Press Release

JPMFC acted as joint lead underwriter and joint book-runner of RMB 2.5 billion convertible bond for XCMG Construction Machinery Co., Ltd.

Stock Exchange since 15th Nov., 2013. The offering size is RMB 2.5 billion (6 years, AAA/AAA rated, no guarantee or collateral). The coupon rate is set as 0.8%, 1.3%, 1.7%, 2.3%, 2.5% and 2.5% for each of the consecutive years. Initial conversion price is RMB 8.46 per share. J.P. Morgan First Capital (“JPMFC”) acted as a joint lead underwriter and joint book-runner with Morgan Stanley Huaxin Securities in this transaction.

The transaction is the largest convertible bond deal completed by JPMFC to date. Though the market turned unfavorable when the offering was launched, the off-line offering was still 33 times oversubscribed. The success of the transaction once again proves JPMFC’s strengths in convertible bond deals and demonstrates our core competitiveness even in challenging situations.