Zhaopin Announces Receipt of Preliminary Non-Binding Proposal, $17.75 Cash Per US ADR, $8.875/Ordinary Share

Zhaopin Limited

("Zhaopin" or the "Company"), a leading career platform in China focusing on connecting users with relevant job opportunities throughout their career lifecycle, today announced that its board of directors (the "Board") has received a preliminary non-binding proposal letter, dated May 5, 2016, from Mr. Evan Sheng Guo, director and chief executive officer of the Company, Mr. Ge Wang, vice president of the Company, Mr. Weigang Wang, vice president of the Company, Mr. Luyang Tang, vice president of the Company, Mr. Tianruo Pu, chief financial officer of the Company, and Sequoia China Investment Management LLP (together, the "Proposing Buyer Group"), proposing to acquire all outstanding ordinary shares in Zhaopin not owned by the Proposing Buyer Group for US$17.75 in cash per American depositary share, or US$8.875 per ordinary share of the Company, in a taking-private transaction (the "Transaction") . A link of the proposal letter is attached as Exhibit A to this press release. According to the proposal letter, the Proposing Buyer Group intends to fund the consideration payable in the Transaction with a combination of equity and/or debt capital. The Company expects that the Board will adopt various procedures and protocols designed to evaluate the proposal and safeguard the interest of the Company's shareholders that are unaffiliated with the Proposing Buyer Group. The Board cautions the Company's shareholders and others considering trading in its securities that the Board just received the preliminary non-binding proposal letter from the Proposing Buyer Group and no decisions have been made with respect to the Company's response to the Transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.