CHINA CHENGXIN INTERNATIONAL CREDIT RATING CO., LTD. ("CCI") is the largest and most authoritative and influential credit rating agency in China, and is the only Sino‐foreign joint venture credit rating agency in China approved by the People's Bank of China and the Ministry of Commerce and registered with the State Administration for Industry and Commerce.

CCI is the pioneer of China's local credit rating industry and has been leading the development of the credit rating industries in China since the company was established in 1992. After 15 years of credit rating practice, CCI has developed proprietary credit rating technology, rating methodologies and rating models with its own intellectual property rights. These have been nationally recognized in directly aiding the development of China's credit rating and capital markets.

CCI has the full regulatory recognition to provide credit rating services for all fixed‐income products offered in China's capital markets. CCI was the first rating agency to receive both the corporate bond and inter‐bank bond rating agency recognition from the National Development and Reform Commission ("NDRC") and the People's Bank of China ("PBOC"). Widely recognized by all market participants, CCI was ranked number one amongst the five domestic rating agencies in a survey of inter‐bank market investors in 2006 and 2007.

Operating with the principles of independence, objectivity, and fairness, CCI has been fully recognized by Chinese authorities including PBOC, NDRC, the China Insurance Regulatory Commission (CIRC), the China Banking Regulatory Commission (CBRC), and other financial regulators. Its rating results have been widely accepted by all regulators, issuers, investors, intermediaries and other market participants.

CCI has been the leader in assigning first‐ever credit ratings in all industries and product areas in China. It has innovated and brought to market a variety credit rating products, including long‐term and short‐term corporate bond rating, convertible bond rating, issuer rating, insurance company rating, trust product rating, money market fund rating, asset securitization rating, and corporate governance rating.

To date, CCI has provided credit rating services for more than 10,000 debt issuances and more than 700 debt issuers, and the aggregate amount of CCI rated debt is more than RMB1000 billion. Major clients include China Ministry of Railways, China Mobile, China Netcom, China Telecom, China Unicom, China Three Gorges Project Corporation, China Power, State Grid, CITIC, China National Petroleum Corporation, China Petroleum and Chemical Corporation, Sinochem Corporation, China Guangdong Nuclear Power Company, China Jin Mao Group, China Merchants Bank, and China Huarong Asset Management Corporation.

Through years of credit rating experience, together with co‐operation with international rating agencies, CCI has established a set of rating systems which are tailored to the macro‐economic and specific business environments of China. CCI has also established a support platform for rating techniques including self‐contained databases for rating and advanced rating analysis models. CCI also set up a web‐based credit rating management system, which holds up‐to‐date rating techniques in local rating industries in China.

On August 15th, 2006, after the formal approval of the Ministry of Commerce, CCI became an affiliate of Moody's Investors Service who holds a 49% joint venture ownership of CCI. CCI has then been adopting Moody's up‐to‐date rating methodologies and technologies. Intensive analyst training has also been provided by Moody's analysts and CCI senior staff. The cooperation between CCI and Moody's has opened a new chapter for the China credit rating industry, and CCI will provide professional credit analysis and rating services and new rating products for investors both in China and abroad. CCI will continue to strive to be the market leading credit rating agency in China, to contribute to the development of capital markets in China.

For more information, please visit China Chengxin International Credit Rating Co., Limited online, at: www.ccx.com.cn