CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE (SAFE) ON DISTRIBUTING INSTRUCTION ON MAKING USE OF INFORMATION TECHNOLOGY TO IMPROVE BOP STATISTICS AND STANDARD OF INTERFACE BETWEEN MONITORING SYSTEM FOR BOP STATISTICS AND OPERATION SYSTEMS OF FINANCIAL INSTITUTIONS

The State Administration of Foreign Exchange

Circular of the State Administration of Foreign Exchange (SAFE) on Distributing Instruction on Making Use of Information Technology
to Improve BOP Statistics and Standard of Interface Between Monitoring System for BOP Statistics and Operation Systems of Financial
Institutions

HuiFa [2002] No.17

February 9, 2002

SAFE branches and exchange administration offices in all provinces, autonomous regions and municipalities directly under the Central
Government, SAFE branches in Shenzhen, Dalian, Qingdao, Xiamen and Ningbo, and the headquarters of all designated Chinese-funded
foreign exchange banks:

Making full use of information technology is the only way to transform our current statistical technology and means, and achieve higher
efficiency and better data so as to adapt our work to the changing economic conditions both at home and abroad after China’s entry
into the WTO, bring BOP statistical means in line with international standard, and meet the need of macro-economic policy-making.
Therefore, the SAFE has formulated the Instruction on Making Use of Information Technology to Improve BOP Statistics (see Attachment
1). The Instruction is now distributed to you together with the Standard of Interface between Monitoring System for BOP Statistics
and Operation Systems of Financial Institutions (see Attachment 2). Please put them into practice in line with local characteristics
and realities; and transmit them in time to foreign-funded banks under your jurisdiction.

Attachment:

1. Instruction on Making Use of Information Technology to Improve BOP Statistics

2. Standard of Interface between Monitoring System for BOP Statistics and Operation Systems of Financial Institutions (Omitted)

Attachment 1:Instruction on Making Use of Information Technology to Improve BOP Statistics

Necessity and feasibility of improving BOP statistics by making use of information technology.

Since the Measures on BOP Statistical Reporting was put into practice on January 1,1996, the SAFE and its branches (hereinafter referred
to as SAFE offices), banks, BOP reporters and other relevant parties have been working hard to improve the quality of BOP statistical
data. Deadline of BOP reporting of external receipts was shortened on September 1,2001, a big stride forward in the timeliness of
data submission. However, there still exist some difficulties and problems in BOP statistics. Our statistical measures have to be
improved to keep abreast of new economic development both at home and abroad. Making full use of information technology is the only
way to transform our current statistical technology and means, and achieve higher efficiency and better data so as to be in line
with international practice and meet the need of macro-economic conditions.

Firstly, to enhance the quality and efficiency of BOP statistics by making use of information technology is a requisite to bring our
BOP statistics in line with international standards and practices after China’s entry into the World Trade Organization (WTO). After
entering the WTO, China will be further integrated into the world economic community. Timely, accurate and comprehensive statistics
plays an important role in bringing our economy further on the track of international practice and ensuring its sound and stable
development. Secondly, making use of information technology is essential to enhance statistical quality, cut statistical costs, lighten
the burden on BOP reporters and ensure data quality. Thirdly, digitalization has laid a foundation for improving statistical means
through information technology. Popularization of computer networks, computerization of domestic banks’ business and reporters’ knowledge
on information technology have laid a sound foundation for making use of information technology to improve BOP statistics. Finally,
the current situation of domestic banking makes it possible to make use of information technology to improve BOP statistics. Some
banks have made trials in this respect and proved it feasible.

Instruction on online BOP statistical reporting and data interface transfer

The goal of making use of information technology is to replace manual filling-and-processing transmission with picking up electronic
data from computers, and replace regularly and irregularly submitted data with almost real time data. Currently, collection of BOP
information by means of online reporting and data interface transfer is encouraged. Details are as follows:

(1)

Channel for information transmission between a bank and its clients: on-line reporting (report of external receipts)

Procedures

(a) The bank sends reporting advice and information to its clients (the reporters) directly from its operation system through the
Internet;

(b) After filling an electronic reporting form upon the information transmitted by the bank from the Internet and vouchers related
to the transaction, the reporter transmits the form to the bank through the Internet;

(c) After receiving the electronic reporting form, the operation system of the bank will check the reported information automatically.
Qualified information will be transmitted to the SAFE office concerned through data interface. Unqualified information will be sent
back to the reporters for timely revision or supplementation.

Quality requirements

(a) Timeliness

Online reporting system shall be able to guarantee the bank to inform the reporter and the SAFE office concerned on the same day when
receiving an external payment, guarantee the reporter to transmit accurate and comprehensive reporting information to the bank within
the prescribed time and thus make it possible for the bank to transmit the information to the SAFE office concerned on the same day
(or the next working day).

(b) Accuracy

The system shall have the function of logical judgment so as to check the reported data automatically in accordance with relevant
requirements of indirect BOP reporting. For example, the received amount shall be no less than the total amount of foreign exchange,
the sold foreign exchange and others in a transaction. The system shall be able to judge whether the transaction postscript has been
filled, or whether such elements required by the operational procedures on indirect BOP reporting as “basic information statement
of the institution”, “institutional code”, “transaction serial number” and “country” have been provided.

The operation system of the bank shall be able to generate relevant reporting information automatically, and have the function of
reminding and warning so as to urge the reporter and the bank to report in time. Such technological measures as automatic check up
may improve the comprehensiveness of BOP reporting.

(d) Safety

The backup function of the system shall be installed so as to protect the data from malfunction and disaster. The security function
shall be installed so as to keep clients information from being given away.

(e) Practicality

The system shall ensure the convenience of reporting. It shall provide the reporters with general knowledge of BOP reporting, search
of transaction serial numbers, scope and explanation of the numbers, and other help.

(f) Openness

The system shall be open and extensible. It shall have strong compatibility and extensibility.

(2)

Channel of information transmission between a bank and a SAFE office: data interface transfer

Data interface transfer refers to connection between the interface of the operation system of the bank and that of the monitoring
system of BOP statistics of the SAFE office.

External receipts reporting

a-i. Statement of external receipts:

The bank shall transmit the statement of external receipts to the SAFE office through the data interface transfer in good time on
receiving a payment.

a-ii. Reporting form of external receipts:

a-ii-i. A bank that has realized online reporting shall transmit the online reported information of its clients to the SAFE office
in time through the data interface transfer.

a-ii-ii. A bank that has not realized online reporting:

a-ii-ii-i. In case of external receipts under L/C and B/C, the bank shall be allowed to report on behalf of a reporter after signing
an agreement with the reporter (indicating the legal responsibilities of each party) and then transmit the reporting information
to the SAFE office in good time through the data interface transfer. When reporting on behalf of the reporter, the bank shall ascertain
the nature of transaction based on relevant vouchers and certificates related to L/C and B/C. Predetermination of transaction serial
number is not permitted.

a-ii-ii-ii. In case of external receipts under T/T:

For the receipts under T/T whose nature is relatively simple, reporting procedures for (a-ii-ii-i) “external receipts under L/C and
B/C” shall be followed: The bank shall be allowed to report on behalf of the reporter after signing an agreement with the reporter
(indicating the legal responsibilities of each party). For other kinds of receipts under T/T, the reporter shall report first, and
then the bank shall input the reported information into the monitoring system of BOP statistics and transmit the information to the
SAFE office concerned in good time.

External payment

b-i. Combination of business vouchers and reporting forms is encouraged. The SAFE has designed a unified format for the combination.
Any bank hoping to combine reporting form to its business vouchers may apply at a SAFE office for instruction and help. After the
transition to combination is completed, paper-made reporting form of external payment [verification form of import payment (acting
reporting form) excluded] shall be abolished. The bank does not have to record and transmit journal ledger of external payment. It
shall only transmit the information ready in its operation system in the format of reporting form to the SAFE office through data
interface transfer.

b-ii. A bank that has not combined reporting forms to business vouchers shall still fill in a journal ledger of external payment as
required, and transmit the journal ledger and information reported by its clients to the SAFE office through data interface transfer.

Principles and Requirements

(1)

Principles

All SAFE branches and banks shall actively research, develop, and apply data interface transfer and online reporting system in accordance
with their own capability and local economic development.

During the course of developing data interface transfer and online reporting system, banks and SAFE branches shall keep each other
fully informed. SAFE branches shall keep abreast of the progress of the development, and provide necessary guidance and help. Data
interface transfer and on-line reporting system developed by a bank shall be inspected by the local SAFE office and meet the requirement
of quality standard before putting into use.

Data transfer shall not disturb the operation of current systems, normal data transmission and statistical quality.

When upgrading and developing its operation system, the headquarters of each bank shall take account of BOP statistical reporting,
foreign exchange purchase and sale statistics, foreign exchange account supervision, and etc, make overall arrangement so as to lay
a foundation for the eventual achievement of data interface transfer between the operation system and monitoring system of BOP statistics.

(2)

Timetable

Starting from 2002, relevant entities shall work hard to carry this work forward so that data interface transfer between the SAFE
offices in provinces and cities directly under State planning and the banks directly under their jurisdiction (foreign-funded banks
included) can be realized on the whole in one or two years. Mean while, banks with massive foreign exchange business and SAFE branches
concerned are encouraged to develop online reporting system.

The State Administration of Foreign Exchange
2002-02-09

CIRCULAR OF THE MINISTRY OF FOREIGN TRADE AND ECONOMIC COOPERATION ON THE PROVISIONS ON THE ADMINISTRATION OF INTERNATIONAL CHECK UPON THE IMPORT AND EXPORT OF CHEMICAL PRODUCTS LIABLE TO PRODUCING NARCOTIC DRUGS

The Ministry of Foreign Trade and Economic Cooperation

Circular of the Ministry of Foreign Trade and Economic Cooperation on the Provisions on the Administration of International Check
Upon the Import and Export of Chemical Products Liable to Producing Narcotic Drugs

WaiJingMao [2002] No.147

March 29, 2002

Article 1

These Provisions are enacted in accordance with the Criminal Law of the People’s Republic of China and the Foreign Trade Law of the
People’s Republic of China as well as other legal provisions in order to strengthen the administration of import and export of chemical
products liable to producing narcotic drugs, regulate the international check on the import and export of chemical products liable
to producing narcotic drugs, and implement the obligations in the 1988 United Nations Covenant Against Illicit Traffic in Narcotic
Drugs and Psychotropic Substances(hereinafter referred to as the Covenant).

Article 2

The Ministry of Foreign Trade and Economic Cooperation (hereinafter referred to as the MOFTEC ) shall be responsible for administering
the import and export of chemical products liable to producing narcotic drugs, and the Ministry of Public Security shall be responsible
for the international check on the import and export of chemical products liable to producing narcotic drugs.

Article 3

The State applies the permit administration to the import and export of chemical products liable to producing narcotic drugs, and
applies the international check to part of the chemical products liable to producing narcotic drugs (hereinafter referred to as “chemical
products subject to check”, see the annexes for details) in the administration of import and export. The catalogue of the chemical
products subject to check shall be adjusted by the Ministry of Public Security in negotiation with the MOFTEC, and shall be jointly
promulgated by the Ministry of Public Security and the MOFTEC.

Article 4

An import and export enterprise that intends to import or export chemical products subject to check shall go through the following
application procedures:

(1)

an enterprise subject to the management of the Central Government that intends to import or export chemical products subject to check
shall apply to the MOFTEC;

(2)

a local import and export enterprise shall apply to the department in charge of foreign trade and economic cooperation at its locality,
and a subsidy of an enterprise subject to the management of the Central Government shall apply to the parent enterprise for examination,
and when the examination is passed, it shall be reported to the MOFTEC for review.

Article 5

An import and export enterprise shall submit the following documents in the application:

(1)

the “Application Form for Importing (Exporting) Chemical Products Liable to Producing Narcotic Drugs” covered with the seal of the
import and export enterprise (in duplicate), among which, one shall be turned over to the MOFTEC by the local department in charge
of foreign trade and economic cooperation or the enterprise subject to the management of the Central Government, and the other shall
be kept by the local department in charge of foreign trade and economic cooperation or the enterprise subject to the management of
the Central Government;

(2)

the qualification certificate of import and export enterprise (duplicate of the original);

(3)

the import (export) contract (duplicate of the original) if the chemical products liable to producing narcotic drugs are imported
(exported) under terms of ordinary trade;

(4)

the approval document for processing trade (duplicate of the original) and the processing trade contract (duplicate of the original)
concluded with the foreign party as well as the processing agreement (duplicate of the original) concluded with the domestic processing
and manufacturing enterprise if the chemical products liable to producing narcotic drugs are imported under terms of processing trade;

(5)

the import permit (duplicate of the original) or lawful certificate for use issued by the competent governmental department of the
final user’s country (region) if an enterprise exports chemical products subject to check; if the said products need to be re-exported
from a third country (region), the valid re-export certificate (duplicate of the original) issued by the competent governmental department
of a third country (region) shall be provided in addition;

(6)

if an enterprise imports chemical products subject to check, the guaranty letter (original) issued by the enterprise, its administrative
department at the upper level or its parent enterprise subject to the management of the Central Government, and the guaranty letter
(original) issued by the final user that imports chemical products subject to check.

Article 6

The MOFTEC shall, within 5 working days after the receipt of the application for import (export) that is primarily examined to be
qualified, review the application, and shall transfer the materials reviewed to be qualified to the Ministry of Public Security for
international check.

Article 7

The Ministry of Public Security shall, within 5 working days after the receipt of the materials submitted by the MOFTEC for check,
deliver the materials to be checked to the competent governmental department of the importing (exporting) country (region), and requesting
it to check the materials within 10 working days.

Article 8

For the products confirmed legal by the competent governmental department of the importing (exporting) country (region), the Ministry
of Public Security shall, within 5 working days as of the receipt of the reply on check, notify the MOFTEC in written form to handle
the formalities of reply to the application for import (export); if the competent governmental department of the importing (exporting)
country (region) fails to give a reply after the expiry, the Ministry of Public Security may notify the MOFTEC on whether to handle
the formalities of reply to the application for import (export) according to the specific commodities, destination country or country
of origin, etc..

For checking the chemical products enumerated in Attachment 1, the formalities of reply to the application for import (export) may
not be handled until confirmation by the competent governmental department of the importing country (region), proving that the products
are legal, is received.

Article 9

The MOFTEC shall, within 5 working days as of the receipt of the written approval from the Ministry of Public Security, handle the
formalities of reply to the application for import (export), and issue the “List of Official Reply to the Ministry of Foreign Trade
and Economic Cooperation on Import (Export) of Chemical Products Liable to Producing Narcotic Drugs” (hereinafter referred to as
the “List of Official Reply”), which shall be valid within 30 days as of the date when the official reply is given and shall be automatically
invalidated after the expiry. The import and export enterprise shall apply to the certificate issuing organ authorized by the MOFTEC
for the import (export) permit with the “List of Official Reply”.

Article 10

For an application which is ascertained by the competent governmental department of the importing (exporting) country (region) to
be questionable, the Ministry of Public Security shall notify the MOFTEC in written form. The MOFTEC shall, within 5 working days
as of the receipt of the notice, inform the applying enterprise or the local department in charge of foreign trade and economic cooperation
of the decision on not approving the application.

Article 11

Chemical products subject to check enumerated in Attachment 1 shall, in principle, not be exported to a non-contracting country of
the Covenant.

Article 12

Enterprises engaging in the import and export of chemical products subject to check shall submit applications truthfully, and shall
not forge or alter documents to make false applications.

Article 13

Enterprises engaging in the import and export of chemical products subject to check shall have the obligation to assist the public
security organ and the department in charge of foreign trade and economic cooperation in investigating and getting the information
and providing clues, instead of producing or providing false testimonies.

Article 14

Enterprises engaging in the import and export of chemical products subject to check shall strengthen its supervision, management and
trainings on the employees concerned.

Article 15

The Ministry of Public Security and the MOFTEC shall be responsible for supervising and inspecting the import and export of chemical
products subject to check, and shall, regularly or non-regularly, announce the information on the relevant enterprises concerning
their violation of laws or rules.

Article 16

Any import and export enterprise that violates Articles 12 and 13 of these Provisions shall, on the basis of the seriousness of the
case, be imposed upon the penalties of warning, suspension or revocation of operational qualification for import and export by the
MOFTEC in accordance with the law; whoever is suspected to have committed a crime shall be investigated by the judicial organ.

Article 17

The Ministry of Public Security and the MOFTEC shall be responsible for the interpretation.

Article 18

These Provisions shall come into force on June 1, 2002.

The Ministry of Foreign Trade and Economic Cooperation
2002-03-29

PROVISIONS ON THE ESTABLISHMENT OF REINSURANCE COMPANIES

China Insurance Regulatory Commission

Order of China Insurance Regulatory Commission

No.4

The Provisions on the Establishment of Reinsurance Companies are hereby promulgated, and shall enter into force on the date of promulgation.

Chairman of China Insurance Regulatory Commission Ma Yongwei

September 17, 2002

Provisions on the Establishment of Reinsurance Companies

Article 1

The present provisions are enacted in accordance with the Insurance Law of the People’s Republic of China and the Regulations of the
People’s Republic of China on the Administration of Foreign-Funded Insurance Companies with a view to promoting the development of
the reinsurance market and regulating the establishment of reinsurance companies.

Article 2

Reinsurance companies mentioned in the present provisions shall refer to the companies which are approved by China Insurance Regulatory
Commission (hereinafter referred to as “CIRC”) to be established and are registered in accordance with the law to specially operate
the reinsurance business.

Article 3

The establishment of reinsurance companies shall be approved by the CIRC. According to the scope of business, reinsurance companies
may be divided into life reinsurance companies, non-life reinsurance companies and comprehensive reinsurance companies.

Article 4

Upon the approval by the CIRC, a reinsurance company may operate all or part of the following business:

(1)

life reinsurance business

reinsurance business inside the territory of China;

retrocession business inside the territory of China;

international reinsurance business.

(2)

non-life reinsurance business

reinsurance business inside the territory of China;

retrocession business inside the territory of China;

international reinsurance business.

(3)

operating all or part of the business mentioned in Item (1) and Item (2) simultaneously.

Article 5

The paid-in currency capital of a life reinsurance company or a non-life reinsurance company shall be no less than 200 million Yuan
of Renminbi or a convertible currency of the equal value; the paid-in currency capital of a comprehensive reinsurance company shall
be no less than 300 million Yuan of Renminbi or a convertible currency of the equal value. The investment contributed by a foreign
insurance company shall be a convertible currency.

Article 6

A reinsurance company shall retain actuaries ratified by the CIRC.

Article 7

The Chinese shareholders of a reinsurance company shall meet the requirements provided for in the Interim Provisions of the CIRC on
Investing Shares in Insurance Companies, and shall abide by the relevant provisions of the CIRC in respect of the proportion for
holding shares and the modification of share rights.A foreign insurance company that contributes investments in a Chinese-foreign
joint venture or a foreign wholly-owned reinsurance company shall conform to the relevant promises of China for accession to the
World Trade Organization.

Article 8

Where any branch is established by a foreign reinsurance company inside the territory of China, the standard for the operating funds
of and the requirements for the establishment of the said branch shall be subject to the present provisions.

Article 9

Where a reinsurance company from Hong Kong Special Administrative Region, Macao Special Administrative Region or Taiwan Region intends
to establish a branch in the inland, that shall be conducted with reference to the present provisions.

Article 10

The present provisions shall enter into force on the date of promulgation.

China Insurance Regulatory Commission
2002-09-17

INSURANCE LAW OF THE PEOPLE’S REPUBLIC OF CHINA

e00234

The Standing Committee of the National People’s Congress

Insurance Law of the People’s Republic of China

October 28, 2002

(Adopted at the 14th meeting of the Standing Committee of the Eighth National People’s Congress on June 30, 1995, Amended in accordance
with the Decision on Modifying the Insurance Law of the People’s Republic of China adopted at the 30th Meeting of the Standing Committee
of the Ninth People’s Congress)

ContentChapter I General Provisions

Chapter II Insurance Contract

Section 1 General Provisions

Section 2 Property Insurance Contract

Section 3 Life Insurance Contract

Chapter III Insurance Company

Chapter IV Insurance Operational Rules

Chapter V Supervision and Administration of the Insurance Business

Chapter VI Insurance Agents and Insurance Brokers

Chapter VII Legal Liability

Chapter VIII Supplementary Provisions

Chapter I General Provisions

Article 1

This law has been formulated with a view to standardizing the insurance activities, protecting the legitimate rights and interests
of parties to insurance activities, strengthening the supervision and administration of the insurance business and promoting its
healthy development.

Article 2

Insurance used in this law refers to the act of payment of premiums by the insurants to insurers and the responsibility of the insurers
to give indemnity to the insurants in case of losses to property of the insurants caused by a specific contingency or perils of death,
injury, sickness of the insured upon the stipulated age according to terms as set in the contracts.

Article 3

All insurance activities within the territory of the People’s Republic of China shall be governed by this law.

Article 4

Insurance activities shall be subject to the rule of laws and administrative regulations, be in compliance with the social ethics
and the principle of free will.

Article 5

The parties concerned in insurance activities shall abide by the principle of good faith in the exercise of rights and performance
of obligations.

Article 6

Insurance companies shall be set up according to this law to engage in commercial insurance business. No other entity or individual
is allowed to engage in such business.

Article 7

Legal persons and other organizations which want to be insured within the territory of the People’s Republic of China shall enter
into insurance policy documents with the insurance companies within the territory of the People’s Republic of China.

Article 8

In carrying out business, insurance companies shall follow the principle of fair competition. Illicit competition is not allowed.

Article 9

Insurance supervisory and regulatory body under the State Council shall exercise supervision and administration of the insurance business
according to the provisions of this law.

Chapter II Insurance Contract Section 1 General Provisions

Article 10

An insurance contract is an agreement for defining insurance rights and obligations of the insurants and the insurers.

An insurant refers to a person who has signed insurance contract with an insurer and undertakes the obligation of paying insurance
premiums according to the amount stipulated in the insurance contract.

An insurer refers to an insurance company which has signed insurance contracts with the insurant and undertakes the responsibility
to pay indemnity or insurance money to the latter.

Article 11

In signing an insurance contract, the insurant and the insurer shall observe the principle of fairness, mutual benefit, reaching agreements
through consultation and free will without harming the public interest.

Insurance companies or other entities are not allowed to sign insurance contracts with others by coercion except otherwise provided
by law or administrative decrees or regulations.

Article 12

An insurant shall own the insurable interest in the objects of insurance.

If an insurant has no insurable interest in the objects of insurance, the insurance contract shall be invalid.

Insurable interest refers to the interest of the insurant in the objects of insurance recognized by law.

Objects of insurance refer to property or related interest insured or life and health of a person insured.

Article 13

An insurance contract shall hold after the insurant applies for insurance and the insurer agrees to underwrite the insurance and the
two sides have reached agreement on the clauses of the contract.

The insurer shall issue insurance policies or other insurance certificates to the insurant in a timely manner and specify on the insurance
policies or other insurance documents the contents of the contracts agreed by the two sides. The insurant and the insurer, upon agreement,
may also conclude insurance contracts in the form of written agreement other than those provided for in the preceding paragraph.

Article 14

After an insurance contract is concluded, the insurant shall pay premium as agreed upon in the contract and the insurer shall start
to undertake insurance liabilities at the time agreed upon.

Article 15

The insurant may terminate the insurance contract after the contract is signed except otherwise provided for by this law or by the
insurance contract.

Article 16

The insurer is not allowed to terminate the insurance contract after the contract is signed except otherwise provided for by this
law or by the insurance contract.

Article 17

In concluding an insurance contract, the insurer should explain the contents of the clauses of the insurance contract and may raise
inquiries on matters concerning the objects of insurance or the insurant, and the insurant shall make true representations.

If the insurant conceals facts deliberately and refuses to perform the obligations of making true representations or fails to perform
the obligations of making representations due to negligence that would be enough to affect the insurer from making the decision of
whether or not to agree to accept the insurance or raise the insurance premium, the insurer has the right to terminate the insurance
contract.

If the insurant deliberately refuses to perform the obligations of making true representations, the insurer shall not undertake to
pay indemnity or insurance money for insured risks that occurs before the contract is terminated and shall not return the insurance
premium.

If the insurant fails to perform the obligations of making representations due to negligence, thereby seriously affecting the occurrence
of insured risks, the insurer shall not undertake to pay indemnity or insurance money for contingency that occurs before the contract
terminates but may return the insurance premium.

Insured risks refer to the contingencies or perils covered by the insurance as agreed upon in the insurance contract.

Article 18

If an insurance contract provides for the exemption of liabilities for the insurer, the insure shall clearly state in before signing
the insurance contract. If no clear statement is made about it, the clause shall not be binding.

Article 19

An insurance contract shall contain the following:

Name and domicile of the insurer;

Names and residences of the insurant and the insured and the name and residence of the beneficiaries of life insurance.

Objects of insurance;

Insurance liability and liability exemption;

Insurance term and the starting time of insurance liabilities;

Insured value;

Insured amount;

Premium and the method of payment;

The method of payment of insurance indemnity or insurance money;

10.

Liabilities for breach of contract and the handling of disputes;

11.

The year, month and date in which the contract is signed.

Article 20

The insurant and the insurer may reach agreement on related matters other than those stated in the preceding paragraph.

Article 21

The insurant and the insurer, after consultation, may alter the contents of the insurance contract within the valid period of the
insurance contract.

In altering the contents of an insurance contract, the insurer shall take notes on the original insurance policies or other insurance
documents or attach a rider or a written agreement on the alteration signed by the insurant and the insurer.

Article 22

The insurant, the insured or beneficiaries shall notify the insurer of the occurrence of the insured risks in time after they have
learned about them.

The insured refers to a person who is protected by the property or life insurance contract and who enjoys the right to insurance claims.
An insurant may be an insured.

A beneficiary refers to a person who has been designated by the insured or the insurant to enjoy the right to insurance claims. The
insurant or the insured may be the beneficiary.

Article 23

In claiming for indemnity or payment according to an insurance contract after an insured risk occurs, the insurant, the insured or
the beneficiaries are obliged to provide evidence or materials to prove the nature and causes of the contingency and losses caused
by it.

If the insurer deems the evidence or materials provided incomplete according to the agreement in the insurance contract, the insurer
shall notify the insurant, the insured or the beneficiaries and demand for additional evidence or materials.

Article 24

After receiving the claim by the insured or beneficiaries for compensation or payment of insurance money, the insurer shall make a
timely verification and notify the insured or beneficiary of the verification results; perform the obligations of compensation or
payment within ten days after reaching an agreement on the compensation or payment with the insured or beneficiaries if the case
is of insured liability. The insurer shall make compensation or payment according to the insured amount and according to the time
limit for compensation or payment as agreed in the insurance contract.

If an insurer has failed to perform the obligations provided for in the preceding paragraph, the insurer shall compensate for the
losses arising therefrom in addition to the payment of insurance money.

No entity or individual is allowed to illegally interfere in the performance by the insurer of the liabilities to compensation or
payment; nor shall it limit the right of the insured or beneficiaries from obtaining the insurance money.

The insured amount refers to the maximum amount for compensation or insurance money payment to be paid by the insurer.

Article 25

If the insurer does not deem a contingency as insured liability after receiving the claims for compensation or insurance money from
the insured or beneficiaries, the insurer shall issue a notice to insured or beneficiaries of the refusal of the claim.

Article 26

The insurer shall pay in advance according to the minimum amount determined by the evidence or materials if the amount for compensation
or payment cannot be determined within 60 days starting from the date of receiving the insurance claims and related evidence and
materials. The differences shall be made up for after the insurer finally determines the amount of compensation or payment.

Article 27

The right to claims for compensation or insurance payment by the insured or beneficiaries covered by insurance other than life insurance
shall cease to exist if it is not exercised within two years starting from the date when the insured risk is known.

The right to claims for compensation or insurance payment by the insured or beneficiaries covered by life insurance shall cease to
exist if it is not exercised within five years starting from the date of the occurrence of the insured risks.

Article 28

If the insured or beneficiaries falsify the occurrence of insured risks which have not occurred and claim for compensation or insurance
payment, the insurer has the right to terminate the insurance contract, with the insurance premiums not to be returned.

If the insurant, the insured or beneficiaries deliberately fabricate the occurrence of the insured risks, the insurer has the right
to terminate the insurance contract and shall refuse to perform the obligations of compensation or insurance payment, except otherwise
provided for in the first paragraph of Article 64 of this law, with the insurance premiums not to be returned.

If, after an insured contingency occurs, the insurant, the insured or beneficiaries are found to have forged or fabricated related
certificates, materials or other evidence to prove the causes of the insured risks or for exaggerating the losses, the insurer shall
not compensate or pay for the part falsified.

If the insurant, the insured or beneficiaries are found to have committed one of the acts listed in the preceding three paragraphs
that have caused the insurer to pay the insurance money or other expenses, the payment shall be returned or compensated for.

Article 29

If an insurer transfers part of a liability assumed to another insurer, it is re-insurance.

At the request of the re-insurance underwriter, the re-insurer shall make representations of its own liabilities or the related information
of the original insurance to the re-insurance underwriter.

Article 30

The re-insurance underwriter shall not claim for the payment of premium from the insurant of the original insurance contract.

The insured or beneficiaries of the original insurance contract shall not claim for compensation or insurance money from the re-insurance
underwriters.

The re-insurer shall not refuse to perform or delay the performance of the originally insured liability on the pretext of non-performance
of the re-insurance liability by the re-insurance underwriter.

Article 31

If the clauses of an insurance contract are in dispute among the insurer and the insurant, the insured or beneficiaries, the people’s
court or arbitration organizations shall make interpretations favorable to the insured and beneficiaries.

Article 32

The insurer or re-insurance underwriter shall be obliged to keep confidential the information about the operations and property as
well as the privacy of the insurant, the insured, the beneficiary or the re-insurer it has got to know in handling the insurance
business.

Section 2 Property Insurance Contract

Article 33

A property insurance contract is an insurance contract with the property or related interests as the object of insurance.

The property insurance contract that appears in this section is called “contract” for short, except otherwise specified.

Article 34

The insurer shall be notified of the transfer of the objects of insurance and the insurance contract shall be altered with the consent
of the insurer to continue to underwrite the policy. But the transport insurance contracts and contracts with otherwise agreements
are exceptions.

Article 35

When the insured liability starts for the transport insurance contract and the voyage insurance for means of transport, the parties
to the contract may not terminate the contract.

Article 36

The insured shall observe the relevant regulations on fire, safety, production operations and labor protection and protect the objects
insured.

According to the contract, the insurer may carry out safety checks of the objects insured and timely put forward written proposals
to the insurant or the insured to eliminate unsafe factors or hidden dangers.

If the insurant or the insured has failed to perform its due obligations concerning the safety of the objects insured, the insurer
has the right to demand additional insurance premiums or terminate the contract.

The insurer may, with the consent of the insured, adopt precautionary measures in order to safeguard the objects insured.

Article 37

If within the validity period of the contract, the risks of the objects of insurance have increased, the insured shall notify the
insurer in good time according to the contract and the insurer has the right to claim for additional insurance premiums or terminate
the contract.

If the insured fails to perform the obligation of notifying the insurer of the increased risks, the insurer shall not undertake to
compensation for the occurrence of the insured contingencies that occur due to the increase in the risks of the objects insured.

Article 38

The insurer shall reduce insurance premiums and return the corresponding premiums on the daily basis if any of the following cases
occurs, except otherwise provided for:

The circumstances on which the premium rating is based have changed and the risks concerning the objects insured have markedly been
reduced.

The insured value of the objects of insurance has markedly been reduced.

Article 39

If, before the insured liability starts, the insurant demands termination of the contract, the insurant shall pay commissions to the
insurer and the insurer shall return the premiums paid. If, after the insured liability starts, the insurant demands the termination
of the contract, the insurer may collect the insurance premiums due for the period from the date when the insured liability starts
to the date of the termination of the contract, with the remaining returned to the insurant.

Article 40

The insured value of the objects insured shall be agreed upon between the insurant and the insurer and specified in the contract or
determined according to the actual value of the objects of insurance at the time when the insured risks occur.

The insured amount shall not exceed the insured value. If it exceeds the insured value, the part in excess shall be invalid.

If the insured amount is less than the insured value, except otherwise provided for, the insurer shall undertake to compensation according
to the proportion between the insured amount and the insured value.

Article 41

The insurant of double insurance shall notify all the insurers of the double insurance.

If the insured amount of double insurance exceeds the insured value, the total amount of compensation made by all insurers shall not
exceed the insured value. Except otherwise provided for in the contract, each insurer shall undertake to compensation according to
the proportion of its insured amount in the total insured amount.

Double insurance refers to insurance contracts signed by an insurant with more than two insurers for the same objects of insurance,
the same insurable interest and the same insured risks.

Article 42

When an insured risk occurs, the insured shall be obliged to adopt all necessary measures to prevent or mitigate losses.

After an insured risk occurs, all the necessary and reasonable cost paid by the insured to prevent or mitigate the losses of the objects
insured shall be covered by the insurer. The amount undertaken by the insurer shall be calculated separately from the compensation
for the losses of the objects insured, with the maximum amount not exceeding the insured amount.

Article 43

If part of the objects insured sustains losses, the insurant may terminate the contract within 30 days after the insurer pays the
indemnities. Except otherwise provided for, the insurer may also terminate the contract. In the case in which the insurer terminates
the contract, the insurer shall notify the insured 15 days in advance and return the premiums on the part not sustaining losses to
the insured after deducting the part receivable from the date when the insured liability starts to the date when the contract is
terminated.

Article 44

If, after an insured risk occurs, the insurer has paid up all the insured amount and the insured amount is equal to the insured value,
all the rights of the objects insured sustaining losses shall be in the possession of the insurer. If the insured amount is less
than the insured value, the insurer shall retain part of the rights according to the proportion between the insured amount and the
insured value.

Article 45

If an insured risk occurs due to the damage of the objects insured by a third party, the insurer shall, starting from the date of
paying the indemnities, subrogate the insured to exercise the right to indemnities from the liable third party.

If, after the insured risk occurs as provided for in the preceding paragraph, the insured has already obtained indemnities from the
third party, the insurers may pay the indemnities in the amount after the indemnities paid by the third party to the insured are
deducted.

The subrogation of the insurer to exercise the right to claim for indemnities according to the provisions of the first paragraph of
this article shall not affect the right of the insured to claim for indemnity from the third party on the part not compensated for.

Article 46

If, after an insured risk occurs, the insured has forfeited the right to claim for indemnities from the third party before the insurer
pays the insurance money, the insurer shall not undertake to indemnities.

If, after the insurer has paid indemnities to the insured, the insured forfeits the right to indemnities from the third party, without
the insurer’s consent, the act is invalid.

If, due to the fault of the insured, the insurer cannot subrogate the insured to exercise the right to claim for indemnities, the
insurer shall reduce the payment of insurance money correspondingly.

Article 47

Except the family members or other members of the insured deliberately cause the insured risk to occur as provided for in the first
paragraph of Article 44 of this law, the insurer shall not subrogate the family members or other members of the insured to exercise
the right to indemnity claims.

Article 48

When the insurer exercises the right of subrogation to indemnity claims, the insured shall provide the insurer with necessary documents
and the related information in its knowledge.

Article 49

The necessary and reasonable expenses paid by the insurer and the insured for investigating and establishing the nature and the causes
of the insured risks and the losses of the objects of insurance shall be covered by the insurer.

Article 50

The insurer shall, according to the provisions of law or the agreement in the contract, directly pay insurance money to the third
party if damages are caused by the insured covered by the liability insurance.

Liability insurance refers to insurance that makes the liability to indemnities of the insured to the third party as the object.

Article 51

If the insured risk that has caused harm to the third party due to the insured is brought for arbitration or before the court, the
necessary and reasonable expenses as arbitration fees or the litigation expenses paid by the insured shall be covered by the insurer.

Section 3 Life Insurance Contract

Article 52

A life insurance contract is an insurance contract that takes the life and body of persons as the objects of insurance.

The life insurance contract is called “contract” for short except otherwise specified.

Article 53

An insurant shall have the insurable interest for the following people:

The insurant himself;

Spouse, children and parents;

Other members of the family or blood relatives other than those specified in the preceding paragraph for whom the insurant has or
shares the obligations of support.

Except the provisions of the preceding paragraph, if the insured agrees to let the insurant to sign the contract for him, the case
shall be regarded as the insurant having insurable interest in the insured.

Article 54

If the age of the insured stated by the insurant is not true and the true age does not conform to the age limit agreed in the contract,
the insurer may void the contract and return the insurance premium after deducting the commissions, except when the time has exceeded
two years starting from the date of the conclusion of the contract.

If the insurance premium paid by the insurant is less than what is payable due to the misstatement of age on the part of the insurant,
the insurer has the right to correct and demand retroactive payment of premiums from the insured or pay the insurance money according
to the proportion of the premiums actually paid and the premiums payable.

If the insurance premium paid by the insurant is more than what is payable due to the misstatement of age on the part of the insurant,
the insurer shall return the premiums in excess of the due amount.

Article 55

The insurant is not allowed to take out the whole life policies for people incapable of civil acts; neither shall the insurer underwrite
such policies.

But the cases in which parents take out life insurance policies for their children not coming of age are not limited by the preceding
provisions. But the lump sum settlement upon the death of the insured shall not exceed the limit set by the insurance supervision
and administration department.

Article 56

A contract that makes death as the conditions for payment of proceeds shall be invalid without the written approval of the insured
for the contract and the insured amount.

The insurance policies issued according to the contract that makes death as the conditions for payment of proceeds shall not be transferred
or used as mortgage without the written approval of the insured.

But the life insurance taken by parents for their children not coming of age is not limited by the provisions in the first paragraph
of this article.

Article 57

After a contract comes into effect, the insurant may pay the insurance premium by a lump sum or by installments as agreed upon in
the contract.

If a contract provides for the payment of premium in installments, the insurant shall pay the first payment of premiums at the time
when the contract is signed and pay the rest according to the time limit set in the contract.

Article 58

After the insurant pays the first payment of premiums according to contract that provides for premium payment in installments, but
the insurant fails to pay the premium of the period within 60 days of the prescribed period, the contract shall become void or the
insurer shall reduce the insured amount according to the conditions provided for in the contract.

Article 59

In the case of the void of the contract as provided for in the preceding article, the effect of the contract may be restored after
the insurer and the insured reach agreement through consultation and the insurant pays the premium retroactively. However, in the
case when the two sides fail to reach agreement within two years after the termination of the contract, the insurer has the right
to terminate the contract.

If the contract is terminated as provided for in the preceding paragraph, the insurer shall return the cash value of the insurance
policies as agreed upon in the contract if the insurant has paid up insurance premium for more than two full years. If the insurant
has not paid up the premium for two years, the insurer shall return the premium paid after deducting the commissions.

Article 60

The insurer shall not demand payment of premiums for life insurance by taking legal actions.

Article 61

The beneficiaries of life insurance shall be designated by the insured or the insurant.

In appointing beneficiaries, the insurant shall get the approval of the insured.

If the insured is a person incapable of civil acts or whose capability of civil acts is restricted, the guardian shall appoint the
beneficiaries.

Article 62

The insured or the insurant may appoint one or several persons as beneficiaries.

In the case of several beneficiaries, the insured or the insurant may determine the order and shares of the benefit among them. If
the share of benefit is not determined, the beneficiaries shall share the benefit equally.

Article 63

The insured or the insurant may change the beneficiaries and notify the insurer in writing.

The insurer shall take notes on the insurance policies after receiving the written notice on the change of the beneficiaries. In changing
the beneficiaries, the insurant shall get the consent of the insured.

Article 64

After the death of the insured, the insurance money shall be treated as the legacy of the insured and the insurant shall perform the
obligation of paying the insurance money to the inheritors of the insured if any of the following cases occurs:

Beneficiaries are not appointed;

The beneficiaries die before the insured and there are no other appointed beneficiaries;

The beneficiaries lose the right to the insurance benefit according to law or forfeit the right to benefit and there are no other
beneficiaries.

Article 65

If the insurant or the beneficiaries deliberately cause the death, injury or sickness of the insured, the insurer shall not undertake
to pay the insurance money.

If the insurant has paid up insurance premiums for more than two full years, the insurer shall, according to the provisions of the
contract, return the cash value of the policies to the other beneficiaries enjoying the right to benefit. If a beneficiary deliberately
causes the death or injury of the insured or deliberately and unsuccessfully murders the insured, the beneficiary shall lose the
right to the benefit.

Article 66

If the insured to the contract that takes the death of the insured as the condition of payment commits suicide, the insurer shall
not undertake to pay the insurance, except the cases provided for in the second paragraph of this article, but the insurer shall
return the insurance premiums paid by the insurant according to the cash value of the policy.

If the insured commits suicide two years after the contract that takes death as the condition of payment is signed, the insurer shall
pay the insurance according to contract.

Article 67

If the insured deliberately commits crimes that lead to its own injury or death, the insurer shall not undertake to insurance payment.
If the insurance premium has been paid for more than two full years, the insurer may return the cash value according to the policy.

Article 68

If a person covered by life insurance dies, is injured or sick due to the acts of any third party, the insurer shall not be enpost_titled
to recover from the third party after paying insurance to the insured or beneficiaries. But the insured or the beneficiaries shall
have the right to claim compensation against the third party.

Article 69

If a contract is terminated by the insurant, who has paid up premiums for more than two full years, the insurer shall return the cash
value of the policies within 30 days starting from the date of receiving the notice of contract termination. If the premium has been
paid for less than two full years, the insurer shall return the premium after deducting the commissions according to the provisions
of the contract.

Chapter III Insurance Company

Article 70

Insurance companies shall adopt the following organizational forms:

Joint stock company;

Wholly state-owned company.

Article 71

The opening of an insurance company shall get the approval of the insurance supervision and administration department.

Article 72

The opening of an insurance company shall meet the following requirements:

It shall have articles of association as provided for by this law and the company law;

It shall have the minimum registered capital provided for in this law;

OFFICIAL REPLY OF THE STATE ADMINISTRATION OF TAXATION ON TAX TREATMENT TOWARDS INCOME FROM RELOCATION COMPENSATION RECEIVED BY ENTERPRISES WITH FOREIGN INVESTMENT AND FOREIGN ENTERPRISES

The State Administration of Taxation

Official Reply of the State Administration of Taxation on Tax Treatment towards Income from Relocation Compensation Received by Enterprises
with Foreign Investment and Foreign Enterprises

The State Administration of Taxation

January 29, 2003

Guangdong State Tax Bureau:

Your Request for Exemption of Enterprise Income Tax on the Income of Relocation Compensation Received by ShanWeiJianSheng Abalone
Company Ltd (YueGuoShuiFa [2002] No.321) has been duly received. The Official Reply is hereby made, after discussion, on tax treatment
towards the income from relocation compensation received by an enterprise with foreign investment or a foreign enterprise (hereinafter
referred to as the “Enterprise”) for relocation due to various reasons:

For the Enterprise receiving income from relocation compensation, where after relocation, which will re-purchases or builds fixed
assets same or similar to those before relocation (hereinafter referred to as the “replacement fixed assets”), the surplus reached
after deducting depreciated net value of the various dismantled fixed assets and disposal expenses thereof from the amount of above
income of relocation compensation plus proceeds realized in sales of the various dismantled fixed assets shall be used to set-off
the original price of the replacement fixed assets of the Enterprise.

II.

For the Enterprise receiving income of relocation compensation, where after relocation, which will no longer re-purchases or builds
fixed assets same or similar to those before relocation, then the surplus reached after deducting depreciated net value of the various
dismantled fixed assets and disposal expenses thereof from the amount of above income of relocation compensation plus proceeds realized
in sales of the various dismantled fixed assets shall be listed in the taxable income of the Enterprise in current period, upon which
Enterprise income tax shall be paid after calculation, according to Article 44 of the Rules of Implementation of the Income Tax
Law of the Enterprises with Foreign Investment and Foreign Enterprises of the People’s Republic of China.

The State Administration of Taxation
2003-01-29

ADJUSTMENT OF RUSH FAMILY AND ITS PRODUCTS UNDER THE CATALOGUE OF COMMODITIES UNDER EXPORT LICENSING ADMINISTRATION OF 2003

The Ministry of Commerce, the State Administration of Customs

Adjustment of Rush Family and Its Products Under the Catalogue of Commodities under Export Licensing Administration of 2003

[2003] No. 23

June 5, 2003

Here is to adjust the rush family and its products under the Catalogue of Commodities under Export Licensing Administration of 2003
promulgated by the former MOFTEC and the State Administration of Customs by No. 59 Public Announcement of 2002, and the adjusted
catalogue shall be implemented as of July 1, 2003.

Enterprises may handle with the formalities for replacement of the certificate by presenting the valid licenses issued. Attachment:Form of Adjustment of Rush Family and Its Products Under the Catalogue of Commodities under Export Licensing Administration of 2003htm/e03152.htmBefore adjustment

Before adjustment			After adjustment
Name of general commodity category	Commodity code	Commodity name	Name of general commodity category	Commodity code	Commodity name
Rush family and its products	14019030	Rush family cleaned, bleached or dyed	Fragrant thoroughwort and its products	14019030.10	Fragrant thoroughwort cleaned, bleached or dyed
	46012021.10	Other mats made of rush family materials		46012021.11	Jacquard mat, double-sided mats and pads made of fragrant thoroughwort (with unit area above one square meter whether edged or not)
	46012021.20	Jacquard mats, double-sided mats and pads made of rush family materials		46012021.12	Other mats of fragrant thoroughwort (with unit area above one square meter whether edged or not)
	94042100.10	Faced pads of rush family materials (with unit area above one square meter		94042100.10	Faced mats of fragrant thoroughwort (with unit area above one square meter whether edged or not)

AGREEMENT ON ENCOURAGEMENT AND RECIPROCAL PROTECTION OF INVESTMENTS BETWEEN THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF THE KINGDOM OF THE NETHERLANDS

AGREEMENT ON ENCOURAGEMENT AND RECIPROCAL PROTECTION OF INVESTMENTS BETWEEN THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA AND THE
GOVERNMENT OF THE KINGDOM OF THE NETHERLANDS

The Government of the People’s Republic of China and the Government of the Kingdom of the Netherlands (hereinafter referred to as
the “Contracting Parties”),

Desiring to strengthen their traditional ties of friendship and to extend and intensify the economic relations between them, particularly
with respect to investments by the investors of one Contracting Party in the territory of the other Contracting Party,

Recognising that agreement upon the treatment to be accorded to such investments will stimulate the flow of capital and technology
and the economic development of the Contracting Parties and that fair and equitable treatment of investment is desirable,

Have agreed as follows:

Article 1

DEFINITIONS

For the purpose of this Agreement,

The term “investment” means every kind of asset invested by investors of one Contracting Party in the territory of the other Contracting
Party, and in particular, though not exclusively, includes:

(a)

movable and immovable property and other property rights such as mortgages and pledges;

(b)

shares, debentures, stock and any other kind of participation in companies;

(c)

claims to money or to any other performance having an economic value associated with an investment;

(d)

intellectual property rights, in particular copyrights, patents, trade-marks, trade-names, technological process, know-how and goodwill;

(e)

business concessions conferred by law or under contract permitted by law, including concessions to search for, cultivate, extract
or exploit natural resources.

Any change in the form in which assets are invested does not affect their character as investments.

The term “investor” means,

(a)

natural persons who have the nationality of either Contracting Party in accordance with the laws of that Contracting Party;

(b)

economic entities, including companies, corporations, associations, partnerships and other organizations, incorporated and constituted
under the laws and regulations of either Contracting Party and have their seats in that Contracting Party, irrespective of whether
or not for profit and whether their liabilities are limited or not.

The term “returns” means the amounts yielded from investments, including profits, dividends, interests, capital gains, royalties and
other legitimate income.

For the purposes of this Agreement, the term “territory” means respectively:

– for the People’s Republic of China, the territory of the People’s Republic of China (including the territorial sea and air space
above it)as well as any area beyond its territorial sea within which the People’s Republic of China has sovereign rights of exploration
for and exploitation of resources of the seabed and its sub-soil and superjacent water resources in accordance with Chinese law and
international law;

– for the Kingdom of the Netherlands, the territory of the Kingdom of the Netherlands and any area adjacent to the territorial sea
which, under the laws applicable in the Kingdom of the Netherlands, and in accordance with international law, is the exclusive economic
zone or continental shelf of the Kingdom of the Netherlands, in which the Kingdom of the Netherlands exercises jurisdiction or sovereign
rights.

Article 2

PROMOTION AND ADMISSION OF INVESTMENTS

Each Contracting Party shall encourage investors of the other Contracting Party to make investments in its territory and admit such
investments in accordance with its laws and regulations.

Article 3

TREATMENT OF INVESTMENT

Investments of investors of each Contracting Party shall all the time be accorded fair and equitable treatment in the territory of
the other Contracting Party. Investments of the investors of either Contracting Party shall enjoy the constant protection and security
in the territory of the other Contracting Party.

Neither Contracting Party shall take any unreasonable or discriminatory measures against the management, maintenance, use, enjoyment
and disposal of the investments by the investors of the other Contracting Party.

Each Contracting Party shall accord to investments and activities associated with such investments by the investors of the other Contracting
Party treatment no less favourable than that accorded to investments and activities by its own investors or investors of any third
State.

Each Contracting Party shall observe any commitments it may have entered into with the investors of the other Contracting Party with
regard to their investments.

If the provisions of law of either Contracting Party or obligations under international law existing at present or established hereafter
between the Contracting Parties in addition to the present Agreement contain a regulation, whether general or specific, entitling
investments by investors of the other Contracting Party to a treatment more favourable than is provided for the present Agreement,
such regulation shall, to the extent that it is more favourable, prevail over the present Agreement.

The provisions of paragraphs 1 to 5 of this Article shall not be construed so as to oblige one Contracting Party to extend to the
investors of the other Contracting Party the benefit of any treatment, preference or privilege by virtue of:

(a)

agreements establishing customs unions, economic unions, monetary unions or similar institutions, or on the basis of interim agreements
leading to such unions or institutions:

(b)

any international agreement or international arrangement relating wholly or mainly to taxation;

(c)

any international agreement or arrangement for facilitating small scale investments in border areas.

Article 4

ENTRY AND SOJOURN OF PERSONNEL

Each Contracting Party shall, with in the framework of its legislation, give sympathetic consideration to application for visas and
working permits to investors of the other Contracting Party engaging in activities associated with investments made in the territory
of that Contracting Party.

Article 5

EXPROPRIATION

Neither Contracting Party shall expropriate, nationalise or take other similar measures (hereinafter referred to as “expropriation”)
against the investments of the investors of the other Contracting Party in its territory, unless the following conditions are met:

a)the expropriation is done in the public interest and under domestic legal procedures;

b)the expropriation is not discriminatory or contrary to any undertaking which the Contracting Party, which takes such measures, may
have given;

c)the expropriation is done against compensation.

The compensation referred to in paragraph 1 c) shall be equivalent to the fair market value of the expropriated investment immediately
before the expropriation measures were taken. The fair market value shall not reflect any change in value because the expropriation
had become publicly known earlier. It shall include interest at the prevailing commercial rate from the date the expropriation was
done until the date of payment and shall, in order to be effective for the affected investors, be paid and made transferable, without
delay to the country designated by the investor concerned and in the currency of the country of the affected investor, or in any
freely convertible currency accepted by the affected investor.

Article 6

COMPENSATION FOR DAMAGES AND LOSSES

Investors of one Contracting Party whose investments in the territory of the other Contracting Party suffer losses owing to war, a
state of national emergency, insurrection, riot or other similar events in the territory of the latter Contracting Party, shall be
accorded by the latter Contracting Party treatment, as regards restitution, indemnification, compensation and other settlements no
less favourable than that accorded to the investors of its own or any third State, whichever is more favourable to the investor concerned.

Article 7

REPATRIATION OF INVESTMENTS AND RETURNS

Each Contracting Party shall, guarantee to the investors of the other Contracting Party the transfer of their investments and returns
held in its territory, including though not exclusively:

(a)

profits, dividends, interests and other legitimate income;

(b)

proceeds obtained from the total or partial sale or liquidation of investments;

(c)

payments pursuant to a loan agreement in connection with investments;

(d)

royalties in relation to the matters in paragraph 1 (d) of Article1;

(e)

payments of technical assistance or technical service fee, management fee;

(f)

payments in connection with contracting projects;

(g)

earnings of investors of the other Contracting Party who work in connection with an investment in its territory.

Nothing in paragraph 1 of this Article shall affect the free transfer of compensation paid under Article 5 and 6 of this Agreement.

The transfer mentioned above shall be made in a freely convertible currency and at the prevailing market rate of exchange applicable
within the Contracting Party accepting the investments on the date of transfer.

Article 8

SUBROGATION

If one Contracting Party or its designated agency makes a payment to its investor under an indemnity given in respect of an investment
made in the territory of the other Contracting Party, the latter Contracting Party shall recognize the assignment of all the rights
and claims of the indemnified investor to the former Contracting Party or its designated agency, by law or by legal transactions,
and the right of the former Contracting Party or its designated agency to exercise by virtue of subrogation any such right to the
same extent as the investor.

Article 9

SETTLEMENT OF DISPUTES BETWEEN CONTRACTING PARTIES

Any dispute between the Contracting Parties concerning the interpretation or application of this Agreement shall, as far as possible,
be settled with consultation through diplomatic channel.

If a dispute cannot thus be settled within six months, it shall, upon the request of either Contracting Party, be submitted to an
ad hoc arbitral tribunal.

Such tribunal comprises of three arbitrators. Within two months of the receipt of the written notice requesting arbitration, each
Contracting Party shall appoint one arbitrator. Those two arbitrators shall, within a further two months, together select a national
of a third State having diplomatic relations with both Contracting Parties as Chairman of the arbitral tribunal.

If the arbitral tribunal has not been constituted within four months from the receipt of the written notice requesting arbitration,
either Contracting party may, in the absence of any other agreement, invite the President of the International Court of Justice to
make any necessary appointments. If the President is a national of either Contracting Party or is otherwise prevented from discharging
the said functions, the Member of the International Court of Justice next in seniority who is not a national of either Contracting
Party, or is not prevented from discharging the said functions, shall be invited to make such necessary appointments.

The arbitral tribunal shall determine its own procedure. The arbitral tribunal shall reach its award in accordance with the provisions
of this Agreement and the applicable principles of international law.

The arbitral tribunal shall reach its award by a majority of votes. Such award shall be final and binding upon both Contracting Parties.
The arbitral tribunal shall, upon the request of either Contracting Party, explain the reasons of its award.

Each Contracting Party shall bear the costs of its appointed arbitrator and of its representation in arbitral proceedings. The relevant
costs of the Chairman and tribunal shall be borne in equal parts by the Contracting Parties.

Article 10

SETTLEMENT OF DISPUTES BETWEEN AN INVESTOR AND A CONTRACTING PARTY

Disputes which might arise between one of the Contracting Parties and an investor of the other Contracting Party concerning an investment
of that investor in the territory of the former Contracting Party shall, whenever possible, be settled amicably between the Parties
concerned.

An investor may decide to submit a dispute to a competent domestic court. In case a legal dispute concerning an investment in the
territory of the People’s Republic of China has been submitted to a competent domestic court, this dispute may be submitted to international
dispute settlement, on the condition that the investor concerned has withdrawn its case from the domestic court. If a dispute concerns
an investment in the territory of the Kingdom of the Netherlands an investor may choose to submit a dispute to international dispute
settlement at any time.

If the dispute has not been settled amicably within a period of six months, from the date either party to the dispute requested amicable
settlement, each Contracting Party gives its unconditional consent to submit the dispute at the request of the investor concerned
to:

(a)

the International Center for Settlement of Investment Disputes, for settlement by arbitration or conciliation under the Convention
on the Settlement of Investment Disputes between States and Nationals of Other States, opened for signature at Washington on 18 March
1963;or

(b)

an ad hoc arbitral tribunal, unless otherwise agreed upon by the parties to the dispute, to be established under the Arbitration Rules
of the United Nations Commission on International Trade Law (UNCITRAL)

The ad hoc tribunal shall decide a dispute in accordance with such rules of law as may be agreed by the parties. In absence of such
agreement the tribunal shall apply the law of the Contracting Party to the dispute (including its rules on the conflict of laws),
the provisions of this Agreement and such rules of international law as may be applicable.

The arbitral awards shall be final and binding on both parties to the dispute.

Article 11

CONSULTATIONS

Either Contracting Party may propose to the other Party that consultations be held on any matter concerning interpretation, application
and implementation of the Agreement. The other Party shall accord sympathetic consideration to the proposal and shall afford adequate
opportunity for such consultations.

Article 12

APPLICATION

This present Agreement shall also apply to investments which have been made prior to its entry into force by investors of the one
Contracting Party in the territory of the other Contracting Party in accordance with the laws and regulations of the Contracting
Party concerned, which were in force at the time the investment was made. The provisions of the present Agreement shall apply irrespective
of the existence of diplomatic or consular relations between the Contracting Parties.

Article 13

TRANSITION

This Agreement substitutes and replaces the Agreement on reciprocal encouragement and protection of investments between the Government
of the People’s Republic of China and the Government of the Kingdom of the Netherlands, signed June 17th, 1985 in Hague.

The present Agreement shall apply to all investments made by investors of either Contracting Party in the territory of the other Contracting
Party, whether made before or after the entry into force of this Agreement, but shall not apply to any dispute or any claim concerning
an investment which was already under judicial or arbitral process before its entry into force. Such disputes and claims shall continue
to be settled according to the provisions of the Agreement of 1985 mentioned in paragraph 1 of this Article.

Article 14

APPLICATION AND TERMINATION OF THE AGREEMENT CONCERNING THE KINGDOM OF THE NETHERLANDS

As regards the Kingdom of the Netherlands, the present Agreement shall apply to the part of the Kingdom of the Netherlands in Europe
and shall also apply to the Netherlands Antilles and to Aruba, unless the notification provided for in Article 15 , paragraph (1)
states otherwise.

Subject to the provisions of Article 15 , the Kingdom of the Netherlands shall be enpost_titled to terminate the application of the present
Agreement separately in respect of the Kingdom of the Netherlands in Europe, of the Netherlands Antilles and of Aruba.

Article 15

ENTRY INTO FORCE, DURATION AND TERMINATION

This Agreement shall enter into force on the first day of the following month after the date on which both Contracting Parties have
notified each other in writing that their respective internal legal procedures necessary therefore have been fulfilled and remain
in force for a period of fifteen years.

Unless notice of termination has been given by either Contracting Party at least six months before the date of the expiry of its validity,
the present Agreement shall be extended tacitly for periods of five years.

With respect to investments made prior to the date of termination of this Agreement, the preceding provisions of Article 1 to 14
shall continue to be effective for a further period of fifteen years from such date of termination.

In Witness Whereof the undersigned, duly authorized thereto by their respective Governments, have signed this Agreement.

Done in two originals at BEIJING on 26 NOVEMBER 2001,in Chinese, Netherlands and English languages, all texts being equally authoritative.
In case of difference of interpretation the English text will prevail.

FOR THE_FOR THE

GOVERNMENT OF GOVERNMENT OF

THE PEOPLE’S REPUBLIC OF THE KINGDOM OF

CHINATHE NETHERLANDS

Protocol to the Agreement on encouragement and reciprocal protection of investments between the People’s Republic of China and the
Kingdom of the Netherlands

On the signing of the Agreement on encouragement and reciprocal protection of investments between the People’s Republic of China and
the Kingdom of the Netherlands, the undersigned representatives have agreed on the following provisions which constitute an integral
part of the Agreement:

Ad Article 1

The term “investments” mentioned in Article 1 (1) includes investments of legal persons of third State which are owned or controlled
by investors of one Contracting Party in accordance with the laws and regulations of the latter. The relevant provisions of this
Agreement shall apply to such investments only when such third State has no right or abandons the right to claim compensation after
the investments have been expropriated by the other Contracting Party.

The Agreement shall also apply to reinvestments made by investors of one Contracting Party in the territory of the other Contracting
Party and in accordance with the laws and regulations of that Party.

Ad Article 3 , paragraphs 2 and 3

In respect of the People’s Republic of China, paragraphs 2 and 3 of Article 3 do not apply to:

(a)

any existing non-conforming measures maintained within its territory;

(b)

the continuation of any non-conforming measure referred to in subparagraph a);

(c)

an amendment to any non-conforming measure referred to in subparagraph a) to the extent that the amendment does not increase the non-conformity
of the measure, as it existed immediately before the amendment, with those obligations.

It will be endeavored to progressively remove the non-conforming measures.

Ad Article 7

With regard to the People’s Republic of China, the transfer referred to in Article 7 of this Agreement shall comply with relevant
formalities stipulated by the present Chinese laws and regulations relating to exchange control.

In this respect the People’s Republic of China shall accord to the investors of the Kingdom of the Netherlands treatment not less
favourable than that accorded to the investors of any third State.

These formalities shall not be used as a means of avoiding the Contracting Party’s commitments or obligations under this Agreement.

The provisions of Article 7 of this Agreement shall not affect the rights and obligations with respect to exchange restrictions that
either Contracting Party has or may have as a member to the International Monetary Fund.

Ad Article 10

The Kingdom of the Netherlands takes note of the statement that the People’s Republic of China requires that the investor concerned
exhausts the domestic administrative review procedure specified by the laws and regulations of the People’s Republic of China, before
submission of the dispute to international arbitration under Article 10 , paragraph 3. The People’s Republic of China declares that
such a procedure will take a maximum period of three months.

FOR THEFOR THE

GOVERNMENT OFGOVERNMENT OF

THE PEOPLE’S REPUBLIC OF THE KINGDOM OF

CHINATHE NETHERLANDS

The Government of the People’s Republic of China
2001-11-26

CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE (SAFE) ON THE ADJUSTMENT OF RELEVANT POLICIES ON FOREIGN CURRENCY AND CLARIFICATION OF RELATED OPERATIONAL ISSUES

The State Administration of Foreign Exchange

Circular of the State Administration of Foreign Exchange (SAFE) on the Adjustment of Relevant Policies on Foreign Currency and Clarification
of Related Operational Issues

HuiFa [2002] No.20

February 10, 2002

SAFE branches in all provinces, autonomous regions, and municipalities directly under the central government, exchange administration
offices, SAFE branches in the cities of Shenzhen, Dalian, Qingdao, Xiamen and Ningbo, and all designated Chinese-funded foreign exchange
banks:

After the issuance of the Circular of the PBC on Issues Related to the Administration of Foreign Currency (YinFa [2001] No.376) and
the Supplementary Circular of the PBC on Issues Related to the Administration of Foreign Currency (YinFa [2001] No.384), some SAFE
branches and sub-branches (hereinafter referred to as SAFE offices) and banks have inquired of the SAFE some operational questions
therein mentioned. To help SAFE offices and banks better implement the policies, a circular on related issues is given hereunder:

Adjustment of the spread of currency in HK dollar

As of March 1,2002, the spread between the bid rate of currency in HK dollar and the bid/ask average rate of exchange in HK dollar
shall not exceed 1 percent. The ask rate of currency in HK dollar shall be equal to the ask rate of exchange in HK dollar. The spread
of exchange in HK dollar remains as originally stipulated. Current policies on the spread of currency and exchange rate in other
currencies remain unchanged.

Attribution and administration of individual foreign exchange sale

Individual sale of foreign currency is currency exchange in nature. In accordance with China’s current system, it belongs to the business
category of foreign exchange purchases and sales and shall be supervised as such by SAFE offices. The administration of market access
by business outlets under banks’ sub-branches for the business of foreign exchange purchases from individuals shall follow the Supplementary
Circular of the PBC on Issues Related to the Administration of Foreign Currency (YinFa [2001] No.384).

Domestic fund transfers between domestic foreign currency account of a resident individual and that of his/her lineal kin.

Lineal kinship mentioned in foreign exchange regulations refers to the spouse or parent/child relationship between the transferor
and transferee. When making individual foreign currency transfer domestically, the transferor shall present the following documents
to the bank: (1) Household register in case the transferor and the transferee belong to the same household. (2) Notarial document
issued by a notary office verifying that the transferee is a lineal kin of the transferor in case they do not belong to the same
household.

When a domestic fund transfer is made between the foreign exchange account of a resident individual and that of his/her lineal kin,
the bank shall guarantee that the transfer is made between accounts of the same nature, i.e., from resident account to resident account,
from currency account to currency account, from foreign exchange account to foreign exchange account. Transfers between accounts
of different nature are prohibited.

Reporting the domestic transfer of foreign currency by a resident individual over the equivalent of US$10,000 for record

A bank and its subsidiaries shall report any single domestic transfer over the equivalent of US$10,000 (US$10,000 included) to a relevant
SAFE office on a monthly basis. Such report shall be incorporated into the current “Itemized Report of Large-sum (more than the equivalent
of US$10,000) Deposits and Withdrawals of Resident and Nonresident Individuals”. The reporting channel and means shall be in line
with the Circular on Issues Related to Large-sum Foreign Currency Deposits and Withdrawals of Resident and Nonresident Individuals
([97] HuiGuanHanZi No.123) (for details see attachment 1). The revised form of “Itemized Report of Large-sum (more than the equivalent
of US$10,000) Foreign Currency Deposits, Withdrawals, and Domestic Transfer of Resident and Nonresident Individuals” is herewith
enclosed (see attachment 2).

Upon receiving the circular, all SAFE branches shall transmit it to the sub-branches under their jurisdiction, local foreign-funded
banks and cooperative banks as quickly as possible. Headquarters of all designated Chinese-funded foreign exchange banks shall immediately
transmit the circular to their branches and sub-branches.

Enclosures:

1. Circular on Issues Related to Large-sum Foreign Currency Deposits and Withdrawals of Resident and Non-resident Individuals [97]
HuiGuanHanZi No. 123

2. Itemized Report of Large-sum (more than the equivalent of US$10,000) Foreign Currency Deposits, Withdrawals, and Domestic Transfer
of Resident and Non-resident Individuals (Omitted)

Attachment:Circular on Issues Related to Large-sum Foreign Currency Deposits and Withdrawals of Resident and Nonresident Individuals

HuiGuanHanZi[1997] No.123

April 14, 1997

SAFE branches in all provinces, autonomous regions and municipalities directly under the Central Government, SAFE branch in Shenzhen
Special Economic Zone; Industrial and Commerce Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank,
China Investment Bank, Bank of Communications, CITIC Industrial Bank, China Everbright Bank, Fujian Industrial Bank, China Merchants
Bank, Guangdong Development Bank, Shenzhen Development Bank Co. Ltd., Huaxia Bank, Shanghai Pudong Development Bank, Hainan Development
Bank, China Minsheng Banking Corp. Ltd., State Development Bank, Import-Export Bank of China:

With the deregulation of use of foreign exchange for private purposes, some resident and nonresident individuals have been found to
deposit or withdraw large sums of foreign currency recently. Some individual deposits or withdrawals amount to hundreds of thousands
of US dollars, or even to over one million US dollars in one or two cases. In order to improve supervision and administration of
foreign exchange under current account, and safeguard legal foreign exchange receipts and payments of resident and non-resident individuals,
all banks shall abide by the following rules when handling large-sum individual deposits and withdrawals of foreign currency:

For a deposit or withdrawal of foreign currency more than the equivalent of US$10,000 (inclusive), the designated foreign exchange
bank shall require the depositor or the with-drawer to present authentic ID certificate (ID card or passport), check it and then
have it recorded. The bank shall do so in a case by case manner.

Branches and sub-branches of all designated foreign exchange banks shall register the number and amounts of large-sum deposits and
withdrawals of foreign currency over the equivalent of US$10,000 for the previous month, fill the Registration Form of Large-sum
(more than the equivalent of US$10,000) Deposits and Withdrawals of Foreign Currency by Resident and Nonresident Individuals (hereinafter
the Registration Form), and submit the Registration Form to the relevant local SAFE office within the first ten days of each months.
The SAFE office shall fill “Itemized Report of Large-sum (more than the equivalent of US$10,000) Deposits and Withdrawals of Foreign
Currency by Resident and Non-resident Individuals” and submit it to the SAFE. Headquarters of the designated foreign exchange banks
located in Beijing shall fill the Registration Form and submit it directly to the Supervision and Inspection Department of the SAFE
within the first ten days of each month.

The State Administration of Foreign Exchange
2002-02-10

OFFICIAL REPLY OF THE STATE ADMINISTRATION FOR INDUSTRY AND COMMERCE ON THE ISSUE OF WHETHER THE SHAREHOLDERS OF THE CHINESE PARTY TO AN ENTERPRISE WITH FOREIGN INVESTMENT THAT FEIGN OR EXCAVATE CAPITAL CONTRIBUTION MAY BE PUNISHED BY THE ADMINISTRATION FOR INDUSTRY AND COMMERCE AT THE COUNTY LEVEL

The State Administration for Industry and Commerce

Official Reply of the State Administration for Industry and Commerce on the Issue of Whether the Shareholders of the Chinese Party
to an Enterprise with Foreign Investment that Feign or Excavate Capital Contribution may be Punished by the Administration for Industry
and Commerce at the County Level

GongShangWaiQiZi [2002] No.71

March 29,2002

The Administration for Industry and Commerce of Shandong Province:

The Request for Instructions on Whether the Shareholders of the Chinese Party to an Enterprise with Foreign Investment that Feign
or Excavate Capital Contribution may be Punished by the Administration for Industry and Commerce at the County Level (LuGongShangWaiQiZi
[2002] No.29) from your administration has been received. And the relevant issues are notified as follows after deliberation:

According to the provisions of Article 208 and Article 209 of the Company Law, and Article 60 and Article 61 of the Regulations
on the Administration of Company Registration, where the promoters or shareholders of a company feign or excavate the capital contribution,
they shall be given administrative punishment by the organ of company registration.

Where the organ of company registration finds, during the investigation and handling of the aforesaid case, that the company has obtained
the company registration by misstating registered capital, submitting false certifications or by other deceitful means, it shall
impose administrative punishment on the company according to the provisions of Article 206 of the Company Law and Article 58 , Article
59 of the Regulations on the Administration of Company Registration.

The organ of company registration shall order the promoters or shareholders to correct their acts of feigning or excavating capital
contribution and to make up the registered capital of the company. Those refusing to correct shall be dealt with respectively according
to the Reply on Whether the License of a Company shall be Revoked Whose Shareholders Excavate Registered Capital and Refuse to Correct
the Act of the State Administration for Industry and Commerce (No.57 [2002] of the State Administration for Industry and Commerce).

Where the promoters or shareholders of an enterprise with foreign investment in the form of company feign or excavate the capital
contribution, the organ of registration of that enterprise with foreign investment shall give them the administrative punishment.

Where the promoters or shareholders of a company are enterprise with foreign investments, they shall be given administrative punishment
uniformly by the registration organ of that company for their acts of feigning or excavating capital contribution.

In the execution of the aforesaid decisions on administrative punishment, the organ of company registration may deliver a written
notification for assistance in execution to the registration organ of the place of residence of the person subject to administration
who lives in other place. The registration organ of that place shall actively cooperate and assist in the execution according to
law.

If any previous provisions or reply opinions on the aforesaid issue conflict with this Reply, this Reply shall prevail.

The State Administration for Industry and Commerce
2002-03-29

RULES FOR TRADEMARK REVIEW AND ADJUDICATION

The State Administration for Industry and Commerce

Order of the State Administration for Industry and Commerce of the People’s Republic of China

No.3

The Rules for Trademark Review and Adjudication promulgated by Order No.37 of the former State Administration for Industry and Commerce
were revised in accordance with the Trademark Law of the People’s Republic of China, which took effect on December 1, 2001, and the
regulations for implementation thereof, the revised Rules were adopted at the executive meeting of the State Administration for Industry
and Commerce on September 17, 2002 and are hereby promulgated, and shall come into force on October 17, 2002.

Director of the State Administration for Industry and Commerce Wang Zhongfu

September 17, 2002

Rules for Trademark Review and Adjudication

Chapter I General Rules

Article 1

These Rules are formulated in accordance with the Trademark Law of the People’s Republic of China (hereinafter referred to as the
Trademark Law) and the Regulations for the Implementation of the Trademark Law of the People’s Republic of China (hereinafter referred
to as the Implementation Regulations).

Article 2

According to the Trademark Law and the Implementation Regulations, the Trademark Review and Adjudication Board of the State Administration
for Industry and Commerce (hereinafter referred to as the Board) shall be in charge of the following cases concerning trademark disputes:

The case in which a party refuses to accept the decision of the Trademark Office of the State Administration for Industry and Commerce
(hereinafter referred to as the Trademark Office) on dismissing the application for trademark registration and applies for re-examination
pursuant to Article 32 of the Trademark Law;

The case in which a party refuses to accept the ruling of the Trademark Office concerning objection and applies for re-examination
pursuant to Article 33 of the Trademark Law;

The case in which a party requests the ruling on cancellation of a registered trademark pursuant to Article 41 of the Trademark Law;

The case in which a party refuses to accept the decision made by the Trademark Office, pursuant to Paragraph 1 of Article 41 , Article
44 or Article 45 of the Trademark Law, on cancellation of a registered trademark and applies for re-examination pursuant to Article
49 of the Trademark Law.

Article 3

Where a party participates in the review and adjudication (hereinafter referred to as review) of cases concerning trademark disputes,
it shall handle the process by written form.

Article 4

In the review of cases concerning trademark disputes, the Board shall take facts as the basis and the law as criterion.

Article 5

In the review of cases concerning trademark disputes, the Board shall treat the parties impartially with respect to the application
of law.

Article 6

The Board shall review the cases concerning trademark disputes by examining the records, with the exception of the situations for
which public review shall be held pursuant to Article 33 of the Implementation Regulations.

Article 7

The decisions and rulings made by the Board pursuant to the Trademark Law, the Implementation Regulations and the present Rules shall
be notified to the parties concerned by written form and the reasons shall be explained.

Article 8

Except that there are otherwise provisions in the present Rules, the Board shall apply the collegial system in the review of cases
concerning trademark disputes, and shall form collegial panels of trademark reviewing officers to review the cases.

Collegial panels shall apply the principle of “the minority is subordinate to the majority” in the review of cases.

Article 9

According to Article 9 of the Implementation Regulations, a trademark reviewing officer involved in any of the following situations
shall withdraw, and the parties or interested persons may apply for the withdrawal of that officer:

Being a party or the close relative of a party or agent of the case under review;

Having other relations with a party or agent that may affect the justice of review;

Having interest relations with the trademark review matters.

Where a party or interest person applies for the withdrawal of a trademark reviewing officer, it shall do so by written form and explain
the reasons.

Article 10

During the trademark review, a party shall, pursuant to law, have the right to dispose of his own trademark right and the rights related
to the trademark review.

Article 11

Where the co-owners of a trademark participate in the trademark review, they shall designate one person as the representative; if
no representative has been designated, the trademark owner listed first on the application form for trademark registration or on
the trademark registration book shall be the representative. The act of the representative participating in the review shall be binding
on the parties represented by him, however, to alter or abandon the claims of review or to admit the claims of the opposing party,
the representative must have the written authorization of the parties represented by him.

Article 12

Where foreigners or foreign enterprises handle the trademark review matters, those having regular residence or business places in
China may entrust the organizations with the qualification for trademark agency approved by the state to handle the process or directly
handle the process by themselves; those without regular residence or business places in China shall entrust the organizations with
the qualification for trademark agency approved by the state to handle the process.

Article 13

A party shall submit the trust deed if it entrusts an organization of trademark agency to participate in the trademark review. The
trust deed shall indicate the contents of and authorization to the agency; and the trust deed of a foreigner or foreign enterprise
shall also indicate the nationality of the trustor.

The trust deed of a foreigner or foreign enterprise and the notarization and certification procedures of the relevant certifications
shall be processed pursuant to the principle of reciprocity.

The foreigner or foreign enterprise applying for or participating in the trademark review shall use Chinese; and there shall be Chinese
translations attached to the documents in foreign languages.

Article 14

Where the authorization to the agent is altered or the agency relation is dissolved, the parties shall inform the Board by written
form timely.

Article 15

The parties, interested persons and agents of a case may apply for consulting the relevant materials of that case, and may apply for
copying the relevant materials and legal documents of that case. The scope of and measures for consulting and copying the relevant
materials of the case shall be provided for by the Board.

Chapter II Application and Acceptance

Article 16

One shall meet the following conditions to apply for trademark review:

The applicant shall be a legally qualified subject;

The application shall be filed within the legal time limit;

The application shall be within the scope of review of the Board;

The applicant shall submit the application forms and the relevant evidences conforming to the provisions;

The applicant shall have definite review claims, fact basis and reasons;

The applicant shall pay the expenses of the review.

Article 17

To apply for trademark review, one shall submit the application forms to the Board; where there are parties against whom the application
is filed (hereinafter referred to as the defending party), the applicant shall submit counterparts according to the number of such
defending parties; where the applicant applies for re-examination on the basis of the decision or ruling of the Trademark Office,
it shall also submit the decision or ruling of the Trademark Office at the same time.

Article 18

An application form shall indicate the following matters:

The name, domicile and post code of the applicant, if the applicant is a legal person or other organization, the name and post_title of
the legal representative or the principal shall be indicated;

The name, the application number or preliminary examination number, the registration number of the disputed trademark, and the issue
number of the Trademark Announcement on which that trademark was published;

Definite claims of trademark review, and the facts, reasons and legal grounds on which the claims are based;

The name and contact telephone number of the contact person.

Where there is any defending party, the name and domicile of that party shall be indicated. Where an organization of trademark agency
is entrusted to handle the trademark review, the name, mail address, post code and contact telephone number of that organization
shall also be indicated.

Article 19

Where an application for trademark review fails to meet any of the conditions provided for in Items 1), 2) and 3) of Article 16 of
the present Rules, the Board shall dismiss that application, notify the applicant and explain the reasons.

Article 20

Where an application for trademark review fails to meet any of the conditions provided for in Items 4), 5) and 6) of the present Rules,
or the applicant fails to submit the relevant certifications pursuant to the Implementation Regulations or the present Rules, the
Board shall notify the applicant to correct or supplement the certifications within 30 days from the day of receipt of the notification.

If the corrected and supplemented documents still fail to meet the requirements of the provisions, the Board shall dismiss the application,
notify the applicant by written form and explain the reasons. If no correction or supplementation is made within the time limit,
it shall be deemed as that the applicant withdraws the application for trademark review pursuant to Article 30 of the Implementation
Regulations, and the Board shall notify the applicant by written form.

Article 21

If an application for trademark review meets the conditions for acceptance after examination, the Board shall circulate the Notification
of Acceptance to the applicant within 30 days.

Article 22

If an application that has already been accepted by the Board is in any of the following situations, it shall be dismissed pursuant
to Article 30 of the Implementation Regulations for failure to meet the conditions for acceptance:

If an applicant, in violation of Article 42 of the Trademark Law, applies, on the basis of the same facts and reasons, for ruling
on a trademark, for which an objection has been raised before the approval for registration and for which a ruling has already been
made;

If an applicant withdraws an application for trademark review and, in violation of Article 35 of the Implementation Regulations,
applies for trademark review again on the basis of the same facts and reasons;

If an applicant, in violation of Article 35 of the Implementation Regulations, applies for review with respect to the ruling or decision
already made by the Board on the basis of the same facts and reasons;

Other situations that fail to meet the conditions for acceptance.

In case of dismissal of an applicant for trademark review, the Board shall notify the applicant and explain the reasons by written
form.

Article 23

If an applicant needs to supplement the relevant evidence materials after filing the application forms, it shall declare in the application
forms and shall submit the same pieces of evidence materials as the application forms within 3 months from the day of submitting
the application form; if no declaration is made in the application forms or no supplementation is submitted within the time limit,
the supplementation shall be deemed as being abandoned.

Article 24

Where there are defending parties, the Board shall send the counterparts of the application forms and the relevant evidence materials
to these parties, and order them to submit the written pleadings to the Board within 30 days from receipt of the counterparts, and
submit the counterparts of the written pleadings according to the number of the applicants; the failure to submit the pleadings within
the time limit shall have no affection on the review by the Board.

Article 25

if a defending party needs to supplement the relevant evidence materials after submitting the written pleadings, it shall declare
in the written pleadings and submit the same pieces of evidence materials as the written pleadings within 3 months from submitting
the written pleadings; if it fails to declare in the written pleadings or fails to submit the supplementation within the time limit,
the supplementation of the relevant evidence materials shall be deemed as being abandoned.

Article 26

After receiving the written pleadings and evidence materials from the defending parties, the Board shall send the counterparts of
the written pleadings and the relevant evidence materials to the applicants.

Where an applicant has any contrary evidence against the written pleadings and the evidence materials provided by the defending parties,
it shall submit such contrary evidence once-off to the Board within 30 days from the day of receipt of the written pleadings and
the relevant evidence materials.

Article 27

When an applicant submits the application forms or a defending party submits the written pleadings, he shall at the same time submit
the valid certificate that can prove his identity. The name of the applicant or the defending party shall be identical with that
on the certificate submitted.

In case of alteration of the name or domicile of a party concerned, the relevant certifications shall be submitted.

Article 28

A party concerned shall classify and number the evidence materials submitted by him one by one, and make a list of them to brief the
sources of those evidence materials and the specific facts proved thereby, and shall sign and seal that list.

After receiving the evidence materials submitted by the parties, the Board shall verify the evidence materials according to the list
and the handling personnel shall sign in the list and the return receipt and indicate the date of submitting.

Article 29

The application forms for trademark review and the relevant evidence materials shall be filled in and provided pursuant to the prescribed
format and requirements. If an applicant fails to do so, the Board shall send a notification to the applicant ordering him to make
supplementation and correction within 30 days from the day of receipt of the notification. In case of failure to meet the provisions
after the supplementation and correction or failure to make the supplementation and correction within the time limit, Paragraph 2
of Article 20 of these Rules shall apply.

The written pleadings and the relevant evidence materials of trademark review shall be filled in and provided pursuant to the prescribed
format and requirements. If a defending party fails to do so, the Board shall send a notification to that party ordering him to make
supplementation and correction within 30 days from the day of receipt of the notification. Failure to meet the provisions after supplementation
and correction or failure to make the supplementation and correction within the time limit shall not affect the review by the Board.

Chapter III Trial

Article 30

The Board shall form a collegial panel to try the case concerning trademark review. The collegial panel shall be composed of 3 trademark
reviewing officers or of an odd number above 3. However, the case of which the facts are clear and simple may be tried by a single
trademark reviewing officer.

Article 31

A case involves any of the following circumstances may be tried by a single trademark reviewing officer:

The trademark cited by the Trademark Office in the decision on dismissal or ruling concerning objection has lost the exclusive right
or the prior right;

The trademark for which the ruling of cancellation is requested has lost the exclusive right;

The trademark cited by the Trademark Office in the decision of dismissal belongs to the applicant, and the application is dismissed
because the applicant failed to go through the formalities for alteration timely, but at the time of the review, the applicant had
finished the formalities for alteration with the Trademark Office;

The trademark, which was applied for or registered by others earlier, cited by the Trademark Office in the decision of dismissal has
been assigned to the applicant upon approval;

Any other case which the Board decides to be tried by a single trademark reviewing officer.

Article 32

After the trademark reviewing officers have been determined, the Board shall promptly inform the parties concerned by written form.

Article 33

Where any party or interested person applies for the withdrawal of any trademark reviewing officer pursuant to Article 9 of the Implementation
Regulations or Article 9 of the present Rules, the application shall be filed within 15 days from the day on which he is informed
of the trademark reviewing officers. After that time limit, if a party or interested person finds that any trademark reviewing officer
shall withdraw, he may apply for the withdrawal before the decision or ruling of the review has been made, and shall provide the
relevant evidence.

The trademark reviewing officer against whom the application for withdrawal is filed shall suspend his work in the trial of the case
before the decision or ruling of the review has been made.

If the Board receives the application for withdrawal filed by a party or interested person after the decision or reward has been made,
the effectiveness of that decision or reward shall not be affected.

Article 34

With respect to the application for withdrawal filed by a party, the Board shall make the decision in written form within 7 days from
receipt of the application and shall notify the applicant by written form. If the applicant refuses to accept the non-withdrawal
decision made by the Board, he may apply for reconsideration within 3 days from receiving the decision. During the reconsideration,
the trademark reviewing officer against whom the application for withdrawal is filed shall not suspend his work in the trial of the
case. With respect to the application for reconsideration, the Board shall make the decision of the reconsideration within 3 days
and notify the applicant by written form.

Article 35

In the trial of a re-examination case in which a party refuses to accept the decision made by the Trademark Office on dismissing the
application for trademark registration, the Board shall review the case with the focus on the decision of the Trademark Office on
dismissal, the facts and reasons based on which the applicant applies for the reconsideration and the claims thereof, and the factual
situations of the review.

Article 36

In the trial of a re-examination case concerning the ruling of the Trademark Office concerning objection, the Board shall review the
case with the focus on the party’s application for re-examination, the facts, and reasons of the pleadings, and the claims.

Article 37

In the trial of a re-examination case in which a party refuses to accept the decision made by the Trademark Office, pursuant to Paragraph
1 of Article 41 of the Trademark Law, on cancellation of a registered trademark, the Board shall review the case with the focus
on the decision of the Trademark Office and the facts, reasons and claims of the applicant for re-examination.

In the trial of a re-examination case in which a party refuses to accept the decision made by the Trademark Office, pursuant to Articles
44, 45 of the Trademark Law, on cancellation of a registered trademark, the Board shall review the case with the focus on the facts
and reasons based on which the Trademark Office made the decision on cancellation of the trademark, and the application of law.

Article 38

In the trial of a case in which a party applies for the cancellation of a registered trademark pursuant to Article 41 of the Trademark
Law, the Board shall review the case with the focus on the application of the party, the facts and reasons of the pleadings, and
the claims.

Article 39

The review shall be terminated under any of the following circumstances:

The applicant dies and there is no inheritor, or the inheritor abandons the right of review;

The applicant withdraws the application for review;

The parties concerned settled the dispute through agreement;

Other circumstances under which the review shall be terminated.

In case of termination of the review, the Board shall conclude the case and notify the parties concerned by written form and explain
the reasons.

Article 40

If an applicant requests to withdraw the application before the Board makes the decision or ruling, it may do so after explaining
the reasons to the Board by written form. However, if the Board receives the application for withdrawing the application after the
decision or ruling has already been made, the effectiveness of the decision or award shall not be affected.

Article 41

The collegial panel shall make a record of review for the case it tried, and the panel members shall sign on the record. Where any
panel member has different opinions, such opinions shall be put in the record.

The Board shall make the decision or ruling for a concluded case pursuant to law.

Article 42

The written decision or ruling rendered by the Board shall indicate the following contents:

Claims of review, facts and reasons of the dispute;

Facts and reasons ascertained by the decision or ruling and the legal basis applied;

Conclusion of the decision or ruling;

Follow-up procedures available for the parties to select and the time limit thereof;

Date of the making of decision or ruling.

The written decision or ruling shall be signed by the collegial panel members and bear the seal of the Board.

Article 43

With respect to a case in which a party refuses to accept the decision or ruling made by the Board and files an action with the people’s
court and which has been remanded for a new trial as judged by the people’s court, the Board shall form a new collegial panel to
review the case.

Article 44

If no party files an action with the people’s court against the decision or ruling made by the Board within the statutory time limit,
that decision or ruling shall take effect.

Chapter IV Public Review

Article 45

The board may, according to the request of a party or the actual needs, decide to hold a public review of the application.

Article 46

The party requesting for a public review shall present the specific reasons for his request.

Article 47

The Board may, at the request of any party, decide to hold a public review of any of the following cases involving the parties from
both sides:

One party requests to make cross-examination and debate face to face with the opposing party with respect to the important evidence;

Where it is necessary to request the witness who has given important testimony to testify or to make cross-examination.

Article 48

The applicant requesting for a public review shall, within 15 days from receiving the counterpart of the written pleadings from the
defending party, make the request to the Board by written form; and the defending party requesting for a public review shall make
such a request to the Board when submitting the written pleadings or supplementing the relevant evidence materials.

Article 49

Under any of the following circumstances, the Board may decide to hold a public review by itself:

The ascertaining of important evidence needs the parties from both sides to make a cross-examination or debate face to face;

The ascertaining of important evidence needs the witness who has given testimony to make a cross-examination or be enquired;

Other circumstances that need public reviews.

Article 50

With respect to a case that has been publicly reviewed, the Board may decide to hold the public review again if it deems necessary.

Article 51

A public review shall examine the evidence materials that have been submitted to the Board and been exchanged between the parties
from both sides.

Article 52

If a public review is to be held, the collegial panel shall, 15 days before the public review is held, notify the parties of the case
and other participants to the review by written form of the date and venue of the review and the members of the collegial panel,
etc.

Article 53

The parties shall, 3 days before the public review is held, submit the return receipt of the notification on the review to the Board.
If the applicant neither submits the return receipt within the time limit to reply whether to attend the public review, nor actually
attends the public review, his application for the review shall be deemed as being withdrawn. The review procedures shall be terminated
and the Board shall conclude the case and notify the applicant by written form; if the applicant replies within the time limit that
he will not attend the public review, or the defending party neither submits the return receipt nor attends the pubic review, the
Board may make the review by default.

Article 54

The return receipt of the notification on public review shall bear the signatures or seals of the parties. Those expressing to attend
the public review shall indicate in the return receipt of the notification the name and post_title of the persons accredited to attend
the public review. Where any organization of trademark agency is entrusted to attend the public review, the name of the trademark
agent to attend the public review shall be indicated in the return receipt of the notification.

Where the witness who has given testimony is requested to testify at the public review, the name of that witness, the relevant information
that can determine his identity and the facts to be proved shall be indicated in the return receipt of the notification on public
review. A witness not indicated in the return receipt of the notification may not testify at the public review.

Article 55

The number of the persons accredited by the parties from each side to attend the public review, including the agents of the entrusted
organization of trademark agency, may not exceed 4. Where there are many persons from one side to attend the public review, one of
them shall be designated as the first speaker to make the main statement.

Article 56

Before a public review starts, the Board may hold a preliminary meeting which is participated in by the parties from both sides to
hear the opinions of the parties on the relevant facts and evidence materials and to determine the major issue to be investigated
at the public review.

The collegial panel shall make a record of the opinions of the parties at the preliminary meeting, and the record shall be verified
and signed by the parties from both sides.

Article 57

At the start of a public review, the collegial panel shall verify the identification certificates of the participants to the public
review to confirm whether they have the qualification for participating in that pubic review, and to find out whether the parities
and other participants are present at the review.

Article 58

Before the investigation of the public review starts, the collegial panel shall briefly introduce the basic information about the
case, define the major disputed problems between the two parties, and then the public investigation shall begin.

Article 59

The investigation of public review shall be carried out pursuant to the following order:

The applicant states the claims of review, and briefly states the relevant facts and evidence;

The defending party gives pleadings;

The collegial panel verifies the claims of review, the reasons and the evidence submitted by the parties of this case;

The applicant produces evidence for the reasons for his claims of review and the facts and evidence on which those claims are based;

The defending party makes the cross-examination and produces counter-evidences, and the applicant makes the cross-examination over
the counter-evidence.

Article 60

In a case publicly reviewed, the evidence shall be shown at the public review and be cross-examined by the parties. The evidence that
has not been cross-examined may not be taken as the basis for ascertaining the facts of the case. However, the evidence that has
been confirmed by the parties at the preliminary meeting and been recorded may be taken as the basis for ascertaining the facts of
the case after the collegial panel makes relevant explanations at the public review.

In the cross-examination of documentary evidence, physical evidence and audiovisual reference materials, the parties shall have the
right to request the presentation of the original document or article, however, with the exception that the original document or
article no longer exists but there is evidence proving that the copy or duplication is identical with the original document or article.

Article 61

In the cross-examination, the parties shall, centering on the authenticity, relevancy and legality of the evidence, make inquiry,
explanation or refutation over the existence and degree of the probative force of the evidence.

Article 62

The cross-examination shall observe the following order:

The applicant presents the evidence, and the defending party makes the cross-examination against the applicant;

The defending party presents the evidence, and the applicant makes the cross-examination against the defending party.

Article 63

The members of the collegial panel may raise questions over the relevant facts and evidence to the parties, and may request the parties
or witnesses to make explanations.

A party may enquire the witnesses upon the permission of the collegial panel.

When enquiring the witnesses, the party may not use threatening or insulting words or means.

Article 64

A witness may not audit at the public review; when a witness is enquired, other witnesses may not be present.

The Board may ask the witness to make confrontations when it deems necessary.

Article 65

Oral debate shall be carried out after the investigation of public review ends. The parties shall state their opinions respectively
on the facts proved by the evidence, the disputed problems and the application of law.

Under the circumstance that the two parties have no dispute over the evidence and fac

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Divorce

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CONSTITUTION ACT, 1982 – page 21

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