Shanghai Pudong Development Bank Co., Ltd. (“SPDB”) made an announcement with regard to its non-public offering of preferred stock (the “Offering”) on Mar. 16, 2015, which was listed for trading on Shanghai Stock Exchange on Mar. 26, 2015. The preferred stock is offered in PRC and complies with the qualifications for other Tier-1 capital instruments defined by the CBRC. With an offer size of 150 MM shares, it raised total proceeds of RMB 15 Bn, which will be used to replenish the issuer’s other Tier-1 capital. The preferred stock will adjust its dividend payout rate every 5 years and the first dividend payout rate is determined at 5.50% through price inquiry process. The preferred stock has been granted with AA+ rating by CCXI. CICC acted as Joint Lead Underwriter in the transaction.