Credit rating committee No  0545D
Tsinghua Holdings Co Ltd,
We hereby confirm that:
As entrusted by your company, China Chengxin International Credit Rating Co made a comprehensive analysis on the credit status of your company and the third medium-term notes of 2015 to be issued by your company. According to our assessment, the credit grade of your company is AAA, the prospect of credit rating is stable, and the credit grade of the medium-term notes is AAA.
Credit Rating Committee of China Chengxin International Credit Rating Co Ltd
June 29, 2015