Legal aspects of investing in EMD

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1 Legal aspects of investing in EMD Stephen Fang, Head of Global Restructuring and Insolvency Thu-Ha Chow, Head of Asian Credit Cecely Hugh, Research Analyst - Credit

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3 China cross border structures and considerations Onshore guarantor/security provider for offshore debtor and creditor ( 内 保 外 贷 Nei Bao Wai Dai ) Other forms of credit enhancements Offshore Bondholders Offshore Issuer PRC Bank offshore branch/ offshore subsidiaries SBLC or guarantee Guarantee Onshore guarantor Offshore Onshore Offshore Issuer 50% Subsidiary 50% Offshore Bondholders Keepwell/EIPU Offshore Onshore Onshore parent Standby RMB facility PRC Bank

4 Greenland guarantee vs keepwell Greenland Holding Group Employee Shareholding Association 29.09% 20.76% Shanghai Urban Construction Investment and Development Corporation Shanghai SASAC 48.45% Shanghai Real Estate (Group) Co., Ltd 19.99% Shanghai Zhongxing (Group) Co., Ltd 7.70% Shanghai Tianchen Co. Corporation (600620, SH) Shenzhen Ping an Innovation Capital Investment Co., Ltd CDH Investments (Limited Ningbo Huisheng Fund (Limted Zhuhai Puluo Fund (Limited Shanghai International Trust and Investment Corporation Development (Limited 2.31% 10.01% 4.30% 3.86% 1.01% 0.97% 18 regional real estate divisions Greenland Financial Investment Group Greenland Auto Services Group Greenland Construction Group Greenland International Hotel Management Group Greenland Energy Group 80% 49% 90% Greenland Holding Group Co., Ltd (Guarantor/Keepwell Provider) 10% Greenland Business (Group) Co., Ltd Hong Kong Vee Eight Limited Gluon Xima International Limited 60% Greenland Hong Kong Holdings Limited (337. HK) (Issuer) Greenland Holding Group Overseas Investment Co., Ltd Greenland Hong Kong Investment Group Limited Greenland Global Investment Limited (Issuer) Yunfeng Group 54.5%

5 India cross border structures and considerations Overseas Direct Investments Rupee and foreign currency bonds Indian Parent Bondholders USD Notes Corporate guarantee Parent guarantor India Overseas Corporate guarantee Note Issuer Security Share pledge over shares of Note Issuer and charge on escrow account Overseas Rupee Bonds India Automatic route JV or wholly owned subsidiary Bondholders Rupee Bond Issuer Security Charge on immovable and movable assets of Rupee Bond Issuer

6 Legal considerations Security Subordination Risk/ opportunity Covenants Jurisdiction/ governing law

7 For Professional investors only Not for public distribution Past performance is not a guide to future returns. The value of investments, and the income from them, can go down as well as up and your clients may get back less than the amount invested. The views expressed in this presentation should not be construed as advice on how to construct a portfolio or whether to buy, retain or sell a particular investment. The information contained in the presentation is for exclusive use by professional customers/eligible counterparties (ECPs) and not the general public. The information is being given only to those persons who have received this document directly from Aberdeen Asset Management (AAM) and must not be acted or relied upon by persons receiving a copy of this document other than directly from AAM. No part of this document may be copied or duplicated in any form or by any means or redistributed without the written consent of AAM. The information contained herein including any expressions of opinion or forecast have been obtained from or is based upon sources believed by us to be reliable but is not guaranteed as to the accuracy or completeness. Issued by Aberdeen Asset Managers Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom.