Citi Appointed Depositary for Chemspec's NYSE-Listed ADR Program

Citi's Global Transaction Services business, acting through Citibank N.A., today announced that it has been appointed by Chemspec International Limited ("Chemspec"), a leading China-based contract manufacturer of highly engineered specialty chemicals, as the depositary bank for its NYSE-listed American Depositary Receipt (ADR) program.

Chemspec's ADR program was established through a $72.7 million offering, originally priced at $9 per ADR, representing the third IPO of 2009 conducted in ADR form. The ADRs are listed on NYSE under the symbol "CPC". Each ADR represents 60 ordinary shares; however, as a single-listed ADR program, the underlying ordinary shares are not publicly traded in the issuer's home market.

"As a leading China-based contract manufacturer of highly engineered specialty chemicals, we have been providing quality products at competitive prices to our customers since 1996. We are excited to have established our ADR program with Citi as the depositary bank," said Dr. Jianhua Yang, Chairman and CEO of Chemspec.

Siu-Chan Kwan, Asia Pacific Head of Depositary Receipt Services at Citi said, "Chemspec's successful capital raising is an example of how our Depositary Receipt Services business can leverage Citi's unique blend of global reach and local expertise to provide unparalleled support in administering cross-border transactions. We look forward to a long-term relationship with Chemspec, where we will assist them in optimizing the benefits of their new ADR program."

Chemspec is a leading China-based contract manufacturer of highly engineered specialty chemicals and the largest manufacturer of fluorinated specialty chemicals in China based on sales. In manufacturing specialty chemicals, Chemspec also provides process design and process development services, which enable efficient and rapid production of specialty chemicals that are incorporated into the products of Chemspec's end users. Chemspec's customers and end users include electronics, pharmaceutical and agrochemical companies. For additional information on Chemspec, visit www.chemspec.com.cn.

Global Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the first quarter of 2009, it held on average $278 billion in liability balances and $10.3 trillion in assets under custody. For more information on Citi's Depositary Receipt Services, visit www.citi.com/dr.

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