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Warrants

Following the Company’s announcement on 13 October 2016 of the completion of the Restructuring (as such term is defined therein), the exercise price of the 40,000,000 warrants in the Company issued pursuant to the US$250 million guaranteed notes due 2017 (the “Warrants”) was adjusted from US$1.69907 to US$0.813 per Warrant, with effect from 13 October 2016.  

Further, following the announcement on 12 December 2016 of the completion of the Consolidation (as such term is defined therein) on 9 December 2016, the exercise price of the Warrants has been further adjusted from US$0.813 to US$81.3020 and the total number of post-Consolidation common shares with par value of US$1 each in the Company (“New Common Shares”) to be issued upon exercise of the rights thereunder shall be adjusted from 40,000,000 pre-Consolidation common shares of US$ 0.01 each to 400,000 New Common Shares with effect from 9 December 2016.

For the avoidance of doubt, the Warrants remain exercisable up to the close of business (at the place where the relevant Warrant is deposited) on 18 April 2017.