If we were deemed a PRC resident enterprise under the PRC Enterprise Income Tax Law and required
to withhold tax on interest on the Notes, we would be required to pay additional amounts as described under Description of the NotesPayment of Additional Amounts. As described under Description of Debt SecuritiesTax
Redemption in the accompanying prospectus, we may redeem the Notes in whole at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest if such requirement to pay additional amounts results from a change in law
(or a change in the official application or interpretation of law).
Redemption may adversely affect your return on the Notes.
We have the right to redeem some or all of the Notes prior to maturity. We may redeem the Notes at times when prevailing interest rates are
relatively low. Accordingly, you may not be able to reinvest the amount received upon redemption in a comparable security at an effective interest rate as high as that of the Notes.
Our credit ratings may not reflect all risks of your investments in the Notes.
Our credit ratings are an assessment by rating agencies of our ability to pay our debts when due. Consequently, real or anticipated changes in
our credit ratings will generally affect the market value of the Notes. These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of the Notes. Agency ratings are not a recommendation to buy, sell or
hold any security, and may be revised or withdrawn at any time by the issuing organization. In May 2017, certain rating agencies have placed us under review for potential downgrade or negative watch, which may indicate a possible rating downgrade in
the near future. Each agencys rating should be evaluated independently of any other agencys rating.