The board of PingAn Bank Co., Ltd. received the resignations from Mr. Xiao Suining and Mr. Richard Jackson on September 21, 2012. Mr. Xiao and Mr. Jackson resigned as executive director, chairman, and executive director, president of the company, respectively, due to personal reasons. The resignations will be effective after approvals by the relevant regulators regarding the appointments of the new chairman and new president.

In the meantime, the board has nominated Mr. Sun Jianyi and Mr. Shao Ping to be candidates for executive director for the eighth session of the board, and will submit a resolution for approval at the company's shareholder meeting. The company also nominated Mr. Sun to be chairman of the eighth session of the board, and appointed Mr. Shao president of the company. The appointments are subject to approval by the regulatory authority overseeing the banking sector.

Mr. Xiao Suining joined the original Shenzhen Development Bank in 2007, where he served as President and Chairman in succession. Mr. Richard Jackson joined the company in 2005. Immediately prior to joining the company, he worked at Citi Group, where he accumulated a wealth of experience in banking operations as well as in mergers and acquisitions in various countries and regions.

Joining the company in July 1990, Mr. Sun had served as General Manager of the Management Department, Deputy General Manager, and Executive Deputy General Manager while employed by the Group. Prior to joining Ping An Insurance, Mr. Sun worked at the Wuhan Branch of the Peoples Bank of China from 1971 to 1984, where he served as Vice Division Head of the Credit Division and Division Head of the branch office in succession.