China Huarong Asset Management Co., Ltd. received a letter of resignation from Mr. SHAO Jingchun ("Mr. Shao"). Mr. Shao resigned as (1) the independent non-executive director of the Company; (2) the chairman of the Related Party Transaction Committee of the Board; and (3) the member of each of the Strategy and Development Committee, the Audit Committee and the Nomination and Remuneration Committee of the Board after serving as an independent non-executive director of the Company (the "Independent Non-executive Director") for six years (in view of the requirements of the relevant PRC regulatory authorities, the term of office of independent non-executive directors of financial asset management companies shall not exceed a consecutive period of six years). In order to ensure that the compositions of the Board and the relevant special committees of the Board are in compliance with the relevant laws and regulations and the regulatory requirements, the resignation of Mr. Shao will take effect from the date when a new Independent Non-executive Director elected at the general meeting of shareholders of the Company officially assumes his/her duties.

During this period, Mr. Shao will continue to perform his duties as the Independent Non-executive Director and the chairman and member of the relevant special committees of the Board.