Guangzhou Automobile Group Co., Ltd. ("GAC") completed its 2014 Phase I Commercial Paper (“CP”) issuance (the “issuance”) on Mar. 13, 2014, and the CP has started trading since Mar. 14, 2014. With a total registered size of RMB 11 Bn, the issuance offered RMB 1 Bn in this phase. The 365-day product is based on a fixed rate at 5.15%, with AAA rated for the issuer and A-1 rated for the bond. CICC acted as Joint Lead Underwriter and Sole Bookrunner in the transaction.