Liu Hongru  is an independent non-executive Director of the Company.

Liu is a professor and holds a doctorate degree. He graduated from the Faculty of Economics of University of Moscow in 1959 with an associate doctorate degree. Mr. Liu worked as vice-governor of the Agricultural Bank of China, vice-governor of the People’s Bank of China, deputy director of the State Economic Restructuring Committee, and the chairman of the China Securities Regulatory Commission. Mr. Liu is also a professor at Peking University, Graduate School of the People’s Bank of China and City University of Hong Kong. Mr. Liu serves as a non-executive director of OP Financial Investments Limited, and possesses the accounting or financial management qualification required under the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited. Mr. Liu was appointed as an independent Supervisor of the Company in December 1999. Upon his resignation from this post, Mr. Liu has been appointed as an independent non-executive Director of the Company since November 2002.