THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED ‘‘WARNING’’ ON THE COVER OF THIS DOCUMENT. APPENDIX III PROPERTY VALUATION

The following is the text of a letter and valuation report prepared for the purpose of incorporation in this document received from Cushman & Wakefield Limited, an independent property valuer, in connection with its opinion of values of the Group in the PRC as at 30 June 2019

16th Floor Jardine House 1 Connaught Place Central Hong Kong

The Directors Chen Lin Education Group Holdings Limited, No. 1 Lianfu Road, Xinjian County, Nanchang City, Jiangxi Province, PRC

Dear Sirs,

Instructions, Purpose & We refer to the instruction of Chen Lin Education Group Holdings Limited Valuation Date (the ‘‘Company’’) for Cushman & Wakefield Limited (‘‘C&W’’)to prepare market valuation of the captioned property in which the Company and/or its subsidiaries (together referred to as the ‘‘Group’’) have interests in the People’s Republic of China (the ‘‘PRC’’). We confirm that we have carried out inspection, made relevant enquiries and obtained such further information as we consider necessary for the purpose of providing the Company with our opinion of the values of the property as at 30 June 2019 (the ‘‘valuation date’’).

Valuation Basis Our valuation of property represents its market value which in accordance with The HKIS Valuation Standards 2017 Edition issued by The Hong Kong Institute of Surveyors is defined as ‘‘the estimated amount for which an asset or liability should exchange on the valuation date between a willingbuyerandawillingsellerinanarm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion’’.

We confirm that the valuation is undertaken in accordance with The HKIS Valuation Standards 2017 Edition issued by The Hong Kong Institute of Surveyors.

In valuing the property, we have complied with the requirements set out in Chapter 5 and Practice Note 12 of the Rules governing the [REDACTED] of Securities published by the Stock Exchange of the Hong Kong Limited.

We also confirm that we are an independent qualified valuer, as referred to Rule 5.08 of the Rules Governing the [REDACTED] of Securities on the Stock Exchange of Hong Kong Limited.

Our valuation of property is on an entirety interest basis.

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Valuation Assumptions Our valuation of the property excludes an estimated price inflated or deflated by special terms or circumstances such as atypical financing, sale and leaseback arrangement, special considerations or concessions granted by anyone associated with the sale, or any element of value available only to a specific owner or purchaser.

In the course of our valuation of the property, we have assumed that transferable land use rights in respect of the property for its term at nominal annual land use fee has been granted and that any premium payable has already been fully paid.

We have relied on the advice given by the Company regarding the title to the property and the interest in the property. In valuing the property, we have assumed that the owner of the property has enforceable title to the property and has free and uninterrupted rights to use, occupy or assign the property for the whole of the unexpired term as granted. We have assumed that all consents, approvals and licences from relevant government authorities for the developments have been obtained without onerous conditions or delays. We have also assumed that the design and construction of the development are in compliance with the local planning and other relevant regulations and have been approved by the relevant authorities.

No allowances have been made in our valuations for any charges, mortgages or amounts owing on the property nor any expenses or taxation which may be incurred in effecting a sale. Unless otherwise stated, it is assumed that the property is free from encumbrances, restrictions and outgoings of any onerous nature which could affect their value.

Method of Valuation In the valuation of the property, due to the specific nature of the property and lack of sales transactions of the properties of the same characteristics in the vicinity, we have adopted the Depreciated Replacement Costs (‘‘DRC’’) Method. The DRC Method is based on an estimate of the market value of the land in its existing use, plus the current cost of replacement of the improvements, less allowance for physical deterioration and all relevant forms of obsolescence and optimisation. The DRC Method is subject to service potential of the entity from the use of assets as a whole paying due regard to the total assets employed. The market value arrived using the DRC Method applies to the whole of the complex or development as a unique interest, and no piecemeal transaction of the complex or development is assumed.

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Source of Information In the course of our valuation, we have relied to a very considerable extent on the information given to us by the Group and its legal adviser, Jingtian & Gongcheng Attorneys At Law (競天公誠律師事務所) regarding the title to the property and the interests of the Group in the property. We have accepted advice given by the Group on such matters as planning approvals or statutory notices, easements, tenure, identification of land and buildings, particulars of occupancy, site and floor areas, site and floor plans, completion date of buildings, interest attributable to the Group and all other relevant matters.

Dimensions, measurements and areas are based on the copies of documents or other information provided to us by the Company and are therefore only approximations. No on-site measurement has been carried out. We have had no reason to doubt the truth and accuracy of the information provided by the Company which is material to the valuations. We were also advised that no material facts have been omitted from the information provided to us.

We would point out that the copies of documents provided to us are mainly compiled in Chinese characters and the transliteration into English represents our understanding of the contents. We would therefore advise the Company to make reference to the original Chinese edition of the documents and consult your legal adviser regarding the legality and interpretation of such documents.

Title Investigation We have been provided with copies of the title documents relating to the property but have not carried out any land title searches. Moreover, we have not inspected the original documents to verify ownership or to ascertain any amendments which may not appear on the copies handed to us. We are also unable to ascertain the title of the property in the PRC and we have therefore relied on the advice given by the Company regarding its interests in the property.

In the course of our valuation, we have relied to a considerable extent on the information given by the Group and its legal adviser, Jingtian & Gongcheng Attorneys At Law (競天公誠律師事務所), in respect of the title to the property in the PRC.

Site Inspection Mr. Li Lizheng, the Senior Manager of our Shenzhen Office, inspected the exterior and, where possible, the interior of the property on 31 July 2019. Mr. Li Lizheng has over 6 years’ experience in property valuation in the PRC. However, no structural survey has been made, but in the course of our inspection, we did not note any serious defects. We are, however, not able to report that the property is free of not, infestation or other structural defects. No test was carried out on any of the services. Our valuation is prepared on the assumption that these aspects are satisfactory.

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Unless otherwise stated, we have not carried out detailed on-site measurements to verify the site and floor areas of the property and we have assumed that the areas shown on the documents handed to us are correct.

Currency Unless otherwise stated, all monetary amounts stated in our valuation report are in Renminbi (‘‘RMB’’), the official currency of the PRC.

Confirmation of We hereby confirm that C&W and the undersigned have no pecuniary or Independence other interests that could conflict with the proper valuation of the property or could reasonably be regarded as being capable of affecting our ability to give an unbiased opinion.

We enclose herewith our valuation report for your attention.

Yours faithfully, For and on behalf of Cushman&WakefieldLimited

Andrew K. F. Chan MSc, MRICS, MHKIS,MCIREA, RPS(GP) Managing Director Valuation & Advisory Services, Greater China

Note: Andrew K.F. Chan is a member of the Royal Institution of Chartered Surveyors, a Member of the Hong Kong Institute of Surveyor and Registered Professional Surveyor (General Practice). Mr. Chan has over 30 years of experience in the professional property valuation and advisory services in the Greater China region and various overseas countries. Mr. Chan has sufficient current national knowledge of the market, and the skills and understanding to undertake the valuations competently.

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VALUATION CERTIFICATE

Market Value in Particulars of existing state as at Property Description and tenure occupancy 30 June 2019

Jiangxi University of Jiangxi University of Applied Science is a university As at the valuation No commercial Applied Science and campus erected upon various parcels of adjoining land date, the property value(seeNote(1)) Technology University, No. with a total site area of 1,105,566.26 sq m. was operated as an 1 Lianfu Road, Xinjian university. County, Nanchang City, The campus comprises various 1 to 14 storey Jiangxi Province, the PRC buildings completed in the period between 2009 and (中國江西省南昌市新建縣 2019. 聯福大道1號江西應用科技 學院) The property comprises various teaching buildings, dormitories, library buildings, laboratory building, office buildings and ancillary facilities with a total gross floor area of approximately 351,729.76 sq m.

For portion of the property with a total gross floor area of approximately 333,903.60 sq m, relevant certificates and approval in respect of construction issued by the government have been obtained with details as follows:

Gross floor Use area (sq m)

Teaching buildings 111,023.45 Dormitories 118,108.51 Library, laboratory and office buildings 74,716.73 Ancillary facilities 30,054.91

Total 333,903.60

Building Ownership Certificate for the water treatment plant with a total gross floor area of approximately 454.00 sq m had not been obtained.

In addition, 4 student dormitories with a total proposed gross floor area of 17,372.16 sq m plan to commence the construction in the second half of 2019.

The property is located in Xinjian County, Nanchang. Developments nearby are mainly residential and college in nature. According to the information provided by the Group, the property is for educational use.

The property is held with land use rights with no term limit for education use. (For details, please see Note (2)).

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Notes:

(1) In the valuation of the property, we have attributed no commercial value to the property due to the allocated land nature of the property. However, for reference purpose, we are of opinion that the depreciated replacement cost of the buildings and structures would be in the sum of RMB676,100,000 as at the valuation date assuming all relevant title certificates have been obtained and they could be freely transferred.

(2) According to five State-owned Land Use Rights Certificates issued by 新建縣人民政府 (the People’s Government of Xinjian County), the land use rights of the property with a total site area of 653,024.00 sq m have been vested in 江西應用 科技學院 (Jiangxi University of Applied Science) with details as follows:

Expiry date of Certificate No. Use land use term Site area (sq m)

(2008)06004 Education NA 320,189.00 (2012)06008 Education NA 164,107.00 (2012)06009 Education NA 132,219.00 (2012)06010 Education NA 28,331.00 (2012)06011 Education NA 8,178.00

Total: 653,024.00

The remaining land with a total site area of approximately 452,540.00 sq m has been leased from third parties for ancillary and education use.

(3) According to 60 Building Ownership Certificates all issued by 南昌市房地產管理局 (Real Estate Property Management Bureau of Nanchang City) dated between 1 August 2014 and 7 December 2015 and 3 Real Estate Certificates issued by 南 昌市新建區不動產發登記局 (Real Estate Registration Bureau of Xinjian District Nanchang City) dated on 5 March 2019, the building ownership of the property with a total gross floor area of 333,903.60 sq m has been vested in 江西應用科技學 院 (Jiangxi University of Applied Science) with details as follows:

Certificate No. Use Gross floor area (sq m)

201404685 Teaching Building 1,390.10 201404686 Teaching Building 3,207.00 201404688 Activity Center 8,621.64 201404689 Teaching Building 7,637.63 201404698 Teaching Building 17,484.54 201404703 Students Dormitory 4,513.25 201404707 Students Dormitory 4,108.05 201404708 Students Dormitory 4,577.61 201404709 Teaching Building 3,207.00 201404710 Teaching Building 6,736.51 201404711 Teaching Building 1,390.10 201404712 Teaching Building 3,207.00 201404716 Garage Building 1,148.90 201404721 Students Dormitory 4,577.61 201404722 Students Dormitory 4,108.05 201404735 Business Training Center 2,205.79 201404736 Business Training Center 2,353.91 201404737 Business Training Center 2,807.85 201404738 Business Training Center 2,752.49 201404741 Business Training Center 1,454.58 201404742 Security Office 1,344.68 201404743 Admissions and Employment Office 2,245.05

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Certificate No. Use Gross floor area (sq m)

201404744 IT Building 4,512.77 201404745 IT Building 6,768.08 201508280 Office Building 15,167.63 201404691 Library 24,302.49 201404692 Students Dormitory 4,108.05 201404693 Students Dormitory 4,577.61 201404694 Student Canteen 5,877.64 201404699 Student Canteen 4,847.51 201404713 Students Dormitory 4,577.61 201404714 Students Dormitory 4,108.05 201404715 Laboratory Building 4,871.52 201404717 Students Dormitory 4,577.61 201404718 Students Dormitory 4,108.05 201404719 Students Dormitory 4,577.61 201404720 Students Dormitory 4,108.05 201404723 Laboratory Building 5,510.36 201404729 Students Dormitory 4,108.05 201404732 Students Dormitory 4,577.61 201404734 Student Auditorium 6,317.62 201404695 Student Canteen 3,411.48 201404696 Office Building 4,513.25 201404697 Office Building 4,513.25 201404700 Students Dormitory 4,513.25 201404701 Students Dormitory 4,513.25 201404702 Students Dormitory 4,513.25 201404704 Students Dormitory 4,513.25 201404705 Students Dormitory 4,108.05 201404706 Students Dormitory 4,577.61 201404724 Students Dormitory 4,577.61 201404725 Students Dormitory 4,108.05 201404726 Students Dormitory 4,108.05 201404727 Students Dormitory 4,577.61 201404728 Students Dormitory 4,577.61 201404730 Students Dormitory 4,108.05 201404733 Activity Center 5,514.44 201404739 Architecture Training Building 2,880.00 201404690 Professor Building 22,322.42 201404740 International Academic Exchange Center 14,090.21 0002156 The gymnasium 10,514.30 0002157 Sewage Treatment Plant 450.67 0002158 The Gate 214.68

Total: 333,903.60

As advised by the Group, Building Ownership Certificate for the water treatment plant with a total gross floor area of approximately 454.00 sq m had not been obtained.

(4) According to Notification of Enterprise Investment Projects in Jiangxi Province issued by 南昌市新建區發展和改革委員會 (Development and Reform Commission of Nanchang City Xinjian District) dated on 17 June 2019, the planned construction project with a total proposed gross floor area of 17,372.16 sq m has been approved. It has also obtained the Commencement Permit for Land Planning issued by 新建縣城鄉規劃建設局 (Xinjian Urban-Rural Planning Development Bureau) dated on 10 January 2007.

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(5) We have been provided with a Legal Opinion on the property prepared by the Group’s PRC legal adviser, which contains, inter alia, the following information:

(i) The State-owned Land Use Rights Certificates of the property are legal, valid and enforceable under the PRC laws;

(ii) 江西應用科技學院 (Jiangxi University of Applied Science) is the legal land user of the property and has obtained the relevant certificates and approval from the government in respect of the construction of the property;

(iii) 江西應用科技學院 (Jiangxi University of Applied Science) has the right to freely occupy and use of the land use rights and building ownership of the property; and

(iv) The construction permits and completion acceptance records for some buildings have not been obtained. But the risk of being punished by the relevant authorities is low.

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