Decided by the Central Party Committee and the State Council, Comrade Chang Zhenming serves as the Chairman and Secretary of the Party Committee of CITIC Group; Comrade Tian Guoli serves as Vice Chairman, President and Deputy Secretary of the Party Committee of CITIC Group. Comrade Kong Dan is removed from his post as the Chairman and Secretary of the Party Committee of CITIC Group.

The decision is made according to the relative rules on leaders serving age of the State-owned financial institutes and the cadre exchange principles. The leadership readjustment of CITIC Group is conducive to enhancing top management team construction and restructuring. It is also good to promote further reform, development of CITIC and smooth transition of its top management. The readjustment is a normal exchange of cadre members and shows the great attention and concern paid by the Central government to CITIC.

Comrade Kong Dan was transferred from China Everbright Group to be Vice Chairman and President of CITIC Group in 2000 and became Chairman and the Secretary of Party Committee in 2006, serving totally ten years in top management team of CITIC and doing a great amount of effective work in the group’s development. Especially since serving as Chairman and the Secretary of Party Committee, Comrade Kong Dan led the management team and the staff to achieve great results with higher profitability and competencies. The leadership construction and cadre team building have also won high praise from all sides.

Comrade Chang Zhenming, with firm political positions and an overall view, has always been fully implementing all principles and polices of the state Council and the decisions of the Party Committee of the group. He commits himself in corporate management for a long term and is quite familiar with whole business picture of CITIC including banks, securities, insurance and etc. He boasts a clear thinking, an overall point of view and high abilities of making strategies, organizing and handling complicated matters with outstanding performance, strong career ambition and sense of responsibilities. He is also good at soliciting opinions from all sides and unites all the people thus enjoying high reputation among them.

Comrade Tian Guoli has high political quality and is keenly aware of party discipline and overall situation. He is familiar with banking, investment and financial asset disposal. He has rich experience in the field, an open mind, and a spirit of market competition, reform and opening up. He is capable of handling complex issues and management. He is a practical and efficient person with good performance and a high sense of mission and responsibility. He is a hard-working person with integrity, impartial judgment, and self-discipline and good reputation among the staff.

Under the new leadership, CITIC Group will continue to hold high the great banner of Deng Xiaoping Theory and the important Thoughts of Three Represents, further implement the Scientific Approach to Development, closely unite the Central Party Committee with President Hu Jintao at its core. We will live up to the expectation of the Central Committee to keep being united and innovated, striving for developing CITIC to be a world-class conglomerate with clear overall strengths and core competencies and leading in its fields so as to make greater contribution to economic and social development of our country.