Capital Markets - Tongren Transport & Tourism Development & Investment Group Co., Ltd.

Haitong Bank acted as Manager in Tongren Transport & Tourism Development & Investment Group Co., Ltd.'s U.S.$ 50,000,000 8.75 per cent. private placement of senior unsecured notes due 2021. The Bonds constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer and shall at all times rank paripassu and without any preference among themselves. The payment obligations of the Issuer under the Bonds shall, save for such exceptions as may be provided by applicable law at all times rank at least equally with all its other present and future unsecured and unsubordinated obligations. Proceeds from the Bonds will be used for general corporate purposes.

Tongren Finance Bureau holds 100% of the Issuer’s share capital. The Issuer’s daily operations are supervised by the government.