On 20 July 2021, Times China Holdings Limited and the Subsidiary Guarantors entered into the Purchase Agreement with Deutsche Bank and Credit Suisse in connection with the Additional Notes Issue. The gross proceeds of the Additional Notes Issue, before deducting the underwriting discounts and commissions and other estimated expenses payable in connection with the Additional Notes Issue and excluding accrued interest from (and including) 4 June 2021 to (but excluding) 27 July 2021, will be USD 100,000,000. The Company intends to use the net proceeds of the Additional Notes Issue for its mid- and long-term indebtedness which will become due and payable within a year. The Company may adjust its plans in response to changing market conditions and thus, reallocate the use of the net proceeds.