On 6 July 2022 (after trading hours), Beijing United Rongbang, the Fund Manager, the ABS Manager and China Merchants Securities entered into the Financial Advisory Agreement pursuant to which China Merchants Securities will be appointed as financial adviser to provide financial advisory services with respect to the Proposed Spin-off. Principal terms of the Financial Advisory Agreement are set out below: Date: 6 July 2022 (after trading hours); Parties: 1) the Fund Manager, 2) the ABS Manager, 3) Beijing United Rongbang and 4) China Merchants Securities; Scope of services: China Merchants Securities agreed to provide financial advisory services with respect to the Proposed Spin-off as financial adviser, including due diligence, issuing the financial advisory report and handling the road show promotion, inquiry, pricing, placement and other business activities in respect of the Proposed Spin-off. Service fee: 0.4% of the proceeds raised from the Proposed Spin-off inclusive of any value-added tax and any expenses incurred.

Payment: The service fee payable under the Financial Advisory Agreement will be deducted from the consideration to be paid by the ABS Manager to Beijing United Rongbang for the acquisition of the entire interest of the Project Companies within ten (10) working days (which means any day commercial banks are open for business other than statutory or authorised holiday or rest day) upon the completion of the Proposed Spin-off and separate listing of the Infrastructure Fund on the SSE.