Upon the approval of the People’s Bank of China, Sinochem Corporation issued its first short-term financing bill for 2008 in the inter-bank securities market on April 2nd, with a total value of CNY 2 billion at the issue price of RMB 95.33/RMB100 par value. The credit of the bill was rated as A-1 while the main credit rating of Sinochem is AAA. The bill is to be co-sponsored by Citic Bank and Citic Securities with the term of one year at the nominal rate of annual return 4.67%. The funds raised shall be used to satisfy the working capital demands in the Corporation’s petroleum oil, fertilizer and chemicals businesses.

This is the third consecutive year when Sinochem has issued short-term finance bill into the inter-bank securities market with a total amount of CNY 10.7 billion. The issuance of the bills has further diversified our financing channels, effectively reduced the financing cost, optimized the financing structure, enhanced the company’s credibility and laid a sound foundation for Sinochem’s continuous financing activities in the capital market.