[June 19, 2018]

Deutsche Bank Appointed as Depositary Bank for the Sponsored Level III American Depositary Receipt Program of Puxin Limited

Puxin Limited (NYSE: NEW) is an after-school education service provider headquartered in Beijing. As of March 31, 2018, Puxin had a network of 397 learning centres across 35 cities in China, with over 8,000 employees. It offers K-12 and study-abroad tutoring programs not only in the classroom but also through online and mobile applications.*

"We are very pleased to have been appointed as depositary bank for Puxin's Sponsored Level III ADR program," said Brian Studdert, Global Head of Depositary Receipts at Deutsche Bank. "Leveraging Deutsche Bank's range of ADR services, we look forward to working with Puxin to help grow the ADR program and diversify the shareholder base".

In addition to specializing in administering cross-border equity structures such as American and Global Depositary Receipts, Deutsche Bank provides corporates, financial institutions, hedge funds and supranational agencies around the world with trustee, agency, escrow and related services. The Bank offers a very broad range of services for diverse products, from complex securitizations and project finance to syndicated loans, debt exchanges and restructurings.

* Source (News - Alert): Puxin Limited (June 2018)

Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany's leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.

The Depositary Receipts have been registered pursuant to the US Securities Act of 1933 (the "Act"). The investment or investment service which is the subject of this notice is not available to retail clients as defined by the UK Financial Conduct Authority. This notice has been approved and/or communicated by Deutsche Bank AG New York. The services described in this notice are provided by Deutsche Bank Trust Company Americas (Deutsche Bank) or by its subsidiaries and/or affiliates in accordance with appropriate local registration and regulation. Deutsche Bank is providing the attached notice strictly for information purposes and makes no claims or statement, nor does it warrant or in any way represent, as to the accuracy or completeness of the details contained herein or therein. This announcement appears as a matter of record only. Neither this announcement nor the information contained herein constitutes an offer or solicitation by Deutsche Bank or any other issuer or entity for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful. No part of this notice may be copied or reproduced in any way without the prior written consent of Deutsche Bank. Past results are not an indication of future performance. Copyright© June 2018 Deutsche Bank AG. All rights reserved.

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