Message from Wang Yan, CEO, BOC International Holdings

The Bank of China International (BOCI) is the main platform on which The Bank of China conducts its investment banking business. After years of rigorous preparation and by meeting the stringent requirements of international capital markets, BOCI has evolved into an institution offering the largest variety of cross-border products and services, the most extensive geographical coverage, and the most in-depth market knowledge of all the PRC's investment banks operating there and in Hong Kong.

Having gone through many changes, BOCI is now moving steadily towards its goal of becoming a world-class investment bank. From 2006 to mid 2007, the number of new issues underwritten by BOCI in Hong Kong led to a ranking of number 3 in terms of total funds raised and project completion rate. Bohai Industrial Investment Fund, a renminbi-denominated private equity fund initiated and solely managed by BOCI in collaboration with other major PRC enterprises, began operations at the end of last year. Efforts directed to the establishment and proper management of Bohai Industrial Investment Fund are bound to have a far-reaching impact on the future development of PRC industrial funds. BOCI boasts a dedicated research team that has won a string of awards for its outstanding achievements. Our business teams working in the fields of fixed-income products, equity derivates and asset management have also reported excellent results in both the PRC and Hong Kong markets.

BOCI recently set out its new strategy plan, that of establishing roots in China and offering the best cross-border services. To meet these ends, we shall promote new approaches in merchant banking, further improve our corporate governance mechanisms, and build an operating structure in line with best industry practices. We will also endeavour to further develop BOCI's traditional lines of business; strive to create a new investment culture emphasizing customer needs, integrity, team spirit, initiative and innovation; and continue to enhance our core competencies. We will build on our existing good work and deliver maximum value for our clients, shareholders, staff and the communities in which we operate.

China's thriving economy calls for the establishment of its own first-class investment banks. We are confident about and committed to achieving our ultimate goal of turning BOCI into a first-rate investment bank both in China and internationally.