SINOSURE Signs a Supplementary Framework Cooperation Agreement with Angola's Ministry of Finance

On the afternoon of June 9, 2015, witnessed by President Xi Jinping and Angolan President José Eduardo dos Santos, Mr. Wang Yi, Chairman of China Export & Credit Insurance Corporation on behalf of SINOSURE, signed a supplementary agreement to the framework cooperation agreement for new insurance amount with Armando Manuel, Minister of Finance of Angola in the Great Hall of the People. The supplementary agreement is based on the framework agreement signed by both parties in May 2014, which has been well implemented. It increases the financing insurance amount by USD 6 billion and aims to better support Chinese enterprises and financial institutions to participate in China-Angola economic and trade cooperation.

Angola is China's strategic fulcrum country in Africa. The signing of the supplementary agreement is an important measure to cooperate with China's strategies such as "three networks and industrialization" and "capacity cooperation". It focuses on meeting the demand for insurance for current tracking and potential projects, which is a mutually beneficial and win-win choice conducive to further enhancing the confidence of both parties in cooperation and expanding the scale of cooperation.

Since SINOSURE and the Ministry of Finance of Angola signed a framework agreement in May 2014 to start their overall cooperation, the development of the Angolan market has achieved notable results. As of the end of May 2015, 12 projects had been implemented under the overall cooperation between the two parties, involving a total insured amount of USD 2.736 billion. The signing of this supplementary agreement will further promote the in-depth development of the overall cooperation between the two parties.

The signing of the agreement is bound to further meet Angola's local financing needs for infrastructure construction, thus bringing new opportunities to China's engineering contracting enterprises. Leaders of the Group Company hope that relevant departments and subsidiaries of Hyway Group can take this increase in credit insurance quota as an opportunity to communicate and negotiate with Angola's Ministry of Finance and other relevant departments to incorporate relevant projects into the credit insurance quota framework, obtain more orders, and make new achievements.