Reference is made to the announcements made by the Panda Green Energy Group Limited on 16 December 2019, 2 January 2020 and 15 January 2020. Capitalised or other terms used but not defined herein shall, unless the context otherwise requires, have the meanings as set out in the Announcements. The Company announced that USD 107,980,000 in aggregate principal amount of the Existing Notes accepted for exchange by the Company pursuant to the Exchange Offer have been cancelled on 20 January 2020 in accordance with the terms and conditions of the Existing Notes. Following the cancellation of such Existing Notes, the aggregate principal amount of the Existing Notes outstanding is USD 242,020,000.