On the afternoon of March 3, SIG held the 2022 expert review meeting on the budget drafts of Shanghai Pudong Development Bank (SPDB), Guotai Junan Securities Co., Ltd. (Guotai Junan) and Shanghai Rural Commercial Bank (SRCB). Guan Wei, Vice President and Chief Operation Officer of SIG, hosted the meeting. Zhong Maojun, Board Director and Chief Operation Officer of SIG, attended the meeting along with leaders of departments and offices of the Shanghai Municipal State-owned Assets Supervision and Administration Commission (SHSASAC), three budget review experts, relevant staff of the Department of Financial Management and the Department of Capital Operation of SIG, as well as leaders and department heads from SPDB, Guotai Junan and SRCB.

To further fulfill the shareholder's rights and responsibilities for the three financial institutions, summarize the previous work, further refine and improve the review work, SIG invited professors of renowned universities and partners of law firms as review experts. SHSASAC, SIG, the review experts and the three financial institutions attached great importance to the meeting and made full preparation. Prior to the meeting, SIG surveyed some institutions along with SHSASAC and held an expert preparatory meeting; relevant financial institutions made up budgetary materials.

At the meeting, the institutions introduced their budget implementation in 2022. The review experts offered audit opinions on their budget drafts based on their strategic plans, industrial benchmarking and situation studies, noting that the institutions should prepare budgets with strategic plans as orientation and enhancing corporate value as core, consolidate advantageous business, develop innovative business, value horizontal benchmarking and enhance core competitiveness, and offering advice on key business and financial indicators, informatization and digitalization. Five staff members of the Office of Financial Appraisal and the Office of Financial Enterprise Development, SHSASAC attended the meeting, noting that the institutions should, based on the requirements of Shanghai's state-owned capital and enterprise reform and "fourteenth five-year" plan, prepare drafts with a focus on stabilizing growth and preventing risks, keep enhancing corporate value and make positive contributions to the development of Shanghai. SIG noted that the institutions should align themselves with industrial practice in budget preparation, make stead progress, and fully implement the requirements of stabilizing growth and preventing risks according to strategic plans, so as to push forward the reform of state-owned capital and enterprises and promote the overall development of Shanghai.

SIG, SHSASAC and the review experts agreed that the institutions have seriously organized budget preparation and the quality of the budget drafts is better than ever. Afterwards SIG will form audit opinions on the drafts. After being modified by the institutions based on audit opinions, the drafts will be finalized according to established procedures. The formal version will be submitted to SIG and filed with SHSASAC.