ( )0.5 (o)-12.1 (f)0.5 ( 2)0.5 (02)0.5 (4,)54 ( )]TJ 0.097 Tc 0 -1.333 Td [(R)-12.4 (M)-12.4 (B222,480,400 f)-12.4 (o)-12.4 (r t)-12.4 (h)-12.4 (e y)-12.3 (e)-12.4 (a)-12.4 (r o)-12.4 (f 2025 a)-12.4 (n)-12.3 (d)72 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (RMB226,196,600 for the year of 2026 respectively,)Tj ET endstream endobj 444 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 11 \226)Tj 0.058 Tc 0.237 Tw -16.379 62.978 Td [(Save)12.9 ( as)12.9 ( disclosed)12.8 ( above,)12.9 ( all)12.9 ( other)12.8 ( terms)12.9 ( and)12.9 ( conditions)12.9 ( under)12.9 ( the)12.9 ( Acquisition)33 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (Agreement shall remain unchanged.)Tj /T1_1 1 Tf 0 -3 Td (Compensation Agreement)Tj /T1_0 1 Tf 0.103 Tw 0 -2.667 Td (On 20 June 2023, the Company and Anhui Transportation Holding Group ente\ red into )Tj 0.08 Tw 0 -1.333 Td [(the )0.5 (Compensation )0.5 (Agreement, pursuant )0.5 (to )0.5 (which, )0.5 (Anhui )0.5 (Transportation )0.5 (Holding )0.5 (Group )]TJ 0.159 Tw 0 -1.333 Td (undertakes to provide performance guarantees and related compensation in\ respect of )Tj 0.025 Tw 0 -1.333 Td (the Target Assets.)Tj 0.041 Tw 0 -2.667 Td (The compensation arrangement under the Compensation Agreement is made pu\ rsuant to )Tj 0.123 Tw 0 -1.333 Td (the requirements of the Administrative Measures for Material Asset Restr\ ucturing and )Tj 0.025 Tw 0 -1.333 Td (other relevant PRC laws and regulations, since the appraised values of t\ he Target Assets )Tj 0 -1.333 Td (in the Asset Valuation Report were determined based on the income approa\ ch.)Tj 0 -2.667 Td (The principal terms of the Compensation Agreement are as follows:)Tj /T1_1 1 Tf -0.025 Tw 0 -2.667 Td (Date:)Tj /T1_0 1 Tf 0.025 Tw 12.992 0 Td (20 June 2023)Tj /T1_1 1 Tf -0.025 Tw -12.992 -2.667 Td (Parties:)Tj /T1_0 1 Tf 0.025 Tw 12.992 0 Td [(\(1\) )-821.2 (the Company; and)]TJ 0 -2.667 Td [(\(2\) )-821.2 (Anhui Transportation Holding Group.)]TJ /T1_1 1 Tf 0.023 Tc -12.992 -2.667 Td [(Performance Compensation)-2 ( )]TJ 0.025 Tc -0.025 Tw 1.087 -1.333 Td (Assets:)Tj /T1_0 1 Tf 0.188 Tw 11.906 1.333 Td (According to the Asset Valuation Report, the appraised )Tj 0.058 Tc 0.238 Tw 0 -1.333 Td [(values)12.4 ( )0.5 (of)12.5 ( the)12.4 ( )0.5 (Target)12.4 ( )0.5 (Assets,)12.5 ( being)12.5 ( the)12.5 ( )0.5 (Performance)33 ( )]TJ 0.049 Tc 0 -1.333 Td [(Compensation)12 ( Assets,)12.1 ( were)12.1 ( determined)12 ( based)12.1 ( on)12 ( the)24 ( )]TJ 0.025 Tc 0.22 Tw 0 -1.333 Td (income approach with reference to the discounted cash )Tj 0.033 Tc 0.242 Tw 0 -1.333 Td [(flow)8.1 ( method)8 ( which)8 ( involves)8 ( projection)8 ( of)8 ( future)8 ( cash)8 ( )]TJ 0.052 Tc 0.237 Tw 0 -1.333 Td [(flow)12.6 ( attributable)12.6 ( to)12.6 ( such)12.6 ( Performance)12.6 ( Compensation)27 ( )]TJ 0.068 Tc 0 -1.333 Td [(A)0.5 (s)0.5 (se)0.5 (t)0.5 (s)12.9 ( f)0.5 (ro)0.5 (m)13 ( 1)13 ( Ja)0.5 (n)0.5 (ua)0.5 (r)0.5 (y)12.9 ( 2)13 (0)12.9 (2)13 (3)13 ( t)0.5 (o)12.9 ( 2)13 (7)12.9 ( D)0.5 (e)0.5 (ce)0.5 (m)0.5 (be)0.5 (r)13 ( 2)12.9 (0)13 (3)12.9 (9)43 ( )]TJ 0.025 Tc 0.104 Tw 0 -1.333 Td (\(being the end date of the concession right of the Liuwu )Tj 0.025 Tw 0 -1.333 Td (Expressway owned by the Target Company\).)Tj ET endstream endobj 10 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 11 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 12 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 13 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 418 0 obj </LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 453 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 281.5878 18.7492 Tm (\226 10 \226)Tj 0.023 Tc -3.387 62.664 Td [(None of the above conditions may be waived by any party)-2 ( )]TJ 0.025 Tc 0.088 Tw 0 -1.333 Td (to the Acquisition Agreement. If any of the conditions is )Tj 0.093 Tw 0 -1.333 Td (not fulfilled, the Acquisition Agreement will not become )Tj 0.175 Tw 0 -1.333 Td (effective and according to the PRC Legal Advisers, the )Tj 0.041 Tw 0 -1.333 Td (parties will not have any rights, obligations and liabilities )Tj 0.025 Tw 0 -1.333 Td (under the Acquisition Agreement.)Tj 0.18 Tw 0 -2.667 Td (As at the date of this announcement, the conditions set )Tj 0.033 Tw 0 -1.333 Td (out in paragraph \(i\), \(ii\) \(in respect of the approval by the )Tj 0.025 Tw 0 -1.333 Td (Board only\) and \(iii\) above have been fulfilled.)Tj 0.044 Tc 0.237 Tw 0 -2.667 Td [(A)0.5 (s)13.1 ( d)0.5 (i)0.5 (s)0.6 (c)0.5 (l)0.5 (o)0.5 (s)0.5 (e)0.6 (d)13 ( i)0.5 (n)13.1 ( t)0.5 (h)0.5 (e)13.1 ( A)0.5 (n)0.5 (n)0.5 (o)0.6 (u)0.5 (n)0.5 (c)0.5 (e)0.6 (m)0.5 (e)0.5 (n)0.5 (t)0.6 (,)13 ( t)0.5 (h)0.5 (e)13.1 ( c)0.5 (o)0.5 (n)0.6 (d)0.5 (i)0.5 (t)0.5 (i)0.5 (o)0.6 (n)13 ( s)0.5 (e)0.6 (t)19 ( )]TJ 0.025 Tc 0.242 Tw 0 -1.333 Td (out in paragraph \(iv\) above in respect of the approval )Tj 0.05 Tc 0.237 Tw 0 -1.333 Td [(of)12.9 ( the)12.9 ( Proposed)12.9 ( Acquisition)12.9 ( by)12.9 ( the)12.9 ( competent)12.9 ( state-)]TJ 0.025 Tc 0.241 Tw 0 -1.333 Td (owned assets supervision and administrative authorities )Tj 0.036 Tc 0.239 Tw 0 -1.333 Td [(or)11 ( its)11 ( authorised)11 ( entities)11 ( will)11 ( be)11 ( fulfilled)11 ( prior)11 ( to)11 ( the)11 ( )]TJ 0.025 Tc 0.206 Tw 0 -1.333 Td (EGM and \(if applicable\) the Class Meetings, while the )Tj 0.224 Tw 0 -1.333 Td (condition in respect of the approval of the Acquisition )Tj 0.041 Tw 0 -1.333 Td (Agreement and the Proposed Acquisition by the Shanghai )Tj 0.207 Tw 0 -1.333 Td (Stock Exchange and the CSRC as set out in paragraph )Tj 0.196 Tw 0 -1.333 Td (\(vi\) above will only be fulfilled after the EGM and \(if )Tj 0.03 Tc 0.245 Tw 0 -1.333 Td [(appl)0.5 (ic)0.5 (able\))5 ( th)0.5 (e)5 ( Class)5 ( Me)0.5 (etings)5 ( in)5 ( ac)0.5 (cordan)0.5 (ce)5 ( with)5 ( the)5.1 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (relevant PRC laws and regulations.)Tj 0.053 Tc 0.237 Tw 0 -2.667 Td [(In)12.5 ( respect)12.6 ( of)12.6 ( the)12.6 ( condition)12.6 ( set)12.5 ( out)12.6 ( in)12.6 ( paragraph)12.5 ( \(v\))28 ( )]TJ 0.025 Tc 0.072 Tw 0 -1.333 Td (above, as at the date of this announcement, the Company )Tj 0.041 Tc 0.238 Tw 0 -1.333 Td [(has)12.1 ( received)12.1 ( preliminary)12 ( feedback)12.1 ( from)12.1 ( the)12.1 ( Shanghai)16 ( )]TJ 0.095 Tc 0 -1.333 Td [(Municipal)12.1 ( Administration)12.1 ( for)12.1 ( Market)12 ( Regulation)70 ( )]TJ 0.025 Tc 0.074 Tw 0 -1.333 Td (indicating that no filing on concentration of undertakings )Tj 0.1 Tc 0.237 Tw 0 -1.333 Td [(in)12.7 ( respect)12.7 ( of)12.7 ( the)12.7 ( Proposed)12.7 ( Acquisition)12.7 ( shall)12.7 ( be)75 ( )]TJ 0.025 Tc 0.144 Tw 0 -1.333 Td (required. However, as at the date of this announcement, )Tj 0.069 Tc 0.238 Tw 0 -1.333 Td [(the)12.1 ( Shanghai)12.1 ( Municipal)12.1 ( Administration)12.1 ( for)12 ( Market)44 ( )]TJ 0.025 Tc 0.15 Tw 0 -1.333 Td [(Regulation has not yet issued its formal response to )0.5 (the )]TJ 0.064 Tw 0 -1.333 Td (Company in this regard. Further updates in respect of the )Tj 0.067 Tw 0 -1.333 Td (condition set out in paragraph \(v\) above will be provided )Tj 0.025 Tw 0 -1.333 Td (in the Circular.)Tj 0.039 Tw 0 -2.667 Td (In respect of the condition set out in paragraph \(x\) above, )Tj 0.052 Tc 0.238 Tw 0 -1.333 Td [(as)12.2 ( at)12.3 ( the)12.3 ( date)12.3 ( of)12.3 ( this)12.3 ( announcement,)12.3 ( each)12.3 ( of)12.2 ( Anhui)27 ( )]TJ 0.025 Tc 0.226 Tw 0 -1.333 Td (Transportation Holding Group and the Company is not )Tj 0.039 Tc 0.238 Tw 0 -1.333 Td [(aware)12.1 ( of)12.1 ( any)12.1 ( other)12.2 ( approval)12.1 ( and/or)12.1 ( filings)12.1 ( which)12.1 ( are)14 ( )]TJ 0.025 Tc 0.149 Tw 0 -1.333 Td (required to be obtained by it in respect of the Proposed )Tj -0.025 Tw 0 -1.333 Td (Acquisition.)Tj ET endstream endobj 452 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 284.7378 18.7492 Tm (\226 9 \226)Tj 0.166 Tw -3.649 62.664 Td [(\(iii\) )-296.3 (the Asset Valuation Report having been filed with )]TJ 0.212 Tw 2.362 -1.333 Td (or confirmed by the competent state-owned assets )Tj 0.047 Tc 0.237 Tw 0 -1.333 Td [(s)0.5 (u)0.5 (pe)0.5 (r)0.5 (v)0.5 (i)0.5 (si)0.5 (o)0.5 (n)13 ( a)0.5 (n)0.5 (d)13 ( a)0.5 (d)0.5 (m)0.5 (i)0.5 (ni)0.5 (s)0.5 (t)0.5 (ra)0.5 (t)0.5 (i)0.5 (o)0.5 (n)12.9 ( a)0.5 (u)0.5 (th)0.5 (o)0.5 (r)0.5 (it)0.5 (i)0.5 (e)0.5 (s)13 ( o)0.5 (r)13 ( it)0.5 (s)22 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (authorised entities;)Tj 0.038 Tc 0.237 Tw -2.362 -2.667 Td [(\()13 (i)13 (v)13 (\))13 ( )-293.2 (the)12.9 ( appr)0.5 (oval)12.9 ( of)12.9 ( the)12.9 ( Pr)0.5 (oposed)12.9 ( Ac)0.5 (quisition)12.9 ( by)12.9 ( the)13 ( )]TJ 0.031 Tc 0.244 Tw 2.362 -1.333 Td [(state-owned)6 ( assets)6 ( supervision)6 ( and)6.1 ( administration)6.1 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (authorities or its authorised entities;)Tj -0.005 Tc 0.13 Tw -2.362 -2.667 Td [(\(v\) )-836.2 (\(if applicable\) the obtaining of any necessary approval )]TJ 0.06 Tw 2.362 -1.333 Td (or decision not to review by the Anti-monopoly Bureau )Tj 0.199 Tw 0 -1.333 Td (of the State Administration for Market Regulation on )Tj -0.006 Tc 0.025 Tw 0 -1.333 Td [(concentration of undertakings in respect of the Proposed)-1 ( )]TJ -0.005 Tc 0.005 Tw 0 -1.333 Td (Acquisition;)Tj 0.025 Tc -0.025 Tw 10.2 0 0 12 240.9449 530.7209 Tm (\(vi\))Tj 0.038 Tc 0.237 Tw 12 0 0 12 256.6935 530.7209 Tm [( )-524.8 (the)12.9 ( appr)0.5 (oval)12.9 ( of)12.9 ( the)13 ( Pr)0.5 (oposed)12.9 ( Ac)0.5 (quisition)12.9 ( by)12.9 ( t)0.5 (he)13 ( )]TJ 0.034 Tc 0.241 Tw 1.05 -1.333 Td [(Shanghai)9 ( Stock)9 ( Exchange)9 ( and)9 ( registration)9 ( of)9 ( the)9 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (Proposed Acquisition by the CSRC;)Tj -0.025 Tw 10.2 0 0 12 240.9449 466.7209 Tm (\(vii\))Tj 0.03 Tc 0.245 Tw 12 0 0 12 259.7841 466.7209 Tm [( )-267.3 (the)5.1 ( obtaining)5 ( of)5 ( the)5 ( Whitewash)5 ( Waiver)5 ( from)5 ( the)5 ( )]TJ 0.025 Tc -0.025 Tw 0.792 -1.333 Td (Executive;)Tj 10.2 0 0 12 240.9449 418.7209 Tm (\(viii\))Tj 0.064 Tc 0.238 Tw 12 0 0 12 262.8747 418.7209 Tm [( )17.3 (the)12.2 ( obtaining)12.1 ( of)12.1 ( the)12.2 ( requisite)12.1 ( approval)12.1 ( by)12.1 ( the)39 ( )]TJ 0.037 Tc 0.535 -1.333 Td [(Takeovers)12 ( Code)12 ( Independent)12 ( Shareholders)12 ( at)12 ( the)12 ( )]TJ 0.05 Tc 0.237 Tw 0 -1.333 Td [(EGM)12.7 ( in)12.6 ( respect)12.6 ( of)12.7 ( the)12.6 ( grant)12.6 ( of)12.6 ( the)12.7 ( Whitewash)25 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.333 Td (Waiver;)Tj 0.064 Tc 0.238 Tw -2.362 -2.667 Td [(\()39 (i)39 (x)39 (\))39 ( )-266.2 (the)12.2 ( obtaining)12.1 ( of)12.1 ( the)12.1 ( requisite)12.1 ( approval)12.1 ( by)12.1 ( the)39 ( )]TJ 0.025 Tc 0.187 Tw 2.362 -1.333 Td (Shareholders at the EGM in respect of the waiver )Tj 0.088 Tw 0 -1.333 Td (of general offer obligation by Anhui Transportation )Tj 0.067 Tc 0.237 Tw 0 -1.333 Td [(Holding)12.8 ( Group)12.7 ( arising)12.7 ( in)12.8 ( connection)12.7 ( with)12.7 ( the)42 ( )]TJ 0.05 Tc 0 -1.333 Td [(P)0.5 (r)0.5 (o)0.5 (p)0.5 (o)0.5 (s)0.5 (e)0.5 (d)13 ( A)0.5 (c)0.6 (q)0.5 (u)0.5 (i)0.5 (s)0.5 (i)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( u)0.5 (n)0.5 (d)0.5 (e)0.5 (r)13 ( t)0.5 (h)0.5 (e)13 ( a)0.5 (p)0.5 (p)0.5 (l)0.5 (i)0.5 (c)0.5 (a)0.6 (b)0.5 (l)0.5 (e)13 ( P)0.5 (R)0.5 (C)25 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (laws and regulations; and)Tj 0.024 Tc -2.362 -2.667 Td [(\()-1 (x)-1 (\))-1 ( )-822.2 (the obtaining of any other necessary approval and/or)-1 ( )]TJ 0.025 Tc 0.127 Tw 2.362 -1.333 Td (filings in respect of the Proposed Acquisition from )Tj 0.025 Tw 0 -1.333 Td (any applicable regulatory authorities.)Tj ET endstream endobj 451 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 284.7378 18.7492 Tm (\226 8 \226)Tj 0.199 Tw -3.649 62.664 Td (Accordingly, the number of Consideration Shares to be )Tj 0.1 Tw 0 -1.333 Td (issued by the Company to Anhui Transportation Holding )Tj 0.168 Tw 0 -1.333 Td (Group shall be calculated by dividing \(i\) the portion of )Tj 0.043 Tw 0 -1.333 Td (the final Total Consideration to be settled by the issuance )Tj 0.112 Tw 0 -1.333 Td [(of )0.5 (Consideration )0.5 (Shares )0.6 (\(being )0.5 (RMB3,116,103,315, )0.5 (85% )]TJ 0.215 Tw 0 -1.333 Td (of the final Total Consideration\) by \(ii\) the final issue )Tj 0.033 Tc 0.242 Tw 0 -1.333 Td [(p)0.5 (r)0.6 (i)0.5 (c)0.5 (e)8 ( o)0.6 (f)8 ( t)0.5 (h)0.5 (e)8 ( C)0.6 (o)0.5 (n)0.5 (s)0.5 (i)0.6 (d)0.5 (e)0.5 (r)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.6 (n)8 ( S)0.5 (h)0.5 (a)0.5 (r)0.6 (e)0.5 (s)8 ( \()0.6 (b)0.5 (e)0.5 (i)0.5 (n)0.6 (g)8 ( t)0.5 (h)0.5 (e)8 ( A)0.6 (d)0.5 (j)0.5 (u)0.5 (s)0.6 (t)0.5 (e)0.5 (d)8 ( )]TJ 0.08 Tc 0.237 Tw 0 -1.333 Td [(Issue)12.7 ( Price)12.7 ( of)12.6 ( RMB)12.6 (6)12.7 (.)12.7 (6)12.6 (4)12.7 ( per)12.7 ( Consideration)12.7 ( Share,)55 ( )]TJ 0.025 Tc 0.124 Tw 0 -1.333 Td [(subject to any further adjustment in )0.5 (accordance with )0.5 (the )]TJ 0.165 Tw 0 -1.333 Td (formulae as set out in the Announcement\). In the event )Tj 0.049 Tw 0 -1.333 Td (of fractional shares, Anhui Transportation Holding Group )Tj 0.025 Tw 0 -1.333 Td (shall waive such fractional shares.)Tj 0.095 Tc 0.238 Tw 0 -2.667 Td [(On)12.3 ( the)12.3 ( basis)12.3 ( that)12.3 ( the)12.3 ( portion)12.3 ( of)12.3 ( the)12.3 ( final)12.3 ( Total)70 ( )]TJ 0.082 Tc 0.237 Tw 0 -1.333 Td [(Consideration)12.7 ( for)12.7 ( the)12.8 ( Proposed)12.8 ( Acquisition)12.7 ( to)12.7 ( be)57 ( )]TJ 0.103 Tc 0 -1.333 Td [(settled)12.6 ( by)12.6 ( the)12.6 ( Consideration)12.6 ( Shares)12.7 ( Issuance)12.6 ( is)78 ( )]TJ 0.037 Tc 0.238 Tw 0 -1.333 Td [(RMB)12 (3)12 (,)12 (1)12 (1)12 (6)12 (,)12 (1)12 (0)12 (3)12 (,)12 (3)12 (1)12 (5)12 ( and)12 ( assuming)12.1 ( the)12 ( final)12 ( issue)12 ( price)12 ( )]TJ 0.025 Tc 0.189 Tw 0 -1.333 Td (of the Consideration Shares is the Adjusted Issue Price )Tj 0.25 Tw 0 -1.333 Td (\(being RMB6.64 per Consideration Share\), the number )Tj 0.112 Tw 0 -1.333 Td (of Consideration Shares to be issued by the Company to )Tj 0.241 Tw 0 -1.333 Td [(Anhui Transportation )0.5 (Holding )0.5 (Group is 469,292,667 A )]TJ -0.025 Tw 0 -1.333 Td (Shares.)Tj /T1_1 1 Tf 0.025 Tw -12.992 -2.667 Td (Effectiveness of the )Tj -0.025 Tw 1.087 -1.333 Td (Supplemental )Tj 0 -1.333 Td (Agreement:)Tj /T1_0 1 Tf 0.051 Tc 0.237 Tw 11.906 2.667 Td [(The)12.8 ( Supplemental)12.8 ( Agreement)12.8 ( shall)12.8 ( become)12.8 ( effective)26 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (upon the Acquisition Agreement becoming effective.)Tj 0.046 Tc 0.238 Tw 0 -4 Td [(As)12.1 ( disclosed)12.1 ( in)12.1 ( the)12.1 ( Announcement,)12.2 ( the)12.2 ( effectiveness)21.1 ( )]TJ 0.038 Tc 0.237 Tw 0 -1.333 Td [(of)12.7 ( the)12.8 ( Acquisition)12.8 ( Agreement)12.8 ( is)12.8 ( conditional)12.8 ( upon)12.8 ( the)13 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (fulfilment of all of the following conditions:)Tj 0.134 Tw 0 -2.667 Td [(\(i\) )-934.2 (the approval of the Acquisition Agreement and the )]TJ 0.052 Tc 0.238 Tw 2.362 -1.333 Td [(Proposed)12.4 ( Acquisition)12.4 ( by)12.4 ( the)12.4 ( internal)12.4 ( governing)27 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (bodies of Anhui Transportation Holding Group;)Tj 0.134 Tw -2.362 -2.667 Td [(\(ii\) )-631.2 (the approval of the Acquisition Agreement and the )]TJ 0.026 Tc 0.249 Tw 2.362 -1.333 Td [(Proposed)1 ( Acquisition)1 ( by)1 ( the)1 ( Board,)1 ( the)1 ( Proposed)1 ( )]TJ 0.025 Tc 0.25 Tw 0 -1.333 Td (Acquisition LR Independent Shareholders and the )Tj 0.037 Tc 0.238 Tw 0 -1.333 Td [(Takeovers)12 ( Code)12 ( Independent)12 ( Shareholders)12 ( at)12 ( the)12 ( )]TJ 0.025 Tc 0.056 Tw 0 -1.333 Td [(EGM )0.5 (and \(if )0.5 (applicable )0.5 (and )0.5 (as )0.5 (the )0.5 (case )0.5 (may )0.5 (be\) )0.5 (the )]TJ 0.025 Tw 0 -1.333 Td (Class Meetings;)Tj ET endstream endobj 450 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 284.7378 18.7492 Tm (\226 7 \226)Tj /T1_1 1 Tf -16.642 62.664 Td (Issue of Consideration )Tj -0.025 Tw 1.087 -1.333 Td (Shares:)Tj /T1_0 1 Tf 0.025 Tw 11.906 1.333 Td (As set out in the Announcement, it was agreed that:)Tj 0.222 Tw 0 -2.667 Td [(\(a\) )-680.2 (the initial issue price of the Consideration Shares )]TJ 0.097 Tc 0.238 Tw 2.362 -1.333 Td [(shall)12.1 ( be)12.1 ( RMB)12.1 (7)12.2 (.)12.1 (1)12.1 (9)12.1 ( per)12.2 ( Consideration)12.1 ( Share,)72 ( )]TJ 0.061 Tc 0 -1.333 Td [(representing)12.2 ( not)12.1 ( less)12.1 ( than)12.1 ( 8)12.2 (0)12.1 (%)12.1 ( of)12.2 ( the)12.1 ( average)36 ( )]TJ 0.025 Tc 0.071 Tw 0 -1.333 Td (trading prices of the A Shares for the 20, 60 or 120 )Tj 0.217 Tw 0 -1.333 Td (trading days prior to the Pricing Benchmark Date )Tj 0.24 Tw 0 -1.333 Td [(of )0.6 (18 )0.6 (April )0.5 (2023 )0.5 (\(rounded )0.6 (up )0.5 (to )0.5 (the )0.6 (nearest )0.5 (two )]TJ 0.025 Tw 0 -1.333 Td (decimal places\); and)Tj 0.225 Tw -2.362 -2.667 Td [(\(b\) )-621.2 (during the period between the Pricing Benchmark )]TJ 0.042 Tc 0.237 Tw 2.362 -1.333 Td [(Date)12.7 ( and)12.7 ( the)12.7 ( date)12.8 ( of)12.7 ( issue)12.7 ( of)12.8 ( the)12.8 ( Consideration)17 ( )]TJ 0.04 Tc 0 -1.333 Td [(Shares,)12.7 ( in)12.7 ( case)12.7 ( of)12.8 ( any)12.7 ( ex-rights)12.7 ( or)12.7 ( ex-dividends)15 ( )]TJ 0.025 Tc 0.104 Tw 0 -1.333 Td (events of the Company such as distribution of cash )Tj 0.046 Tc 0.237 Tw 0 -1.333 Td [(dividends,)12.6 ( bonus)12.6 ( issues,)12.5 ( rights)12.6 ( issues,)12.6 ( allotment)21 ( )]TJ 0.025 Tc 0.186 Tw 0 -1.333 Td (of shares, conversion of share premium into share )Tj 0.04 Tw 0 -1.333 Td (capital or capitalisation issues, the issue price of the )Tj 0.051 Tw 0 -1.333 Td (Consideration Shares will be adjusted in accordance )Tj 0.119 Tw 0 -1.333 Td [(with )0.5 (the )0.6 (relevant )0.5 (PRC )0.6 (laws )0.5 (and )0.5 (regulations. )0.6 (Please )]TJ 0.043 Tc 0.238 Tw 0 -1.333 Td [(refer)12 ( to)12.1 ( the)12.1 ( Announcement)12 ( for)12.1 ( the)12.1 ( formulae)12.1 ( for)18 ( )]TJ 0.042 Tc 0.237 Tw 0 -1.333 Td [(the)12.7 ( adjustments)12.7 ( as)12.6 ( agreed)12.7 ( under)12.7 ( the)12.6 ( Acquisition)17 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.333 Td (Agreement.)Tj 0.059 Tc 0.237 Tw -2.362 -2.667 Td [(As)12.9 ( set)12.8 ( out)12.8 ( in)12.9 ( the)12.9 ( Announcement,)12.8 ( the)12.8 ( Company)12.8 ( has)34 ( )]TJ 0.08 Tc 0.238 Tw 0 -1.333 Td [(declared)12.2 ( its)12.2 ( final)12.3 ( dividend)12.2 ( for)12.2 ( the)12.2 ( year)12.2 ( ended)12.2 ( 3)12.2 (1)55 ( )]TJ 0.054 Tc 0.237 Tw 0 -1.333 Td [(December)12.9 ( 2)12.9 (0)12.9 (2)12.8 (2)12.9 ( on)12.9 ( 3)12.8 (1)12.9 ( March)12.9 ( 2)12.8 (0)12.9 (2)12.9 (3)12.8 (,)12.9 ( which)12.9 ( was)12.9 ( then)29 ( )]TJ 0.025 Tc 0.236 Tw 0 -1.333 Td (subject to shareholders\222 approval at the annual general )Tj 0.053 Tw 0 -1.333 Td (meeting of the Company which was held on 9 June 2023. )Tj 0.152 Tw 0 -1.333 Td (Given that such dividend declaration has been approved )Tj 0.104 Tw 0 -1.333 Td (by the Shareholders as at the date of this announcement, )Tj 0.217 Tw 0 -1.333 Td (Anhui Transportation Holding Group and the Company )Tj 0.051 Tc 0.238 Tw 0 -1.333 Td [(has)12.2 ( agreed)12.1 ( that)12.2 ( the)12.1 ( issue)12.2 ( price)12.2 ( of)12.1 ( the)12.2 ( Consideration)26 ( )]TJ 0.025 Tc 0.183 Tw 0 -1.333 Td (Shares shall be adjusted to RMB6.64 per Consideration )Tj 0.196 Tw 0 -1.333 Td (Share \(the \223)Tj /T1_1 1 Tf (Adjusted Issue Price)Tj /T1_0 1 Tf (\224\) in accordance with )Tj 0.187 Tw 0 -1.333 Td (the formula for distribution of cash dividend as set out )Tj 0.025 Tw 0 -1.333 Td (the Announcement.)Tj ET endstream endobj 449 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 284.7378 18.7492 Tm (\226 6 \226)Tj 0.023 Tc -3.649 62.664 Td [(Upon arms\222 length negotiations between the parties taking)-2 ( )]TJ 0.035 Tc 0.24 Tw 0 -1.333 Td [(i)0.5 (n)0.5 (t)0.6 (o)10 ( a)0.5 (c)0.5 (c)0.6 (o)0.5 (u)0.5 (n)0.5 (t)10 ( t)0.6 (h)0.5 (e)10 ( a)0.6 (p)0.5 (p)0.5 (r)0.5 (a)0.5 (i)0.6 (s)0.5 (e)0.5 (d)10 ( v)0.6 (a)0.5 (l)0.5 (u)0.5 (e)10.1 ( o)0.5 (f)10 ( t)0.5 (h)0.5 (e)10.1 ( T)0.5 (a)0.5 (r)0.6 (g)0.5 (e)0.5 (t)10 ( A)0.6 (s)0.5 (s)0.5 (e)0.6 (t)0.5 (s)10 ( )]TJ 0.025 Tc 0.139 Tw 0 -1.333 Td (under the Asset Valuation Report of RMB3,661,003,900 )Tj 0.095 Tc 0.238 Tw 0 -1.333 Td [(and)12.1 ( the)12.1 ( paid-up)12.1 ( registered)12.1 ( capital)12.1 ( of)12.1 ( the)12.1 ( Target)70 ( )]TJ 0.025 Tc 0.248 Tw 0 -1.333 Td (Company of RMB5,000,000 which was paid by Anhui )Tj 0.035 Tc 0.24 Tw 0 -1.333 Td [(Transportation)10 ( Holding)10.1 ( Group)10 ( to)10 ( the)10 ( Target)10 ( Company)10 ( )]TJ 0.025 Tc 0.097 Tw 0 -1.333 Td (subsequent to the Valuation Benchmark Date, the parties )Tj 0.224 Tw 0 -1.333 Td (have agreed that the final Total Consideration shall be )Tj -0.025 Tw 0 -1.333 Td (RMB3,666,003,900.)Tj 0.081 Tw 0 -2.667 Td (As set out in the Announcement, the Total Consideration )Tj 0.071 Tw 0 -1.333 Td (shall be settled: \(i\) 85% by the allotment and issuance of )Tj 0.195 Tw 0 -1.333 Td (the Consideration Shares; and \(ii\) 15% by the payment )Tj 0.033 Tc 0.242 Tw 0 -1.333 Td [(of)8 ( the)8 ( Cash)8 ( Consideration,)8 ( by)8 ( the)8 ( Company)8 ( to)8 ( Anhui)8 ( )]TJ 0.062 Tc 0.238 Tw 0 -1.333 Td [(Transportation)12.3 ( Holding)12.3 ( Group.)12.3 ( Accordingly,)12.3 ( on)12.3 ( the)37 ( )]TJ 0.025 Tc 0.103 Tw 0 -1.333 Td (basis that the Total Consideration is RMB3,666,003,900, )Tj 0.151 Tw 0 -1.333 Td (RMB3,116,103,315 shall be settled by way of allotment )Tj 0.102 Tc 0.237 Tw 0 -1.333 Td [(a)0.5 (n)0.5 (d)13 ( i)0.6 (s)0.5 (s)0.5 (u)0.5 (a)0.5 (n)0.5 (c)0.5 (e)13.1 ( o)0.5 (f)13 ( t)0.5 (h)0.5 (e)13 ( C)0.6 (o)0.5 (n)0.5 (s)0.5 (i)0.5 (d)0.5 (e)0.5 (r)0.6 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( S)0.5 (h)0.5 (a)0.6 (r)0.5 (e)0.5 (s)13 ( w)0.5 (h)0.5 (i)0.6 (l)0.5 (e)77 ( )]TJ 0.025 Tc 0.136 Tw 0 -1.333 Td (RMB549,900,585 shall be settled by way of payment of )Tj 0.025 Tw 0 -1.333 Td (Cash Consideration.)Tj 0.14 Tw 0 -2.667 Td (Please refer to Appendix I to this announcement for the )Tj 0.034 Tc 0.241 Tw 0 -1.333 Td [(full)9 ( text)9 ( of)9 ( the)9 ( Asset)9 ( Valuation)9 ( Report)9 ( and)9 ( Appendix)8.9 ( )]TJ 0.025 Tc 0.162 Tw 0 -1.333 Td (II for the letter of confirmation issued by China United )Tj 0.048 Tc 0.237 Tw 0 -1.333 Td [(confirming)12.6 ( that)12.6 ( there)12.6 ( was)12.6 ( no)12.6 ( material)12.6 ( change)12.6 ( in)12.6 ( the)23.1 ( )]TJ 0.042 Tc 0.238 Tw 0 -1.333 Td [(appraised)12.5 ( value)12.5 ( )0.5 (of)12.4 ( )0.5 (the)12.4 ( )0.5 (Target)12.5 ( Assets)12.5 ( )0.5 (as)12.4 ( )0.5 (at)12.5 ( )0.5 (3)12.4 (1)12.5 ( )0.5 (March)17 ( )]TJ 0.025 Tc 0.134 Tw 0 -1.333 Td (2023 as compared to that set out in the Asset Valuation )Tj 0.052 Tc 0.237 Tw 0 -1.333 Td [(Report.)12.8 ( In)12.7 ( addition,)12.8 ( pursuant)12.7 ( to)12.7 ( Rule)12.8 ( 1)12.8 (1)12.7 (.)12.8 (1)12.8 (\(b\))12.8 ( of)12.8 ( the)27 ( )]TJ 0.038 Tc 0 -1.333 Td [(T)0.5 (a)0.5 (k)0.6 (e)0.5 (o)0.5 (v)0.5 (e)0.5 (r)0.5 (s)13 ( C)0.5 (o)0.6 (d)0.5 (e)0.5 (,)13 ( t)0.5 (h)0.5 (e)13 ( F)0.5 (i)0.5 (n)0.5 (a)0.6 (n)0.5 (c)0.5 (i)0.5 (a)0.5 (l)13 ( A)0.5 (d)0.6 (v)0.5 (i)0.5 (s)0.5 (e)0.5 (r)13 ( h)0.5 (a)0.5 (s)13 ( c)0.6 (o)0.5 (n)0.5 (f)0.5 (i)0.5 (r)0.5 (m)0.5 (e)0.6 (d)13 ( )]TJ 0.025 Tc 0.204 Tw 0 -1.333 Td (that China United is suitably qualified and experienced )Tj 0.213 Tw 0 -1.333 Td (to undertake the valuation of the Target Assets. 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and \(c\) the Whitewash Waiver.)Tj 0.062 Tc 0.238 Tw 0 -2.667 Td [(The)12.4 ( Board)12.4 ( is)12.4 ( pleased)12.4 ( to)12.4 ( )0.5 (announce)12.4 ( that)12.4 ( on)12.4 ( 2)12.4 (0)12.4 ( June)12.5 ( 2)12.4 (0)12.4 (2)12.4 (3)12.4 (,)12.4 ( the)12.4 ( Company)12.4 ( and)12.4 ( Anhui)37 ( )]TJ 0.078 Tc 0.237 Tw 0 -1.333 Td [(Transportation)12.7 ( Holding)12.8 ( Group)12.8 ( entered)12.7 ( into)12.7 ( the)12.7 ( Supplemental)12.8 ( Agreement)12.8 ( and)12.8 ( the)53 ( )]TJ 0.023 Tc 0.025 Tw 0 -1.333 Td [(C)0.5 (o)0.6 (m)0.5 (p)0.6 (e)0.5 (n)0.5 (s)0.6 (a)0.5 (t)0.6 (i)0.5 (o)0.5 (n)0.6 ( )0.5 (A)0.6 (g)0.5 (r)0.5 (e)0.6 (e)0.5 (m)0.6 (e)0.5 (n)0.6 (t)0.5 (,)0.5 ( )0.6 (p)0.5 (u)0.5 (r)0.6 (s)0.5 (u)0.6 (a)0.5 (n)0.6 (t)0.5 ( )0.5 (t)0.6 (o)0.5 ( )0.5 (w)0.6 (h)0.5 (i)0.5 (c)0.6 (h)0.5 (,)0.6 ( )0.5 (a)0.6 (m)0.5 (o)0.5 (n)0.5 (g)0.6 ( )0.5 (o)0.6 (t)0.5 (h)0.5 (e)0.6 (r)0.5 ( )0.6 (t)0.5 (h)0.5 (i)0.6 (n)0.5 (g)0.5 (s)0.6 (,)0.5 ( )0.6 (t)0.5 (h)0.5 (e)0.6 ( )0.5 (p)0.5 (a)0.6 (r)0.5 (t)0.6 (i)0.5 (e)0.5 (s)0.6 ( )0.5 (h)0.6 (a)0.5 (v)0.5 (e)0.6 ( )0.5 (d)0.6 (e)0.5 (t)0.6 (e)0.5 (r)0.6 (m)0.5 (i)0.5 (n)0.5 (e)0.6 (d)-2 ( )]TJ 0.025 Tc 0.198 Tw 0 -1.333 Td (the final consideration for the Proposed Acquisition and the number of t\ he Consideration )Tj 0.025 Tw 0 -1.333 Td (Shares proposed to be issued.)Tj 0.122 Tw 0 -2.667 Td [(In )0.5 (addition, )0.5 (on 20 )0.5 (June )0.5 (2023, the )0.5 (Board )0.5 (has approved )0.5 (the )0.5 (additional )0.5 (terms )0.5 (of the )0.5 (Proposed )]TJ 0.09 Tw 0 -1.333 Td (Non-public Issuance of A Shares to raise ancillary funds after the deter\ mination of the final )Tj 0.025 Tw 0 -1.333 Td (consideration for the Proposed Acquisition.)Tj /T1_1 1 Tf 0.109 Tc 0.237 Tw 14 0 0 14 56.6929 546.4808 Tm [(I)84 (.)84 ( )-739.8 (MAJOR)12.6 ( AND)12.6 ( CONNECTED)12.6 ( TRANSACTION)12.6 ( \226)12.6 ( PROPOSED)84 ( )]TJ 0.025 Tc -0.025 Tw 2.025 -1.429 Td (ACQUISITION)Tj 0.025 Tw 12 0 0 12 85.0394 490.4808 Tm (Supplemental Agreement)Tj /T1_0 1 Tf 0.034 Tc 0.241 Tw 0 -2.667 Td [(On)9 ( 2)9 (0)9 ( June)9 ( 2)9 (0)9 (2)9 (3)9 (,)9 ( the)9.1 ( Company)9 ( and)9 ( Anhui)9 ( Transportation)9 ( Holding)9 ( Group)9 ( entered)9 ( )]TJ 0.025 Tc 0.239 Tw 0 -1.333 Td (into the Supplemental Agreement, pursuant to which, among other things, \ the final )Tj 0.066 Tw 0 -1.333 Td (consideration for the Proposed Acquisition and the number of the Conside\ ration Shares )Tj 0.025 Tw 0 -1.333 Td (proposed to be issued have been determined by the parties.)Tj 0 -2.667 Td (The principal terms of the Supplemental Agreement are as follows:)Tj /T1_1 1 Tf -0.025 Tw 0 -2.667 Td (Date:)Tj /T1_0 1 Tf 0.025 Tw 12.992 0 Td (20 June 2023)Tj /T1_1 1 Tf -0.025 Tw -12.992 -2.667 Td (Parties:)Tj /T1_0 1 Tf 0.025 Tw 12.992 0 Td [(\(1\) )-821.2 (the Company, as purchaser; and)]TJ 0 -2.667 Td [(\(2\) )-821.2 (Anhui Transportation Holding Group, as vendor.)]TJ /T1_1 1 Tf -12.992 -2.667 Td (Total Consideration:)Tj /T1_0 1 Tf 0.057 Tw 12.992 0 Td (According to the Asset Valuation Report issued by China )Tj 0.115 Tw 0 -1.333 Td (United, which have been approved by and filed with the )Tj 0.041 Tc 0.237 Tw 0 -1.333 Td [(authorised)12.7 ( entity)12.7 ( of)12.7 ( the)12.7 ( competent)12.7 ( state-owned)12.6 ( assets)16 ( )]TJ 0.025 Tc 0.17 Tw 0 -1.333 Td (supervision and administrative authorities, the appraised )Tj 0.045 Tw 0 -1.333 Td (value of the Target Assets as at the Valuation Benchmark )Tj 0.046 Tc 0.237 Tw 0 -1.333 Td [(Da)0.5 (te)0.5 (,)12.9 ( wh)0.5 (ich)13 ( we)0.5 (re)12.9 ( prim)0.5 (ari)0.5 (ly)12.9 ( dete)0.5 (rmi)0.5 (ned)13 ( bas)0.5 (ed)12.9 ( on)12.9 ( t)0.5 (he)21 ( )]TJ 0.037 Tc 0.238 Tw 0 -1.333 Td [(income)12 ( approach,)12 ( is)12.1 ( RMB)12 (3)12 (,)12 (6)12 (6)12 (1)12 (,)12 (0)12 (0)12 (3)12 (,)12 (9)12 (0)12 (0)12 (.)12 ( In)12 ( appraising)12 ( )]TJ 0.026 Tc 0.249 Tw 0 -1.333 Td [(the)1 ( value)1 ( of)1 ( the)1.1 ( Target)1 ( Assets,)1 ( China)1 ( United)1 ( has)1 ( also)1 ( )]TJ 0.025 Tc 0.027 Tw 0 -1.333 Td (taken into consideration, among others, the traffic volume )Tj 0.218 Tw 0 -1.333 Td (and toll fee rates of the Target Assets assessed by the )Tj 0.025 Tw 0 -1.333 Td (PRC Qualified Traffic Consultant.)Tj ET endstream endobj 464 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 284.7378 18.7492 Tm (\226 4 \226)Tj ET 0 0 0 1 K 0.5 w /GS1 gs q 1 0 0 1 56.6929 784.9469 cm 0 0 m 482.39 0 l S Q q 1 0 0 1 538.8326 779.2776 cm 0 0 m 0 5.419 l S Q q 1 0 0 1 538.8326 539.2776 cm 0 0 m 0 240 l S Q q 1 0 0 1 538.8326 523.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8326 315.2776 cm 0 0 m 0 208 l S Q q 1 0 0 1 538.8326 307.0237 cm 0 0 m 0 8.254 l S Q q 1 0 0 1 56.9429 779.2776 cm 0 0 m 0 5.419 l S Q q 1 0 0 1 56.9429 539.2776 cm 0 0 m 0 240 l S Q q 1 0 0 1 56.9429 523.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 315.2776 cm 0 0 m 0 208 l S Q q 1 0 0 1 56.9429 307.0237 cm 0 0 m 0 8.254 l S Q q 1 0 0 1 56.6929 306.7737 cm 0 0 m 482.39 0 l S Q BT /GS0 gs 0.055 Tc 0.238 Tw 12 0 0 12 65.4468 764.8016 Tm [(Pursuant)12.4 ( to)12.4 ( the)12.4 ( \223Decision)12.4 ( of)12.5 ( the)12.5 ( State)12.4 ( )0.5 (Council)12.5 ( to)12.4 ( )0.5 (Repeal)12.4 ( )0.5 (Certain)12.5 ( Administrative)30 ( )]TJ 0.063 Tc 0 -1.333 Td [(Regulations)12.4 ( and)12.4 ( Documents\224)12.4 ( \()]TJ /C0_0 1 Tf 0.051 Tc -0.051 Tw 14.183 0 Td <00900A370A1509EB15EB05F5113B02DF0BC502B104110741062C0B9D057102D60381065904D4059B>Tj /T1_0 1 Tf 0 Tc 0 Tw 21.042 0 Td (\()Tj /C0_0 1 Tf 0.051 Tc -0.051 Tw 0.414 0 Td <02950D36025B>Tj 0.025 Tc -0.025 Tw -35.639 -1.333 Td <034F038D05710A370A370A1509EB02FF0B4B>Tj /T1_0 1 Tf 9.255 0 Td (758)Tj /C0_0 1 Tf 0 Tc 0 Tw 1.625 0 Td <0EEE>Tj /T1_0 1 Tf 1.055 0 Td (\))Tj /C0_0 1 Tf 0.358 0 Td <0091>Tj /T1_0 1 Tf 0.025 Tc 0.191 Tw 0.475 0 Td [(\) )0.5 (issued )0.5 (by )0.5 (the )0.5 (State )0.5 (Council )0.5 (of )0.5 (the )0.5 (PRC )0.5 (on )0.5 (14 )0.5 (February )]TJ 0.072 Tw -12.768 -1.333 Td (2023 and the \223Trial Administrative Measures of Overseas Securities Of\ fering and Listing )Tj 0.037 Tc 0.238 Tw 0 -1.333 Td [(by)12 ( Domestic)12 ( Companies\224)12 ( \()]TJ /C0_0 1 Tf 0.025 Tc -0.025 Tw 11.869 0 Td <00900FA402AB03860E380FA4032E0CEF041115C7054E0571026A0339104D0B230F0A0411136C062C0091>Tj /T1_0 1 Tf 0.037 Tc 0.238 Tw 20.975 0 Td [(\))12 ( and)12.1 ( related)12 ( )]TJ 0.025 Tc 0.044 Tw -32.844 -1.333 Td (guidelines issued by the CSRC on 17 February 2023, the Company is requir\ ed to conform )Tj 0.059 Tw 0 -1.333 Td [(its articles )0.5 (of association to )0.5 (a new )0.5 (set of standard. )0.5 (In the event )0.5 (that the Hong )0.5 (Kong Stock )]TJ 0.136 Tw 0 -1.333 Td [(Exchange )0.5 (has )0.5 (effected )0.5 (the )0.5 (required )0.5 (amendments )0.5 (to the )0.5 (Listing )0.5 (Rules )0.5 (and )0.5 (the articles )0.5 (of )]TJ 0.038 Tw 0 -1.333 Td (association of the Company has been amended in accordance with the chang\ es in the PRC )Tj 0.124 Tw 0 -1.333 Td (laws and regulations and/or the applicable listing rules prior to the ho\ lding of the EGM )Tj 0.112 Tw 0 -1.333 Td (and \(if applicable\) Class Meetings, it is expected that the Class Meet\ ings will no longer )Tj 0.108 Tw 0 -1.333 Td [(be )0.5 (required for )0.5 (the purposes )0.5 (of considering and )0.5 (approving the )0.5 (Proposed Acquisition, the )]TJ 0.181 Tw 0 -1.333 Td (Specific Mandates, the Whitewash Waiver and/or the Proposed Non-public I\ ssuance of )Tj 0.213 Tw 0 -1.333 Td (A Shares. The Company will update its Shareholders and potential investo\ rs once the )Tj 0.025 Tw 0 -1.333 Td (amendment is effective as and when appropriate.)Tj /T1_1 1 Tf 0.204 Tw 0 -2.667 Td [(Completion of )0.5 (the Proposed Acquisition )0.5 (and )0.5 (the Proposed )0.5 (Non-public )0.5 (Issuance of )]TJ 0.149 Tw 0 -1.333 Td [(A )0.5 (Shares are )0.5 (subject )0.5 (to the )0.5 (satisfaction of )0.5 (certain conditions, )0.5 (and may )0.5 (or may )0.5 (not )]TJ 0.067 Tw 0 -1.333 Td [(proceed. )0.5 (The Whitewash )0.5 (Waiver may )0.5 (or )0.5 (may )0.5 (not be granted )0.5 (by the )0.5 (Executive and )0.5 (if )]TJ 0.069 Tw 0 -1.333 Td (granted, will, among others things, be subject to the approval by at lea\ st 75% of the )Tj 0.03 Tw 0 -1.333 Td (votes cast by the Takeovers Code Independent Shareholders by way of poll\ in respect )Tj 0.189 Tw 0 -1.333 Td (of the Whitewash Waiver and more than 50% of the votes cast by the Takeo\ vers )Tj 0.021 Tc 0.025 Tw 0 -1.333 Td [(Code Independent Shareholders by way of poll in respect of the Proposed \ Acquisition,)-4 ( )]TJ 0.028 Tc 0.247 Tw 0 -1.333 Td [(respectively,)2.9 ( at)3 ( the)3 ( EGM.)3 ( Completion)3 ( of)3 ( the)3 ( Proposed)3 ( Acquisition)3 ( is)3 ( conditional)3 ( )]TJ 0.025 Tc 0.195 Tw 0 -1.333 Td (upon, among other things, the Whitewash Waiver being granted by the Exec\ utive )Tj 0.026 Tc 0.249 Tw 0 -1.333 Td [(a)0.5 (n)0.5 (d)1 ( a)0.6 (p)0.5 (p)0.5 (r)0.6 (o)0.5 (v)0.5 (e)0.6 (d)1 ( b)0.5 (y)1 ( t)0.5 (h)0.6 (e)1 ( T)0.5 (a)0.5 (k)0.6 (e)0.5 (o)0.5 (v)0.6 (e)0.5 (r)0.5 (s)1.1 ( C)0.5 (o)0.5 (d)0.6 (e)1 ( I)0.5 (n)0.5 (d)0.5 (e)0.6 (p)0.5 (e)0.6 (n)0.5 (d)0.5 (e)0.6 (n)0.5 (t)1 ( S)0.5 (h)0.6 (a)0.5 (r)0.5 (e)0.6 (h)0.5 (o)0.5 (l)0.6 (d)0.5 (e)0.5 (r)0.6 (s)0.5 (,)1 ( a)0.5 (n)0.6 (d)1 ( c)0.6 (o)0.5 (m)0.6 (p)0.5 (l)0.5 (e)0.6 (t)0.5 (i)0.5 (o)0.6 (n)0.9 ( )]TJ 0.025 Tc 0.097 Tw 0 -1.333 Td (of the Proposed Non-public Issuance of A Shares is subject to the comple\ tion of the )Tj 0.178 Tw 0 -1.333 Td (Proposed Acquisition. Shareholders and potential investors are advised t\ o exercise )Tj 0.025 Tw 0 -1.333 Td (caution when dealing in the securities of the Company.)Tj ET endstream endobj 463 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 284.7378 18.7492 Tm (\226 3 \226)Tj ET 0 0 0 1 K 0.5 w /GS1 gs q 1 0 0 1 56.6929 784.9469 cm 0 0 m 482.39 0 l S Q q 1 0 0 1 538.8326 779.2776 cm 0 0 m 0 5.419 l S Q q 1 0 0 1 538.8326 759.2776 cm 0 0 m 0 20 l S Q q 1 0 0 1 538.8326 743.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8326 695.2776 cm 0 0 m 0 48 l S Q q 1 0 0 1 538.8326 679.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8326 631.2776 cm 0 0 m 0 48 l S Q q 1 0 0 1 538.8326 615.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8326 567.2776 cm 0 0 m 0 48 l S Q q 1 0 0 1 538.8326 551.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8326 343.2776 cm 0 0 m 0 208 l S Q q 1 0 0 1 538.8326 327.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8326 231.2776 cm 0 0 m 0 96 l S Q q 1 0 0 1 538.8326 223.0237 cm 0 0 m 0 8.254 l S Q q 1 0 0 1 56.9429 779.2776 cm 0 0 m 0 5.419 l S Q q 1 0 0 1 56.9429 759.2776 cm 0 0 m 0 20 l S Q q 1 0 0 1 56.9429 743.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 695.2776 cm 0 0 m 0 48 l S Q q 1 0 0 1 56.9429 679.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 631.2776 cm 0 0 m 0 48 l S Q q 1 0 0 1 56.9429 615.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 567.2776 cm 0 0 m 0 48 l S Q q 1 0 0 1 56.9429 551.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 343.2776 cm 0 0 m 0 208 l S Q q 1 0 0 1 56.9429 327.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 231.2776 cm 0 0 m 0 96 l S Q q 1 0 0 1 56.9429 223.0237 cm 0 0 m 0 8.254 l S Q q 1 0 0 1 56.6929 222.7737 cm 0 0 m 482.39 0 l S Q BT /GS0 gs /T1_1 1 Tf 14 0 0 14 65.4468 761.0555 Tm (EGM AND \(IF APPLICABLE\) CLASS MEETINGS AND CIRCULAR)Tj /T1_0 1 Tf 0.1 Tw 12 0 0 12 65.4468 728.8016 Tm (The EGM will be convened to consider and, if thought fit, approve, among\ other things, )Tj 0.081 Tw 0 -1.333 Td (\(i\) the Proposed Acquisition; \(ii\) the Proposed Non-public Issuance \ of A Shares; \(iii\) the )Tj 0.025 Tw 0 -1.333 Td (Specific Mandates; and \(iv\) the Whitewash Waiver.)Tj 0.04 Tw 0 -2.667 Td (If applicable, the A Shares Class Meeting will be convened to consider a\ nd, if thought fit, )Tj 0.122 Tw 0 -1.333 Td (approve, among other things, \(i\) the Proposed Acquisition; \(ii\) the \ Proposed Non-public )Tj 0.025 Tw 0 -1.333 Td (Issuance of A Shares; and \(iii\) the Specific Mandates.)Tj 0.04 Tw 0 -2.667 Td (If applicable, the H Shares Class Meeting will be convened to consider a\ nd, if thought fit, )Tj 0.122 Tw 0 -1.333 Td (approve, among other things, \(i\) the Proposed Acquisition; \(ii\) the \ Proposed Non-public )Tj 0.025 Tw 0 -1.333 Td (Issuance of A Shares; and \(iii\) the Specific Mandates.)Tj 0.059 Tc 0.238 Tw 0 -2.667 Td [(The)12.2 ( Circular)12.2 ( containing,)12.1 ( among)12.2 ( other)12.2 ( things,)12.2 ( \(i\))12.2 ( further)12.2 ( details)12.2 ( of)12.2 ( the)12.2 ( Proposed)34 ( )]TJ 0.041 Tc 0 -1.333 Td [(Acquisition,)12.1 ( the)12.1 ( Proposed)12.1 ( Non-public)12.1 ( Issuance)12 ( of)12.1 ( A)12.1 ( Shares,)12.1 ( the)12 ( Specific)12.1 ( Mandates)16 ( )]TJ 0.025 Tc 0.18 Tw 0 -1.333 Td (and the Whitewash Waiver; \(ii\) a letter from the Independent Board Com\ mittee to the )Tj 0.081 Tw 0 -1.333 Td [(Proposed )0.5 (Acquisition )0.5 (LR )0.5 (Independent )0.5 (Shareholders )0.5 (and the )0.5 (Takeovers )0.5 (Code )0.5 (Independent )]TJ 0.148 Tw 0 -1.333 Td (Shareholders containing its recommendation in respect of the Proposed Ac\ quisition, the )Tj 0.073 Tw 0 -1.333 Td (Proposed Acquisition Specific Mandate and the Whitewash Waiver; \(iii\) \ a letter from the )Tj 0.076 Tw 0 -1.333 Td [(Independent )0.5 (Financial )0.6 (Adviser )0.5 (to )0.5 (the )0.6 (Independent )0.5 (Board )0.6 (Committee, )0.6 (the )0.5 (Takeovers )0.6 (Code )]TJ 0.026 Tc 0.249 Tw 0 -1.333 Td [(Independent)1 ( Shareholders)1 ( and)1 ( the)1 ( Proposed)1 ( Acquisition)1 ( LR)1 ( Independent)1 ( Shareholders)1.1 ( )]TJ 0.035 Tc 0.24 Tw 0 -1.333 Td [(c)0.5 (o)0.5 (n)0.5 (t)0.5 (a)0.6 (in)0.6 (i)0.5 (n)0.5 (g)10 ( i)0.5 (t)0.5 (s)10 ( r)0.5 (e)0.5 (c)0.6 (o)0.5 (m)0.5 (m)0.5 (e)0.5 (n)0.5 (d)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)10 ( i)0.5 (n)10.1 ( r)0.5 (e)0.5 (s)0.5 (p)0.5 (e)0.5 (c)0.6 (t)10 ( o)0.5 (f)10 ( t)0.5 (h)0.5 (e)10 ( P)0.5 (r)0.5 (o)0.5 (p)0.6 (o)0.5 (s)0.5 (e)0.5 (d)10 ( A)0.5 (c)0.5 (q)0.5 (u)0.6 (i)0.5 (s)0.5 (i)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (,)10 ( t)0.5 (h)0.5 (e)10 ( P)0.5 (r)0.6 (o)0.5 (p)0.5 (o)0.5 (s)0.5 (e)0.5 (d)10 ( )]TJ 0.025 Tc 0.143 Tw 0 -1.333 Td [(Acquisition )0.5 (Specific )0.6 (Mandate )0.5 (and )0.6 (the )0.5 (Whitewash )0.6 (Waiver; )0.5 (\(iv\) )0.5 (the )0.6 (financial )0.5 (information )]TJ 0.193 Tw 0 -1.333 Td (of the Target Company; \(v\) the Asset Valuation Report; \(vi\) certain \ other information )Tj 0.036 Tw 0 -1.333 Td (required under the Listing Rules and the Takeovers Code; and \(vii\) the\ notice of the EGM )Tj 0.025 Tw 0 -1.333 Td (and \(if applicable\) the Class Meetings is expected to be despatched to\ the Shareholders.)Tj 0.103 Tw 0 -2.667 Td (As disclosed in the announcement of the Company dated 5 May 2023, the Co\ mpany has )Tj 0.159 Tw 0 -1.333 Td (applied to the Executive under Rule 8.2 of the Takeovers Code, and the E\ xecutive has )Tj 0.053 Tw 0 -1.333 Td [(granted, )0.5 (the consent to )0.5 (extend )0.5 (the )0.5 (latest date of )0.5 (despatch )0.5 (of )0.5 (the )0.5 (Circular to )0.5 (a )0.5 (date )0.5 (no )0.5 (later )]TJ 0.024 Tc 0.025 Tw 0 -1.333 Td [(than 31 August 2023. The Company will despatch the Circular to the Share\ holders as soon)-1 ( )]TJ 0.025 Tc 0.085 Tw 0 -1.333 Td (as practicable and will make further announcement in respect of despatch\ of the Circular )Tj 0.025 Tw 0 -1.333 Td (if and when appropriate.)Tj ET endstream endobj 462 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 0.025 Tw 12 0 0 12 284.7378 18.7492 Tm (\226 2 \226)Tj ET 0 0 0 1 K 0.5 w /GS1 gs q 1 0 0 1 56.6929 784.9469 cm 0 0 m 482.39 0 l S Q q 1 0 0 1 538.8326 779.2776 cm 0 0 m 0 5.419 l S Q q 1 0 0 1 538.8326 667.2776 cm 0 0 m 0 112 l S Q q 1 0 0 1 538.8326 651.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8326 491.2776 cm 0 0 m 0 160 l S Q q 1 0 0 1 538.8326 475.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8326 455.2776 cm 0 0 m 0 20 l S Q q 1 0 0 1 538.8326 439.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8326 375.2776 cm 0 0 m 0 64 l S Q q 1 0 0 1 538.8326 359.2776 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8326 295.2776 cm 0 0 m 0 64 l S Q q 1 0 0 1 538.8326 279.2776 cm 0 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Assets assessed by the PRC Qualified Traffic Consult\ ant.)Tj 0.249 Tw 0 -2.667 Td (Upon arms' length negotiations between the parties taking into account t\ he appraised )Tj 0.039 Tc 0.238 Tw 0 -1.333 Td [(value)12.5 ( )0.5 (of)12.5 ( the)12.5 ( )0.5 (Target)12.5 ( )0.5 (Assets)12.5 ( )0.5 (under)12.5 ( )0.5 (the)12.5 ( )0.5 (Asset)12.5 ( )0.5 (Valuation)12.5 ( Report)12.5 ( )0.5 (of)12.5 ( )0.5 (RMB)12.5 (3)12.5 (,)12.4 (6)12.5 (6)12.5 (1)12.5 (,)12.5 (0)12.5 (0)12.5 (3)12.5 (,)12.4 (9)12.6 (0)12.4 (0)14 ( )]TJ 0.025 Tc 0.148 Tw 0 -1.333 Td (and the paid-up registered capital of the Target Company of RMB5,000,000\ which was )Tj 0.153 Tw 0 -1.333 Td [(paid )0.5 (by )0.6 (Anhui )0.6 (Transportation )0.5 (Holding )0.5 (Group )0.6 (to )0.6 (the )0.5 (Target )0.6 (Company )0.5 (subsequent )0.5 (to )0.5 (the )]TJ 0.228 Tw 0 -1.333 Td (Valuation Benchmark Date, the parties have agreed that the final Total C\ onsideration )Tj 0.154 Tw 0 -1.333 Td (shall be RMB3,666,003,900, among which RMB3,116,103,315 \(being 85% of t\ he Total )Tj 0.082 Tw 0 -1.333 Td (Consideration\) shall be settled by the allotment and issuance of the Co\ nsideration Shares )Tj 0.242 Tw 0 -1.333 Td (and RMB549,900,585 \(being 15% of the Total Consideration\) shall be set\ tled by the )Tj 0.189 Tw 0 -1.333 Td (payment of the Cash Consideration, by the Company to Anhui Transportatio\ n Holding )Tj -0.025 Tw 0 -1.333 Td (Group.)Tj /T1_1 1 Tf 0.025 Tw 0 -3 Td (Compensation Agreement)Tj /T1_0 1 Tf 0.043 Tc 0.238 Tw 0 -2.667 Td [(The)12.3 ( Board)12.3 ( is)12.3 ( pleased)12.3 ( to)12.2 ( announce)12.3 ( that)12.3 ( on)12.3 ( 2)12.3 (0)12.3 ( June)12.3 ( 2)12.3 (0)12.3 (2)12.3 (3)12.3 (,)12.3 ( the)12.3 ( Company)12.3 ( and)12.3 ( Anhui)18 ( )]TJ 0.047 Tc 0.237 Tw 0 -1.333 Td [(T)0.5 (ra)0.5 (n)0.5 (sp)0.5 (or)0.5 (t)0.5 (at)0.5 (i)0.5 (on)13 ( H)0.5 (o)0.5 (ld)0.5 (in)0.5 (g)13 ( G)0.5 (r)0.5 (ou)0.5 (p)12.9 ( e)0.5 (nt)0.5 (e)0.5 (re)0.5 (d)13 ( i)0.5 (nt)0.5 (o)13 ( t)0.5 (he)13 ( C)0.5 (o)0.5 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accuracy or completeness )Tj 0.166 Tw 0.375 -1.4 Td (and expressly disclaim any liability whatsoever for any loss howsoever a\ rising from or in reliance upon the )Tj 0.025 Tw 0.375 -1.4 Td (whole or any part of the contents of this announcement.)Tj 0.212 Tw 0.75 -2.8 Td (This announcement appears for information purposes only and does not con\ stitute an invitation or offer to )Tj 0.025 Tw 0.375 -1.4 Td (acquire, purchase or subscribe for securities of the Company.)Tj ET /PlacedGraphic /MC0 BDC EMC /GS1 gs q 1 0 0 1 290.3337 676.5066 cm 0 0 m -24.543 -44.92 l -12.062 -44.92 l 0 -22.46 l -9.04 -44.92 l -6.962 -44.92 l 2.076 -22.46 l -3.939 -44.92 l -1.864 -44.92 l 4.154 -22.388 l 1.158 -44.92 l 3.236 -44.92 l 6.265 -22.46 l 6.26 -44.92 l 8.335 -44.92 l 8.342 -22.388 l 11.357 -44.92 l 13.433 -44.92 l 10.385 -22.46 l 16.457 -44.92 l 18.535 -44.92 l 12.497 -22.46 l 21.555 -44.92 l 23.632 -44.92 l 14.539 -22.46 l 26.654 -44.92 l 39.15 -44.92 l 14.539 0 l h f Q BT /CS0 cs 1 scn /GS0 gs 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