7,674 million RMB of Special Local Government Bonds of Liaoning Provincewas issued by open tendering through government bond issuance system of ShanghaiStock Exchange on July 23rd, 2019. The bond of this offering isbook-entry fixed-interest coupon bond, which includes 109 million RMB 5-yearSpecial Bonds for Shanty Town Transformation with the interest rate of 3.26%, 2,938million RMB 10-year Special Bonds for Shanty Town Transformation with theinterest rate of 3.41%, 4,353 million RMB 15-year Special Bonds for Shanty TownTransformation with the interest rate of 3.75% and 274 million RMB 10-yearSpecial Bonds for Rural Revitalization with the interest rate of 3.42%.

Golden Credit Rating International Co. Ltd. awardedthe Special Local Government Bonds of Liaoning Province for Shanty TownTransformation and Rural Revitalization of this offering AAA rating.

Cathay Associates Kejie participated in the issuanceof above-mentioned Special Bonds for Shanty Town Transformation and RuralRevitalization of this offering, and provided the legal services of legal due diligenceand issuing legal opinion.

The team of Kejie of this offering was leaded by partnerMs. Cao lei and Mr. Zhang Fang.