SZCDTI and Shenzhen Expressway Corporation Limited announced Joint Construction Agreement (II). Tentatively 29 years which comprises the construction period of 4 years and the operation period of 25 years. The construction period may be extended should the Transport Commission determine to further extend the construction period in accordance with the PPP Contract.

SZ Expressway and SZCDTI agreed to jointly undertake the investment obligation under the PPP Contract. SZ Expressway shall self-raise RMB 12.987 billion for investment in the Jihe Expressway R&E Project and construct assets package from such fund. SZ Expressway will own such assets package and the relevant rights.

SZCDTI shall raise fund of RMB 13.80945 billion in the Jihe Expressway R&E Project and construct assets package from such fund (the "SZCDTI Assets Package II"). SZCDTI will own the SZCDTI Assets Package II and the relevant rights. SZ Expressway shall, according to the toll revenue obtained from the operation of the Jihe Expressway R&E Project, make priority payment of the asset usage fee and obtain the right for using the SZCDTI Assets Package II.

SZ Expressway will be legally entitled to the entire concession operation right of the Jihe Expressway R&E Project according to the PPP Contract. SZ Expressway shall be responsible for the overall construction, operation and maintenance of the Jihe Expressway R&E Project. SZCDTI shall entrust SZ Expressway to carry out its management work including construction and maintenance on its behalf.

SZ Expressway and SZCDTI, as the co-contracting entities, may enter into contract(s) with other external party(ies) in relation to the implementation of the Jihe Expressway R&E Project, such as project contracting contract(s), service procurement contract(s) and goods procurement contract(s), and they shall bear their liabilities and obligations under such contracts in proportion to their investment amount. After the operation period of the Jihe Expressway R&E Project commences, SZ Expressway shall make priority payment of the asset usage fee to SZCDTI as agreed for use of the SZCDTI Assets Package II of RMB 1,014 million per year. The asset usage fee is determined based on the expected investment return rate of 4%, and having taken into account factors and assumptions such as the interest to be accrued from SZCDTI's investment during the construction period, the expected operation period of 25 years, and the value-added tax rate.

The asset usage fee is subject to adjustment if the operating period, VAT rate, etc. are adjusted or different from expectations. Effective upon the signing and sealing of the Joint Construction Agreement (II).

If the PPP contract is terminated for any reason or the Joint Construction Agreement (II) cannot be performed due to the adjustment of the operation mode of the Jihe Expressway R&E Project, the Joint Construction Agreement (II) will be terminated upon confirmation or approval (if necessary) by the competent authorities.