(The following statement was released by the rating agency) HONG KONG/BARCELONA, August 25 (Fitch) Fitch Ratings has assigned China Orient Asset Management Corporation's (COAM; A-/Stable) USD2bn medium-term note (MTN) programme an expected rating of 'A-(EXP)' and the proposed senior unsecured US dollar notes to be issued under the programme an expected rating of 'A-(EXP)'. Notes issued under the MTN program may be in any currency or of any tenor. The proceeds of the proposed US dollar notes will be used as working capital and for general corporate purposes. The final ratings on the proposed MTN programme and US dollar notes are contingent upon the receipt of final documents conforming to information already received. KEY RATING DRIVERS - MTN Programme and US Dollar Senior Unsecured Notes The notes under the MTN programme will be issued by Charming Light Investments Ltd. (CLI), and are unconditionally and irrevocably guaranteed by China Orient Asset Management (International) Holding Limited (COAMI), a wholly owned subsidiary of COAM. The notes under the MTN programme will be senior unsecured obligations of COAMI and also rank pari passu with all other obligations of COAMI. COAM has granted a keepwell deed and a deed of equity interest purchase and investment undertaking to ensure that COAMI has sufficient assets and liquidity to meet its obligations under the guarantee for the notes under the MTN programme. The notes under the MTN programme are rated at the same level as COAM's Issuer Default Rating (IDR), given the strong link between COAMI and COAM and because the keepwell deed and deed of equity interest purchase and investment undertaking transfer the ultimate responsibility of payment to COAM. In Fitch's opinion, both the keepwell deed and the deed of equity interest purchase and investment undertaking signal a strong intention from COAM to ensure that COAMI has sufficient funds to honour the debt obligations. The agency also believes COAM intends to maintain its reputation and credit profile in the international offshore market, and is unlikely to default on its offshore obligations. Additionally, a default by COAMI could have significant negative repercussions on COAM for any future offshore funding. Fitch's rating on the MTN programme is for the programme in general and individual issues under it may not be assigned the same rating as the programme's. The proposed MTN programme allows COAM to make drawdowns under the keepwell deed and deed of equity interest purchase and investment undertaking via CLI as the issuer or through a direct guarantee structure provided by COAM via United Wealth Development Ltd. (UWD) as the issuer. UWD is an indirect wholly-owned subsidiary of COAM. RATING SENSITIVITIES - MTN Programme and US Dollar Senior Unsecured Notes Any rating action on COAM's IDR would result in similar rating actions on the MTN programme and the rated notes under the MTN programme. In addition, the rating on the MTN programme will be downgraded if there is a material adverse change in the Chinese capital account regulation that results in restraints on COAM providing timely cross-border support for the debt servicing of the notes. Contacts: Primary Analyst Terry Gao Director +852 2263 9972 Fitch (Hong Kong) Limited 2801, Tower Two, Lippo Centre 89 Queensway, Hong Kong Secondary Analyst Fernando Mayorga Managing Director +34 93 323 8400 Committee Chairperson Guido Bach Senior Director + 49 69 768076 111 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com.">www.fitchratings.com. Applicable criteria 'Rating of Public Sector Entities - Outside the United States', dated 4 March 2014 is available at www.fitchratings.com.">www.fitchratings.com. Applicable Criteria and Related Research: Rating of Public Sector Entities - Outside the United States - Effective from 4 March 2013 to 4 March 2014 http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701963 Additional Disclosure Solicitation Status http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=857194 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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