Announcement on the Change of Chairman of China Guangfa Bank Co., Ltd.

The Board of Directors and all directors of China Guangfa Bank Co., Ltd. ensure that the contents of this Announcement are free from any misrepresentation, misleading statement and material omission, and that they will assume joint and several liability for the truthfulness, accuracy and integrity of the contents.

On December 25, 2018, China Guangfa Bank Co., Ltd. (hereinafter referred as the "Bank") held the First Extraordinary Shareholder’s Meeting in 2018 and Mr. Wang Bin was elected as Director of the Eighth Board of Directors of the Bank. On the same day, the Bank held the Sixth Extraordinary Meeting of the Eighth Board of Directors in 2018 and Mr. Wang Bin was elected as the Chairman of the Eighth Board of Directors. According to relevant regulations, Mr. Wang Bin’s qualification is still subject to the approval of China Banking and Insurance Regulatory Commission, with the same tenure as that of the Eighth Board of Directors.

Due to his age, Mr. Yang Mingsheng tendered his resignation as the Chairman of the Board and the Director of the Bank on  December 25, 2018, which took effect on the same day.

The Board of Directors would like to express its gratitude to Mr. Yang Mingsheng for his contribution to the Bank during his tenure of service.

It’s hereby announced.

     Board of Directors, China Guangfa Bank Co., Ltd.

                           December 25, 2018

Resume of Mr. Wang Bin

Wang Bin, Male, born in November 1958, holds a Ph.D. in Economics and is a Professor.

Mr. Wang now serves as a Director and Chairman of the Bank (qualification to be approved), Chairman and Secretary of the Party Committee of China Life Insurance (Group) Company, Chairman of China Life Insurance Company Limited, Chairman of China Life Asset Management Company Limited and Chairman of China Life Insurance (Overseas) Co., Ltd.

Mr. Wang has served in government and financial agencies successively, and has nearly 30 years of experience in financial management. He served in People’s Bank of China, as a key member to participate in preparation and establishment of Agricultural Development Bank of China, and severed successively as the President of Jiangxi Branch of Agricultural Development Bank of China, Tianjin Branch of Bank of Communications, and Beijing Branch of Bank of Communications. He served in Bank of Communications as Vice President from 2005 to 2012, as Vice Present and Executive Director from 2010 to 2012. He served as Chairman and Secretary of the Party Committee of China Taiping Insurance Group Ltd. from March 2012 to August 2018. He is also a representative of the 19th National Congress of the Communist Party of China, a member of the 12th and 13th National Committee of the Chinese People’s Political Consultative Conference.