Investor Presentaiton

Complex Regulatory and Operational Framework of Bond Market Bond types are regulated by different government bodies from issuance, trading and investor market perspectives, and cleared by different custodians, all of which create additional complexity for wide access to China's bond market. Regulates Market Trading People's Bank of China (PBOC) Interbank Bond Market (CIBM) CCDC or SHCH CSDC Custodian Transfer Government Bonds China Securities Regulatory Commission (CSRC) Exchange Market Government Bonds PBOC Bills/Bonds MOF Financial Bonds Regulates the Bond Issuance Financial Bonds PBOC Corporate Bonds Mid-term Financing Bills CSRC Convertible Bonds Short-term Financing Bills NAFMII Enterprise Bonds NDRC Detachable CB Enterprise Bonds Eligible Investors ROII, RMB Clearing & RMB Participant Banks Non-listed Listed Banks Commercial Banks Trust Companies Social Security Fund Insurance Companies Securities Co., Mutual Funds, QFII, RQFII Regulates the PBOC CBRC NCSSF CIRC Investors CSRC Institutional & Retail Investors Key: China Central Depository & Clearing Co., Ltd (CCDC); Shanghai Clearing House (SHCH); China Securities Depository and Clearing Corporation Limited (CSDC); Ministry of Finance (MOF); National Association of Financial Market Institutional Investors (NAFMII), formed in 2007 and supervised by PBOC ; National Development and Reform Commission (NDRC); China Banking Regulatory Commission (CBRC); National Council for Social Security Fund, PRC (NCSSF); China Insurance Regulatory Commission (CIRC) 83 H citi

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