Reference is made to the announcement of China Huarong Asset Management Co., Ltd. dated 17 April 2017 relation to, among other things, appointment of Mr. Li Yingchun (Mr. Li) as the secretary to the board of directors of the company. The qualification of Mr. Li as the Secretary to the Board is subject to the approval by the China Banking Regulatory Commission (CBRC). The company announced that it recently received the China Banking Regulatory Commission's Approval in relation to the Qualification of Li Yingchun of Huarong Asset Management Co., Ltd. (Yin Jian Fu [2017] No. 340), approving the qualification of Mr. Li as the Secretary to the Board on October 26, 2017. According to relevant regulations, the term of office of Mr. Li as the Secretary to the Board shall commence from 26 October 2017, the date of approval by the CBRC. The term of office of Mr. Li shall end on the date of the next reappointment or change of appointment made by the Board.