Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the securities referred to herein. This announcement is not an offer of securities of the Issuer for sale, or the solicitation of an offer to buy securities of the Issuer, in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws of the United States, and may not be offered or sold within the United States except pursuant to an exemption under, or in a transaction not subject to, the U.S. Securities Act. This announcement and the information contained herein are not for distribution, directly or indirectly, in or into the United States or to U.S. persons. No public offer of the securities referred to herein is being or will be made in the United States. FORWARD LTD. (incorporated in the British Virgin Islands with limited liability) (the “Issuer”)

U.S.$500,000,000 4.30 per cent. Guaranteed Bonds due 2019 Stock Code: 5735

U.S.$350,000,000 7.95 per cent. Guaranteed Bonds due 2021 Stock Code: 5143

U.S.$350,000,000 7.90 per cent. Guaranteed Bonds due 2021 Stock Code: 5857

Unconditionally and Irrevocably Guaranteed by

TUS-HOLDINGS CO., LTD. （啟迪控股股份有限公司） (incorporated in the People’s Republic of with limited liability) (the “Guarantor”)

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INSIDE INFORMATION ANNOUNCEMENT

This announcement is made pursuant to Rule 37.47B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and the inside information provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

The Issuer is a wholly owned subsidiary of the Guarantor, which is currently controlled by Tsinghua Holdings Co., Ltd（清華控股有限公司）(“Tsinghua Holdings”). As at the date of this announcement, Tsinghua Holdings owns 44.92% shareholding interests in the Guarantor.

On 20 March 2019, Hebei Xiongan New District Management Committee（河北雄安新區 管理委員會) (“Xiongan Management Committee”), China Xiongan Group Co., Ltd（中 國雄安集團有限公司） (“Xiongan Group”), Tsinghua University（清華大學), Tsinghua Holdings and the Guarantor (collectively, the “Parties”) entered into a cooperative framework agreement (the “Framework Agreement”), pursuant to which the Parties agreed to cooperate with each other in relation to, among other things, the development of Xiongan New District（雄安新區) in Hebei Province of the People’s Republic of China on a mutually beneficial basis. The Parties have in the Framework Agreement agreed to various cooperative measures including but not limited to the transfer of existing shares in the Guarantor held by Tsinghua Holdings to certain fund(s) owned by Xiongan Group and/or Xiongan Management Committee as well as the capital injection into the Guarantor by such fund(s) owned by Xiongan Group and/or Xiongan Management Committee, so that such fund(s) owned by Xiongan Group and/or Xiongan Management Committee and Tsinghua Holdings will become the largest shareholders of the Guarantor with equal shareholding.

The terms of cooperation contemplated under the Framework Agreement are subject to (i) the terms of any definitive agreements which may be subsequently entered into by the Parties from time to time, (ii) the obtaining of all necessary consents and approvals and (iii) the completion of all necessary registrations and filings, as required from time to time in order to carry out the cooperation. As at the date of this announcement, the Parties have not yet entered into any legally binding agreements in relation to any specific cooperation plans.

The Issuer and the Guarantor will pay close attention to the progress of the abovementioned matter and will make further announcement(s) as and when appropriate in accordance with the Listing Rules.

Hong Kong, 27 March 2019

As at the date of this announcement, the director of the Issuer is Zhao Dong.

As at the date of this announcement, the directors of the Guarantor are Wang Jiwu, Li Zhiqiang, Wu Xu, Zhao Yanlai, Zhou Yanhua, Ma Zhigang and Fan Jun.

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