China Evergrande Group Restructuring Proposal - Creditor Call

NEW YORK,April 10,2023 --

Overview

White & Case is forming a group of creditors holding offshore debt affected by the restructuring proposal announced by China Evergrande Group on 22 March 2023. Relevant noteholders and lenders are invited to a call at 9:00 a.m. (London time) / 10:00 a.m. (Paris time) / 4:00 p.m. (Hong Kong time) on 14 April 2023 to discuss their options.

Restructuring Proposal

China Evergrande Group ("CEG") announced a detailed financial restructuring proposal (the "Proposal") on 22 March 2023 following consultation and negotiation with a limited subset of its creditors. On 3 April 2023,CEG further announced that it had entered into restructuring support agreements ("RSAs") regarding its proposal with the members of an ad hoc group of certain series of notes issued by CEG and its subsidiaries.

CEG intends to implement the Proposal through schemes of arrangement in Hong Kong,the Cayman Islands and the British Virgin Islands. The Proposal contemplates the launch of schemes of arrangement by CEG (the "CEG Scheme"),Tianji Holding Limited (the "TJ Scheme") and Scenery Journey Limited.

Affected creditors have been given until 27 April 2023 to sign up to the RSAs if they wish to receive a 0.25% consent fee in the form of new payment-in-kind notes to be issued pursuant to the restructuring proposal (if implemented).

White & Case Call

White & Case will host a conference call on at 9:00 a.m. (London time) / 10:00 a.m. (Paris time) / 4:00 p.m. (Hong Kong time) on 14 April 2023 to discuss the Proposal and options for affected creditors. Creditors who are reviewing the Proposal may wish to join this call to discuss their options before they consider signing an RSA.

Creditors eligible to join the call are those classified by CEG in:

1. Class C under the CEG Scheme – see pages 55-56 of the Proposal; and/or

2. the single class of creditors under the TJ Scheme – see page 192 of the Proposal.

Creditors who are members of the existing ad hoc group or who have already signed an RSA will not be eligible to join the call.

Creditors who are interested in joining the call described above should contact CEGCreditors@whitecase.com as soon as possible.