CIC maintains a methodical, disciplined, and effective decision-making framework for overseas investment and investment management. Decision-making bodies at different levels have clear divisions of responsibility with coherent interlinkages. Investment decisions are made with due consideration to both efficiency and compliance.

At present, investment decisions at different levels and for different asset classes are implemented by four committees:

? the Asset Allocation and Investment Policy Committee

? the Public Market Investment Committee

? the Non-Public Market Investment Committee

? the Dynamic Asset Allocation Committee

To further improve the efficiency and quality of investment decisions, the company expanded its team of dedicated investment committee members and has continued to fine-tune relevant working procedures. Dedicated members participate throughout the entire investment decision process, leveraging their strengths as independent and dedicated professionals with a holistic view and evaluation expertise.

In 2022, CIC amended its Investment Decision Approval and Authorization Policy and made further enhancements to its differentiated and tiered investment decision-making system. These changes enable investment decisions to be made with greater efficiency and responsiveness, while adhering to a rigorous and disciplined process.