Debt - Listing Confirmation::US$300,000,000 2.3% Guaranteed Bonds due 2025

1. The Bonds will be listed and quoted in the Bonds Market with effect from 9.00 a.m., Monday, 24 February 2020.

2. The short name of the Bonds is ShanghaiEleb2.3%250221S and the ISIN Code is XS2110952962.

The letter 'S' denotes that trading of the Bonds is restricted to the persons specified in Sections 274 and 275 of the Securities and Futures Act 2001 (the 'SFA').

3. The Bonds will be quoted and traded in US Dollar (US$). The Bonds will be in denominations of US$200,000 and integral multiples of US$1,000. The Bonds will be traded in a minimum board lot size of US$200,000.

4. The issue date of the Notes is 21 February 2020.

5. The name and address of the Principal Paying Agent is as follows: -

China Construction Bank (Asia) Corporation Limited
Central, Hong Kong
3 Connaught Road Central
20/F, CCB Tower
Hong Kong

6. The Joint Lead Managers of the Bonds are UBS AG Hong Kong Branch (incorporated in Switzerland with limited liability), Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch (incorporated in the People's Republic of China with limited liability), Barclays Bank PLC (incorporated in England and Wales with limited liability), ICBC International Securities Limited, China Construction Bank (Asia) Corporation Limited, J.P. Morgan Securities plc, Guotai Junan Securities (Hong Kong) Limited, Bank of Communications Co.,Ltd. Hong Kong Branch (a joint stock company incorporated in the People's Republic of China with limited liability), MUFG Securities Asia Limited, CLSA Limited and United Overseas Bank Limited, Hong Kong Branch (incorporated in Singapore with limited liability)

7. Please refer to the Issuer's offering documents for complete details before trading.