CWT

[cyclone]

S$2.33 per share

Pre-Conditional Voluntary General Offer by HNA BELT AND ROAD INVESTMENTS (SINGAPORE) PTE. LTD., a wholly-owned subsidiary of HNA HOLDING GROUP CO. LIMITED

HNA Belt and Road Investments (Singapore) Pte. Ltd. (the "Offeror"), a wholly-owned subsidiary of HNA Holding Group Co. Limited ("HK ListCo"), wishes to announce that, subject to the fulfilment or waiver (as applicable) of the Pre-Conditions (as defined in paragraph 2.1 below), it will make a voluntary conditional offer (the "CWT VGO") for all the issued and paid-up ordinary shares (the "CWT Shares") in the capital of CWT Limited (the "Company" or "CWT"), other than those already owned, controlled or agreed to be acquired by the Offeror, its related corporations, and their respective nominees (the "Offer Shares") in accordance with Rule 15 of the Singapore Code on Take-overs and Mergers (the "Code").

The CWT VGO will not be made unless and until the Pre-Conditions are fulfilled or waived bythe Offeror (as applicable) on or before the date falling 5 months after the date of this Announcement, being 9 September 2017, or such other date (the "Long-Stop Date") as the Offeror and the Company may determine in consultation with the Securities Industry Council (the "SIC"). Accordingly, all references to the CWT VGO in this Announcement refer to a possible voluntary general offer which will only be made if and when such Pre-Conditions are fulfilled or waived by the Offeror (as applicable). Nothing herein shall constitute an offer to sell or a solicitation of an offer to subscribe for the securities of HK ListCo and/or CWT.

More details in http://infopub.sgx.com/FileOpen/Pre-cond...eID=447113