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									China Investment Corporation   Annual Report 2009
                                  China Investment Corporation   Annual Report 2009   02 - 03

                                                                                                                                                                                                    China Investment Corporation   Annual Report 2009   04 - 05


                                                                                                                    significantly diversified our portfolio with an       are aimed at contributing to further development
                                                                                                                    emphasis on publicly traded equities and debt         of open, fair and non-discriminatory access to
                                                                                                                    securities in markets around the world. Moreover,     capital markets and cross-border investment flows.
                                                                                                                    we made a series of direct investments in high        CIC, as a long-term financial investor, invests on
                                                                                                                    quality companies, including investments in the       a solely commercial basis and remains committed
                                                                                                                    infrastructure and clean and renewable energy         to being a responsible investor, following the
                                                                                                                    sectors. The return on our global investment          laws and regulations of the countries in which
                                                                                                                    portfolio was 11.7%. Combined with the results        we invest. CIC has built a significant track record
                                                                                                                    of Central Huijin, the CIC’s subsidiary which         which, we are confident, demonstrates our
                                                                                                                    invests exclusively in China’s domestic financial     commitment to these principles. CIC commits
                                                                                                                    institutions, CIC provided its shareholder with an    itself to be a welcomed investor throughout the
                                                                                                                    overall return on registered capital of 12.9%.        world.

                                                                                                                    The key to our investment results in 2009 was         Looking forward, it is clear that 2010 will continue
                                                                                                                    based on the actions we took in 2008 and 2009 to      to present a challenging investment environment.
                                                                                                                    strengthen our governance, significantly enhance      The condition of the global economy is by no
                                                                                                                    our investment management infrastructure              means certain and markets remain volatile.
                                                                  Lou Jiwei                                         and platform, improve our investment and risk         However, we are a long-term investor with
                                                                  Chairman & CEO                                    management capabilities and continue to grow our      a positive long-term view. While CIC, like all
                                                                                                                    organization and develop our people. We share         investors, measures and reviews its annual results,
       2009 was a challenging and rewarding year              The global financial crisis continued into the        the details of these important accomplishments        they are milestones on a longer journey. We
       for China Investment Corporation. In spite             spring of 2009. However, the proactive actions        with you in this report.                              will adhere to our principles and core values,
       of the adverse circumstances caused by the             of national governments around the world,                                                                   continue to build our team and capabilities,
       global financial crisis, CIC continued to build        including China’s, to stabilize the global financial   We continued to grow our staff and invest in          increase our participation in the global economic
       its organization and capabilities and remained         system, strengthen domestic financial institutions     the continued development of our people. By           and investment dialog, diligently monitor the
       steadfast in its commitment to its mandate, core       and stimulate economic growth began to have           the end of 2009, CIC had grown to nearly 250          global investment environment and adjust our
       values and the principles underlying its investment    an impact during the first quarter of the year.       team members, with over 80% having advanced           asset allocation accordingly, maintain our strong
       activities. During 2009 CIC deployed significant       CIC accelerated its investment activities starting    degrees and over 50% having international work        focus on risk management and prudently invest
       capital into markets around the world and earned       from May 2009 as economies around the world           or educational experience. It is a truly talented     and manage our portfolio in a balanced manner.
       a satisfactory return for its shareholder while        began to show signs of recovery. We adhered to        and capable group. They are responsible for the       If we do these things consistently well, we are
       effectively managing the risk profile of its invested   the basic principles underlying our investment        success of CIC in 2009.                               confident we will achieve our long-term financial
       portfolio. We are pleased to share our progress        approach and strategy, investing on a commercial                                                            objectives and continue to demonstrate we are a
       with you in our second annual report.                  basis and seeking long-term sustainable risk-         In 2009 we redoubled our efforts to demonstrate       responsible global citizen and valued partner.
                                                              adjusted financial return for our shareholder. We      our adherence to the spirit of the Santiago
       To better understand our achievements in 2009,         had confidence that the investments we made           Principles. CIC is an important participant in the
       it is useful to put the year in context. CIC was       in our institutional capacity, infrastructure and     International Forum of Sovereign Wealth Funds
       created in September, 2007 to diversify China’s        the quality of our people had developed our           and will host its next meeting in Beijing in April,
       foreign exchange holdings and obtain higher            capabilities to the point where we could measure      2011. In addition, CIC participated in a host of
       risk-adjusted returns. We showed prudence in           up to the challenge.                                  multilateral and bilateral forums and meetings to
       investing and managing our assets in 2008 as                                                                 discuss investment environment and regulatory         Lou Jiwei
       the global economy deteriorated. As a result we        The result of our efforts was that CIC invested       issues. These various meetings with supranational     Chairman & CEO
       entered 2009 with substantial capital to deploy.       about USD 58 billion globally in 2009 and             and national government and regulatory leaders        July , 2010
                                                          China Investment Corporation   Annual Report 2009   06 - 07


           08 - 09   Overview

           10 - 11   Culture and Core Values

           12 - 25   Corporate Governance

           26 - 39   Investment Strategy and Management

           40 - 43   Risk Management

           44 - 49   Human Resources

           50 - 53   Outreach Activities

           54 - 61   2009 Financials
                                                                                                                                                                       China Investment Corporation   Annual Report 2009   08 - 09


       Headquartered in Beijing, China Investment           investments is expected to provide dividend          Of the USD 200 billion in registered capital,
       Corporation (CIC) was founded on September           income to the shareholder to service the debt        slightly over 50% was allocated to global
       29, 2007 as a wholly state-owned company             issued.                                              investment. The balance is invested in domestic
       incorporated in accordance with China’s                                                                   financial institutions by Central Huijin. The global
       Company Law. The company was created as              The company purchased Central Huijin                 investment activities of CIC and the domestic
       a vehicle to diversify China’s foreign exchange      Investment Ltd. (Central Huijin), a state-owned      investment activities of Central Huijin are
       holdings and improve risk-adjusted returns on        investment company which holds controlling           completely separate.
       its investments in the context of China’s macro      stakes in key state-owned financial institutions in
       economic requirements and further reform of its      China. Central Huijin also recapitalized selected    As of December 31, 2009 CIC had an invested
       financial system.                                     domestic financial institutions. Though Central      global portfolio of about USD 81.1 billion,
                                                            Huijin is not involved in the operations of its      including investments in both developed and
       CIC was initially capitalized with USD 200 billion   invested companies, it exercises its shareholder     emerging economies. Investments have been
       in reserves purchased from the People’s Bank         rights and performs its obligations to achieve the   made on a direct basis by CIC and through
       of China (China’s central bank) in exchange for      goals of improving governance and preserving         mandates with inter nationally recognized
       RMB 1,550 billion in government bonds issued         and enhancing the value of state-owned financial      investment management companies and private
       by the Ministry of Finance. Income from CIC’s        assets.                                              equity firms.
                                                                                                                                                                                                      China Investment Corporation   Annual Report 2009   10 - 11


       We believe culture underpins governance. No         Co m m i t m e nt C I C a n d o u r s t a ff a re f u l l y   Learning The constant pursuit of new knowledge      Teamwork We promote teamwork and encourage
       system of governance can be effective without       committed to managing our business and                        and the adoption of best practices is a driving     close collaboration among all our staff and
       a strong corporate culture. As a relatively young   portfolio successfully. CIC, with the concerted               force for our success and future growth. We seek    departments to guarantee operational efficiency
       but highly visible organization which operates      efforts of all members of our team, assumes                   to foster an institution in which each member       and achievement of CIC’s stated objectives.
       on a global basis, CIC is carefully building its    full accountability, endeavors to maximize risk-              of our team has the support, infrastructure, and
       corporate culture and has given a great deal of     adjusted returns, and acts in the best interest of            encouragement to learn new practices, skills, and   We believe that our culture will be determined
       thought to the values that should underpin it:      our shareholder.                                              approaches to achieving excellence.                 by what we do, not by what we say. We strive
                                                                                                                                                                             to continuously demonstrate commitment to our
       Integrity Integrity is paramount among all our      Prudence We exercise care, prudence, and                      Professionalism We aim high, and are relentless     values.
       staff and the basis for everything we do in work    diligence and take a measured approach                        in our pursuit of excellence and pride ourselves
       and life. In our business we extol integrity and    to managing risks in every investment we                      in the quality of our work. We adhere to the
       honesty. We operate in accordance with the laws     undertake. We are always conscious of our                     highest standards of professionalism in the way
       and regulations of each country and region that     fiduciary responsibility. As an institution and as            we conduct our business.
       we invest in.                                       individuals, we always seek to work diligently and
                                                           to conduct business in good faith.
                                                China Investment Corporation   Annual Report 2009   12 - 13


                       In our business we extol integrity and honesty. We
                       operate in accordance with the laws and regulations
                       of each country and region that we invest in.
                                                                                                                                                                                                                           China Investment Corporation         Annual Report 2009   14 - 15


                           Leadership and direction of CIC is vested by its    key activities of CIC, made recommendations for       Principles”, which were formally endorsed by the    as corporate governance, portfolio development
                           shareholder, the State Council of the People’s      improvement to the investment management              Chinese Government, have been implemented by        s t r a t e g y, i n v e s t m e n t a n d p o l i c y i s s u e s ,
                           Republic of China, in three governing bodies: the   process and enhanced the effectiveness and            CIC. CIC is a charter member of the International   macroeconomic developments and other key
                           Board of Directors and the Board of Supervisors,    efficiency of internal audit processes.                Forum of Sovereign Wealth Funds.                    issues impacting CIC’s business.
                           both required under China’s Company Law, and
                           the Executive Committee.                            CIC’s Executive Committee is responsible for          The International Advisory Council provides         CIC’s management organization structure is shown
                                                                               translating the Board of Directors’ guidance into     a global perspective to CIC. Comprised of 14        in the Chart below. Photos and biographical
                    CIC’s Board of Directors is mandated and                   detailed strategies as well as for CIC’s day-to-      international financial experts, the Council        sketches of key personnel follow.
                    authorized to oversee the company's operation              day operations, with authority to make required       advises CIC’s senior management on issues such
                    and overall performance. Based on objectives and           operating decisions. Two additional committees
                    broad policy set by the shareholder, the Board             with policy and decision-making responsibilities
                                                                                                                                     CIC Organization Chart
                    approves the investment strategy and operational           were established by the Executive Committee.
                                                                                                                                     (Excludes independent units of Central Huijin)
                    guidelines. Its mandate also includes: (i) deciding        The role, responsibilities and membership of the
                    how to implement such strategies; (ii) identifying         Investment Committee and Risk Management
                                       major issues that need to be            Committee are discussed later in this report. In
                                       reported to the State Council;          2009 under the leadership and direction of the
     CIC has three governing (iii) appointing, and if required,                Board of Directors and the Executive Committee,
                                                                               CIC deployed a substantial portion of its
bodies: the Board of Directors a u t h o r i z i n g t h e r e m o v a l
                                       of management and; (iv)                 investment capital, earning a return of 11.7%,
and the Board of Supervisors, delegating responsibilities and                  reduced the risk profile of its invested global
                                                                               portfolio due to diversification and effective risk
  both required under China’s establishing committees as
                                       necessary. The Board creates            management , strengthened its investment and
           Company Law, and the framework within which                         risk management platforms, and continued to
                                       the Executive Committee                 grow and develop its organization.
    the Executive Committee. exercises its leadership and
                                       management role.                        Central Huijin has a separate Board of Directors,
                                                                               a separate Board of Supervisors and a separate
                           Responsible for monitoring the ethical behavior     management and organization structure. CIC
                           of directors and executives as well as the          maintains a strict operational firewall between its
                           effectiveness of supervisory procedures within      global investment activities and those of Central
                           the company, the Board of Supervisors reports       Huijin, which invests in key state-owned financial
                           directly to the shareholder. The Board is also in   institutions in China.
                           charge of the Internal Audit Department, engages
                           outside auditors and monitors CIC’s accounting      Since its inception, CIC has been an active
                           and financial functions. The Chairman of the        participant in the community of sovereign wealth
                           Board of Supervisors is a member of the Executive   funds, playing a prominent role in efforts to
                           Committee and sits as an observer in meetings of    define and implement principles and practices
                           the Board of Directors. During 2009, the Board      that properly reflect the objectives and investment
                           of Supervisors strengthened its supervision of      practices of sovereign wealth funds. The “Santiago
                                                                                                                                                                                China Investment Corporation   Annual Report 2009   16 - 17


       Lou Jiwei                                                                                           Zhang Xiaoqiang
       Chairman & Chief Executive Officer                                                                   Non-Executive Director
       Mr. Lou Jiwei is the Chairman and Chief Executive Officer of CIC. Immediately prior to this, he      Mr. Zhang Xiaoqiang is Non-Executive Director of CIC. He is currently Deputy Chairman of the
       served as Deputy Secretary General (ministerial level) of the State Council. Previously he served   National Development and Reform Commission (NDRC). Prior to this position, he served as
       as Executive Deputy Minister of Finance, Deputy Governor of Guizhou Province, and Director          Secretary General of the State Development & Planning Commission (SDPC), a predecessor to
       General of the Macroeconomic Control Department of the State Commission for Restructuring           the NDRC, the Director General of the Department of Foreign Investment at the State Planning
       the Economic Systems.                                                                               Commission (a predecessor to the SDPC), and an economic counselor at the Chinese Embassy
                                                                                                           in the United States.
       Mr. Lou was born in 1950. He received a masters degree in economics from the Chinese
       Academy of Social Sciences and a bachelor's degree from Tsinghua University.                        He was born in 1952 and holds a bachelor's degree in Economics from Peking University in

       Gao Xiqing                                                                                          Li Yong
       Vice Chairman, President & Chief Investment Officer                                                  Non-Executive Director
       Mr. Gao Xiqing is the Vice Chairman, President, and Chief Investment Officer of CIC.                Mr. Li Yong is Non-Executive Director of CIC. He is currently Deputy Minister of Finance. Prior
       Immediately prior to this, he served as Deputy Chairman of the National Council for the             to this, he served as Assistant Minister of Finance, Secretary General of the Chinese Institute
       Social Security Fund. He also worked as Deputy Chairman at the China Securities Regulatory          of Certified Public Accountants, Director General of the World Bank Department under the
       Commission, and General Counsel and the Director General of the Public Offering Supervision         Ministry of Finance and Executive Director of China to the World Bank Group.
       Department. In the 1990s, he served as Deputy Chairman and Chief Executive Officer of the
                                                                                                           Mr. Li was born in 1951 and holds a masters degree in economics from the Research Institute
       Bank of China International (Holdings) Limited.
                                                                                                           for Fiscal Science under the Ministry of Finance.
       Mr. Gao was born in 1953. He received a juris doctor degree from the School of Law at Duke
       University in the United States and a masters degree in law/economics from the University of
       International Business and Economics in Beijing, China.

       Zhang Hongli                                                                                        Fu Ziying
       Executive Director, Executive Vice President & Chief Operating Officer                               Non-Executive Director
       Mr. Zhang Hongli is Executive Director, Executive Vice President and Chief Operating Officer         Mr. Fu Ziying is Non-Executive Director of CIC. He is currently Deputy Minister at the Ministry
       of CIC. Prior to joining CIC, he worked at the Ministry of Finance where he held various senior     of Commerce (MOFCOM). Prior to this, he was Assistant Minister of Commerce. Previously
       positions, including Deputy Minister of Finance, Director General of the Budget Department,         he served successively in a number of senior positions in the Ministry of Foreign Trade and
       and Deputy Director General of the Department of Education, Science and Culture.                    Economic Cooperation (a predecessor to the MOFCOM) including Director General of the
                                                                                                           Department of Planning and Finance. He also served as Director of Reanda Certified Public
       Mr. Zhang was born in 1950 and holds a Ph.D degree in economics from Dongbei University of          Accountants.
       Finance and Economics.
                                                                                                           Mr. Fu was born in 1957 and holds a Ph.D degree in economics from the Chinese Academy of
                                                                                                           Social Sciences.
                                                                                                                                                                                        China Investment Corporation   Annual Report 2009   18 - 19


             Hu Xiaolian                                                                                           Wang Chunzheng
             Non-Executive Director                                                                                Independent Director
             Madam Hu Xiaolian is Non-Executive Director of CIC. She serves currently as Deputy Governor           Mr. Wang Chunzheng is an Independent Director of CIC. Previously he was the Head (ministerial
             of the People’s Bank of China (PBOC). Before taking up her current position, she served as            level) of the Office of the Central Leading Group on Financial and Economic Affairs. He
             Assistant Governor of PBOC and Deputy Administrator of State Administration of Foreign                also served as Deputy Chairman (ministerial level) of the National Development and Reform
             Exchange (SAFE). Previously she worked in a number of departments in SAFE, serving as                 Commission as well as its predecessor, the State Development Planning Commission.
             Director General of the Reserve Management Department, Deputy Director General of the
                                                                                                                   Mr. Wang was born in 1938.
             Policy, Law and Regulation Department, and Director of the Policy Research Office.

             Madam Hu was born in 1958 and holds a masters degree in economics from the Graduate
             School of the PBOC.

             Liu Shiyu                                                                                             Li Xin
             Non-Executive Director                                                                                Employee Director
             Mr. Liu Shiyu is Non-Executive Director of CIC. He is currently Deputy Governor of the PBOC.          (started to serve in July 2009 to replace Yu Erniu who retired then)
             Prior to his current post, Mr. Liu served successively in a number of senior positions in the PBOC,   Mr. Li Xin is an Employee Director and Head of Human Resources Department of CIC.
             including Assistant Governor, Director General of the General Administration Department,              Prior to this appointment, he held various positions in the State Administration (formerly
             Director General of the Banking Supervision Department, and Deputy Director General of the            “State Commission”) of Science, Technology and Industry for National Defense, including
             Banking Department. Before joining the PBOC, Mr. Liu served as Deputy Director General of the         Deputy Director General of General Office and Director General of Finance and Accounting
             Mortgage Business Department at the China Construction Bank.                                          Department. Previously he had served as engineer at the Ministry of Aerospace Industry, division
                                                                                                                   chief at the Ministry of Finance and Xinhua News Agency (Hong Kong Branch).
             Mr. Liu was born in 1961 and is a senior research fellow.
                                                                                                                   Mr. Li was born in 1960 and holds a bachelor's degree in engineering from Shenyang Institute
                                                                                                                   of Aeronautical Engineering.

             Liu Zhongli                                                                                           Yu Erniu
             Independent Director                                                                                  Employee Director
             Mr. Liu Zhongli is an Independent Director of CIC. He is concurrently Chair of the Chinese            (served until his retirement in July 2009)
             Institute of Certified Public Accountants. Prior to this, he served as the Chairman of the
             Economic Commission under the Chinese People's Political Consultative Conference. Previously
             he served as the Chairman of the National Council for Social Security Fund, Director of the
             Economic Restructuring Office of the State Council, Minister of Finance, Commissioner of the
             State Administration of Taxation, Deputy Secretary General of the State Council, and Deputy
             Head of the Enterprises Management Advisory Commission under the State Council. He also
             served as Deputy Governor of Heilongjiang Province in 1980s.

             Mr. Liu was born in 1934 and is a college graduate.
                                                                                                                                                                              China Investment Corporation   Annual Report 2009   20 - 21


       Jin Liqun                                                                                         Fan Fuchun
       Chairman of Board of Supervisors                                                                  Supervisor
       Mr. Jin Liqun is the Chairman of the Board of Supervisors of CIC. Prior to this appointment       Mr. Fan Fuchun is a member of the Board of Supervisors of CIC. Previously he served as Deputy
       he served as the Vice President (Operations 1) of the Asian Development Bank (ADB). Before        Chairman of the China Securities Regulatory Commission (CSRC), Director General of the
       joining the ADB in August 2003, he served as Deputy Minister of Finance, Director General of      Department of Listed Company Supervision and the Deputy Director General of the Economics
       the World Bank Department at the Ministry of Finance, and Executive Deputy Director of China      Department under the All China Federation of Industry and Commerce.
       to the World Bank Group. He was a member of the Monetary Policy Committee of the People’s
                                                                                                         Mr. Fan was born in 1948 and holds a masters degree in business administration.
       Bank of China. Currently he also serves as Deputy Chair of the International Forum of Sovereign
       Wealth Fund.

       Mr. Jin was born in 1949 and holds a masters degree from Beijing Foreign Studies University,
       and was a Hubert Humphrey Fellow in the Economics Graduate Program at Boston University.

       Linghu An                                                                                         Cui Guangqing
       Supervisor                                                                                        Employee Supervisor
       Mr. Linghu An is a member of the Board of Supervisors of CIC. He is currently Deputy Auditor      Mr. Cui Guangqing is an Employee Supervisor and the Head of the Supervisory Board Office/
       General of the National Audit Office (ministerial level). Prior to this appointment, he had       Internal Audit Department of CIC. Prior to joining CIC, he served at the National Audit Office
       held various leading positions as Secretary General of the Yunnan Provincial Committee of         where he held various positions including Director General of the Information and Postal Audit
       the Communist Party of China, Deputy Minister of Labor, Commissioner of the National              Office and Deputy Director General of the Department of Monetary Audit.
       Commission for Economic System Reform, Deputy Mayor of Dalian City, and Deputy Director
       of the Dalian City Commission for Restructuring the Economic Systems.                             Mr. Cui was born in 1964 and holds a Ph.D degree in economics from Xi'an Jiaotong University.

       Mr. Linghu was born in 1946 and holds a bachelor's degree from the Beijing Engineering

       Wang Huaqing
       Mr. Wang Huaqing is a member of the Board of Supervisors of CIC. He is currently the
       Secretary of Discipline Inspection of the China Banking Regulatory Commission (CBRC). Before
       this appointment, he held a number of senior positions at the CBRC, including Assistant
       Chairman of the CBRC and Director General of CBRC's Shanghai office. Before joining the
       CBRC, he had served as Chief Banking Supervisor and Vice President at the Shanghai branch
       of the PBOC.

       Mr. Wang was born in 1953 and holds a Ph.D degree in economics from the Southwestern
       University of Finance and Economics.
                                                                                                                                                                                                                        China Investment Corporation   Annual Report 2009   22 - 23


                                                                                                                                  Officer of CIC. Prior to joining CIC, Mr. Fan was         of China International (UK), Chief Financial Officer
                                                                                                                                  Executive Vice President of China Construction Bank       and Executive Vice President of the Bank of China
                                                                                                                                  (CCB). Before that, he had also served as General         International, and Chief Accountant and Director
From left to right:                                                                                                               Manager of the Finance and Accounting Department,         General of International Department at the CSRC.
       Liang Xiang                                                                                                                Planning and Finance Department and Assistant to the
           Xie Ping                                                                                                               President of CCB.                                         Mr. Wang was born in 1951 and holds a Ph.D degree in
        Peng Chun                                                                                                                                                                           accounting.
          Jin Liqun                                                                                                               Mr. Fan was born in 1964 and holds a Ph.D degree in
          Lou Jiwei                                                                                                               Economics.                                                Liang Xiang
        Gao Xiqing                                                                                                                                                                          Counselor & Member of the Executive Committee
      Zhang Hongli                                                                                                                Xie Ping                                                  Madam Liang Xiang is a member of the Executive
          Fan Yifei                                                                                                               Executive Vice President &                                Committee of CIC. Immediately prior to this, she served
       Wang Jianxi                                                                                                                Deputy Chief Investment Officer                            as the Secretary of Discipline Inspecting Commission
                                                                                                                                  Mr. Xie Ping is a member of the Executive Committee       in the Export-Import Bank of China. Previously she
                                                                                                                                  of CIC, Executive Vice President and is newly appointed   also served as Deputy Director of Planning Institution
                                                                                                                                  as Deputy Chief Investment Officer. Prior to joining      of Chemical Industry, Deputy Director of Planning
                                                                                                                                  CIC, he served as the President of Central Huijin and     Department at the Ministry of Chemical Industry,
                                                                                                                                  Chairman of Shenyin & Wanguo Securities Co. Ltd. He       General Manager of the Second Credit Department, the
                                                                                                                                  had also held a number of senior positions at the PBOC,   Buyer Credit Department, the Export Credit Department
                                                                                                                                  including Director General of the Financial Stability     and Assistant President of the Export-Import Bank of
                      Lou Jiwei                                        Peng Chun                                                                                                            China.
                                                                                                                                  Department, Director General of the Research Bureau,
                      Chairman & Chief Executive Officer                Executive Vice President
                                                                                                                                  President of the Hunan branch of the PBOC, Director
                      see Board of Directors                           Mr. Peng Chun joined CIC in March 2010 and is              General of the Non-Banking Supervision Department,        Madam Liang was born in 1955 and holds a bachelor’s
                                                                       now Executive Vice President of CIC and President of       and Deputy Director General of the Policy Research        degree in Engineering from Beijing University of
                      Gao Xiqing                                       Central Huijin. Immediately prior to joining CIC, he was   Office.                                                    Chemical Technology.
                      Vice Chairman, President &                       Executive Director and Executive Vice President of the
                      Chief Investment Officer                          Bank of Communications. Before that, he was Assistant      Mr. Xie was born in 1955 and holds a masters degree       Yang Qingwei
                      see Board of Directors                           to the President of Bank of Communications after           in economics from Southwestern University of Finance      Executive Vice President &
                                                                       serving as branch president in Urumqi, Nanning and         and Economics and a Ph.D degree in economics from         Deputy Chief Investment Officer
                      Jin Liqun                                        Guangzhou.                                                 Renmin University of China.                               (Retired in December 2009)
                      Chairman of Board of Supervisors
                      see Board of Supervisors                         Mr. Peng was born in 1962 and holds a Ph.D degree in       Wang Jianxi
                                                                       Economics.                                                 Executive Vice President & Chief Risk Officer
                      Zhang Hongli                                                                                                Mr. Wang Jianxi is a member of the Executive
                      Executive Director, Executive Vice President &   Fan Yifei                                                  Committee of CIC, Executive Vice President and Chief
                      Chief Operating Officer                           Executive Vice President &                                 Risk Officer. Prior to joining CIC, he was Deputy
                      see Board of Directors                           Deputy Chief Operating Officer                              Chairman of Central Huijin and Chairman of China
                                                                       Mr. Fan Yifei joined CIC in March 2010 and is now          International Capital Corporation. He had also served
                                                                       Executive Vice President and Deputy Chief Operation        as Assistant Chairman of CSRC, President of the Bank
                                                                                                                                                                                                                                                   China Investment Corporation   Annual Report 2009   24 - 25


  From left to right:
       Merit E. Janow
Lord Nicholas H. Stern
      Taizo Nishimuro                                                                                                                       Americas                                                                     Europe
         Frederick Ma
James D. Wolfensohn                                                                                                                         David L. Emerson (Canada)                                                    Knut N. Kjaer (Norway)
      Lawrence J. Lau                                                                                                                       Chairman, Board of Emerson Service Ltd.; former                              Former President of RiskMetrics Group; former Chief
          Zeng Peiyan                                                                                                                       Minister of Foreign Affairs, former Minister of                              Executive Officer, Norges Bank Investment Management
        Knut N. Kjaer                                                                                                                       International Trade, former Minister of Industry, Canada
            Lou Jiwei
                                                                                                                                                                                                                         Jean Lemierre (France)
          Joseph Yam
                                                                                                                                            Merit E. Janow                                                               Advisor to the Chairman of BNP Paribas; former
       Andrew Sheng
                                                                                                                                            (United States of America)                                                   President, European Bank for Reconstruction and
    David L. Emerson
                                                                                                                                            P ro f e s s o r o f I n t e r n a t i o n a l E c o n o m i c L a w a n d   Development
          Yingyi Qian
                                                                                                                                            International Affairs, Columbia University; Chairman,
        Jean Lemierre
                                                                                                                                            NASDAQ Stock Market LLC; former member of the                                Lord Nicholas H. Stern
         John J. Mack
                                                                                                                                            Appellate Body of WTO                                                        (United Kingdom)
                                                                                                                                                                                                                         I.G. Patel Professor of Economics and Government,
                                                                                                                                            John J. Mack (United States of America)                                      London School of Economics; former Chief Economist,
                                                                                                                                            Chairman of the Board, Morgan Stanley; former                                World Bank Group

                         Asia                                                                                                               Chairman and Chief Executive Officer, Morgan Stanley

                         Zeng Peiyan (China)                                       Andrew Sheng (Malaysia)                                  John L. Thornton
                         Chairman, China Center for International Economic         Chief Advisor to China Banking Regulatory Commission;    (United States of America)
                         Exchanges; former Vice Premier of the State Council,      former Chairman, Hong Kong Securities and Futures        Chairman, Board of Trustees of the Brookings
                         China                                                     Commission, China                                        Institution; Non-Executive Chairman, HSBC North
                                                                                                                                            America; former President, Goldman Sachs Group
                         Frederick Ma (Hong Kong, China)                           Joseph Yam (Hong Kong, China)
                         Honorary Professor, School of Economics and Finance       Executive Vice President of the China Society for
                         at University of Hong Kong; former Secretary of           Finance and Banking; Distinguished Research Fellow of    James D. Wolfensohn
                         Commerce and Economic Development, Government             the Institute of Global Economics and Finance, Chinese   (United States of America)
                         of the Hong Kong Special Administrative Region, China     University of Hong Kong; Chairman of Macroprudential     Chairman, Wolfensohn & Company; Chairman,
                                                                                   Consultancy Limited; former Chief Executive of the       Citigroup International Advisory Board; former
                         Taizo Nishimuro (Japan)                                   Hong Kong Monetary Authority.                            President, World Bank Group
                         Former Chairman and Chief Executive Officer, Tokyo
                         Stock Exchange Group; former Chairman and Chief                                                                    Arminio Fraga (Brazil)
                         Executive Officer, Toshiba Corporation                     Lawrence J. Lau (Hong Kong, China)                       (served until July 2010)
                                                                                   (served until July 2010)                                 Chairman, Board of BM&F-Bovespa; founding partner,
                         Yingyi Qian (China)                                       Former Vice Chancellor (President), Chinese University   Gavea Investimentos; former President, Central Bank
                         Dean, School of Economics and Management at               of Hong Kong                                             of Brazil
                         Tsinghua University; Professor of Economics, University
                         of California at Berkeley
                                                                    China Investment Corporation   Annual Report 2009   26 - 27


                                     We assume full accountability, endeavor to
                                     maximize risk-adjusted returns, and act in
                                     the best interest of our shareholder.
                                                                                                                                                                                                                  China Investment Corporation   Annual Report 2009   28 - 29


               Investment Strategy and Portfolio Objectives             CIC’s investments are research-driven to provide     they present themselves. Thus CIC expects, and is         external manager’s mandate. All investments and
               The objectives of CIC’s global investment portfolio      a basis for sound, prudent investment decisions      prepared to manage prudent variations from its            mandates must be reviewed, deliberated on and
               are to hold, invest and manage a portion of              and allocation-driven to assure a disciplined        benchmark portfolio distribution.                         approved by the Investment Review Committee
               China’s foreign exchange holdings as mandated            approach to investing.                                                                                         chaired by the Chief Investment Officer before
               by its shareholder, earning an appropriate long-                                                              Investment Management Process                             being submitted to the Investment Committee
               term risk-adjusted return. Because of the global       CIC has based its investment approach and              CIC’s investment management process is directed           for approval. The Investment Committee has the
               economic crisis, CIC had deployed only about USD       benchmark portfolio structure on its mandate           by its Investment Committee, which both                   authority to make individual investment decisions
               21 billion of its investible capital into the market   and unique circumstances, the risk tolerance           sets investment strategies and policies within            independently. The Investment Committee
                                         between its inception        of its shareholder, its assessment of market           guidelines approved by the Board of Directors             meets weekly or more frequently when needed.
The objective of CIC’s global            and the end of 2008.         conditions and polices established by its Board        and the Executive Committee, and reviews                  Members of the Investment Committee are
                                         Enabled by strengthened      of Directors. In addition, CIC also has learned        and approves every investment proposal and                shown in Table 2.
     investment is to achieve            institutional capacity       from the experience of other sovereign wealth
   an appropriate long-term              b u ilding-up and the        funds, university endowment funds and pension          Table 2
                                         continued development of     funds, and consults with investment professionals      Investment Committee Members
           and risk-adjusted
                                         its team, CIC invested an    globally. The structure of CIC’s benchmark
                                                                                                                               Chairman                          Chairman & Chief Executive Officer
   return for its shareholder.           additional USD 58 billion    portfolio is shown in Table 1.
                                         in 2009.                                                                              Deputy Chairman                   President & Chief Investment Officer
                                                                      Table 1
                                                                                                                               Members                           EVP & Chief Operating Officer
               Four basic principles continue to underlie CIC’s       Benchmark Portfolio Structure
               investment approach and strategy:                       Asset Classes                                                                             EVP & Deputy Chief Operating Officer

                                                                       Cash Funds                                                                                EVP & Deputy Chief Investment Officer
                 CIC invests on a commercial basis. The
                 underlying investment objective is long-              Equities                                                                                  EVP & Chief Risk Officer
                 term, sustainable and risk-adjusted returns for
                                                                       Fixed Income Securities                                                                   Head of Asset Allocation and Strategic Research Department
                 its shareholder.
                                                                       Alternative Investments                                                                   Head of Risk Management Department
                 CIC is a financial investor. As such, it does not
                                                                                                                                                                 Head of Public Market Investment Department
                 seek to control any company.
                                                                      Other than limitations defined by its benchmark
                                                                                                                                                                 Head of Tactical Investment Department
                 CIC is a responsible investor which abides by        portfolio distribution and prudent risk
                                                                      management considerations, CIC’s investments                                               Head of Private Market Investment Department
                 local laws and regulations in the countries in
                 which it invests, and exercises its corporate        are not limited to any sector, geography or asset
                                                                                                                                                                 Head of Special Investments Department
                 social responsibility consciously.                   class. Given the turbulent market conditions
                                                                      experienced since its inception and its objective of
                                                                      long-term, sustainable and risk-adjusted returns,
                                                                      CIC believes it can best meet its investment goals
                                                                      by taking advantage of special opportunities as
                                                                                                                                                                                                                   China Investment Corporation          Annual Report 2009   30 - 31


            Based on decisions made by the Investment                The Private Market Investment Department             The Tactical Asset Allocation plan (TAA) is            implementing appropriate technology solutions.
            Committee, investments and mandates are                  which engages in private equity investment           developed by the Asset Allocation and Strategic        This company-wide initiative produced several key
            managed by four investment departments. Each             through external managers, co-investment             Research Department and reviewed and revised           results:
            formulates investment proposals based on sound           vehicles, partnerships and separate accounts.        quarterly by the Executive Committee. The TAA
                                                                                                                                                                                   Streamlining and strengthening the investment
            research within the context of the overall portfolio     The Department is also responsible for real          seeks to strike a balance between absolute
                                                                                                                                                                                   approval process by standardizing procedures
            and risk management framework, builds and                estate and infrastructure investments. The           return and relative return objectives, taking into
                                                                                                                                                                                   across all investing units and creating an
            manages its portfolios and recruits, manages and         Department is comprised of four investment           consideration diversification requirements, risk
                                                                                                                                                                                   enhanced review process by a new Investment
            evaluates external fund managers as required.            teams. The Private Equity team invests in            profiles, benchmarked returns and deviations, as
                                                                                                                                                                                   Review Committee chaired by the Chief
            The four investment departments are:                     PE funds directly and through co-investment          well as market opportunities. The TAA allocates
                                                                                                                                                                                   Investment Officer.
                                                                     vehicles. The Real Estate team invests in publicly   risk, return expectation, liquidity and methodology
              The Public Market Investment Department
                                                                     traded REITS and direct property investments.        across asset types, strategies and sub-strategies.       Creating an Investment Operations Department
              which implements traditional beta strategies
                                                                     The Infrastructure team and the Credit               It includes professional portfolio management            to strengthen coordination among different
              in public market equities, fixed-income
                                                                     Opportunities team invest through external           techniques such as portfolio optimization and            units along the investment process, enhance
              products, commodities, currencies, as well
                                                                     managers.                                            rebalancing mechanisms, as well as currency              investment back-office capabilities, improve
              as cash management. Investment activities
                                                                                                                          overlay strategies. Research-driven, quantitatively      e ff i c i e n c y, s t re n g t h e n i n t e r n a l c o n t ro l
              are carried out by five teams: Developed               The Special Investments Department which
                                                                                                                          constructed and professionally executed, the TAA         and better address pre-close and post-close
              Market Equities, Emerging Market Equities,             makes and manages, on an in-house basis,
                                                                                                                          serves as the lynchpin of CIC’s overall investment       compliance controls and data management
              Interest Rate and Cash Management, Credit              direct large-scale investments with
                                                                                                                          management scheme.                                       issues.
              Investment, and Commodities and FX Hedging.            concentrated positions over longer time
              The Department makes extensive use of                  horizons. Each direct investment is unique,          The Department also serves as the Secretariat            Developing CIC's proprietary trading
              external managers which invest the majority            requiring extensive pre transaction research,        of the Investment Committee. In addition, the            infrastructure and better integrating the
              of the portfolio. Over time, CIC expects to            analysis, deal structuring, due diligence,           Department conducts research on various issues           proprietary trading, investment operation and
              increase its level of inter nally managed              negotiation, consultation with local authorities     such as strategic and policy, market and industry,       accounting, risk analytics and general ledger
              portfolios to enhance investment flexibility and        and, often, regulatory approvals as well             and product research, as well as portfolio analysis,     systems to create a more rigorous straight-
              decrease investment costs.                             as extensive post transaction follow-up and          including performance measurement, risk/return           through processing (STP) environment.
                                                                     monitoring. The Department has developed             attribution, stress testing, etc.
              The Tactical Investment Department which
                                                                     special procedures for monitoring its
              manages proprietary portfolios and outsourced                                                               During 2009, CIC continued to strengthen its
                                                                     investments and managing their risks. All
              liquid absolute-retur n portfolios. The                                                                     investment management infrastructure and
                                                                     investments are made on a commercial basis.
              Department manages three global proprietary                                                                 platform. A senior Operations Infrastructure
              portfolios internally (a hedged global equity        The Strategic Asset Allocation plan (SAA), which       Development Steering Committee, chaired by
              portfolio, a Long Only Value Style Portfolio and     establishes CIC’s long-term return objectives and      the Chief Executive Officer and comprised of the
              a Multi-Asset Portfolio) and two liquid              risk profiles, is developed by the Asset Allocation     Chief Operating Officer and major department
              absolute-retur n investment portfolios               and Strategic Research Department, reviewed by         heads, was formed to oversee projects to
              (Directional and Non-Directional) utilizing          the Executive Committee and approved by the            strengthen the investment management platform
              external hedge fund managers.                        Board of Directors. The SAA provides consistent        by standardizing processes and procedures,
                                                                   and stable guidelines that govern CIC’s investment     improving workflow, strengthening controls and
                                                                                                                                                                                                                                  China Investment Corporation     Annual Report 2009   32 - 33


            In addition, CIC has increased its communication           Financially stable, outstanding reputation,         Table 3
            with regulators and government officials of the            top performance records, strong governance          Summary of Investment Performance
            recipient countries in order to better address             structure and robust risk management and
            their concerns, clarify CIC’s investment objectives        compliance processes;                                                                                 2009                                 2008
            and policies, and facilitate timely completion of                                                                                     1
                                                                       Processes that conform to the laws and                Return on Capital                             12.9%                                  6.8%
            investment transactions.
                                                                       regulations of each manager’s home country                                       2
                                                                                                                             Global Portfolio Return                        11.7%                                -2.1%
            The Investment Management Team                             or region as set forth by the appropriate
            Building a high quality investment team and its            regulatory bodies;                                  1 Return on Capital is based on the accounting income of CIC's global portfolio, and the cash income and cash dividend declared
            management capabilities remains one of CIC’s                                                                     from its domestic portfolio companies. The return rate is calculated based on CIC's registered capital of USD 200 billion. Under
                                                                       Sufficient years of experience in the applicable
            highest priorities. Since CIC invests globally, it has                                                           the equity accounting method, accounting income is generally larger than the cash dividend received from the domestic portfolio
            continued to focus on recruiting and retaining             asset class with demonstrated sound performance;
                                                                                                                             companies. Since CIC's domestic investments are for long-term purposes and their disposals are under restriction, CIC believes cash
            experienced investment professionals from major
                                                                       Investment professionals responsible for CIC’s        returns to be more appropriate performance metrics for Central Huijin’s domestic financial institution investments.
            financial markets around the world. Its goal has
                                                                       mandates must have appropriate qualifications,
            been to attract seasoned investment professionals                                                              2 Global Portfolio Return is based on the annual change in the fair market value of CIC’s global investments.
                                                                       licenses and certifications in their home
            with a firm knowledge of China. The visibility and
                                                                       country;                                            Figure 1 presents the distribution of CIC’s global portfolio by asset class at the end of 2009. Figure 2
            attractiveness of CIC has allowed it to continue
            to build a team of talented and experienced                                                                    shows the distribution between diversified and direct concentrated holdings out of the invested global
                                                                       No penalties by regulatory bodies for the three
            investment managers. Approximately 94% of                                                                      portfolio. Figure 3 illustrates the break-down between internally and externally managed investments out
                                                                       years prior to their proposed mandate.
            the investment departments’ 83 professional                                                                    of the diversified holdings. Within the internally managed diversified holdings, fixed income investment
            personnel hold advanced degrees, 78% have                External managers selected for CIC’s mandates are     accounts for a significant portion.
            overseas education background and 77% have               an integral part of its investment management
            overseas work experience in the investment               team.                                                 Figure 1
                                                                                                                           Global Investment Portfolio Distribution (December 31, 2009)
                                                                     2009 Investment Results
            As is standard practice in the industry, CIC makes       From its inception in September, 2007 through
            extensive use of quality external investment             the end of 2008, CIC deployed about USD 21
                                                                                                                                  Alternative Investments 6%

            managers across all asset classes wherever               billion into the market. The gradual deployment
            appropriate. CIC selects external managers               of capital was appropriate for a new company
                                                                                                                                                                                                                             Cash Funds 32%
            based on exacting qualification standards and            particularly under the turbulent market
            through an extensive review and evaluation                                                                           Fixed Income Securities 26%
                                                                     conditions. However, as CIC built its capability
            process, which includes review by the appropriate        and the global economic and investment
            investment department, the Asset Allocation              environment started to show signs of recovery, it
            and Strategic Research Department, the Risk              significantly stepped up its investment activities,
            Management Department and the Legal and                  making new investments of about USD 58
            Compliance Department, and review and                    billion in 2009. The return on its global portfolio                                                                                                     Equities 36%
            approval by the Investment Committee. Its                in 2009 was 11.7%. Table 3 summarizes CIC’s
            selection criteria include:                              investment performance.
                                                                                                                                                                                                                   China Investment Corporation   Annual Report 2009   34 - 35


            Figure 2                                                                                                 Figure 4
            Diversified versus Direct Concentrated Holdings(excluding Cash Funds) (December 31, 2009)                 Diversified Equity Investments by Region (December 31, 2009)

                                                                                                                                                                                   6.3%              0.9%          100%
                                                                                          Direct Concentrated                                                        20.5%
                                                                                          Holdings 23%


                   Diversified Holdings 77%

                                                                                                                                    North America    Asia Pacific     Europe    Latin America         Africa       Total

            Figure 3                                                                                                 Figure 5
            Internally versus Externally Managed Investments out of the Diversified Holdings (December 31, 2009)      Diversified Fixed Income Securities by Type (December 31, 2009)

                                                                                                                                                                                                      8%           100%
                                                                                          Internal Management -
                                                                                          Diversified Holdings 41%

                    External Management -
                    Diversified Holdings 59%

                                                                                                                                    Government      Government      Corporate   Asset-backed    Other Structured   Total
                                                                                                                                       Bond         Agency Bond       Bond        Securities        Products

            CIC invests globally. Figure 4 shows the distribution of diversified equity investments by geographical
            region. Figure 5 presents the distribution of diversified fixed income securities by type.
                                                                                                                                                                                                        China Investment Corporation   Annual Report 2009   36 - 37


            Direct investments constitute the largest individual   CIC’s Investment in AES Corporation                  investment opportunities.” To CIC, AES provides       in the United States (CFIUS) and New York
            positions in CIC’s global investment portfolio.                                                             a vast platform and global reach that represent       State Public Service Commission (NYPSC).
            Depending on the specific needs of individual          On November 6, 2009 CIC agreed to make a             excellent opportunities to invest in the power        The level of transparency and professionalism
            investments, various securities structures             USD 1.58 billion investment in AES Corporation,      generation business in areas such as Asia and         displayed by AES and CIC greatly facilitated the
            including public equity, private equity, structured    a U.S. based global power company with               other emerging markets. “We liked their platform      approval process, which was completed on an
            and hybrid instruments and other vehicles are          generation and distribution businesses,              and their strategy”, said one member of the CIC       accelerated basis. All parties felt that the process
            flexibly applied as suited and appropriate to          representing approximately 15% equity interest       team.                                                 had enhanced CIC’s reputation as a responsible
            balance the investment requirements of CIC with        in the company. Following regulatory approvals,                                                            investor in the United States.
            the needs of the investee company, creating a          the transaction closed in March of 2010.             In May, 2009 CIC and AES had initial discussions
            “win-win” outcome. Direct investments made in                                                               about the potential of an investment by CIC           In the press release issued at the closing of the
            2009 were mainly in the natural resources, green       AES, with headquarters in Arlington, Virginia,       in specific AES assets. By August, the two            transaction in March 2010, Paul Hanrahan, CEO
            fuels, infrastructure and financial services sectors.   owns and operates a diverse portfolio of power       companies had decided they could work well            of AES said “We are extremely pleased with our
            As an example of how CIC approaches its direct         generation and distribution businesses in 29         together. The following months were spent             new partnership with CIC.”
            investments, the Box on the right describes its        countries, including a few plants in China. More     jointly structuring the deal and beginning the
            recent investment in AES Corporation.                  than two-thirds of AES’ revenue is generated         process of discussion by AES with regulators and
                                                                   outside the United States. AES seeks to invest in    legislators to explain the specifics of the proposed
                                                                   high-growth areas of the power sector, including     transaction and CIC’s role and value, and to
                                                                   renewable energy and emerging markets. As Mr.        address public policy and regulatory questions
                                                                   Paul Hanrahan, President and Chief Executive         and concerns that might be raised.
                                                                   Officer of AES, stated, “We see tremendous
                                                                   potential for growth in meeting demand for           After the transaction was announced in
                                                                   affordable and sustainable power throughout          November 2009, CIC and AES jointly began the
                                                                   the world. Having CIC as a partner will enhance      formal part of the regulatory approval process.
                                                                   our financial flexibility, provide capital needed to   Discussions were held and filings made with
                                                                   move more quickly on our project development         the Federal Energy Regulatory Commission
                                                                   pipeline, and offer broader access to high quality   (FERC), the Committee on Foreign Investment
                                                                                                                                                                                                                                                                                                                           China Investment Corporation   Annual Report 2009   38 - 39


            Table 4 highlights selected direct investments made in 2009.                                                             Figure 6
                                                                                                                                     Trend of Total Portfolio Risk (June 2008-December 2009)
            Table 4
            Highlight of Selected Direct Investments in 2009                                                                                       50.0
                                                                                                                                                                                                                                                                 Including Cash (%)                                   Excluding Cash (%)

                                                   Amount of                                                  Approximate                          40.0
                                      Contract                       Type of
                 Company                           Investment                               Sector               Initial
                                       Month                       Investment                                                                      30.0
                                                  (Million USD)                                               Ownership %
                     Teck                                              Class B             Mining and                                              20.0
               Resources Limited        July          1,500          subordinate            mineral                 17.2%
                   (Canada)                                         voting shares         development                                              10.0

               JSC KazMunaiGas                                                                                                                         0
                                                                  Global depositary        Oil and gas
             Exploration Production     July          940                                                           10.6%




















              Nobel Oil Group LTD
                                      September       270         Equity acquisition       Oil and gas              45.0%

             PT Bumi Resources Tbk                                                        Thermal coal                               Central Huijin’s returns were driven by profitability of the financial institutions in its portfolio. Central
                  (Indonesia)         September       1,900         Private debt                                Not Applicable
                                                                                                                                     Huijin’s top five portfolio holdings are shown in Table 5.
              Noble Group Limited                                                                                  14.9% of
                                      September       858         Common shares             Resources        outstanding shares on
                  (Singapore)                                                                                                        Table 5
                                                                                                               an undiluted basis
                                                                                                                                     Top5 Portfolio Holdings of Central Huijin (December 31, 2009)
               SouthGobi Energy                                   30-year secured
                                                                                         Coal mining and
               Resources Limited      November        500           convertible                                 Not Applicable
                                                                                       exploration company                             Financial Institution                                                           Percentage of Ownership
                   (Canada)                                         debenture

               AES Corporation
                                                                                                                                       China Development Bank                                                                              48.7%
                                      November        1,581       Common shares         Power generation            15.0%
                (United States)
                                                                                                                                       Industrial and Commercial Bank of China                                                             35.3%
               GCL-Poly Energy
                                                      717                                  Renewable              20.1% on a           Agricultural Bank of China                                                                          50.0%
               Holdings Limited       November                    Common shares
                                                                                             energy            fully-diluted basis
                (Hong Kong)
                                                                                                                                       Bank of China                                                                                       67.5%

            As has been noted, CIC’s invested portfolio grew rapidly during 2009. Risk has continued to be                             China Construction Bank                                                                              57.0%

            effectively managed. As shown in Figure 6, while total risk of the portfolio (including cash) increased
            due to the deployment of capital out of cash into overseas investments, the risk profile of the invested
            portfolio has declined significantly due to diversification and effective risk management.
                                                China Investment Corporation   Annual Report 2009   40 - 41


                  We exercise care, prudence and diligence ,
                  and take a measured approach to managing
                  risks in every investment we undertake.
                                                                                                                                                                                                                       China Investment Corporation   Annual Report 2009   42 - 43


       Based on the policies set by the Board of                            Table 6                                               and currency exposure. Risk indicators are also         Table 7
       Directors and the Executive Committee, CIC’s risk                    Members of the Risk Management Committee              developed and monitored for each external               Contents of Standard Monthly Risk Report
       management strategy and approach is overseen                                                                               investment manager. The Risk Management
                                                                              Chairman                                                                                                      1. Executive Summary
       by the Risk Management Committee, which is                                                                                 Department works closely with the Asset
                                                                                                                                                                                            2. Composition of total portfolio and risk and
       responsible for setting company-wide risk strategy,                    Chairman & Chief Executive Officer                   Allocation and Strategic Research Department                 return analysis
       defining risk management policies, determining                         Deputy Chairman                                     in implementing CIC’s risk management system.             3. Comprehensive credit exposure analysis
       exposure thresholds, reviewing and finalizing                                                                              “Risk Budgets” for each asset class are developed         4. Risk and return analysis of total portfolio in
                                                                              EVP & Chief Risk Officer                             by the Asset Allocation and Strategic Research               public equity market
       reports concer ning risk management and
       establishing risk control evaluation criteria. Risk                    Members                                             Department. The Risk Management Department                5. Risk and return analysis of total portfolio in
                                                                                                                                                                                               fixed income
       management and control were further heightened                                                                             then sets appropriate risk limits based on these risk
                                                                              EVP & Chief Operating Officer                                                                                  6. Risk and return analysis of inflation-hedged
       and new factors highlighted during the global                                                                              budgets. Thus CIC goes through formal allocations            portfolio
       financial crisis were taken into account in the                        Head of Risk Management Department                  of both capital and risk to its investing units.          7. Risk and return analysis of absolute
       course of 2009. The Risk Management Committee                          Head of Legal and Compliance Department                                                                          return portfolio

       proactively assesses and measures the company's                                                                                                                                      8. Private equity investment summary
                                                                              Head of Asset Allocation and Strategic              The Risk Management Department meets monthly
       portfolio risks and reviews the portfolio's                                                                                                                                          9. Special (concentrated) investment summary
                                                                              Research Department
                                                                              China Investment Corporation   Annual Report 2008   with each investment department to discuss
       composition to ensure risk exposure is managed
       effectively and appropriately. The Committee                           Head of Public Relations and International          investment strategy, risk developments and other
                                                                                                                                                                                          During 2009 CIC continued to enhance its
       meets quarterly or more frequently when needed.                        Cooperation Department                              investment risk management issues. Informal
                                                                                                                                                                                          operating risk control processes including:
                                                                                                                                  discussion and consultation are conducted on a
                                                                              Head of Finance and Accounting Department
       The Risk Management Committee is comprised                                                                                 more frequent basis as needed. The Department
                                                                                                                                                                                            Establishing an Operating Risk Group within
       of senior executives and department heads to                           Head of Internal Audit Department                   reviews and comments on every investment and
                                                                                                                                                                                            the Risk Management Department.
       facilitate comprehensive and integrated oversight                                                                          external manager mandate proposal. In addition
                                                                              Head of Administrative Office
       of strategic, financial and operating risks. The                                                                           it participates in the calculation of risk-adjusted
                                                                                                                                                                                            Implementing a new internal control function
       Committee’s membership is shown in Table                                                                                   performance, assists in the evaluation of internal
                                                                                                                                                                                            throughout the organization. Every de-
       6. Heads of the four investment departments                          of contracts and management of legal risk. The        and external investment managers and monitors
                                                                                                                                                                                            partmental unit has identified an Internal
       attend Risk Management Committee Meetings as                         compliance team is charged with the responsibility    risk performance.
                                                                                                                                                                                            Control Representative responsible for
       needed.                                                              of ensuring that CIC complies with investment
                                                                                                                                  CIC utilizes an internationally accepted risk             identifying and monitoring operating
                                                                            and related laws and regulations of the markets in
                                                                                                                                  management system as its risk analytic and                risks within its department. The process is
       O r g a n i z a t i o n a l l y, t h e R i s k M a n a g e m e n t   which it invests.
                                                                                                                                  reporting backbone. Positions, including positions        managed by the Internal Control team which is
       Department and the Legal and Compliance
                                                                            Reputation risk, country risk, policy risk and        managed by external investment managers, are              part of the Operating Risk Group within the
       Department report to the Chief Risk Officer.
                                                                            other non-commercial risks are addressed by the       monitored using this system and comprehensive             Risk Management Department.
       Investment risk, including credit, market, liquidity
       and operating risks are managed by the Risk                          Public Relations and International Cooperation        risk management reports are produced weekly,
       Management Department.                                               Department.                                           monthly and quarterly for management review. As
                                                                                                                                                                                            Increasing the focus on managing operating
                                                                                                                                  an example, Table 7 shows the Table of Contents
                                                                                                                                                                                            and credit risk with clearing banks and
       Within the Legal and Compliance Department, the                      CIC has developed a comprehensive risk control        of the standard monthly risk report.
       legal team focuses on development and review                         system to manage market, credit, sector, country,
                                                China Investment Corporation   Annual Report 2009   44 - 45


                  The constant pursuit of new knowledge
                  and the adoption of best practices is a driving
                  force for our success and future growth.
                                                                                                                                                                                                                             China Investment Corporation     Annual Report 2009   46 - 47


                         During 2009 CIC’s staff grew from 148 at the              substantial investment capability, offering its      an individual’s assignment, but also a broad
                         start of the year to 246 at December 31, 2009.            people outstanding personal development and          understanding of CIC’s business across markets
                         Recruiting, developing and retaining our staff is,        career opportunities. In 2009 CIC hired about        and products and a “sense of the market” in
                         and will continue to be, the key to CIC’s future          100 new team members from a very large pool          all its people. This is true for staff throughout
                         success.                                                  of applicants. CIC remains an employer of choice.    the organization, not just for its investment
                         Continuously Building the CIC Team                        CIC has a rigorous selection process. All
                         Investing globally, CIC recognizes it must recruit        candidates must apply through its on-line            Each employee is required to undergo 80 hours
                 and retain excellent talent internationally and top               application system which includes subject matter     of formal training each year. Training is conducted
                 talent domestically for many senior positions to                  testing in Chinese. All applicants completing that   at three levels: company-wide by the Human
                 build a strong leadership team and to support                     process successfully are interviewed personally      Resources Department, at the departmental level
                                             longer term growth                    and candidates above the senior staff level meet     and at the individual level. In addition, to build
                                                                                   individually with each member of the senior          an overall understanding of CIC, staff meetings        personally fulfilling work environment with clear
         The commitment of its of its business. The                                                                                     are held at which senior executives discuss            opportunity for continuous personal growth
                                             individuals CIC seeks                 management team. Table 8 summarizes the
    management, the expected are global talents who                                background of the CIC staff.                         topics such as the role and operations of specific      and development and second, a competitive
                                                                                                                                        departments, the Santiago Principles, technical        c o m p e n s a t i o n p r o g r a m u n d e r C h i n a ’s
     growth of its business and also understand the                                                                                     issues such as risk management, regulatory             circumstances.
                                             Chinese perspective,                  Team Developing
CIC’s mission should keep CIC culture and language.                                CIC has developed a comprehensive evaluation         developments and compliance, economic
                                                                                   system to both reward performance and to aid in      developments, company performance and the              CIC will continue to build and maintain an
            a professionally and CIC has no restrictions                                                                                like. Each employee has an annual training plan        exciting work environment. The commitment
                                             o n n a t i o n a l i t y. F o r      defining training and development requirements
 intellectually rewarding place t h o s e i t r e c r u i t s                      for each employee. Staff are evaluated on a          which is based on a formal skill assessment as         of its management, the expected growth of its
                                             internationally, CIC                  360 degree basis, with input by peers and            well as input from the performance evaluation          business and CIC’s mission should keep CIC a
          to be associated with. requires a minimum                                subordinates as well as supervisors. Evaluation      system. Progress against the plan is tracked by        professionally and intellectually rewarding place
                                             of six years of relevant              is not only annual but also upon completion of       the Human Resources Department. Extensive              to be associated with.
                 international experience. About half of its                       major tasks and projects. Bonuses, annual pay        use is made of local universities and professional
                 employees have overseas work or education                         increases and promotions are tied to the outcome     organizations. While most training takes place in      CIC is committed to the policy of rewarding
                 experience or both.                                               of the performance evaluation.                       China, some overseas programs are arranged for         its people based on both their individual
                                                                                                                                        employees as appropriate.                              contributions and team work and maintaining the
                         CIC continues to offer a compelling value                 CIC places great emphasis on the development                                                                competitiveness of its compensation structure. In
                         proposition to many investment professionals.             of its people and has invested in an extensive       In 2009 CIC implemented a new program to               2009, CIC adopted a new compensation system
                         It is still young but is an exciting company,             training program. The goal of the program is         increase hiring of younger professionals from top      for all staff comprised of three elements: base
                         enjoying great latitude in its investments with           to develop not only the deep skills required for     Chinese and global business and professional           compensation, floating or variable compensation
                                                                                                                                        schools. Recruits enter a two-year rotation            which is based on evaluation of behaviors and
                                                                                                                                        program to allow them to better understand the         adherence to CIC’s core values, and bonus which
                         Table 8
                                                                                                                                        entire organization, build a broad set of skills and   is based on results and achievements. A major
                         Background Summary of CIC Staff (Number of personnel at December 31, 2009)                                     determine where their interests lie so that they       objective of this system is to provide appropriate
                                                      Advanced      Overseas Work             Overseas             Overseas             can make appropriate career choices.                   and long-term incentives and strong motivation
                             Total Number
                                                       Degrees*       Experience             Education             Citizenship                                                                 among all its staff and promote teamwork and
                                                                                                                                        Retention                                              harmony across the organization by explicitly
                                                                                                                                        There are two major elements to CIC’s retention        recognizing the importance of CIC’s values.
                                   246                   199             115                    132                    31
                                                                                                                                        program: first, offering a collaborative and
                         Note: * Postgraduate and higher degrees.
                                                                                                                                                                                                                 China Investment Corporation   Annual Report 2009   48 - 49


                                                                                                                                Jia Fei is a senior vice president at the
                                                                                                                                Human Resources Department. He joined
                                                                                                                                CIC in January, 2008 from Southwest
                                                                                                                                England Development Agency, Guilford,
                                                                                                                                UK, and holds a Ph.D degree from the
                                                                                                                                University of Surrey, UK.
                            Liu Haoling                                                                                                                                                                                     Wang Yan is a senior vice president at
                                             Yin Yanwu is a director at the Risk                                                                                                     Cliff Chau
                                                                                                                                “I joined CIC because it offered great                                                      the Special Investments Department.
Liu Haoling is a director at the Legal and
                                             Management Department. He joined                                 Xu Di             opportunity for a young person like
Compliance Department. He joined CIC                                                                                                                                         Cliff Chau is managing director and            She joined CIC in January, 2009 from
                                             CIC in June, 2008 from Ear nest                                                    myself to become involved in the
in March, 2008 from Goldman Sachs,                                                    Xu Di is a managing director at the                                                    head of the Finance Department. He             the Bank of China head office, and
                                             Partners LLC (Asset Management),                                                   financial world and to take on significant
Beijing, and holds a masters degree in                                                Private Market Investment Department.                                                  joined CIC in July, 2008 from KPMG, Los        holds a masters degree from Singapore
                                             Atlanta, GA USA and Beijing, and                                                   responsibility early. I play an important
Finance from London Business School,                                                  She joined CIC in December, 2008                                                       Angeles, CA USA and Beijing, and holds         Management University.
                                             holds a masters degree in Quantitative                                             role in recruiting financial professionals.
UK.                                                                                   from UBS Securities, and holds a Ph.D                                                  a MBA from the State University of New
                                             and Computational Finance from                                                     Our interview panel process is very
                                                                                      degree from Massachusetts Institute of                                                 York.                                          “CIC provides an ideal environment
                                             Georgia Institute of Technology.                                                   rigorous technically. We also work
“An important part of my job is to help                                               Technology.                                                                                                                           for my professional development. I
                                                                                                                                hard to identify individuals who have        “Joining a new and important company           have broadened my horizons, acquired
promote and protect the integrity and
                                             “I joined CIC because I saw a great                                                demonstrated the spirit of teamwork
reputation of CIC. If the value of our                                                “CIC’s ultimate goal is to make a long-                                                like CIC was most attractive to me. I saw      critical skills in infrastructure investment,
                                             opportunity. It is a great place for                                               and show the commitment it will take to
portfolio declines in a difficult market,                                             term, sustainable and risk-adjusted                                                    a very talented group of high caliber          and made tangible contribution to the
                                             me to learn because I am exposed to                                                be successful at CIC.”
we can earn it back but if we lose our                                                financial return for its shareholder. I                                                professionals working to build a great         company's performance. Joining CIC
                                             people and ideas from all over the
reputation, it will be very difficult to                                              take pride in working in such a great                                                  company from the ground up. We have            turns out to be the best career decision
regain it. Integrity is vital at CIC.”                                                company. As an investment officer, our                                                 the chance to take best practices from         I have made.”
                                                                                      professionalism requires prudence, team                                                around the world and adapt them to our

                                                                                      work and commitment, and there can be                                                  needs. I personally see the importance

                                                                                      no better environment for learning. ”                                                  CIC places on prudence and integrity. As
                                                                                                                                                                             CIC is a young, growing organization,
                                                                                                                                                                             there is still quite a lot to be done; I
                                                                                                                                                                             expect to be challenged for years to
                                                                                                                                                            Jia Fei

                                                                      Yin Yanwu                                                                                                                                                                          Wang Yan
                                                   China Investment Corporation   Annual Report 2009   50 - 51


                      We adhere to the highest standards of
                      professionalism in the way we conduct
                      our business.
                                                                                                                                                                                        China Investment Corporation   Annual Report 2009   52 - 53


                  As a young company with the mandate to                     and Practices for Sovereign Wealth Funds, the          frequent direct consultations with regulators and
                  invest in overseas markets which is still in the           “Santiago Principles” which were officially            government officials of its countries concerned
                  early stage of establishing its track record,              promulgated in October, 2008. CIC participated         to discuss investment issues and regulations
                  CIC understands the importance of frequent                 in development and implementation of the               in general and in connection with specific
                  dialog with stakeholders in the global economic            permanent structure of the International Forum         transactions, particularly where there may be
                  community. Such dialogs are needed not only to             of Sovereign Wealth Funds in April, 2009. The          national concerns about investment in sectors
                  demonstrate CIC’s role as a transparent financial           Forum serves a platform for exchanging ideas           such as energy. In 2009, such consultations
                  investor, committed to the “Santiago Principles”,          and views among SWFs and on issues of their            were held with Australia, Canada, France, the
                  but also to enable CIC to better understand and            common interest, and on application of the             United Kingdom, the United States and other
                  address the concerns of government officials               “Santiago Principles”, continuing dialog with          countries. CIC also received a large number of
                                              a n d re g u l a t o r s i n   other relevant parties, recipient countries in         international visitors at its Beijing headquarter
   CIC actively contributes to the            recipient countries            particular, to contribute to the development and       including supranational agency officials, foreign
                                              and supranational              maintenance of an open and stable investment           government officials and regulators, legislators,
     further development of open,             agencies, learn from           environment. CIC is proud that the Chairman of         academics, and business executives.
fair and non-discriminatory access            the experience of              its Board of Supervisors was elected as Deputy
                                              others and contribute          Chair of the Forum. CIC will host the next             CIC issues frequent press releases on significant
           to capital markets and
                                              to the promoting of            meeting of the Forum in Beijing in April, 2011.        investment transactions, maintains up to date
   cross-border investment flows.              open, fair and non                                                                    information on its organization and major
                                              discriminatory access          Executives of CIC participate regularly in             transactions on its web site and publishes
                                              to capital markets             important formal discussions of economic and           an annual report detailing its governance,
                  globally. Members of CIC’s senior executive                regulatory policy in both multilateral and bilateral   investment and risk management policies and
                  team meet frequently with recipient countries’             meetings to discuss and exchange views on              practices, information on its global investment
                  government policy makers and regulators and are            economic trends, the global investment climate         portfolio and annual financial results.
                  active participants in economic forums, regulatory         and regulatory issues impacting cross-border
                  conferences, economic policy conferences and               investment and capital flows. For example, CIC         CIC believes its participation in these forums
                  the like.                                                  participated in the OECD Freedom of Investment         and meetings is critical to improving its
                                                                             Roundtable which brought senior governmental,          understanding of global and national investment
                  CIC has been an important member in                        regulatory and investment company officials            environments, demonstrating its commitment
                  formulating principles for sovereign wealth funds          together to discuss regulatory issues affecting        to transparency and conformity with national
                  (SWFs) since the International Working Group               fair and non-discriminatory treatment of SWFs          laws and regulations of the recipient countries,
                  of Sovereign Wealth Funds was established in               and other global investors. CIC officials were         and increasing the global economic community’s
                  May, 2008. CIC is a charter member of the IWG,             also invited to participate in formal bilateral        understanding of CIC’s investment policies and
                  participated in the meetings of the International          discussions with government and regulatory             practices.
                  Working Group which reviewed and debated the               officials of countries including the United States,
                  issues, and played a prominent role in defining            the European Union, Brazil, Singapore and
                  and drafting the Generally Accepted Principles             Australia among others. CIC conducts its own
                                               China Investment Corporation   Annual Report 2009   54 - 55


                  We promote teamwork and encourage close
                  collaboration to guarantee operational efficiency
                  and achievement of CIC’s stated objectives.
                                                                                                                                                                                             China Investment Corporation   Annual Report 2009   56 - 57


        Basis of Presentation                                                                                          Financial Statements

        China Investment Corporation (the “Company”)’s consolidated financial statements have been prepared             Consolidated Balance Sheets
        in accordance with Accounting Standards for Business Enterprises issued in 2006 by the Ministry of             31 December
        Finance of the People’s Republic of China. The adoption of those standards has brought substantial             (Amount in millions of US dollars)

        convergence between Chinese standards and International Financial Reporting Standards. The Company’s                                                                         2009                       2008
        consolidated financial statements were audited by its independent auditors with an unqualified opinion
        reported thereon. The Company believes that the financial statements represent a true and fair view of
        the Company’s financial position, results and cash flows as at and for the year ended 31 December 2009.          Assets

        The preparation of financial statements requires the use of certain critical accounting estimates. It also      Cash and deposits                                            18,622                    47,803
        requires management to exercise its judgment in the process of applying the Company’s policies. The
                                                                                                                       Financial assets at fair value through profit or loss
        areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates
        are significant to the financial statements include valuation of financial instruments and income taxes.            - Cash management products                                 20,673                    45,436

                                                                                                                         - Equities                                                 39,828                     1,949
        Central Huijin does not consolidate any of its long-term equity investees; it accounts for its long-term
                                                                                                                         - Fixed income securities                                  25,383                     8,312
        equity investments using the equity or cost method.
                                                                                                                         - Alternative investments                                   7,430                        362
        The accounting period of the Company is from 1 January to 31 December. The Company’s reporting and
        functional currency is USD except for Central Huijin which utilizes RMB. Except for items classified as
        financial assets and liabilities at fair value through profit or loss, the financial statements are prepared on   Total financial assets at fair value through profit or loss    93,314                    56,059
        the historical cost basis.
                                                                                                                       Receivables and prepayments                                   3,067                     1,565

                                                                                                                       Held-to-maturity investments                                 14,424                    15,189

                                                                                                                       Long-term equity investments                                201,409                  171,156

                                                                                                                       Deferred tax assets                                            962                      1,765

                                                                                                                       Other assets                                                   596                      4,003

                                                                                                                       Total assets                                                332,394                  297,540
                                                                                                                                                                    China Investment Corporation   Annual Report 2009   58 - 59


                  Consolidated Balance Sheets (continued)                                         Consolidated Income Statements
                  31 December                                                                     Year ended 31 December
                  (Amount in millions of US dollars)                                              (Amount in millions of US dollars)
                                                                                2009      2008                                                              2009                       2008

                  Liabilities                                                                     Investment income

                  Financial liabilities at fair value through profit or loss     4,057     5,346   Interest income                                          1,656                      4,066

                  Deferred tax liabilities                                      1,575       43    Dividend income                                            938                         135

                  Other payables and liabilities                                6,752     3,395   Net realized gains on investments                          186                          50

                                                                                                  Investment income from long-term equity investments     31,706                     26,367

                  Total liabilities                                            12,384     8,784   Changes in unrealized gains (losses) from investments   10,318                    (6,495)

                                                                                                  Foreign exchange gains (losses)                             72                       (167)

                  Owner's equity                                                                  Total investment income                                 44,876                     23,956

                  Owner's capital                                             200,000   200,000
                  Capital reserves and others                                 120,010    88,756
                                                                                                  Investment expense                                       (106)                        (42)

                                                                                                  General and administrative expense                         (47)                       (32)
                  Total owner's equity                                        320,010   288,756
                                                                                                  Impairment loss                                               -                       (21)

                  Total liabilities and owner's equity                        332,394   297,540   Total expense                                            (153)                        (95)

                                                                                                  Operating income                                        44,723                     23,861

                                                                                                  Others, net                                                (25)                           1

                                                                                                  Income before taxes                                     44,698                     23,862

                                                                                                  Income taxes                                            (3,038)                      (731)

                                                                                                  Net income                                              41,660                     23,131
                                                                                                                                                                                                                      China Investment Corporation   Annual Report 2009   60 - 61


                  Summarized Accounting Policy of Financial Instruments                                                           For financial instruments at FVTPL, gains or losses derived from movement of their fair value are
                                                                                                                                  recognized in profit or loss. For all other financial assets and liabilities stated at amortized cost, the gains
                  Categories of financial instruments
                                                                                                                                  or losses on derecognition or arising from impairment are also recognized in profit or loss.
                  The Company’s financial assets are classified into either financial assets at fair value through profit or loss
                  (“FVTPL”) or held-to-maturity investments. The Company’s financial liabilities are classified into one of
                                                                                                                                  Derivatives are initially recognized at fair value on the date when a derivative contract is entered into and
                  two categories: financial liabilities at FVTPL and other financial liabilities.
                                                                                                                                  are subsequently measured at their fair value on each balance sheet date. The resulting gains or losses
                                                                                                                                  from the fair value change are recognized in profit or loss. The embedded derivative instrument shall be
                  Financial assets and liabilities at FVTPL                                                                       separated from the non-derivative instrument and treated as an independent derivative instrument.
                  Financial assets and liabilities at FVTPL include trading financial assets and liabilities and those initially
                  designated as financial assets and liabilities at FVTPL.                                                         As for the financial instruments for which there is an active market, the quoted prices in the active
                                                                                                                                  market shall be used to determine the fair values thereof. The quoted prices in the active market refer
                  Held-to-maturity investments                                                                                    to the prices, which are easily available from the stock exchanges, brokers, industry associations, pricing
                  Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and          service institutions and etc. at a fixed term, and which represent the prices at which actually occurred
                  fixed maturities that the management has positive intention and ability to hold to maturity.                     market transactions are made under fair conditions. Where there is no available offer or charge for a
                                                                                                                                  financial instrument and there is no any significant change to the economic environment after the latest
                  Other financial liabilities                                                                                      transaction day, the Company shall apply the market quoted price of the latest transaction to determine
                  Other financial liabilities exclude those that are designated initially at FVTPL. Other financial liabilities     the fair value.
                  mainly include placements with financial institutions and repos.
                                                                                                                                  For financial assets that do not have a quoted market price in an active market, the fair value is
                  Measurement of financial instruments                                                                             determined by using valuation techniques. The valuation technique applied shall be generally accepted
                  Financial instruments are initially recognized at fair value. Subsequent measurement of held-to-maturity        and can be reliably verified with references to past market price of similar recent arm’s length
                  investments are measured at amortized cost by using the effective interest method.                              transactions, other instruments that are substantially the same, discounted cash flow method and option
                                                                                                                                  pricing models. The Company periodically evaluates the valuation techniques to ensure its effectiveness.
China Investment Corporation   Annual Report 2009   62 - 63

             New Poly Plaza, 1 Chaoyangmen Beidajie, Dongcheng District, Beijing, 100010

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