On August 11, 2016, as per approval granted by the People’s Bank of China, the National Association of Financial Market Institutional Investors (“NAFMII”) accepted registration of RMB 6 billion worth of bonds denominated in Renminbi (“Panda Bonds Programme”) to be issued by the Republic of Poland in the domestic interbank bond market. On August 25, the Republic of Poland successfully issued its 2016 Phase 1 RMB 3 billion Panda Bonds (“Phase 1 Bonds”), which is the first sovereign Panda Bonds issued by European country.Acting as the PRC legal counsel of the issuer, Zhong Lun Law Firm (China) provided thorough service to the Republic of Poland in its successful establishment of the Panda Bonds Programme and the issuance of the Phase 1 Bonds, including drafting and reviewing the full set of application documents for the registration of the Panda Bonds Programme as well as various issue documents for the Phase 1 Bonds, issuing legal opinions from PRC law perspective and assisting the issuer in its discussion with NAFMII and the closing of the Phase 1 Bonds issuance.