The board of directors of Guotai Junan Securities Co., Ltd. announced that Mr. WANG Song, having reached the retirement age, tendered his resignation as the president of the Company, and all the other positions in the Company with effect from the date of this announcement. Mr. WANG Song has confirmed that he has no disagreement with the Board and there are no other matters that need to be brought to the attention of the shareholders of the Company a result of his resignation. During his tenure of office as the vice chairman and the president of the Company, Mr. WANG Song has demonstrated great dedication and diligence and actively promoted normative operation and innovative development of the Company.

Mr. WANG Song has led the management team to firmly implement the development strategies and significant decisions made by the Board, adhering to the bottom line of compliance and risk management and maintaining a balance between integrity and innovation and the stable operation of the Company, to deepen the reform of system and mechanism, promote the transformation of business model and customer service method of the Company, so as to practically build and enhance the core competitiveness of the Company, and drive the operating performance of the Company to maintain its leading position in the industry.