Deutsche Bank Appointed as Depositary Bank for the Sponsored American Depositary Receipt Program of LION GROUP HOLDING LTD.

NEW YORK--(BUSINESS WIRE)--Deutsche Bank announced today its appointment as depositary bank for the NASDAQ-listed American Depositary Receipt program of Lion Group Holding Ltd. (the “Company” or “LION”).

LION GROUP HOLDING LTD (NASDAQ: LGHL) operates a Chinese investor-focused trading platform that offers a wide spectrum of products and services, including trading services, brokerage services and asset management services. The Company is headquartered in Hong Kong.*

“We are very pleased to have been appointed as depositary bank for LION’s ADR program following the merger between Proficient Alpha Acquisition Corp, a special purpose acquisition company and Lion Financial Group Limited,” said Daniel Clark, Global Head of Depositary Receipts at Deutsche Bank. “This demonstrates our expertise in executing complex ADR transactions and reinforces our position as a leading provider in the depositary receipts industry.”

In addition to specializing in administering cross-border equity structures such as New York Shares and 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. Deutsche Bank offers a very broad range of services for diverse products, from complex securitizations and project finance to syndicated loans, debt exchanges and restructurings.

* This information was provided by Lion Group Holding Ltd. (June 2020)

Depositary Receipt Information
Country	China (Cayman Islands incorporated).
Custodian Bank	Deutsche Bank AG, Hong Kong Branch
Effective Date	June 16, 2020
Level III ADR
CUSIP	53620U 102
ISIN	US53620U1025
Symbol	LGHL
Exchange	NASDAQ
Current Ratio	1 ADSs: 1 Class A ordinary shares
Eligibility	DTC

Depositary Receipt Contacts
Head of Depositary Receipts	New Business Development
Daniel Clark	William Ng
Tel: [phone]	Tel: [phone]
www.adr.db.com	Markets Distribution
[e-mail]	London
	Tel: [phone]
gtb.db.com	New York
	Tel: [phone]
	Hong Kong
	Tel: [phone]

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©June2020 Deutsche Bank AG. All rights reserved.