Chen Lihua, General Manager

2007 has been a spectacular year. The fund industry, as well as fund products' performance, is experiencing a dramatic growth. Opportunities are arising along with the completion of share reform of mainland-listed companies, the maturity of a regulatory system supervising capital market, and the changing market environment and operation mechanism. At Changsheng, we will expand our services and products from mutual funds to private placement, from domestic investment to international investment, and from cash markets to derivatives. The historical opportunities are here and we have no reason to miss them. Changsheng will take advantage of those opportunities to enhance our capabilities and offer great value.

QDII, managed account service of mutual funds, innovative close-end funds, and stock option based incentives for fund managers will extend the demographic and geographic reach of Changsheng. We will invest more on the new products development and will better equip ourselves to offer better services. Changsheng knows that, to capitalize on and strengthen our competitive advantages, we must lead and respond to market needs, leverage the growth of asset value and investment return, educate existing and potential investors, and build our brand and corporate culture. We plan on doing just that.

Changsheng understands that we are facing challenges from a more internationalized, diversified and complicated market. We believe in the long-term. Changsheng tries to approach those challenges with our professionals as our most valuable asset, and our value as our guide. With the backing of our stockholders, Changsheng has the confidence to win the market by helping our investors be financially fit in the long run. It is not an easy task, to be sure, but very much well worth the effort.