Re: Q&A in connection with performance compensation for merger and acquisition

关于并购重组业绩补偿相关问题与解答（2016年1月15日）

Relevant Q&A relating to performance compensation for merger and acquisition (January 15, 2016)

《上市公司重大资产重组管理办法》第三十五条规定，“采取收益现值法、假设开发法等基于未来收益预期的方法对拟购买资产进行评估或者估值并作为定价参考依据的，……交易对方应当与上市公司就相关资产实际盈利数不足利润预测数的情况签订明确可行的补偿协议”。对于交易对方为上市公司的控股股东、实际控制人或者其控制的关联人，但并不控制交易标的；或者交易定价以资产基础法估值结果作为依据的，应当如何适用？

Article 35 of the Measures for Management of Material Assets Restructuring of Listed Companies provides that“In case of adoption of such evaluation methods that are based on the exception of future income such as the present earning value method and the hypothetical development method in the evaluation of the assets to be purchased and in fixing the price,......the counter party shall sign an explicit and feasible compensation agreement with the listed company regarding the shortfall of the actual profit compared with the forecasted profit of the related assets.” Where the counter party is the controlling shareholder, actual controller of a listed company or the affiliated person controlled by the listed company, but does not control the transaction object; or the transaction pricing is based on the valuation result of asset-based method, how to apply this Article to abovementioned situations?

答复：1.无论标的资产是否为其所有或控制，也无论其参与此次交易是否基于过桥等暂时性安排，上市公司的控股股东、实际控制人或者其控制的关联人均应以其获得的股份和现金进行业绩补偿。

Reply: 1. Whether the underlying assets are owned or controlled by a listed company or not, or whether a listed company participates in this transaction is based on the temporary arrangements such as cross the bridge, the controlling shareholder, actual controller of listed company or the affiliated person controlled by the list company shall all conduct the performance compensation with the share and cash obtained by it.

2.在交易定价采用资产基础法估值结果的情况下，如果资产基础法中对于一项或几项资产采用了基于未来收益预期的方法，上市公司的控股股东、实际控制人或者其控制的关联人也应就此部分进行业绩补偿。

2. In event of adoption of the valuation result of asset-based method in transaction pricing, if asset-based method for one or several assets are adopted the method based on the expectation of the future benefits, the controlling shareholder, actual controller of a listed company or the affiliated person controlled by a list company shall also conduct the performance compensation in respect of such one or several assets.

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