The board of directors of China Huarong Asset Management Co., Ltd. received a letter of resignation from Mr. Song Fengming. Due to his term of office as an independent non-executive director of the company reaching six years while the consecutive terms of office of independent non- executive Directors of financial asset management companies shall not exceed six years under relevant PRC regulatory requirement, Mr. Song has tendered his resignation as an independent non-executive Director, a member of each of the Strategy and Development Committee, the Risk Management Committee, the Related Party Transaction Committee and the Audit Committee of the board and the chairman of the Nomination and Remuneration Committee of the board. The board considered and approved the nomination of Mr. Zhu Ning as an independent non-executive Director at the Board meeting held on 26 September 2018. Mr. Zhu's term of office will take effect from the date upon the consideration and approval by the general meeting of the shareholders of the company and upon approval by the CBIRC of his directorship qualification (whichever is later), until the election of the next session of the board.