2023-12-28 Notice of rejection

As mentioned yesterday, regarding the BondAssignment of Project, after the internal evaluation, ourbank hopes to truthfully inform your company of the following opinions:

1、The assignmentregulation in the bonds for the Project clearly stated as"This guarantee may be assigned, transferred or charged by the Beneficiaryto any of the following..." The term "any" is used to specifythat the transferee must be only one of the following six banks. In the noticeof assignment sent by the project owner to our bank in March this year, theowner is preparing to transfer the project guarantee to two banks. Due to theinconsistency between the notice and the content of the guarantee issued by ourbank, we will not confirm/acknowledge the transfer notice.

2、Due to the factthat the notice of assignment issued in March this year did not comply with theoriginal guarantee terms, our bank hereby reminds your company that we have theright to send a message to the owner and two security agents simultaneously,pointing out the discrepancies in the notice of assignment and refusing toconfirm/acknowledge the assigment. We will also require the owner and two securityagents to provide a written receipt acknowledgement to the message sent by ourbank and revoke the notice issued by security agents in March this year. Weemphasize that we will no longer accept any other instructions regarding thetransfer until we receive the acknowledgement written letters from owner,offshore security agent and onshore security agent of this objection letter andthe revocation notice of the notice of assignment in March.

At the same time, our bank believes that itis important to emphasize to your company that in the March notice ofassignment, the owner and two security agents clearly stated that

“The instructions and authorizations which are contained in this notice shall remain in full force and effect until the Company and the collateral agents  jointly (or, after you receive notice in writing from the  collateral agents that the security constituted by the Assignment has become enforceable,  collateral agents alone) give you notice in writing revoking them.”

This means that for the owner and the twosecurity agents, the instructions and authorizations involved in the notice ofassignment are continuously binding on the owner and the two security agentsand cannot be modified until the three parties jointly declare cancellation/revocation.So even if our bank notifies the three parties mentioned above that we refuseto confirm the notice of assignment in March this year, we cannot cancel thebinding effect of the notice of assignment on the owner and the two financingbanks. If the owner issues the notice of assignment again in the future, as thenotice of assignment in March this year is still valid, there must be conflictsand contradictions between the two notices of assignment. Therefore, our bankwill determine that the subsequent notice of assignment is still invalid andrefuse to confirm. Therefore, if the owner wishes to further promote thetransfer of this guarantee, they must jointly sign a letter with the twosecurity agents to revoke and cancel the notice of assignment from March thisyear.