Personnel Changes of CCCC

Recently, China Communications Asset Management Co., Ltd. (Hereinafter referred to as "China Communications Asset Management") held a cadre meeting. The meeting announced the decision of the Party Committee of China Communications Construction Group Co., Ltd. on the adjustment of the leadership of CCCC Asset Management: Sun Jianxun was appointed as the general manager of CCCC Asset Management, Sun Debin and Zhong Qi were appointed as the deputy general managers of CCCC Asset Management, and Liu Pingfang was no longer the general manager. The appointment and removal of relevant positions shall be handled in accordance with relevant laws and the Articles of Association.

China Communications Asset Management Co., Ltd. (Hereinafter referred to as "China Communications Asset Management"), established in Beijing in May 2015 with registered capital of 23.457 billion yuan, is an important enterprise in asset management of China Communications Construction Co., Ltd. (Hereinafter referred to as "China Communications Construction"), one of the world's top 500 enterprises, and also has the largest registered capital. It is a subsidiary with the largest scale of investment and operation assets, and its main business scope focuses on asset management, project investment, investment management, investment consultation, enterprise management and financial consultation. At present, it is mainly responsible for the operation and management of expressways, and its business covers Guizhou, Chongqing, Hubei, Guangdong, Shaanxi, Shanxi, Yunnan, Guangxi, Xinjiang, Beijing and other provinces and cities in China; It has participated in the operation and management of many projects such as Senegal TT & AMT Expressway and Cameroon Kribisu Port Expressway, and is following up the expressway operation and management projects in Europe, Asia, Africa, South America and other regions. It operates and manages 40 expressways, with toll mileage exceeding 3600 kilometers, total management assets exceeding 300 billion yuan, and total number of employees exceeding 6000.

It is understood that Sun Jianxun previously served as deputy secretary and deputy general manager of the Party Committee of CCCC Capital Management.