Introduction of China Credit Promotion Investment Co., Ltd.

China Bond Insurance Company (CBIC) was established in Beijing on September 2, 2009. It is the first professional bond credit enhancement institution in China. It was established by seven parties including China Petroleum and Natural Gas Group Corporation, State Grid Asset Management Co., Ltd., China Sinochem Group Co., Ltd., Beijing State-owned Capital Management Center, Shougang Corporation, Beijing Wanxing Zhongxing Industrial Investment Co., Ltd. and China Inter-bank Market Dealers Association.