The board of Sichuan Expressway Company Limited announced that on 21 January 2020, Sichuan Expressway Company Limited entered into the Capital Contribution Agreement with Road & Bridge International, pursuant to which, the Consortium agreed unanimously to establish Sichuan Chengqiongya Expressway Company Limited by joint contribution in accordance with relevant requirements of Tianqiong Expressway Project, the registered capital of the Project Company of approximately RMB 1.737 billion, of which the Company will contribute RMB 1.42434 billion to the Project Company. The Project Company will be owned as to 82% by the Company and 18% by Road & Bridge International respectively. The Project Company is principally engaged in the development, design, construction, operation, maintenance, management, technical consultation and ancillary services in respect of infrastructures including high-grade highways, bridges and tunnels; construction and lease of ancillary facilities for high- grade highways including service areas, petrol station, advertisement stands and warehouses; and vehicle rescue and cleaning (the operations of items subject to approval according to law shall be subject to approval by relevant authorities). The registered capital of the Project Company will be RMB 1.737 billion. The Consortium agreed to subscribe for the registered capital of the Project Company as follows: the Company will contribute RMB1.42434 billion in cash, representing 82% of the registered capital of the Project Company; and Road & Bridge International will contribute RMB 312.66 million in cash, representing 18% of the registered capital of the Project Company. The Project Company will be owned as to 82% by the Company and 18% by Road & Bridge International respectively. The Project Company will become a non- wholly owned subsidiary of the Company.