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China State Construction International Holdings Ltd unit, CSCECL and CCCEG have entered into a JV Agreement, pursuant to which the parties agreed to

1. form the Investment Consortium for the purposes of investing into the Anhui Expressway Project;
2. regulate their respective rights and obligations in the Investment Consortium; and
3. set out the principles underlying the Project Company to be formed by CSCECL (as the representative of the Investment Consortium) with the Project Partners.

CSCIICL and CCCEG shall be interested in the Investment Consortium as to 70% and 30%, respectively.

The Anhui Expressway Project is a Public Private Partnership (PPP) project in respect of two expressways in Anhui Province of the PRC, comprising:

• An expressway connecting Liyang to Ningde (Huangshan to Qiando Lake section) with a total length of 24.6 kilometres.
• An expressway connecting Shanghai to Wuhan (Wuwei to Yuexi section) with a total length of 196.8 kilometres.

The construction period of the Anhui Expressway Project is expected to be four years. It was tentatively agreed that upon completion of construction works, the relevant governmental authority will grant a concession license to the project company for the management and operation of the expressways for a period of 30 years. Upon expiry of the concession period, the expressways shall be transferred back to the relevant governmental authority at nil consideration.