Business qualification of China Chengxin Credit Management Co., Ltd.

In the field of credit rating, China Chengxin and its subsidiaries China Chengxin International and China Chengxin Securities have obtained the following business qualifications:

1997 the people's bank of China issued a letter on approving the business scope of citic international credit rating co., ltd (Han Yin [1997] No.424).

1997 credit rating qualification of bonds issued by China people's bank (yinfa [1997] No.547).

Letter from the People's Bank of China about China Chengxin International Credit Rating Co., Ltd. undertaking the credit rating business of China Chengxin Securities Appraisal Co., Ltd. in 2000 (Yin Ban Han [2000] 162).

In 2003, the China Insurance Regulatory Commission promulgated the Interim Measures for the Administration of Corporate Bonds Invested by Insurance Companies, and China Chengxin International became the first credit rating agency recognized by the China Insurance Regulatory Commission.

In 2003, the State Economic and Trade Commission approved China Chengxin International to participate in the pilot credit rating of small and medium-sized enterprises.

In 2005, the People's Bank of China recognized China Chengxin International as a credit rating agency in the inter-bank bond market.

In 2007, China Securities Regulatory Commission approved the Reply on Agreeing CITIC Securities Appraisal Co., Ltd. to engage in the credit rating business in the securities market (Zheng Jian Zi [2007] No.223).

Securities Market Credit Rating Business License issued by China Securities Regulatory Commission in 2008 (ZPJ00 1)