<P><FONT style="FONT-FAMILY: Verdana">We are currently entrusted to manage Bohai Industrial Investment Fund which is the first Renminbi-denominated private equity fund approved by the National Development and Reform Commission of China with permit from the State Council of China. The authorized fund size is RMB20billion, of which RMB6.08billion has been committed as the first phase of the fund whose life term is 15 years. Investors for the first phase of the fund include Bank of China Group Investment Limited, China Development Bank Capital Co., Ltd., Postal Savings Bank of China Co., Ltd., China Life Insurance (Group) Co., Ltd., China Life Insurance Co., Ltd., China’s National Council for Social Security Fund, Tianjin Jinneng Investment Company, and Tianjin Urban Infrastructure Construction & Investment (Group) Co., Ltd.</FONT></P>