On 28 November 2013, ABC Singapore Branch independently completed the issuance of one-year CNH500 million Certificates of Deposit (“CD”) for the first time. Unlike in previous cases whereby external investment banks were appointed to place the CDs to investors, Singapore Branch issued and placed the CDs to investors directly on her own. This breakthrough not only generated investment banking commission income that enhanced the diversity of the branch’s commission income sources and lowered the branch’s overall funding cost, but also laid a strong foundation to further develop our investment banking service offerings in debt capital market.