Property Valuation

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 IV PROPERTY VALUATION

The following is the text of a letter, summary of valuation and property valuation reports prepared for the purpose of incorporation in this document received from Cushman & Wakefield Limited, an independent property valuer, in connection with its opinion of value of the properties held by the Group as at 30 June 2021.

27th Floor One Island East Taikoo Place 18 Westlands Road Quarry Bay Hong Kong

[Š] 2021

The Directors

Tumyu Education Group Limited No. 20 Gongnongbing Road Jiang’an District Wuhan Hubei Province the PRC

Dear Sirs,

Instructions, Purpose & Valuation date

In accordance with your instructions for us to value the Properties held by Tumyu Education Group Limited (referred to as the “Company”) and its subsidiaries (hereinafter together referred to as the “Group”) in the People’s Republic of China (the “PRC”) (as more particularly described in the valuation reports), we confirm that we have inspected the Properties, made relevant enquiries and obtained such further information as we consider necessary to provide you with our opinion of the value of such Properties as at 30 June 2021 (the “Valuation Date”).

Definition of Market Value

Our valuation of each of the Properties represents its Market Value which in accordance with HKIS Valuation Standards 2020 published 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 willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”.

Valuation Basis and Assumptions

In valuing the Properties, we have complied with the requirements set out in Chapter 5 and the Practice Note 12 of the Main Board Listing Rules published by The Stock Exchange of the Hong Kong Limited and HKIS Valuation Standards 2020.

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

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In the course of our valuation of the Properties in the PRC, we have assumed that, unless otherwise stated, the transferable land use rights of the Properties for their term at nominal annual land use fees have been granted and that any premium payable has already been fully paid.

We have relied on the information provided by the Group and the advice provided by Tian Yuan Law Firm, the Company’s PRC Legal Advisers, regarding the title to the Properties and the interest of the Group in the Properties. In valuing the Properties, we have assumed that each of the owner of the Properties has an enforceable title to the Properties and has free and uninterrupted rights to use, occupy or assign the Properties for the whole of the unexpired land use term as granted.

In respect of the Properties situated in the PRC, the status of titles and grant of major certificates, approvals and licences, in accordance with the information provided by the Group are set out in the notes of the valuation reports.

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

Method of Valuation

In valuing the Property Nos. 1 to 3, we have used Depreciated Replacement Cost (“DRC”) Method, which requires a valuation of the market value of the land in its existing use and an estimate of the new replacement cost of the buildings and structures, from which deductions are made to allow for the age, condition and functional obsolescence. The reported market value by DRC Method only applies to the whole of the property as a unique interest, and no piecemeal transaction of the property is assumed. The market value is subject to adequate potential profitability of the business from the use of the property as a whole.

In valuing the Property No. 4, we have valued it on the basis that it will be developed and completed in accordance with the latest development proposals provided to us by the Group (if any). We have assumed that all consents, approvals and licences from relevant government authorities for the development proposals have been or will be obtained without onerous conditions or delays. We have also assumed that the design and construction of the development is in compliance with the local planning and other relevant regulations and has been or will be approved by the relevant authorities. In arriving at our valuation, we have adopted the Direct Comparison Approach by making reference to comparable sales evidence as available in the relevant market and have also taken into account the expended construction costs as well as the costs that will be expended to complete the development. The “estimated market value as if completed” represents our opinion of the aggregate selling prices of the development assuming that it was completed as at the valuation date.

In valuing the Property Nos. 5 to 7, which are leased and occupied by the Group in the PRC, we consider that the properties have no commercial value due mainly to the prohibition against assignment and subletting or otherwise to the lack of substantial profit rents.

In valuing the Property Nos. 8 and 9, we have adopted Income Capitalisation Approach on the basis of capitalisation of rental derived from the existing tenancies with due allowance for reversionary rental potential of the Properties because the properties are held for letting purpose and receiving rental income. We have also adopted Direct Comparison Approach in

–IV-2– 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 IV PROPERTY VALUATION valuing the properties as a check. Direct Comparison Approach uses the principle of substitution as its basis, which assumes the sale of each of these properties in its existing state by making reference to comparable sales evidence as available in the relevant market.

Source of Information

We have been provided by the Group with extracts of documents in relation to the titles to the Properties. However, we have not inspected the original documents to ascertain any amendments which may not appear on the copies handed to us.

In the course of our valuation, we have relied to a very considerable extent on the information given to us by the Group in respect of the Properties in the PRC and have accepted advice given by the Group on such matters as planning approvals or statutory notices, identification of land and buildings, completion date of buildings, construction cost, site and floor areas, and all other relevant matters.

Dimensions, measurements and areas included in the valuation reports are based on information provided to us and are therefore only approximations. We have had no reason to doubt the truth and accuracy of the information provided to us by the Group which is material to the valuations. We were also advised by the Group that no material facts have been omitted from the information provided.

Title Investigation

We have been provided with extracts of documents relating to the titles of the Properties in the PRC but no searches have been made in respect of the Properties. We have not searched the original documents to verify ownership or to ascertain any amendment which may not appear on the copies handed to us. We are also unable to ascertain the title of the Properties in the PRC and we have therefore relied on the advice given by the Group and the Company’s PRC Legal Advisers regarding the Group’s interests in the Properties.

Site Inspection

We have inspected the exterior and, whenever possible, the interior of the Properties in 2021. 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 Properties are free of rot, infestation or any other structural defects. No tests were carried out to any of the services. Unless otherwise stated, we have not been able to carry out on-site measurements to verify the site and floor areas of the Properties and we have assumed that the area shown on the documents handed to us are correct. All documents have been used for reference only and all dimensions, measurements and areas are approximate.

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The following are the information of our valuers who have inspected the Properties.

No. of year Property No. experience inspected by the in property Name of valuer valuer valuation Qualification of the valuer Date of inspection

Ms. Haofei Huang Property Nos. 1, 5 9 Registered Real Estate Appraiser, 21 January 2021 and 9 Registered Land Appraiser, Asset appraiser Mr. Zhou Lu Property No. 2 12 Registered Real Estate Appraiser, 26 January 2021 Registered Land Appraiser Mr. Xin Xia Property No. 4 10 Registered Real Estate Appraiser, 19 January 2021 Registered Land Appraiser Ms. Yufang Nie Property Nos. 6 11 Registered Real Estate Appraiser, 21 January 2021 and 8 Registered Land Appraiser 3 February 2021 Mr. An Zhao Property Nos. 3 15 Registered Real Estate Appraiser, 28 January 2021 and 7 Registered Land Appraiser

Currency

For property in the PRC, all money amounts indicated herein our valuation are in Renminbi (RMB), official currency of the PRC.

We enclose herewith our summary of valuations and valuation reports.

Yours faithfully, for and on behalf of Cushman & Wakefield Limited

Philip CY Tsang Registered Professional Surveyor (General Practice) Registered China Real Estate Appraiser MSc, MHKIS, MRICS Director Valuation & Advisory Services

Note: Mr. Philip CY Tsang is a Registered Professional Surveyor who has over 28 years of experience in the valuation of properties in the PRC.

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SUMMARY OF VALUATIONS

Group I – Properties held by the Group for operation in the PRC

Market value in existing state as at No. Property 30 June 2021

1 Optics Valley Campus of WHUC, No. 122, Guanggu Avenue, Jiangxia District, Wuhan, Hubei Province, the PRC RMB547,700,000 2 Dawu Campus of WHUC, High-speed Railway Economic Experimental Zone, Dawu, Xiaogan, Hubei Province, the PRC No commercial value 3 The owned land in the campus of Huanggang Tumyu High School, No. 188 Yanjiang Avenue West, Wuxue, Huanggang, Hubei Province, the PRC No commercial value

Sub-total of Group I RMB547,700,000

Group II – Property held by the Group under development in the PRC 4 Under construction campus of Wuhan Senior High School of Fine Arts, Zhucheng Street, Zhongyang Village, Yuyao Village, Zhanglin Village, Xinzhou District, Wuhan, Hubei Province, the PRC RMB211,400,000

Sub-total of Group II RMB211,400,000

Group III – Properties leased by the Group for operation in the PRC 5 Student Apartment Building A and B of WHUC, Phoenix Garden, Jiangxia District, Wuhan, Hubei Province, the PRC No commercial value 6 The campus of Wuhan Senior High School of Fine Arts, No.20 Gongnongbing Road, Jiang’an District, Wuhan, Hubei Province, the PRC No commercial value 7 The leased portion of the campus of Huanggang Tumyu High School, No. 188 Yanjiang Avenue West, Wuxue, Huanggang, Hubei Province, the PRC No commercial value

Sub-total of Group III No commercial value

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SUMMARY OF VALUATIONS

Market value in existing state as No. Property at 30 June 2021

Group IV – Properties held by the Group for Investment Purpose in the PRC 8 Office Unit Nos. 2013 to 2015 on Level 20 of Building No. K7-2, Wuhan Central Cultural District, Wuchang District, Wuhan, Hubei Province, the PRC RMB5,540,000 9 Shenzhen Tumyu Phoenix Garden Student Canteen, Phoenix Garden, Jiangxia District, Wuhan, Hubei Province, the PRC RMB8,810,000

Sub-total of Group IV RMB14,350,000

Grand total of Groups I to IV RMB773,450,000

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VALUATION REPORT

Group I – Properties held by the Group for operation in the PRC

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 30 June 2021

1 Optics Valley The property is a campus As at the RMB547,700,000 Campus of WHUC, developed on a parcel of Valuation Date, (Renminbi Five No. 122 Guanggu land with a total site area the property Hundred Forty Avenue, of approximately was occupied Seven Million Jiangxia District, 167,150.16 sq. m. by the Group Seven Hundred Wuhan, as a campus of Completed in the period Thousand only) Hubei Province, WHUC. between 2004 and 2012, the PRC the property comprises 中國湖北省武漢市 various low-rise teaching 江夏區光谷大道 buildings, dormitories and 122 號 related ancillary facilities. 武漢傳媒學院 The property has a total 光谷校區 gross floor area of approximately 144,617.17 sq. m.

The details of the gross floor area are as follows: Approximate gross floor area use (sq. m.)

Teaching Buildings 55,918.87 Dormitories 52,617.07 Ancillary 36,081.23

Total 144,617.17

The property is located in an urban area of Wuhan. Developments in the vicinity comprise mainly residential developments with commercial, government, institutional and communal facilities.

The property is held with land use rights for a term due to expire on 11 March 2054 for education use.

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Notes:-

(1) According to fourteen Real Estate Title Certificates issued by 武漢市江夏區不動產登記局 (Wuhan Jiangxia District Real Estate Registration Bureau), the land use rights of the property with a site area of 167,150.16 sq. m. for education use with a term due to expire on 11 March 2054 and building ownership of the property have been vested in 武漢傳媒學院 (WHUC) with salient details as follows:

Gross floor area No. Certificate No. Date of issue Location in campus (sq. m.)

1 （2019）0040770 19 Sept 2019 Canteen, Auditorium 10,732.95 2 （2019）0040768 19 Sept 2019 Teaching Building No. 5 7,393.74 3 （2019）0040764 19 Sept 2019 Teaching Building No. 3 7,481.79 4 （2019）0040766 19 Sept 2019 Teaching Building No. 2 7,481.79 5 （2019）0040760 19 Sept 2019 Teaching Building No. 1 7,105.02 6 （2019）0040758 19 Sept 2019 Teaching Building No. 4 7,393.74 7 （2019）0040765 19 Sept 2019 Administration Building 11,039.41 8 （2019）0040783 19 Sept 2019 Teaching Building No. 6 19,062.79 9 （2019）0047690 23 Oct 2019 Library 14,308.87 10 （2019）0040778 19 Sept 2019 Dormitory Nos. 4 and 5 17,725.38 11 （2019）0040781 19 Sept 2019 Dormitory No. 3 7,092.69 12 （2019）0040780 19 Sept 2019 Dormitory Nos. 1 and 2 15,574.68 13 （2019）0040769 19 Sept 2019 Dormitory No. 6 8,319.93 14 （2019）0040776 19 Sept 2019 Dormitory No. 7 3,904.39 Total: 144,617.17

(2) According to Registration Certificate of Private Non-enterprise Entities No. 524200007641093216 issued by Civil Affairs Department of Hubei Province on 4 September 2018, 武漢傳媒學院 (WHUC) has been established as a private non-enterprise institution with a registered capital of RMB100,000,000.

(3) We have been provided with a legal opinion issued by the Company’s PRC Legal Advisers, which contains, inter alia, the following information:

(i) 武漢傳媒學院 (WHUC) is the legal land user of the property and has obtained the Real Estate Title Certificates of the property; and

(ii) Save for the legal issues as disclosed in this Document, 武漢傳媒學院 (WHUC) has the rights to use, lease, transfer and dispose of the property in accordance with the PRC laws and regulations.

(4) The status of the title and grant of major approvals and licences in accordance with the information provided to us are as follows.

Real Estate Title Certificate Yes Registration Certificate of Private Non-enterprise Entities Yes

(5) Our major parameters adopted in our method of valuation are as follows.

In undertaking our valuation of the market value of the land in its existing use, we have adopted the average accommodation value of approximately RMB1,000 per sq. m. for the property.

We have made reference to various recent land sale transactions within the locality of the property as well as other similar properties within the same district. The accommodation value of those major land sale transactions ranges from approximately RMB500 per sq. m. to RMB3,929 per sq. m.

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The above accommodation value adopted by us are consistent with the level of the recent land sale transactions within the locality of the property and other similar properties within the same district as mentioned above.

In undertaking our estimate of the new replacement cost of the buildings and structures, we have made reference to construction cost information available in the market and adopted the average unit construction cost of approximately RMB3,000 per sq. m. for the property.

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VALUATION REPORT

Market value in Particulars of existing state as No. Property Description and tenure occupancy at 30 June 2021

2 Dawu Campus of The property is a campus As at the Valuation No commercial value WHUC, High-speed developed on three Date, the property Railway Economic parcels of adjoining land was occupied by Experimental Zone, with a total site area of the Group as a Dawu, Xiaogan, approximately campus of WHUC. Hubei Province, 434,337.20 sq. m. the PRC Completed in 2015, the 中國湖北省孝感市 property comprises 大悟縣高鐵經濟實驗區 various low-rise 武漢傳媒學院 teaching buildings, 大悟校區 dormitories and related ancillary facilities. The property has a total gross floor area of approximately 128,299.36 sq. m.

The details of the gross floor area are as follows: Approximate gross floor area use (sq. m.) Teaching buildings 67,204.98 Dormitories 41,848.82 Ancillary 19,245.56

Total 128,299.36 The property is located in a sub-urban area of Xiaogan. Developments in the vicinity comprise mainly residential developments with commercial, government, institutional and communal facilities.

The property is held with allocated land use rights for science and education use.

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Notes:-

(1) The land use rights of the property is allocated in nature and cannot be freely transferred. We have therefore ascribed no commercial value to the property.

For illustrative purpose, had the Group obtained valid Real Estate Title Certificates (Land Transfer) of the property for science and education use, the market value of the property as at the valuation date would be RMB455,400,000.

(2) According to three State-owned Land Use Rights Certificates, the land use rights of the property is allocated in nature with a total site area of 434,337.20 sq. m. for science and education use and have been vested in 華中師範大學武漢傳媒學院 (WHUC of Central China Normal University) with salient details as follows.

Date of Site area No. Certificate No. issue Land use (sq. m.)

1 (2014) 015 5 December 2014 Science and Education 133,719.00 2 (2014) 016 5 December 2014 Science and Education 200,212.10 3 (2014) 017 5 December 2014 Science and Education 100,406.10

Total： 434,337.20

(3) According to 12 Building Ownership Certificates all issued by 大悟縣住房保障和房屋管理局 (Dawu Housing Protection and Real Estate Administrative Bureau), the building ownership of the property with a total gross floor area of approximately 128,299.36 sq. m. has been vested in 華中師範大學武漢傳媒學院 (WHUC of Central China Normal University) with salient details as follows.

Gross floor area No. Certificate No. Date of issue Location in campus (sq. m.) 1 00050405 2 June 2015 Dormitory No. 4 6,238.20 2 00050406 2 June 2015 Dormitory No. 2 12,109.00 3 00045533 9 Sept 2015 Teaching Building Nos. 1 and 3 15,958.98 4 00045534 9 Sept 2015 Teaching Building Nos. 7 and 8 9,574.44 5 00050409 2 June 2015 Dormitory No. 1 11,707.62 6 00050410 2 June 2015 Dormitory No. 3 11,794.00 7 00045535 9 Sept 2015 Teaching Building Nos. 9 and 10 9,574.44 8 00045536 9 Sept 2015 Experiment Building 7,321.10 9 00050413 2 June 2015 Library and Administration Building 10,073.20 10 00050414 2 June 2015 Canteen No. 1 3,554.90 11 00050415 2 June 2015 Canteen No. 2 5,617.46 12 00044291 7 August 2015 Teaching Building 24,776.02

Total: 128,299.36

(4) According to Registration Certificate of Private Non-enterprise Entities No. 0010049 issued by Civil Affairs Department of Hubei Province on 28 May 2014, 華中師範大學武漢傳媒學院 (WHUC of Central China Normal University) has been established as a private non-enterprise institution with a registered capital of RMB10,000,000 for a valid operation period from 28 May 2014 to 31 May 2018.

According to the Letter No. (2016) 091 issued by the Ministry of Education on 21 April 2016, 華中師範大學武漢傳媒學院 (WHUC of Central China Normal University) has been converted into 武漢傳媒學院 (WHUC).

According to Registration Certificate of Private Non-enterprise Entities No. 524200007641093216 issued by Civil Affairs Department of Hubei Province on 4 September 2018, 武漢傳媒學院 (WHUC) has been established as a private non-enterprise institution with a registered capital of RMB100,000,000.

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(5) We have been provided with a legal opinion issued by the Company’s PRC Legal Advisers, which contains, inter alia, the following information:

(i) 華中師範大學武漢傳媒學院 (WHUC of Central China Normal University) is the legal land user of the property and has obtained State-owned Land Use Rights Certificates and Building Ownership Certificates of the property; and

(ii) Save for the legal issues as disclosed in this Document, 華中師範大學武漢傳媒學院 (WHUC of Central China Normal University) has the rights to occupy and use the property in accordance with the PRC laws and regulations.

(6) The status of the title and grant of major approvals and licences in accordance with the information provided to us are as follows.

State-owned Land Use Rights Certificate Yes Building Ownership Certifciate Yes Registration Certificate of Private Non-enterprise Entities Yes

(7) Our major parameters adopted in our method of valuation are as follows.

In undertaking our valuation of the market value of the land in its existing use, we have adopted the average accommodation value of approximately RMB300 per sq. m. for the property.

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VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 30 June 2021

3 The owned land in the The property comprises a As at the No commercial value campus of Huanggang parcel of land with a site Valuation Date, Tumyu High School, area of approximately the property No. 188 Yanjiang 18,381.62 sq. m. in the was land. Avenue West, campus Wuxue, Huanggang, The campus comprises Hubei Province, various low-rise teaching the PRC buildings, dormitories and 中國湖北省黃岡市 related ancillary facilities. 武穴市 The property is located 188 沿江大道西號 in the urban area of 黃岡天有高級中學 Wuxue. Developments 校區擁有土地 in the vicinity comprise mainly residential developments with commercial, government, institutional and communal facilities.

The property is held with allocated land use rights for science and education use.

Notes:-

(1) The land use rights of the property is allocated in nature and cannot be freely transferred. We have therefore ascribed no commercial value to the property.

For illustrative purpose, had the Group obtained valid Real Estate Title Certificate (Land Transfer) of the property for science and education use, the market value of the property as at the valuation date would be RMB5,600,000.

(2) According to Real Estate Title Certificate No. (2021) 0002872 issued by 武穴市自然資源和規劃管理局 (Natural Resources and Planning Bureau of Wuxue) on 1 February 2021, the land use rights of the property is allocated in nature for science and education use with a site area of 18,381.62 sq. m. have been vested in 黃岡天有高級中學 (Huanggang Tumyu High School).

(3) According to Registration Certificate of Private Non-enterprise Entities No. 52421182777579293D issued by Civil Affairs Department of Wuxue on 19 June 2018, 黃岡天有高級中學 (Huanggang Tumyu High School) has been established as a private non-enterprise institution with a registered capital of RMB2,000,000.

(4) We have been provided with a legal opinion issued by the Company’s PRC Legal Advisers, which contains, inter alia, the following information:

(i) 黃岡天有高級中學 (Huanggang Tumyu High School) is the legal land user of the property and has obtained the Real Estate Title Certificate of the property; and

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(ii) Save for the legal issues as disclosed in this Document, 黃岡天有高級中學 (Huanggang Tumyu High School) has the rights to occupy and use the land use rights of the property in accordance with the PRC laws and regulations.

(5) The status of the title and grant of major approvals and licences in accordance with the information provided to us are as follows.

Real Estate Title Certificate Yes Registration Certificate of Private Non-enterprise Entities Yes

(6) Our major parameters adopted in our method of valuation are as follows.

In undertaking our valuation of the market value of the land in its existing use, we have adopted the average accommodation value of approximately RMB300 per sq. m. for the property.

The above accommodation value adopted by us is consistent with the level of the recent land sale transactions within the locality of the property and other similar properties within the same district as mentioned above.

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VALUATION REPORT

Group II – Property held by the Group under development in the PRC

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 30 June 2021

4 Under construction The property is a As at the Valuation RMB211,400,000 campus of Wuhan campus under Date, the property Senior High School of construction on a parcel was under (Renminbi Two Fine Arts, of land with a site area of construction. Hundred Eleven Zhucheng Street, approximately 85,584.85 Million Four Zhongyang Village, sq. m. Hundred Thousand Yuyao Village, Zhanglin only) Village, Xinzhou District, As advised by the Wuhan, Hubei Province, Group, the first phase of the PRC the campus under construction is 中國湖北省武漢市 scheduled to be 新洲區邾城街、鐘楊村、余 completed in 2021 and 姚村、章林村、在建中的武 has a planned gross 漢育才美術高級中學 floor area of approximately 76,294.15 sq. m upon completion.

Construction works of remaining phase with planned gross floor area of approximately 26.406.85 sq. m. has not been commenced yet.

The property is located in an urban area of Wuhan. Developments in the vicinity comprise mainly residential developments with commercial, government, institutional and communal facilities.

The property is held with land use rights for a term due to expire on 27 October 2069 for science and education use.

Notes:

(1) According to Real Estate Title Certificate No. (2019) 0025790 issued by 武漢市新洲區不動產登記局 (Real Estate Registration Bureau of Xinzhou District, Wuhan) on 7 November 2019, the land use rights of the property for science and education use with a site area of 85,584.85 sq. m. have been vested in 武漢傳媒學院 (WHUC).

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(2) According to Grant Contract of Land Use Rights No. WH (XZ) X-2019-002 dated 28 October 2019, the land use rights of the property have been contracted to be granted to 武漢傳媒學院 (WHUC). The details are summarised as follows:

(a) Site area : 85,584.85 sq. m. (b) Use : Education (c) Land use term : 50 years for Education use (d) Permitted developable : Not more than 102,701 sq.m. gross floor area (e) Land grant fee : RMB60,500,000 (f) Building Covenant : Construction shall commence before 30 October 2021 and complete before 29 October 2024

(3) According to Planning Permit for Construction Use of Land No. (2019) 061 issued by 武漢市新洲區國土資源和規劃局（Land Resources and Planning Bureau of Xinzhou District, Wuhan) on 4 November 2019, the construction site of the property with a site area of 85,584.85 sq. m. is in compliance with the urban planning requirements.

(4) According to Planning Permit for Construction Works No.(2020) 054 issued by 武漢市新洲區自然資源和規劃局（Natural Resources and Planning Bureau of Xinzhou District, Wuhan）on 22 July 2020, the construction works of the proposed development with a total gross floor area of approximately 76,294.15 sq. m. are in compliance with the requirement of urban planning and were permitted to be developed.

(5) According to two Permits for Commencement of Construction Works issued by 武漢市新洲區行政審批局 (Administrative Examination and Approval Bureau of Xinzhou District, Wuhan), the construction works of the proposed development with a total gross floor area of approximately 76,294.15 sq. m., are in compliance with the requirements for the works commencement and have been permitted with details as follows:

Gross Floor Permit No. Date of issue Location Area (sq. m.) 4201172020011700114BJ4001 20 August 2020 Lucheng Street, Zhongyang Village 56,502.11 4201172020011700114BJ4002 20 August 2020 Lucheng Street, Zhongyang Village 19,792.04

Total: 76,294.15

(6) As advised by the Group, the total construction cost expended for the property as at the valuation date was approximately RMB149,800,000 and the estimated outstanding construction cost to be expended as at the valuation date would be approximately RMB77,600,000. We have taken into account the said amounts in our valuation.

(7) The market value of the property as if completed as at the valuation date is in the sum of RMB289,000,000.

(8) According to Registration Certificate of Private Non-enterprise Entities No. 524200007641093216 issued by Civil Affairs Department of Hubei Province on 4 September 2018, 武漢傳媒學院 (WHUC) has been established as a private non-enterprise institution with a registered capital of RMB100,000,000.

(9) We have been provided with a legal opinion issued by the Company’s PRC Legal Advisers, which contains, inter alia, the following information:

(i) 武漢傳媒學院（WHUC）is the legal land user of the property and has obtained the Real Estate Title Certificate of the property;

–IV-16– 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 IV PROPERTY VALUATION

(10) The status of the title and grant of major approvals and licences in accordance with the information provided by the Group are as follows:-

Real Estate Title Certificate Yes Grant Contract of Land Use Rights Yes Planning Permit for Construction Use of Land Yes Planning Permits for Construction Works Yes Commencement Permit for Construction Works Yes Registration Certificate of Private Non-enterprise Entities Yes

(11) Our major parameters adopted in our method of valuation are as follows.

In undertaking our valuation of the market value of the land in its existing use, we have adopted the average accommodation value of approximately RMB600 per sq. m. for the property.

–IV-17– 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 IV PROPERTY VALUATION

VALUATION REPORT

Group III – Properties leased by the Group for operation in the PRC

Market value in Description and particulars of existing state as at No. Property tenancy 30 June 2021

5 Student Apartment Building A and B The property comprises 2 apartment No commercial of WHUC, Phoenix Garden, Jiangxia buildings with a total gross floor area value District, Wuhan, Hubei Province, the of approximately 31,362.60 sq. m. PRC leased to WHUC as student dormitory buildings. 中國湖北省武漢市江夏區 The property is leased from a 鳳凰花園 connected party known as Beijing 武漢傳媒學院A和B棟學生公寓 Tumyu Technology Co., Ltd. (北京天有科技有限公司) to WHUC from 1 September 2017 to 31 August 2020 at a monthly rent of RMB376,351 with an option to renew for every 3 years.

6 Campus of Wuhan Senior High The property comprises a campus No commercial School of Fine Arts, with a total gross floor area of value No. 20 Gongnongbing Road, Jiang’an approximately 8,701.83 sq. m. leased District, Wuhan, Hubei Province, the to 武漢育才美術高級中學 (Wuhan PRC Senior High School of Fine Arts).

中國湖北省武漢市 The property is leased from an 江岸區工農兵路20號 independent third party to Wuhan 武漢育才美術高級中學校區 Senior High School of Fine Arts from 1 September 2020 to 31 August 2021 at a prevailing monthly rent of RMB182,738.

7 The leased portion of the campus of The property comprises a campus No commercial Huanggang Tumyu High School, with a total gross floor area of value No. 188 Yanjiang Avenue West, approximately 10,490.69 sq. m. Wuxue, Huanggang, leased to 黃岡天有高級中學 Hubei Province, (Huanggang Tumyu High School). the PRC The property is leased from an 中國湖北省黃岡市 independent third party to (黃岡天有高武穴市級中學 (Huanggang Tumyu High 沿江大道西188號 School) from 1 January 2020 to 31 黃岡天有高級中學 December 2027 at a prevailing 校區租賃部分 monthly rent of RMB12,000.

–IV-18– 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 IV PROPERTY VALUATION

VALUATION REPORT

Group IV – Properties held by the Group for Investment Purpose in the PRC

Market value in Particulars of existing state as No. Property Description and tenure occupancy at 30 June 2021

8 Office Unit Completed in 2019, the property As at the Valuation RMB5,540,000 Nos. 2013 to comprises three office units on Date, the property 2015 on Level 20 Level 20 of a commercial building was leased to a (Renminbi Five of Building with a total gross floor area of tenant for office use Million Five No. K7-2, approximately 378.59 sq. m with with a term from Hundred Forty Wuhan Central details below. 1 September 2019 to Thousand only) Cultural District, 30 April 2027. Wuchang District, Wuhan, Approximate During the period Hubei Province, gross floor area from 1 September the PRC Unit no. (sq. m.) 2019 to 30 April 2021, the monthly 中國湖北省武漢市 2013 135.63 rent paid is nil. 武昌區武漢中央文 2014 177.37 化區 2015 65.59 During the period K7-2號樓、 from 1 May 2021 在20層的辦公單元 Total 378.59 to 30 April 2023, 2013至2015 the monthly rent paid is The property is located at Wuhan RMB20,065.27. Central Cultural District. Developments nearby are mainly During the period office and retail in nature. from 1 May 2023 to 30 April 2024, The property is held with land use the monthly rent rights for a term due to expire on paid is 2 November 2054 for commercial RMB22,715.40 use. During the period from 1 May 2024 to 30 April 2027, the monthly rent will be fixed in accordance with the property market situation.

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Notes:-

(1) According to three Real Estate Sales Contracts dated 30 July 2019, the property for office use with a total gross floor area of approximately 378.59 sq. m. have been sold to 武漢傳媒學院 (WHUC) for office use with salient details as follows.

Gross Floor Area Consideration No. Contract No. Date of contract Unit no. (sq. m.) (RMB)

1 170265088 30 July 2019 2013 135.63 3,144,447 2 170265089 30 July 2019 2014 177.37 4,170,769 3 170265090 30 July 2019 2015 65.59 1,559,086

Total: 378.59 8,874,302

(2) According to three Real Estate Title Certificates issued by 武漢市自然資源和規劃局 (Wuhan Natural Resources and Planning Bureau), the land use rights and building ownership of the property with a total gross floor area of 378.59 sq. m. for commercial use with a term due to expire on 2 November 2054 have been vested in 武漢傳媒學院 (WHUC) with salient details as follows:

Gross Floor Area No. Certificate No. Date of issue Unit no. (sq. m.)

1 (2021) 0032320 24 June 2021 2013 135.63 2 (2021) 0032322 24 June 2021 2014 177.37 3 (2021) 0032314 24 June 2021 2015 65.59 Total: 378.59

(3) According to Registration Certificate of Private Non-enterprise Entities No. 524200007641093216 issued by Civil Affairs Department of Hubei Province on 4 September 2018, 武漢傳媒學院 (WHUC) has been established as a private non-enterprise institution with a registered capital of RMB100,000,000.

(4) We have been provided with a legal opinion issued by the Company’s PRC Legal Advisers, which contains, inter alia, the following information:

(i) 武漢傳媒學院 (WHUC) is the legal land user of the property and has obtained the Real Estate Title Certificates of the property; and

(ii) 武漢傳媒學院 (WHUC) has the rights to use, lease, transfer and dispose of the property in accordance with the PRC laws and regulations.

(5) The status of the title and grant of major approvals and licences in accordance with the information provided to us are as follows.

Real Estate Sales Contract Yes Real Estate Title Certificate Yes Registration Certificate of Private Non-enterprise Entities Yes

(6) Our major parameters adopted in our method of valuation are as follows.

In undertaking our valuation, we have adopted the range of an average unit market rent of approximately RMB82 per sq. m. per month and a capitalisation rate of 5% for the property.

We have made reference to various recent lettings within the property as well as other similar properties within the same district. The monthly rental levels of those major lettings range from approximately RMB75 per sq. m. to RMB80 per sq. m.

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We have gathered and analysed various recent sales transactions of the premises and noted that the capitalisation rates implied in those transactions are generally within the range from 4% to 6% for the premises.

The above market rent assumed by us are consistent with the level of the recent lettings within the property and other similar properties within the same district as mentioned above. The capitalisation rate used is reasonable having regard to the capitalisation rates analysed from sales of comparable properties which we have collected.

–IV-21– 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 IV PROPERTY VALUATION

VALUATION REPORT

Market value in Particulars of existing state as at No. Property Description and tenure occupancy 30 June 2021

9 Shenzhen Tumyu Completed in 2007, the property As at the RMB8,810,000 Phoenix Garden comprises Level 2 and 3 of a Valuation Date, (Renminbi Eight Student Canteen, commercial building with a total the property Million Eight Hundred Phoenix Garden, gross floor area of approximately was vacant. Ten Thousand only) Jiangxia District, 1,490.78 sq. m. Wuhan, The details of the gross floor Hubei Province, area are as follows: the PRC

中國湖北省武漢市 Approximate 江夏區 gross floor 鳳凰花園 area 深圳天有鳳凰花園 Floor level (sq. m.) 學生食堂 L3 720.78 L2 770.00

Total 1,490.78

The property is located in an urban area of Wuhan. Developments in the vicinity comprise mainly residential developments with commercial, government, institutional and communal facilities.

The property is held with land use rights for a term due to expire on 30 March 2045 for commercial use.

Notes:-

(1) According to Real Estate Title Certificate No. (2020) 0034944 issued by 武漢市江夏區不動產登記局 (Wuhan Jiangxia District Real Estate Registration Bureau) on 11 November 2020, the land use rights and building ownership of the property for commercial use with a term due to expire on 30 March 2045 and with a total gross floor area of approximately 1,490.78 sq. m. has been vested in 深圳市天有投資有限公司 (Shenzhen Tumyu Investment Co., Ltd.).

(2) According to Business Licence No.91440300745174996R dated 30 September 2017, 深圳市天有投資有限公司 (Shenzhen Tumyu Investment Co., Ltd.) was established.

(3) We have been provided with a legal opinion issued by the Company’s PRC Legal Advisers, which contains, inter alia, the following information:

(i) 深圳市天有投資有限公司 (Shenzhen Tumyu Investment Co., Ltd.) is the legal land user of the property and has obtained Real Estate Title Certificate of the property; and

(ii) 深圳市天有投資有限公司 (Shenzhen Tumyu Investment Co., Ltd.) has the rights to use, lease, transfer and dispose of the property in accordance with the PRC laws and regulations.

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(4) The status of the title and grant of major approvals and licences in accordance with the information provided to us are as follows.

Real Estate Title Certificate Yes Business Licence Yes

(5) Our major parameters adopted in our method of valuation are as follows.

In undertaking our valuation, we have adopted an average unit market rent of approximately RMB36 per sq. m. per month and a capitalisation rate of 5% for the property.

We have made reference to various recent lettings within the property as well as other similar properties within the same district. The monthly rental levels of those major lettings on Level 1 range from approximately RMB72 per sq. m. to RMB80 per sq. m.

–IV-23–