Translator：Jiang Wenyu

On July 20, Super-Short-Term Commercial Paper Series 4 (Technological Innovation Note) of CCCC Third Navigation Engineering Bureau for the year of 2022 was successfully issued in the inter-bank bond market. Co-underwritten by Bank of China and Bank of Ningbo, the issue size was RMB 1.5 billion with an issue period of 141 days and a coupon rate of 1.72%. This bond is the first Technological Innovation Note issued by centralized enterprises underwritten by the four major state-owned banks, and also the first batch of Technological Innovation Notes in Shanghai, and at the same time, the interest rate of this kind of products issued by the CCCC Third Navigation Engineering Bureau is a new low in history.

Technological Innovation Note is a thematic innovation product launched by National Association of Financial Market Institutional Investors (hereinafter referred to as NAFMII), which is used to specifically support the national enterprise technology center, high-tech enterprises, and specialized and special new "little giant", technological innovation demonstration enterprises and intelligent manufacturing demonstration factories and other scientific and technological innovation subjects, aiming to further broaden the financing channels of science and innovation, and to guide the lower cost of market funds to the high-tech enterprises.

CCCC Third Navigation Engineering Bureau has always insisted on the implementation of the strategy of "strengthening enterprises with science and technology" and the continuous construction of "innovative enterprises" in the field of science and technology development. The successful issue of the bonds demonstrates the advantages of CCCC Third Navigation Engineering Bureau in the capital market, and the company will take this opportunity to strengthen scientific and technological research and development and key technology research, deepen the reform of the scientific and technological system and mechanism, and continuously improve the overall level of scientific and technological innovation and independent innovation ability of the company, strengthen the core competitiveness of the company, and give full play to the role of the main body of centralized enterprises' innovation, and promote the high-quality development.

As the special legal counsel for the issue of Technological Innovation Note, Landing Law Offices (“LANDING”) provided professional and efficient legal services for the issue and contributed to the success of the issue. LANDING will continue to provide professional services to our clients under the concept of "absolute specialization". The lawyers who provided services for this bond issue are Mr. Liu Zhaofu and Mr. Kong Lingsen.