On the morning of June 12, Mr. Paul Bateman, Global Chairman of JP Morgan Asset Management, leading a delegation, visited SIG. Mr. Shao Yaliang, President of SIG, met Mr. Paul Bateman. The meeting was also accompanied by Mr. Chen Kaiyuan, Chairman of China International Fund Management Co. (CIFM), and Mr. Zhang Shuolin, General Manager of CIFM.

Mr. Shao Yaliang extended welcome to Mr. Paul Bateman for his second visit and briefed the reform in the state sector in Shanghai and operating situation of CIFM. He said according to the goals set by the reform for the state sector in Shanghai, there will emerge 2 to 3 asset management companies, 5 to 8 multinational corporations, 8 to 10 domestic leading companies. The reform for SIG will go on according to the guiding requirements of the 20 principles of the reform for the state sector in Shanghai. The strategic positioning of SIG will transform from a strategically-holding financial and investment group into an asset management company with the integration of industry and financing. With respect to CIFM, the company is performing soundly and has achieved top rankings in various measures among JV fund management companies. SIG will keep supporting the development of CIFM, helping it strengthen and improve its advantages and market influence.

Mr. Paul Bateman appreciated it. He said in the past years, the open and frank talks between JP Morgan and SIG have laid down a solid foundation for the success of CIFM. CIFM is the most important JV for JP Morgan in China and will continue to be important for the strategic development of JP Morgan in China in the coming 10 years. He hopes the reform will boost the economic development of Shanghai and China.

The meeting was also attended by heads of Financial Asset Management Department and Administration Department of SIG.