The Board of Directors of HRnetGroup Limited announced that the company has entered into a binding term sheet on 9 November 2017 with PT Rimbun Job Agency and the shareholders of Rimbun Job (namely, Debby Rimbun and Rubby Rimbun) for the proposed establishment of a new brand ­ HRnet Rimbun - to provide professional recruitment services in Jakarta, Indonesia. Jakarta will be the 11th Asian growth city the Group has operations in. The company and Rimbun Job have agreed to incorporate a PT PMA (or foreign owned company) ("Joint Venture Company") in Indonesia, which will acquire the existing professional recruitment business of Rimbun Job; in connection with such acquisition, the company has agreed to pay a consideration to the shareholders of Rimbun Job. The consideration has not been finalised and will be determined following arms' length negotiations, taking into account, inter alia, the past performance of the existing professional recruitment business of Rimbun Job and the earning potential of such business; each of (a) the Group and (b) either Debby Rimbun or Rubby Rimbun, shall nominate a member to the board of directors of the Joint Venture Company, with the nominee of the Group having a casting vote; and the Term Sheet is conditional upon, amongst others, satisfactory due diligence by the Group.