PDF《北京发展（ 香港）有 限公司》

7 Principal terms of the New Bonds Issuer : The Company Principal amount of the New Bonds : HK$2,202,300,000 Maturity date : The date falling on the fifth anniversary of the date of issue by the Company of the New Bonds Initial conversion price : HK$1.13 per Conversion Share The Initial Conversion Price was determined with reference to the prevailing market price of the Shares and was negotiated on an arm'

s length basis between the Company and BEHL and was determined after considering (i) the relative large size of the Target Group compared with the Company'

s existing waste-to-energy projects, (ii) the low liquidity of the Shares and thus the lack of representativeness of the market price of the Shares, and (iii) the fact that the low profitability of the Company'

s solid waste business cannot support the market price of the Shares. No minimum conversion price was stipulated in the terms and conditions of the New Bonds. The Initial Conversion Price is subject to adjustment upon the occurrence of certain prescribed events, including: (i). consolidation or subdivision of Shares........