CIRCULAR OF THE MINISTRY OF COMMERCE ON ISSUING EXPORT QUOTAS FOR MULBERRY SILK COMMODITIES IN 2005

Ministry of Commerce

Circular of the Ministry of Commerce on Issuing Export Quotas for Mulberry Silk Commodities in 2005

Shang Mao Han [2004] No. 107

The competent commercial departments of the provinces, autonomous regions, municipalities directly under the Central Government and
cities specifically designated in the State plan, China National Silk Industry Corporation and China National Silk Import and Export
Corporation:

In accordance with the total Export Quotas in 2005 and the applications raised by all the provinces, autonomous regions, municipalities
directly under the Central Government, cities specifically designated in the state plan and Enterprises with State Management, part
of Mulberry Silk Commodities Export Quotas in 2005 is now issued and hereby notified as follows:

Export Quotas License Management for grey silk and part of Mulberry Silk Commodities was canceled as of January 1, 2005. This Circular
on Issuing Mulberry Silk Commodities Export Quotas shall only apply for Mulberry Silk Commodities (including filature silk and other
kinds of silk) that are still under Export Quotas License Management after January 1, 2005, namely Commodities with the Customs Codes
beginning with 5001 to 5003.

II.

Mulberry Silk Commodities Export Quotas in 2005 shall be allotted in accordance with the application amount of all the provinces,
autonomous regions, municipalities directly under the Central Government, cities specifically designated in the state plan and Enterprises
under the Administration of the Central Government, as well as with the employment of similar quotas in 2004.

III.

All the local competent departments shall allot the quotas to relevant export enterprises as soon as possible, submit The Second Allotment
Plan to Ministry of Commerce (Department of Foreign Trade) for auditing and recording prior to January 31, 2005, and simultaneously
make a copy for China International Electronic Commerce Center.

IV.

The competent departments of the Frontier Province and autonomous regions shall manage Border Trade Export of commodities in the region
which State emphatically manages strictly in accordance with the relevant national regulations and regulate export in line with Border
Trade Export Quotas of Mulberry Silk Commodities issued by Ministry of Commerce, and submit The Second Allotment Plan to Ministry
of Commerce (Department of Foreign Trade) for auditing and recording prior to January 31, 2005 and simultaneously make a copy for
China International Electronic Commerce Center.

Appendix: Allotment Plan for Part of Mulberry Silk Commodities Export Quotas in 2005

Ministry of Commerce

December 19, 2004 htm/e03902.htmAppendix

Appendix:

Allotment Plan for Part of Mulberry Silk Commodities Export Quotas in 2005

Area	Mulberry Silk (including Filature silk and other kinds of silk)
Total	14700
China National Silk Industry Corporation	100
China National Silk Import and Export Corporation	500
Beijing	150
Tianjin	100
Hebei	200
Heilongjiang	50
Liaoning	200
Jilin	50
Henan	100
Shandong	1700
Qingdao	200
Hainan	400
Anhui	400
Jiangsu	2000
Zhejiang	3000
Ningbo	300
Shanghai	550
Guangdong	2000
Guangxi	200
Sichuan	1000
Chongqing	800
Shanxi	150
Yunnan	50
Yunnan (Border Trade)	100
Tibet Autonomous Region	50
Tibet (Border Trade)	100
State Administration of Taxation 2004-01-08

CIRCULAR OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION ON EXEMPTING THE HONG KONG OR MACAO HOUSING SUBSIDIES RECEIVED BY FOREIGN INDIVIDUALS FROM INDIVIDUAL INCOME TAX

Ministry of Finance, State Administration of Taxation

Circular of the Ministry of Finance and the State Administration of Taxation on Exempting the Hong Kong or Macao Housing Subsidies
Received by Foreign Individuals from Individual Income Tax

Caishui [2004] No. 29

January 29th, 2004

The finance departments and the bureaus of local taxation of Guangdong province, the finance bureaus and the bureau of local taxation
of Shenzhen city:

On account of Hong Kong and Macao geographically adjacent to China Mainland and of the convenient traffic, some foreigners working
in Mainland enterprises choose to live in Hong Kong or Macao, come and go between the Mainland and Hong Kong or Macao every working
day. With regard to the question whether the housing, food and laundry subsidies given by the companies to the foreign individuals
in non-cash form or in the form of actual reimbursement for actual costs shall be exempted from the individual income tax in pursuance
of relevant provisions, we hereby clarify it as follows upon deliberation:

With respect to the foreign individuals employed by enterprises within China (excluding individual residents of Hong Kong or Macao)
who live in Hong Kong or Macao for family or any other reason, come and go between the Mainland and Hong Kong or Macao, the housing,
food, laundry and move subsidies given to them by the enterprises within China (including their affiliated enterprises) in non-cash
form or in the form of actual reimbursement for actual costs may, if supported by valid voucher, and upon examination and confirmation
of the competent tax organ, be exempted from the individual income tax according to Article 2 of the Notice of the Ministry of Finance
and the State Administration of Taxation on Several Issues concerning the Policy on Individual Income (CaiShuiZi [94] No. 020) and
Articles 1 and 2 of the Notice of the State Administration of Taxation on Several Issues concerning the Implementation of Exempting
the Relevant Subsidies Received by Foreign Individuals from the Individual Income Tax (GuoShuiFa [1997] No. 54.).

With respect to the subsidies obtained by any of the foreign individuals as mentioned in Article 1 for the expenses of his (her)
language training and children education in Hong Kong or Macao, if they can provide valid payment voucher and other materials, the
subsidies determined as reasonable by the competent tax organ upon examination and confirmation shall be exempted from the individual
income tax according to Article 2 of the aforesaid Notice of CaiShuiZi [94] No. 020 and Article 5 of the Notice of GuoShuiFa [1997]
No. 54.

The present Circular shall come into force as of January 1st, 2004.

Ministry of Finance, State Administration of Taxation
2004-01-29

AGREEMENT ON THE PROMOTION AND PROTECTION OF INVESTMENTS BETWEEN THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF THE REPUBLIC OF BENIN

AGREEMENT ON THE PROMOTION AND PROTECTION OF INVESTMENTS BETWEEN THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT
OF THE REPUBLIC OF BENIN

The Government of the People’s Republic of China and the Government of the Republic of Benin (hereinafter referred to as the Contracting
Parties),

Desiring to create favorable conditions for investment by investors of one Contracting Party in the territory of the other Contracting
Party;

Recognizing that the reciprocal encouragement, promotion and protection of such investment on the basis of equality and mutual benefits
will be conducive to stimulating business initiative of the investors and will increase prosperity in both States;

Convinced that the promotion and protection of these investments would succeed in stimulating transfers of capital and technology
between the two States in the interest of their economic development;

Aware that each Contracting Party is enpost_titled to stipulate the laws on the establishment and administration of the investment in its
territory;

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 accordance with the laws and regulations
of the other Contracting Party in the territory of the latter, and in particularly, though not exclusively, includes:

(a)

movable and immovable property and other property right such as mortgages, pledges, liens, usufructs and similar rights;

(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 and industrial property rights, in particular, copyrights, patents, trade-marks, trade-names, technical process, know-how
and good-will;

(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 provided that such change is in
accordance with the laws and regulations of the Contracting Party in whose territory the investment has been made.

The term “investor” means,

(a)

natural person who, in accordance with the laws of the people’s Republic of China or of the Republic of Benin, has nationality of
the People’s Republic of China or of the Republic of Benin respectively;

(b)

legal entity, including company, association, partnership and other organizations, incorporated or constituted under the laws and
regulations of the People’s Republic of China or of the Republic of Benin and having its registered office in the territory of the
People’s Republic of China and the Republic of Benin respectively.

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

The term “territory” means the territory of each Contracting Party as well as the maritime zones adjacent to the external demarcation
of the territorial sea, in which each of Contracting Parties, in accordance with international law, exercise sovereign rights and/or
jurisdiction.

Article 2

PROMOTION AND PROTECTION OF INVESTMENT

Each Contracting Party shall endeavor to promote investments made by investors of the other Contracting Party in its territory and,
shall admit and protect such investments in accordance with its laws and regulations.

Investments of the investors of either Contracting Party shall enjoy the full and complete protection and safety in the territory
of the other Contracting Party.

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.

Without prejudice to its laws and regulations, 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.

Subject to its laws and regulations, one Contracting Party shall provide assistance and facilities for obtaining visas and working
permit to nationals of the other Contracting Party engaging in activities associated with investments made in the territory of that
Contracting Party.

Article 3

NATIONAL TREATMENT AND MOST-FAVORED-NATION TREATMENT

Without prejudice to its laws and regulations, each Contracting Party shall accord to investments and activities associated with
such investments by the investors of the other Contracting Party treatment not less favorable than that accorded to the investments
and associated activities by its own investors.

Neither Contracting Party shall subject investments and activities associated with such investments by the investors of the other
Contracting Party to treatment less favorable than that accorded to the investments and associated activities by the investors of
any third State.

The provisions of Paragraph 2 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)

any customs union, free trade zone, economic union and any international agreement resulting in such unions, or similar institutions;

(b)

any international agreement or arrangement relating to taxation;

(c)

any arrangements for facilitating small scale frontier trade in border areas.

Article 4

EXPROPRIATION

Neither Contracting Party shall expropriate, nationalize 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)

for the public interests;

(b)

under domestic legal procedure;

(c)

without discrimination;

(d)

against compensation.

The compensation mentioned in Paragraph 1 of this Article shall be equivalent to the value of the expropriated investments immediately
before the expropriation is taken or the impending expropriation becomes public knowledge, whichever is earlier. The value shall
be determined in accordance with generally recognized principles of valuation. The compensation shall include interest at a normal
commercial rate from the date of expropriation until the date of payment. The compensation shall also be made without delay, be effectively
realizable and freely transferable.

Article 5

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 or
other armed conflicts a state of national emergency, insurrection, riot, revolt or other similar events occurring in the territory
of the latter Contracting Party, shall be accorded by the said Contracting Party treatment, as regards restitution, indemnification,
compensation and other settlements no less favorable than that accorded to the investors of its own or any third State, whichever
is more favorable to the investor concerned.

Article 6

TRANSFERS

Each Contracting Party shall, subject to its laws and regulations, guarantee to the investors of the other Contracting Party the
transfer of their investments and returns held in its territory, including:

(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 or fees in relation to intellectual and industrial property rights referred to in Paragraph 1 (d) of Article 1 ;

(e)

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

(f)

payments in connection with contracting projects;

(g)

earnings of nationals 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 4 and 5 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 and on the date of transfer.

In the absence of a market for foreign exchange, the rate to be used shall be the most recent exchange rate for the conversions of
currencies into Special Drawing Rights.

Article 7

SUBROGATION

If one Contracting Party or its designated agency makes a payment to its investors under a guarantee or a contract of insurance against
non-commercial risks it has accorded in respect of an investment made in the territory of the other Contracting Party, the latter
Contracting Party shall recognize:

(a)

the assignment, whether under the law or pursuant to a legal transaction in the former Contracting Party, of any rights or claims
by the investors to the former Contracting Party or to its designated agency, as well as,

(b)

that the former Contracting Party or its designated agency is enpost_titled by virtue of subrogation to exercise the rights and enforce
the claims of that investor and assume the obligations related to the investment to the same extent as the investor.

Article 8

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 such a dispute cannot thus be settled within six (6) months subsequent to the beginning of the consultation, it shall, upon the
request of either Contracting Party, be submitted to an ad hoc arbitral tribunal.

Such tribunal comprises of three arbitrators. Within three (3) months of the receipt of the written notice requesting arbitration,
each Contracting Party shall appoint one arbitrator. Those two arbitrators shall, within further two (2) 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 five (5) 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 otherwise prevented from discharging the said functions shall be invited to make such necessary appointments.

The arbitral tribunal shall determine its own procedure and shall reach its award in accordance with the provisions of this Agreement
and the principles of international law accepted by both Contracting Parties.

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 as well as any other cost of the tribunal shall be borne in equal parts by the Contracting Parties.

Article 9

SETTLEMENT OF DISPUTES BETWEEN INVESTORS AND ONE CONTRCTING PARTY

Any dispute between an investor of one Contracting Party and the other Contracting Party in connection with an investment in the
territory of the other Contracting Party shall, as far as possible, be settled amicably through consultations between the parties
to the dispute.

If the dispute cannot be settled through consultations within six (6) months from the date it has been raised by either party to
the dispute, it shall be submitted by the choice of the investor, either to the competent court of the State where the investment
was made, or to international arbitration.

In case of international arbitration, the dispute shall be submitted, at the option of the investor, to:

(a)

International Center for Settlement of Investment Disputes (ICSID) under the Convention on the Settlement of Disputes between States
and Nationals of Other States, done at Washington on March 18, 1965; or

(b)

An ad hoc arbitral tribunal established under the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL);

Provided that the Contracting Party involved in the dispute may require the investor concerned to go through the domestic administrative
review procedures specified by the laws and regulations of that Contracting Party before the submission to international arbitration.

Once the investor has submitted the dispute to the competent court of the State where the investment was made, to the ICSID, or to
the ad hoc arbitral tribunal referred to in Paragraph 2 and 3 of this Article, the choice of one of the three procedures shall be
final.

The arbitral tribunal shall make arbitral award based on:

(a)

provisions of this Agreement;

(b)

laws of the State where the investment was made including its rules on the conflict of laws;

(c)

the principles of international law accepted by both Contracting Parties;

(d)

specific bilateral agreements on investment between the Contracting Parties;

(e)

other international treaties on investment to which both Contracting Parties are or may become parties.

The arbitral award shall be final and binding upon both parties to the dispute. Both Contracting Parties shall commit themselves
to the enforcement of the award.

Article 10

OTHER OBLIGATIONS

If the legislation of either Contracting Party or international obligations existing at present or established hereafter between
the Contracting Parties result in a position entitling investments by investors of the other Contracting Party to a treatment more
favorable than is provided for by the Agreement, such position shall not be affected by this Agreement.

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

Article 11

APPLICATION

This Agreement shall apply to investment made prior to or after its entry into force by investors of one Contracting Party in the
territory of the other Contracting Party in accordance with the laws and regulations of the Contracting Party concerned, but not
apply to the dispute arose before its entry into force.

Article 12

CONSULTATIONS

The representatives of the Contracting Parties could hold meetings from time to time for the purpose of:

(a)

reviewing the implementation of this Agreement;

(b)

exchanging information and investment opportunities;

(c)

resolving disputes arising out of investments;

(d)

forwarding proposals on promotion of investment;

(e)

studying other issues in connection with investment.

Where either Contracting Party requests consultation on any matter of Paragraph 1 of this Article, the other Contracting Party shall
give prompt response through diplomatic channel and the consultation be held alternatively in Beijing and Cotonou.

Article 13

ENTRY INTO FORCE, DURATION AND TERMINATION

This Agreement shall enter into force on the thirtieth (30) day following the date on which both Contracting Parties have notified
each other in writing that their respective internal legal procedures necessary therefor have been fulfilled.

This Agreement shall remain in force for a period of ten (10) years and shall thereafter remain in force for the same term until
either Contracting Party notifies the other in writing to terminate it six (6) months before the expiration of such a period.

With respect to investments made prior to the date of termination of this Agreement, the provisions of this Agreement shall continue
to be effective for a further period of ten (10) years from such date of termination.

Article 14

AMENDMENT

This Agreement may be amended by written agreement between the Contracting Parties. Any amendment shall enter into force under the
same procedures required for entry into force of this Agreement.

IN WITNESS WHEREOF the undersigned, duly authorized thereto by respective Governments, have signed this Agreement.

Done in duplicate in Beijing on February 18,2004, in the Chinese, French and English languages, all texts being equally authentic.

For the Government ofFor the Government of

The People’s Republic of ChinaThe Republic of Benin

The Government of the People’s Republic of China
2004-02-18

ADMINISTRATIVE RULES OF FUTURES BROKERAGE COMPANY (FOR TRIAL IMPLEMENT)

China securities regulatory commission

Circular issued by China securities regulatory commission on administrative rules of futures Brokerage Company (for trial implement)

Every futures brokerage company:

For the purpose of moving forward the futures brokerage company to further improve administration for company, while promoting it
to operate in a safe, steady and highly efficient way, preserving legal rights and interests of shareholders, futures investors and
other persons with related interests, the said rules were formulated and promulgated by the commission, shall be followed and applied.

China securities regulatory commission

March 10, 2004

Administrative rules of futures Brokerage Company (for trial implement)

Chapter 1 General provisions

Article 1

for the purpose of advancing futures brokerage company to further improve the administration of company, establishing and improving
modern enterprise system, promoting futures brokerage company to operate in a normative, steady way according to law, preserve the
interests of investor and the public, further standardize the development of futures market, the rules are formulated in accordance
with company Law of the People’s Republic of China, the interim administration provisions for futures trade and related provisions
of other law and regulations.

Article 2

for the purpose of the rules, the term “company administration” refers to the organization structure that takes the board of shareholders,
board of directors, board of supervisors (or supervisor), and manager levels as main body, as well the system arrange that ensure
effected operation and mutual check and balance of the inner organs, and related decision-making, motivation and restraint system.

Article 3

the futures brokerage company shall, while improving the company administration, observe the following basic principles:

(1)

To strengthen check-balance system. The futures brokerage company shall further improve the consultation system and decision-making
procedure of the board of shareholders, board of directors, board of supervisors (or supervisor), and manager levels, make it more
definite, detailed and workable, and ensure that the above- mentioned organs could fulfill respectful function and duty completely

(2)

To augment the risk control with the futures brokerage business. The futures brokerage company shall, on the basis of following the
basic request of law of company, revolve around the futures brokerage business, make it reasonable to define clearly the function
and powers of the board of shareholders, board of directors, board of supervisors (or supervisor), and manager levels, improve inner
administration system, to strengthen capacity of the company on inner control and risk prevention.

(3)

To preserve all shareholders with equal status and rights, emphasize the credit duty of shareholders. The futures brokerage company
shall ensure legitimate rights and interests of non-holding shareholders in system, emphasize the credit duty of all shareholders,
restrain the holding shareholders to damage the interests of the futures brokerage company and other shareholders; and

(4)

To improve the motivation and restraint system. The futures Brokerage Company shall establish more reasonable motivation and restraint
system, create the company culture with normative business operation and positive progress, promote the futures brokerage company
to operate in a highly efficient and steady way.

Article 4

the futures brokerage company established in accordance with law within the territory of china shall be governed by this rule. The
futures Brokerage Company shall, in accordance with the request of this rules, revise the constitution of company, improve the establishment
of inner organs in company, formulate, revise and practice related administration system, further improve the administrative levels
for company.

Chapter 2 shareholder and board of shareholders

Article 5

the futures brokerage company shall, in order to avoid excessive centralization and dispersal of share rights, establish balanced
shares structure relatively and the structure of ultimate holder with rights and interests.

The shareholder of the futures brokerage company conform to the qualification prescribed by china security regulatory commission and
get ratification from china security regulatory commission and its agency according to regulations; the futures brokerage company
shall be encouraged to introduce, upon assignment of share rights and increase of capital, the shareholders who have good finances,
operate normative business and administration, possess fine credit and are capable of support the company to make normative development.

Article 6

the constitution and rules of discussion of he futures Brokerage Company shall ensure that the shareholders and board of shareholders
possess the rights and duty, which are granted by the company law.

Article 7

all shareholders of the futures brokerage company shall be treated as equality. The legal status and rights of middle and minor shareholders
shall be valued and protected. No major shareholders take advantage of the special status to damage the legitimate rights and interests
of company and other shareholders

Article 8

the futures brokerage company may stipulate in company constitution that some important matters shall make decisions from the board
of shareholders and be passed by shareholders representing two-thirds or more of the voting rights. For instance, in the case of
related trade in excess of definite trade amount, foreign investment or purchase in excess of definite trade amount, etc. No such
shareholders as relate with the discussed matters shall participate in discussion.

Article 9

the shareholder shall share the knowing-information rights and participation rights for the important matters of company. The board
of shareholders shall list the supervisory and administrative suggestion, notice on regulation and reform and penalized measures
for the company prescribed by china security regulatory commission as matters for announcement. The regime of regulation and reform
for the board of directors and manager levels shall be included in the scope of examination and discussion.

Article 10

the constitution of futures Brokerage Company shall stipulated that the shareholder, who possesses by himself or merger 10 percent
of the voting rights, shall be enpost_titled to propose the matters for examination and discussion to the board of shareholders. The board
of shareholders shall make examination, discussion and votes for the proposed matters.

Article 11

credit duty for the company and other shareholders shall rests with the shareholder, and the shareholder shall fulfils the duty of
making investment strictly. No futures brokerage company shall provide the shareholder’s investment with guaranty and funs circulation
directly of indirectly; no shareholders shall occupy and transfer the assets of the company in any form, the shareholders, especially
holding shareholders and its related party, shall not damage the legitimate rights and interests of the company, other shareholders
and futures investors upon the form of related trade and assets reorganization.

Article 12

the futures brokerage company shall not, while provide the shareholders and the related party with futures brokerage service, relax
the request on risk control and report related information on providing service at the fixed term to the board of shareholder, board
of directors and board of supervisors (or supervisor).

Article 13

the administration structure of futures Brokerage Company shall ensure the company’s independence. The shareholders and ultimate holder
with rights and interests shall not make any approval formalities for election decision of the board of shareholders on personnel
matters and engagement decision of the board of directors on personnel matters; the said persons shall not overstep the board of
shareholders and the board of directors directly to appoint and relieve the senior administrative personnel of the futures brokerage
company of the post, or directly intervene such business and administration matters as trade, settlement, risk control, finance and
account, administration for security money and branches administration, etc. there is not subordinate relation between the mentioned
above functional departments of the futures brokerage company and the shareholders, the ultimate holders with rights and interests,
as well its subordinate functional departments. The persons in charge of the mentioned above functional departments shall not hold
concurrent office at the shareholder’s units.

Article 14

the futures brokerage company shall strictly make assets and finance independent of the shareholders. The security money paid by the
futures investor shall be administrated close in accordance with the request of china security supervisory commission.

Article 15

the shareholders shall be liable for offer the shares structure and related information of the ultimate holders with rights and interests
in accordance with the request of china security supervisory commission.

Article 16

if the shareholder is under the following circumstances, it shall inform the board of directors of the futures brokerage company timely:

(1)

Where the shares rights form the futures brokerage company are subject to compulsory implementation or litigation preservation measures

(2)

Where the shareholders pledge the shares rights form the futures brokerage company

(3)

Where the shareholders prepare assignment of the shares rights form the futures brokerage company

(4)

Where the merger, separation or making major assets and liabilities reorganization arise

(5)

Where the shareholders enter into liquidation procedure or be taken over; and

(6)

Other circumstances possibly lead to transfer of the shares rights and the shareholder’s rights from the futures brokerage company.

The futures brokerage company shall report the related information to the agency of china security supervisory commission at company’s
domicile within the three working days form the date of knowing the mentioned above information.

Article 17

where the shareholder and director have relations with the existent or planned contract, trade and arrangement of the futures brokerage
company directly or indirectly, in any case, whether relate matters need approving by the board of shareholders and board of directors,
the shareholder and director shall inform the nature and degree of relations revolved to the board of directors and board of supervisors
(or supervisor).

Article 18

the board of directors shall, in accordance with the rules of discussion, organize and arrange the meeting of shareholders scientifically
and reasonably, and ensure that the shareholders possess enough time to participate in discussion, making proposal and decisions.
The original record and minutes of meeting shall be integrated and authentic, and shall be reserved properly by the board of directors.

Article 19

these matters, if the major decision-making is unable to be made by virtue of default by the board of directors or the board of shareholders
is unable to be convened, the shareholder holding definite proportion of shares by himself or merger be enpost_titled to convene the general
meeting of shareholders, shall be defined in the constitution of the futures brokerage company.

Chapter 3 the director and the board of directors

Article 20

the board of the futures brokerage company shall seriously perform the functions and powers of the board of directors prescribed by
company law. Except the matters, the functions and powers performed by the board of directors shall be prescribed in the constitution
of the futures brokerage company:

(1)

To review and decide on administration system for cover cost drafted by the manager levels, to ensure that administration for cover
cost of the futures brokerage company shall conform to various requests of the close administration for cover cost from china security
supervisory commission;

(2)

To review and decide on whether performing the plan on related business innovation, ensure validity of business innovation activities
and establishment of risk prevention system; and

(3)

To review and decide on the risk control system of the futures brokerage company.

Article 21

where the board of directors authorizes the chairman of board to exercise the part powers of the board of directors, the authorization
principle and authorization content from the board of directors shall also be specified clearly in company constitution. All these
matters involving the major interests of the company shall be submitted to the board of directors or the board of shareholders for
examination and decision-making. For the purpose of control the decision-making risk of the company effectively, the board of directors
shall also specify such matters as the authorization scope and limit for the manager levels.

Article 22

the public and fair procedure for election and engagement of the director shall be designated in the company constitution. The members
of board of directors shall possess the essential knowledge, skill and qualification for performing the duties, as well participate
in positively related trains. The director shall ensure enough time and energy to perform his due duties.

Article 23

the meeting of board of directors shall be held once every year at least and shall produce the meeting record. The board of directors
shall formulate normative and specified rules of discussion. The meeting of board of directors shall produce integrated and authentic
meeting record, and the attending directors shall sign on it. The original record and meeting minutes shall be reserved properly.

Article 24

where the decision-making of the board of directors violates the law, regulations and provisions of the company constitution, which
results in the loss of the company, the directors who participate in making decision shall be investigated. While, upon making proof,
the directors who state the objection in vote and voted against the decision, which have been recorded in the meeting record, shall
not be included.

Article 25

the board of directors may establish under it such institution as the specialty commission, etc, and formulate specified working rules
and working duties, so as to provide the board of directors with reference suggestion in making decision, ensure functions of the
board of directors being brought into full play. The related institutions of board of directors may engage intermediary institution
to assist in work performance, the relate charges shall be paid by the company.

The futures brokerage company shall be encouraged to establish such major institutions engaging in special consultation and supervision
as audit, risk control institution, etc, intensify risk supervision for business operation and making decision of the company and
urge the company to operate business in a legal and steady way.

Article 26

the futures brokerage company shall be encouraged to establish the independent director system. The independent director of futures
Brokerage Company shall concentrate on and protect the interests of middle-minor shareholders and futures investors.

Article 27

where the futures brokerage company is under one of the following circumstances, the independent director system shall be established:

(1)

Where the registered capital is more than 50,000,000 Yuan (50,000,000 Yuan included);

(2)

Where a single shareholder or the ultimate holder with rights and interests hold 50 percent of the shares directly or indirectly from
the futures brokerage company;

(3)

Where a single person assume office as the chairman director and general manager simultaneously;

(4)

Where the financial institution invest shares directly or indirectly; and

(5)

Other circumstances the china security supervisory commission prescribe

Article 28

such relations as influence the independent judgment shall exist between the independent director and the futures brokerage company,
principal shareholders, as well the ultimate holders with rights and interests, the following personnel shall be assumed office as
the independent director:

(1)

Where such personnel as hold the office in the futures brokerage company or its subordinate company, and directly-related relatives
and main relatives and friends the said personnel is included;

(2)

Where such personnel as hold the office in the units that hold more that 5 percent of shares rights from the futures brokerage company
directly or indirectly, or the shareholders units that rank the top 5 of amount of the shares in the futures brokerage company, the
directly-related relatives of the said personnel is included;

(3)

Where such personnel as serve the futures brokerage company with service on finance, law and consultation;

(4)

Where such personnel as is under the mentioned above circumstances in a recent year;

(5)

Where other personnel specified by the company constitution; and

(6)

Where other personnel designated by china security supervisory commission.

Article 29

the shareholder, the board of directors and board of supervisors (or supervisor) of the futures brokerage company may propose the
candidate for the independent director, and which shall be decided upon a vote by the board of shareholders. The one that nominate
for the independent director shall be made by the consent of the nominee before nomination. The tenure of the independent director
is identical with other directors.

Article 30

the futures brokerage company shall, within 10 days after the date of decision on election for the independent director being made
by the board of shareholders, report the information on the election and appointment for the independent director to china security
supervisory commission. Where the independent director lay down the office or is removed from office in his tenure of office, the
independent director in person and the futures Brokerage Company shall propose the explanation in writing to the board of shareholders
and its agency of china security supervisory commission and the board of shareholders.

Article 31

except the functions and powers of the director granted by company law and other law and regulations, the independent director exercise
the following functions and powers prescribed in the constitution of the futures brokerage company:

(1)

To propose for convening the board of director;

(2)

To submit to the board of directors or the board of supervisors (or supervisor) to convene the interim meeting of shareholders

(3)

To propose that the board of directors shall conduct an audit while leaving his post for the administrative staff of company who is
suspected of violating law and regulations; to submit to the board of shareholders to conduct a audit for the director and supervisor
who is suspected of violating the law and regulations.

(4)

To express the objective and fair independent opinion as far as the following matters prescribed by the futures brokerage company;

The investment, conducting finance and business operation activities other than the futures brokerage business;

The amount of major related transaction is more than 1,000,000 Yuan;

The information on risk control and the price paid by virtue of providing the shareholders and related party with service by the futures
brokerage company;

The business innovation activities of the futures brokerage company;

The distribution scheme of profit;

The appointment and dismissal of manage levels members;

The matters that cause probably the heavy losses of the futures Brokerage Company;

The matters that damage probably the rights and interests of middle-minor shareholders;

The matters that damage probably the rights and interests of the futures investors;

10.

The plan on salaries and motivation of the director, supervisor and manager levels member; and

11.

Other circumstances designated by the company constitution.

The suggestions expressed by the independent directors shall be clearly stated in the meeting record. Where the above mentioned proposals
or independent opinions of the independent director shall be accepted by the futures brokerage company, the independent director
shall report detailed information on related independent opinions to the agency of china security supervisory commission on the domicile
of company for record.

Article 32

the standard of salary and allowances of the independent director shall be prescribed by the board of directors, then examined and
approved by the board of shareholders.

Article 33

the futures brokerage company that established the independent director system shall reasonably stipulates related system on the independent
director in the constitution, which contains the nomination, election procedure, functions and powers and allowances of the independent
director, to guarantee that the independent director can play a proper role.

Chapter 4 the supervisors and board of supervisors

Article 34

the futures brokerage company shall establish the board of supervisors and supervisor in accordance with the request by company law.
The board of supervisors and supervisor exercise carefully the functions and powers prescribed by company law, examine finance of
the company, and exercise supervision for the offence against the law and regulations of the directors and managers. Besides this,
the board of supervisors or board of supervisors shall also exercise emphasized supervision for the futures brokerage company on
the legitimacy of administration for security money and business innovation activities.

Article 35

the public and fair procedure for election and engagement of the supervisor and the complete rules of discussion of the board shall
be designated in the company constitution. The meeting of board of supervisors shall be held once every year at least and shall produce
the meeting record. The original record, meeting minutes and the specialized report and suggestion documents submitted by the supervisors
shall be reserved properly

Article 36

the futures brokerage company shall stipulate clearly in the constitution the limit of numbers and scale of the supervisors elected
by the holding shareholders, in the case that the numbers of directors elected by the holding shareholders are more than definite
proportion of the members of board of directors,

Article 37

the supervisors shall possess some specialized knowledge and working experience on finance, audit, law and financial affairs, etc.
with a view to fulfill effectively the duty, the board of supervisors or the supervisors may employ or engage temporarily related
specialized personnel to assist in work performance, the charges for engagement shall be paid by the futures brokerage company.

Article 38

the futures brokerage company shall ensure that the board of supervisors and supervisors know information on the business operation
of the company. The supervisor may be present at meetings of the board of directors and office meetings of managers to be informed
of the course of major decision-making and ensure the timeliness, fullness and convenience on getting information.

Before no major decision-making is published, the supervisor shall be responsible for keeping the information acquired confidential.

Article 39

where the board of supervisors or supervisor observes the director, general manager and other senior administrative personnel in violation
against the rules, it shall request the said personnel to correct immediately the offence and report to the agency of china security
supervisory commission at company’s domicile.

Article 40

where the supervisor is informed of the director and manager levels of the company in violation against the company constitution and
other information on damaging the interests of the company, shareholder and the investor, if without fulfilling the duty, the responsibility
shall rest with the supervisor correspondingly.

Chapter 5 the manager levels

Article 41

For the term “the manager levels” of the provisions, it shall consist of the general manager and vice-general manager whose qualification
for holding office shall be examined and approved by china security supervisory commission.

Article 42

the manager levels shall fulfill carefully the duty prescribed by company law.

Article 43

the members of the manager levels shall observe the principle of good faith, and shall, in accordance with the law and regulations,
exercise carefully and conscientiously the functions and powers within the limit of powers; the said personnel shall not seek such
commercial opportunity as belong to the future brokerage company and hold concurrent post in other economic organizations.

Article 44

the manager levels devote themselves to their duty conscientiously, upon the basis of business operation in accordance with the law
and regulations, as well no damage to social interests, pursue continuously the maximal interests of the futures brokerage company
and seek great investment gains for the shareholders.

Article 45

the business operation and administration activities conducted by the manager levels, within the limit of powers, in accordance with
the law, shall be intervened. The futures brokerage company shall defined the information in the company constitution that the manager
levels is enpost_titled to resist the board of shareholders and board of directors (shareholder or director) in violation against administration
system on security money and risk control system, as well the request of withdrawing the registered capital, and shall report related
information to he agency of china security supervisory commission at company’s domicile.

Article 46

the reasonable functions shall be established between the members of manager levels, the members of manager levels in charge of the
market development and transaction business shall be put in charge of such businesses as settlement-making or risk control business
concurrently.

Article 47

the manager levels shall report such information as the operating performance, material contract, financial position, safety position
of security money, risk position, operating prospects and business innovation of the futures brokerage company to the board of directors,
the board of supervisors or the supervisor in the fixed time

Article 48

the manager levels shall be subject to the supervision form the board of supervisors or the supervisor, and shall not obstruct and
prevent the supervisor from checking and auditing in accordance with the functions and powers.

Article 49

the manager levels shall establish and improve various meetings system. The manager levels shall make meetings record in holding meetings,
the meetings record shall be submitted to the board of supervisors or the supervisor in the fixed time.

Article 50

the futures brokerage company stipulates clearly the emergency measures when the emergency circumstances result in no members of manager
levels can fulfill the duty in the company constitution maintain the steady operation of the futures brokerage company.

Chapter 6 the performance evaluation and system of motivation and restraint

Article 51

the futures brokerage company shall establish the motivation system that salaries relate with company benefit and personal performance.

Article 52

the futures brokerage company shall establish the fair and public standard and procedure of performance evaluation for the director,
supervisor and the members of manager levels.

Article 53

the form of evaluation, salaries and motivation for manager levels members shall be prescribed by the board of directors or subordinate
salaries commission. The board of directors shall take the performance evaluation for the manager levels members as the basis on
which the salaries and motivation for the manager levels members shall be arranged. The results and standards of performance evaluation
shall be reported to the board of shareholders. No directors, supervisors and manager levels members shall participate in the decision
course in which the salaries and performance evaluation of the said personnel shall be decided.

Article 54

where the directors, supervisors and manager levels members violate the law, regulations, rules and constitution of the futures brokerage
company, and cause the losses to the futures brokerage company, the shareholders and futures investors and bear the direct responsibility,
the said personnel shall be investigated.

Article 55

the interpretation: the terms “the related party and related transaction”-disclosure of relation and transaction of the related party
in this provisions refers to the related party and related transaction defined in the Accounting Criteria for Enterprises by ministry
of finance.

Article 56

China Security Supervisory Commission shall be in charge of interpreting the provisions.

China securities regulatory commission
2004-03-15

MEASURES FOR THE ADMINISTRATION ON FOREIGN INVESTMENT IN COMMERCIAL FIELDS

The Ministry of Commerce

Order of the Ministry of Commerce of the People’s Republic of China

No.8

Measures for the Administration on Foreign Investment in Commercial Fields has been examined and approved at the sixth excutive meeting
of the Ministry of Commerce of the People’s Republic of China and shall be promulgated. It shall be implemented as of June 1,2004.

Bo Xilai, Minister of the Ministry of Commerce

April 16, 2004

Measures for the Administration on Foreign Investment in Commercial Fields

Article 1

For the purpose of further expanding the open-up to the outside world and improving the construction of market circulation system,
the present Measures are hereby formulated in accordance with the Law of the People’s Republic of China on Sino-foreign Equity Joint
Ventures, the Law of the People’s Republic of China on Sino-foreign Contractual Joint Ventures, Law of the People’s Republic of China
on Wholly Foreign-owned Enterprises, and the Company Law, and other relevant laws and administrative regulations.

Article 2

Where a foreign company, enterprise and other economic organization or individual (hereinafter referred to as “foreign investors”)
establishes foreign-funded commercial enterprises within the territory of China and engages in commercial business, the present Measures
shall be observed.

Article 3

The “foreign-funded commercial enterprises” shall refer to the enterprises with foreign investment which undertake the following commercial
activities:

Commission agency: agents, brokers, auctioneers or other wholesalers for sale of goods, who sell goods of someone else and provide
relevant attached services through collecting fees on the basis of contract;

Wholesale: Selling goods to retailers, customers of industry, commerce and organizations, or to other wholesalers or providing relevant
attached services;

Retail: Selling goods for consumption and use of individuals or groups or providing relevant attached services in fixed places or
through television, telephone, mail order, internet, and automats; or

Franchising: vesting other people with using its trademark, trade firm, or mode of management by signing contract for the purpose
of gaining remunerations or franchising fees.

Foreign companies, enterprises, and other economic organizations or individuals shall carry out business activities as prescribed
in items 1, 2, 3, and 4 of the preceding paragraph through foreign-funded enterprises they establish in China.

Article 4

Foreign-funded commercial enterprises shall abide by laws, administrative regulations and the relevant rules of the People’s Republic
of China. Their legitimate business activities and legal rights and interests shall be subject to the protection of Chinese laws.

Article 5

Competent commerce departments of the state shall make supervision over and administration on foreign investment in commercial fields
and the business activities of foreign-funded commercial enterprises according to laws.

Article 6

Foreign investors of the foreign-funded commercial enterprises shall have good credit and no history in violation of Chinese laws,
administrative regulations and relevant rules. Foreign investors with substantial financial strength, advance experiences, marketing
techniques in business management, and broad international marketing networks shall be encouraged to establish foreign-funded commercial
enterprises.

Article 7

Foreign-funded commercial enterprise shall meet the following conditions:

The minimum registered capital shall accord with the relevant provisions of the Company Law.

Conforming to the relevant provisions on the registered capital and total investment of the enterprises with foreign investment. And

The term of operation of a foreign-funded commercial enterprise shall not exceed 30 years in general, and the term of operation of
a foreign-funded commercial enterprise which is established in the middle and western regions shall not exceed 40 years in general.

Article 8

Foreign-funded commercial enterprise shall meet the following conditions when opening up a store:

Where it applies for establishing a store when applying for establishing a commercial enterprise, it shall follow the relevant provisions
on city development and urban commercial development. And

Where a established foreign-funded commercial enterprise applies for establishing additional stores, it shall meet the following conditions
in addition to meeting the requirements of item 1:

(1)

Participating in the joint annual examination on enterprises with foreign investment and having passed the annual examination; and

(2)

The registered capital of the enterprise has been fully paid.

Article 9

Foreign-funded enterprises may deal with the following business upon approval:

For the foreign-funded commercial enterprises that undertake retailing business:

(1)

Retailing;

(2)

Importing of self-managed goods;

(3)

Purchasing domestic products for export; and

(4)

Other relevant businesses. And

For the foreign-funded commercial enterprises that undertake wholesaling business:

(1)

Wholesaling;

(2)

Commission agency (excluding auction);

(3)

Importing and exporting of goods; and

(4)

Other relevant businesses.

A foreign-funded commercial enterprise may authorize others to open stores by franchising.

A foreign-funded commercial enterprise may, upon approval, undertake one kind or several kinds of sales businesses. The kinds of goods
it manages shall be specified in the contents regarding business scope as prescribed in the contract or articles of association.

Article 10

The following procedures shall be followed when a foreign-funded commercial enterprise is to be established or opens up stores:

One-off application and approval of the start-up, feasibility study report and establishment of foreign-funded commercial enterprises.

Except the provisions in items (3) and (4) of Article one of the present Article, the investors of the foreign-funded commercial enterprises
to be established and the established foreign-funded commercial enterprises that apply for opening up stores shall submit respectively
the application documents as prescribed in Article 12 and Article 13 to the competent commerce department at the provincial level
where the foreign-funded commercial enterprise makes registration. The said competent commerce department at the provincial level
shall, after making preliminary examination on the documents submitted, report to the Ministry of Commerce within one month after
the date of receiving all the application documents. The Ministry of Commerce shall make decision on whether to approve the application
within three months after the date of receiving all the application documents. If it approves the establishment, the Certificate
of Approval for Foreign-funded Enterprises shall be issued; otherwise, the reasons thereof shall be explained.

The Ministry of Commerce may authorize the competent commerce departments at the provincial level to examine and approve the foregoing
applications in accordance with the present Measures.

Where a foreign-funded commercial enterprise which undertakes the retail business opens up stores within the administrative region
at the provincial level of its locality, and meets the following conditions and its business scope does not relate the sale of television,
telephone, mail order, internet, or automats, and the goods as enumerated in Articles 17 and 18 of the present Measures, the said
competent commerce department of the province shall examine and approve it within the purview of examination and approval and report
it to and put it on records at the Ministry of Commerce.

(1)

The business area of a single store does not exceed 3,000 square meters, and the number of stores is no more than three, and the total
number of the similar stores established by foreign investors of the stores within China through the foreign-funded commercial enterprises
they have established is no more than thirty; and

(2)

The business area of a single store does not exceed 300 square meters, and the number of stores is no more than thirty, the total
number of similar stores opened in China by foreign investors of these stores through the oreign-funded commercial enterprises they
have established is no more than three hundred. And

Where the owners of the trademark or business name of a sino-foreign equity joint venture or cooperative commercial enterprise are
Chinese-funded enterprises or Chinese natural persons, and the Chinese investors have the controlling shares in the foreign-funded
commercial enterprise, and the business scope of the foreign-funded commercial enterprise does not relate the goods as enumerated
in Articles 17 and 18 of the present Measures, its applications for establishment and opening stores shall be examined and approved
by the competent commerce department at the provincial level where the enterprise is located. If a store is opened in a different
province, the opinions of the competent commerce department at the level of the province where the store is to be located shall also
be consulted.

The competent commerce department at the provincial level shall not transfer the power for examination and approval as prescribed
in items (3) and (4) of paragraph 1 of the present Article by itself to a lower level without the authorization of the Ministry of
Commerce.

Article 11

The investors shall, within one month after receiving the certificate of approval, go through the registration formalities at the
administrative department of industry and commerce together with the Certificate of Approval for Foreign-funded Enterprises.

Article 12

The following documents shall be submitted when applying for establishing a foreign-funded commercial enterprise:

Application letter;

Feasibility study report signed by all the investors together;

Contract, articles of association (for a foreign-funded commercial enterprise, only the articles of association should be submitted)
and the attachment;

Bank credit certificates of all investors, registration certificate (photocopy), certificate of the legal representative (photocopy),
if the foreign investor is an individual, his/her identity certificate shall be provided;

The audit report of all investors in the recent year, which is audited by accountant firms;

The evaluation report on state-owned assets invested into the sino-foreign equity joint venture or contractual joint venture commercial
enterprises by Chinese investors;

Catalogues of import and export goods of the planned foreign-funded commercial enterprise;

Name list of the members of the board of directors of the planned foreign-funded commercial enterprise and the power of attorney for
directors of each investor;

Notice of pre-approval of the enterprise name as issued by the administrative department of industry and commerce;

10.

The certificate documents (photocopy) of the usufruct of the land used for the planned store and (or) house lease agreement (photocopy),
except when the business area of the store to be opened is less than 3,000 square meters; and

11.

The documents of statement in conformity with the requirements for city development and urban commercial development as issued by
the competent commerce department of the government at the locality of the store.

In case the documents are signed by a person who is not the legal representative, the power of attorney of the legal representative
shall be showed.

Article 13

Where an already established foreign-funded commercial enterprise applies for opening a store, it shall submit the following documents:

Application letter;

The revised contract or articles of association shall be submitted in case the amendments to the contract or articles of association
are involved;

Feasibility study report on opening the store;

Resolutions of the board of directors on opening the store;

The audit report of the enterprise in the recent one year;

The capital verification report of the enterprise (photocopy);

Registration certificate (photocopy) of all the investors, and the certificate of the legal representative (photocopy);

Certificate documents of the usufruct of the land that is used for the store to be opened and (or) house lease agreement (photocopy),
except when the business area of the store opened is less than 3,000 square meters; and

The documents of statement in conformity with the requirements for city development and the commercial development of the city as
issued by the government where the planned store is located.

In the case that the document is signed by someone who is not the legal person, the power of attorney of the legal representative
shall be issued.

Article 14

The license contract for use of a trademark or a business name, technology transfer contract, management contract and service contract
signed by a foreign-funded commercial enterprise, and other legal documents shall be submitted as the attachment of the contract
(for a foreign-funded commercial enterprises, it shall be deemed as the attachment of the articles of association).

Article 15

Foreign-funded commercial enterprises shall, when opening up a store, obtain the land for commercial use by way of public invitation
of bidding, auction or listing in accordance with the provisions of the relevant laws and administrative regulations of the state
on land management.

Article 16

Where a foreign-funded commercial enterprise deals with goods on which the state has special provisions or import and export goods
involving quota or license administration, it shall go through the formalities in accordance with the relevant state provisions.

Article 17

Foreign-funded commercial enterprises shall, when managing the following goods, conform to the following prescriptions in addition
to the provisions of the present Measures:

Where a foreign-funded commercial enterprise manages books, newspapers or periodicals, it shall accord with the Measures for the Administration
of Foreign-funded Distribution Enterprises of Books, Newspapers, or Periodicals;

Where a foreign-funded commercial enterprise manages gas station and undertakes retail of refined oil, it shall have stable channel
of supply of refined oil, conform to the construction plan of the local oil station, with the business establishments thereof corresponding
with the state standards and the provisions on computation and checking procedures, and meet the requirements for fire control and
environmental protection, etc. The specific implementation measures shall be formulated by the Ministry of Commerce separately.

Where a foreign-funded commercial enterprise manages drugs, it shall conform to the relevant standards for the administration of drug
sale. The specific implementation measures shall be formulated by the Ministry of Commerce separately.

Where a foreign-funded commercial enterprise manages automobiles, it shall manage within the approved business scope. The specific
implementation measures shall be formulated by the Ministry of Commerce separately.

Except the specific provisions in Article 18 of the present Measures and the present Article, if foreign investors establish commercial
enterprises of farm products and by-products, and agricultural production materials, they shall not be restricted in region, proportion
of share, and the amount of investment.

No wholesaling foreign-funded commercial enterprises may manage drugs, pesticides and agricultural films before December 11, 2004,
nor shall they manage fertilizers, refined oil and crude oil before February 11, 2006.

No retailing foreign-funded enterprises may manage drugs, pesticides, agricultural films and refined oil before December 11, 2004,
nor shall they manage fertilizers before December 11, 2006.

No wholesaling foreign-funded commercial enterprises may manage salt or tobacco, and no retailing foreign-funded commercial enterprises
may manage tobacco.

Article 18

Under the circumstance that the same foreign investor opens more than thirty stores accumulatively in China, if the goods it manages
include books, newspapers, magazines, automobiles (this restriction shall be cancelled from December 11, 2006), drugs, pesticides,
agricultural films, fertilizers, refined oils, food, vegetable oil, sugar, cotton, and etc., which are of different brands and come
from different suppliers, the proportion of capital contribution of the foreign investors shall not exceed 49%.

Article 19

Where a foreign-funded commercial enterprise authorizes others to open up stores by way of franchising, it shall, in addition to observing
the provisions of the present Measures, observe the special provisions of the state on franchising, if any.

Article 20

Where a foreign-funded commercial enterprise manages auction business, it shall accord with the Auction Law, Laws on Cultural Relics,
and other relevant laws, and shall be examined and approved by the Ministry of Commerce. The specific implementation measures shall
be formulated separately.

Article 21

Establishment of foreign-funded commercial enterprises shall be allowed from December 11, 2004.

Article 22

The regions where a foreign-funded retail commercial enterprise and its stores are to be established shall be restricted to the provincial
capital cities, metropolis of autonomous regions, municipalities directly under the Central Government, cities directly under state
planning, and special economic zones before December 11, 2004, and the regional restrictions shall be cancelled at December 11, 2004.

Regional restrictions on foreign-funded wholesaling commercial enterprises shall be cancelled at the date of implementation of the
present Measures.

Article 23

Where an foreign-funded commercial enterprise invests in commercial fields within the territory of China, it shall accord with the
Interim Provisions on Investment of Foreign-funded Enterprises in China, and refer to the present Measures.

Article 24

Foreign-funded enterprises undertaking the business activities as enumerated in Article 3 of the present Measures other than foreign-funded
commercial enterprises, shall conform to the provisions of the present Measures, and alter by law the business scope accordingly.

Article 25

Investors from Hong Kong Special Administrative Region, Macao Special Administrative Region, and from Taiwan region, who invest to
establish commercial enterprises in other provinces, autonomous regions, and municipalities directly under the Central Government,
shall refer to the present Measures except for the following prescriptions:

Commercial service providers of Hong Kong and Macao may establish foreign-funded commercial enterprises in the Mainland after January
1, 2004.

The regional scope of retail enterprises established in the Mainland by Hong Kong and Macao commercial service providers shall be
extended to cities at the prefecture level, and the cities at the county level in Guangdong province.

Commercial service providers of Hong Kong and Macao may apply after January 1, 2004 to establish commercial enterprises that undertake
automobile retail business according to the relevant articles of the present Measures, but their average sales volume per annum in
the past three years before application shall be no less than one hundred million dollars; and the amount of capital in the previous
year before application shall be no less than ten million dollars; the minimum registered capital of an automobile retailing enterprise,
which is established in the Mainland shall be RMB ten million Yuan, and the minimum registered capital of an automobile retailing
enterprise, which is established in the middle and western districts shall be RMB six million Yuan.

Chinese citizens among the Hong Kong and Macao permanent residents are allowed to establish individual business according to relevant
laws, regulations and rules to undertake commercial retail activities (excluding franchising), the business areas thereof shall not
exceed 300 square meters. And

The Hong Kong/Macao commercial service providers as mentioned in this Article shall correspond with the definitions of and the relevant
requirements for “service providers” as prescribed in the “Mainland/Hong Kong Closer Economic Partnership Arrangements” and the “Mainland/Macao
Closer Economic Partnership Arrangements”.

Article 26

Foreign-funded commercial enterprises shall be encouraged to take part in the relevant trade associations so as to strengthen self-discipline
of the enterprises.

Article 27

The power to interpret the present Measures shall remain with the Ministry of Commerce.

Article 28

The present Measures shall be implemented as of June 1, 2004.

Article 29

The Measures for Trial Implementation of the Foreign-funded Commercial Enterprises as promulgated jointly by the former State Economic
and Trade Commission and the Ministry of Foreign Trade and Economic Cooperation shall be repealed as of the date of the implementation
of the present Measures.

The Ministry of Commerce
2004-04-16

MEASURES FOR THE ADMINISTRATION OF FOREIGN DEBTS OF FOREIGN-FUNDED BANKS IN CHINA

National Development and Reform Commission, People’s Bank of China, and China Banking Regulatory Commission

Order of the National Development and Reform Commission, People’s Bank of China, and China Banking Regulatory Commission

No.9

In order to intensify the overall management of foreign debts, effectively control the total amount of foreign debts, and standardize
the administration on foreign debts of foreign-funded banks in China, the Measures for the Administration of Foreign Debts of Foreign-funded
Banks In China are formulated upon the approval of the State Council, which are hereby promulgated and shall go into effect 30 days
as of the day of promulgation.

Director of the National Development and Reform Commission Ma Kai

President of the People’s Bank of China Zhou Xiaochuan

Chairman of the China Banking Regulatory Commission Liu Mingkang

May 27, 2004

Measures for the Administration of Foreign Debts of Foreign-funded Banks in China

Article 1

In order to promote the fair competition between Chinese-funded banks and foreign banks in China, effectively control the size of
foreign debts, and prevent the risk of foreign debts, the present Measures are hereby formulated according to the Regulations of
the People’s Republic of China on the Administration of Foreign-funded Financial Institutions, Regulations of the People’s Republic
of China on the Management of Foreign Exchange and the relevant provisions on the administration of foreign debts,.

Article 2

The “Foreign-funded Banks” as mentioned in the present Measures refer to the wholly foreign-funded banks, the Chinese-foreign joint
equity banks and the branches of foreign banks established within the territory of China in accordance with the Regulations of the
People’s Republic of China on the Administration of Foreign-funded Financial Institutions and the relevant laws and regulations.

Article 3

The state exercises total amount control over the foreign debts of foreign-funded banks in China. The foreign debts of a foreign-funded
bank in China shall include the overseas loans, money borrowed from overseas banks, deposits of overseas banks, money under the transactions
with overseas inter-banks and their subordinated institutions (debtor), non-resident deposits and other forms of foreign debts.

Article 4

The National Development and Reform Commission (hereinafter referred to as the NDRC), together with the China Banking Regulatory Commission
(hereinafter referred to as the CBRC) and the State Administration of Foreign Exchange (hereinafter referred to as the SAFE) shall,
in line with the need of national economic and social development, the status of international balance of payments and the capability
for bearing foreign debts, as well as the status of assets and liabilities of foreign-funded banks in China and their needs for working
capital, etc., properly make sure the total amount of foreign debts of foreign-funded banks in China and the structural regulation
objectives of medium and long-term, and short-term foreign debts.

Article 5

Where a foreign-funded bank in China borrows medium and long-term foreign debts with the contractual period of over one year, the
NDRC shall be responsible for the annual verification of the amount of foreign debts. As for short-term foreign debts with the contractual
period of less than one year, the SAFE shall be responsible for the verification of the balance.

Article 6

Before the end of February each year, all the foreign-funded banks in China shall file applications to the NDRC or SAFE respectively
for the amount of medium and long-term foreign debts and the short-term balance of foreign debts of the current year. In particular,
the wholly foreign-funded banks and the Chinese-foreign joint equity banks shall file applications to the NDRC or SAFE level by level
respectively through the branches of the NDRC or SAFE at the place where they have made their business registration. The branch of
a foreign bank shall file an application directly to the NDRC or SAFE through its principal reporting bank in China. If it has no
principal reporting bank, it shall file an application to the NDRC or the SAFE level by level through the branch of the NDRC or SAFE
at the place where it has made the business registration.

Article 7

When applying for the annual total amount of foreign debts, a foreign-funded bank in China shall submit the following documents to
the NDRC or the SAFE respectively:

the application report of for borrowing medium and long-term, or short-term foreign debts, which shall include the operational status
of the previous year, sources and application of capital, basis for the amount of foreign debts to be applied for and the intended
use of the capital, etc..

the document on the annual line of credit as granted to the debtors in China by their overseas headquarters or regional management
departments.

A wholly foreign-funded bank or Chinese-foreign joint equity bank shall provide the domestic consolidated balance sheet and profit
and loss statement of the previous year to the CBRC. The branch of a foreign bank shall provide to the CBRC the balance sheet and
profit and loss statement of the previous year of the branch as well as the consolidated balance sheet and profit and loss statement
of the previous year of its operational branches in China . And

The relevant certification documents in relation to the liquidity needs of the applicant or intended use of the capital.

Article 8

The NDRC and the SAFE shall, in light of the status on foreign debts borrowing of any foreign bank in China in the previous year,
the annual line of credit as granted to the debtors in China by its overseas headquarter or regional management department, and the
demand for domestic loan projects (medium and long-term foreign debts) and the liquidity needs (short-term foreign debts), respectively
verify the amount of medium and long-term foreign debts and the balance of short-term foreign debts of the foreign-funded bank in
China in the current year. The medium and long-term foreign debts newly borrowed by any foreign-funded bank in China in the current
year may not exceed the quota verified by the NDRC. The balance of the short-term foreign debts at any given time in the current
year may not exceed the balance verified by the SAFE.

Article 9

After the total amount of foreign debts is determined, the foreign bank in China may, in light of the need of business, apply to the
NDRC or SAFE for making adjustment for once in the current year, and the NDRC or SAFE shall then decide on whether or not to grant
approval according to the circumstances.

Article 10

The regulations on foreign exchange loans shall be applicable to the issuance of foreign exchange loans by an foreign-funded bank
in China to an domestic institution . Except the outward documentary bill, the foreign-funded bank in China may not settle the foreign
exchange for the foreign exchange loans issued to the domestic institution.

Article 11

The guarantee provided by a foreign-funded bank in China to foreign parties shall be administered as the overseas guarantee. The guarantee
provided by a domestic institution to any foreign-funded bank in China for a domestic debtor shall be administered as the domestic
guarantee.

Article 12

No foreign exchange may be settled for the foreign debt capital borrowed by any foreign-funded bank in China. And no foreign exchange
may be purchased for repayment of the principal and interest of foreign debts. The repayment of principal and interest by a foreign-funded
bank in China under the item of foreign debts does not require the approval of the SAFE.

Upon the approval of the SAFE, a domestic institution may choose a foreign-funded bank in China to open a special account for foreign
debts.

Article 13

The SAFE shall be responsible for the statistics and monitoring of foreign debts and domestic foreign exchange debts of foreign-funded
banks in China. The foreign-funded bank in China shall, within 5 working days at the beginning of each month, submit the statistical
data of foreign debts to the branch of the SAFE at its registration place, and submit the relevant information on domestic foreign
exchange loans to the local foreign exchange bureau in accordance with the relevant provisions on the domestic foreign exchange loans.

Article 14

The SAFE shall conduct on-site or off-site inspection on the borrowing of foreign debts and granting of foreign exchange loans on
a regular or irregular basis. Those in violation of the provisions of the present Measures may be punished by the SAFE in accordance
with the Regulations of the People’s Republic of China on the Management of Foreign Exchange and the relevant laws and regulations.

Article 15

The power to interpret the present Measures shall reside in the National Development and Reform Commission and the People’s Bank of
China. In the case of any discrepancy between any other previous provision and the present Measures, the present Measures shall prevail.

Article 16

The present Measures shall go into effect 30 days as of the day of promulgation.

National Development and Reform Commission, People’s Bank of China, and China Banking Regulatory Commission
2004-05-27

ANNOUNCEMENT OF OPEN MARKET OPERATIONS

Announcement of Open Market Operations

[2004] No. 9

Circular concerning the Change of the List Time of the Bank Notes of the Central Bank

With a view to enhancing the fluidity of the bank notes of the Central Bank, it is hereby decided, as of August 4, 2004, that the
time for the bank notes of the Central Bank to be listed and circulated in the inter-bank securities market and to be the tools of
open market operations of the People’s Bank of China is changed into the “T+1”, namely, the second working day as of the date of
issue (Wednesday).

The Operation Office of Open Market Operations of the People’s Bank of China

The People’s Bank of China

July 28, 2004

The People’s Bank of China
2004-07-28

MEASURES FOR HANDLING THE COMPLAINTS OF THE GOVERNMENT PROCUREMENT SUPPLIERS

Ministry of Finance

Order of the Ministry of Finance of the People’s Republic of China

No. 20

Measures for Handling the Complaints of the Government Procurement Suppliers discussed and adopted at the executive meeting of the
Ministry, are hereby promulgated and shall come into force as of the day of September 11, 2004.

Minister, Jin Renqing

August 11, 2004

Measures for Handling the Complaints of the Government Procurement Suppliers ContentsChapter I General Provisions

Chapter II Filing of Complaints and the Acceptance

Chapter III Handling of Complaints and the Decisions

Chapter IV Legal Liabilities

Chapter V Supplementary Provisions

Chapter I General Provisions

Article 1

With a view to preventing and rectifying the illegal or inappropriate government procurement actions, protecting the legal rights
and interests of the suppliers in government procurement, safeguarding the national and public interests and establishing a sound
and highly efficient handling mechanism for government procurement complaints, the present Measures are formulated in accordance
with the Government Procurement Law of the People’s Republic of China (hereinafter referred to as the Government Procurement Law).

Article 2

The present Measures shall apply to the suppliers’ initiating of complaints to the financial departments pursuant to the law, the
financial departments’ acceptance of complaints and making of decisions.

Article 3

The financial departments of the people’s governments at the county level or above shall be responsible for accepting and handling
the complaints filed by the suppliers in accordance with the law.

The Ministry of Finance shall be responsible for handling the complaints of the suppliers in the government procurement activities
under the central budget projects.

The financial departments of the local people’s governments at the county level or above shall be responsible for handling the complaints
of the suppliers in the government procurement activities under the budget projects at the same level.

Article 4

The financial departments at all levels shall publicize their respective telephone number, fax and other matters that may facilitate
the suppliers’ filing of complaints through the media designated by the financial departments for releasing the government procurement
information.

Article 5

When the financial departments handle the complaints; they shall stick to the principle of fairness, impartiality, convenience and
high efficiency so as to safeguard the national and public interests.

Article 6

A supplier shall be subject to the real name system when it (he) files a complaint. Such complaint shall have specific matters to
complain about and factual basis. No one may file any false or malicious complaint.

Chapter II Filing of Complaints and Acceptance

Article 7

Where a supplier alleges that the procurement documents, process, bid and transaction results have caused any damage to its (his)
legal rights and interests, it (he) may initially challenge the purchaser or procurement agency. If the purchaser or procurement
agency fails to give a satisfactory response or respond within the prescribed time limit, the supplier may lodge a complaint to the
financial department at the same level within 15 working days after the expiry of the time limit for response.

Article 8

When a complainant initiates a complaint, it (he) shall submit a statement of complaint and shall offer enough number of duplicates
on the basis of the number of the purchaser, procurement agency against whom the complaint is filed (hereinafter referred to as the
party against whom a complaint is filed) and the supplier(s) relating to the matters complained about.

A statement of complaint shall mainly contain:

(1)

The name, address and telephone number of the complainant and the party against whom the complaint is filed;

(2)

Specific matters to complain about and the factual basis;

(3)

Query and response thereto and relevant evidentiary materials; and

(4)

Date of filing a complaint.

The statement of complaint shall be signed. If the complainant is a natural person, it shall be signed personally. If the complainant
is a legal person or any other organization, it shall be signed by the legal representative or the person chiefly in charge and shall
be affixed with the official seal.

Article 9

A complainant may entrust an agent to handle the complaint related matters. When the agent deals with such matters, it (he) shall
not only submit a complaint, but also a power of attorney from the complainant to the financial department at the same level. The
power of attorney shall clearly set forth the specific power and matters under entrustment.

Article 10

A complainant who initiates a complaint shall meet the conditions below:

(1)

It (he) is a supplier who has participated in the government procurement activities;

(2)

It (he) has made a query in accordance with the law before initiating a complaint;

(3)

The content of the complaint shall be consistent with the present Measures;

(4)

It (he) initiates a complaint within the valid period for doing so;

(5)

It (he) is within the jurisdiction of this financial department;

(6)

The same matters complained about haven’t been tackled as a complaint by the financial department; and

(7)

Other conditions as prescribed by the financial department of the State Council.

Article 11

After the financial department receives a complaint, it shall examine it within 5 workdays. If the complaint does not meet the relevant
conditions, the financial department shall handle it respectively according to the following provisions:

(1)

If the content of the complaint does not meet the relevant requirements, it shall inform the complainant to make necessary corrections
and lodge a new complaint;

(2)

If the complaint is not within the jurisdiction of this department, it shall be transferred to the competent department and the complainant
shall be informed of the transfer; or

(3)

If the complaint doesn’t meet the other conditions, it shall inform the complainant in writing of the dismissal of the complaint and
set forth the basis for such dismissal.

As for a complaint that meets the relevant conditions, it shall be deemed to have been accepted as of the date on which the financial
department receives it.

Article12

The financial department shall serve duplicates on the party against whom a complaint is filed and the suppliers related to the matters
complained about within 3 working days after acceptance of the complaint.

Article 13

The party against whom a complaint is filed and suppliers relating to the matters complained about shall, within 5 working days after
their receipt of the duplicates, make a written explanation to the financial department and shall submit the relevant evidence, basis
and other materials.

Chapter III Handling of Complaints and Decisions thereupon

Article14

In principle, the financial department shall adopt the approach of written examination when handling a complaint. If it considers
necessary, it may make an investigation so as to obtain evidence as well as organize a face-to-face cross-examination between the
complainant and the party against whom the complaint is filed.

Article 15

If the financial department makes an investigation in accordance with the law, the complainant, the party against whom a complaint
is filed and the entities and persons relating to the complaint shall faithfully present the facts as well as the pertinent materials
as needed by the financial department.

Article 16

If the complainant refuses to be cooperative when the financial department makes investigation in accordance with the law, it (he)
shall be deemed to have withdrawn the complaint on its (his) own initiative; if the party against whom the complaint is lodged refuses
to bring forward the relevant evidence, basis and other materials, it (he) shall be deemed to have waived its (his) rights and have
admitted the matters complained about.

Article 17

Upon examination, the financial department shall make a handling decision as follows about the matters complained about respectively:

(1)

If the complainant withdraws the complaint, it shall terminate the handling of the complaint;

(2)

If the complaint lacks a factual basis, the complaint shall be dismissed; or

(3)

If the matters complained about are checked and found to be true upon investigation, it shall be handled in the light of pertinent
provisions of the present Measures.

Article 18

If, upon examination, the financial department determines that the procurement documents show obvious preference or discrimination
and have resulted in or likely cause damage to the lawful rights and interests of the complainant or other suppliers, the case shall
be handled according to the following circumstances respectively:

(1)

If the procurement activity hasn’t been completed yet, it shall order that corrections be made on the procurement documents, and the
activity shall be carried on according to the corrected procurement documents.

(2)

If the procurement activity has been completed, but no government procurement contract is concluded, the financial department shall
determine the procurement activity as illegal and order the parties concerned to carry out afresh the procurement activity; or

(3)

If the procurement activity has already been completed, and a government procurement contract has been signed, the financial department
shall determine the procurement activity illegal and order the party against whom the complaint is filed to bear the corresponding
compensation liabilities in pursuance with the law.

Article 19

Upon examination, if the financial department determines that the procurement documents or process has affected or likely has a bearing
on the award of bid or transaction result, or if there is any illegal act in the process of bid award or of transaction result, the
case shall be handled according to the following circumstances respectively:

(1)

If no government procurement contract has been concluded, the financial department shall determine the whole or partial procurement
act as illegal in light of different circumstances and order the party concerned to carry out afresh procurement activity;

(2)

If the government contract has been concluded but hasn’t been executed yet, the financial department shall determine the contract
as illegal and order the party concerned to carry out anew procurement activity; or

(3)

If the government procurement contract has already been executed, the financial department shall determine the procurement activity
as illegal; and if the said procurement activity inflicts any loss to the purchaser and complainant, the relevant persons responsible
shall bear the compensation liabilities.

Article 20

The financial department shall, within 30 workdays from the day when it accepts a complaint, make a decision on handling the matters
complained about and shall inform in writing the complainant, the party against whom the complaint is filed and other interested
government procurement parties that have to do with the handling result of the said decision.

Article 21

When the financial department makes a decision on handling a complaint, it shall lay down a letter on complaint handling decision
and shall affix its seal. The decision letter shall mainly contain the following items:

(1)

The name and address of the complainant and the party against whom the complaint is filed;

(2)

If an agent is entrusted to handle the relevant matters, the name, occupation, address and contact form of the agent shall be included;

(3)

The specific content of, factual and legal basis for the decision on complaint handling;

(4)

Informing the complainant of the rights to apply for administrative reconsideration or to lodge a lawsuit;

(5)

The date on which the decision on handling the complaint is made.

The service of the decision letter shall be made in accordance with the provisions on service in the law of civil procedure.

Article 22

The financial department may, in the light of circumstances during the time period for handling a complaint, notify the party against
whom the complaint is filed to suspend its procurement activities, but the period of such a suspension may not exceed 30 days at
most.

The party against whom the complaint is filed shall immediately suspend its purchase upon notification, and may not resume such purchase
prior to the expiry of the prescribed time period or before the financial department issues a notice of resuming procurement activities.

Article 23

The financial department shall release the handling result through the media designated by the financial department at the provincial
level or above for releasing the government procurement information

Article 24

If the complainant disagrees on the handling decision made by the financial department, or if the financial department fails to handle
the complaint within the prescribed time limit, the complainant may apply for administrative reconsideration or institute an administrative
proceeding in the people’s court.

Chapter IV Legal Liabilities

Article 25

When handling a complaint, if the financial department finds any unlawful act of the complainant and its personnel, bid evaluation
board or supplier, it shall have the official capacity to handle or punish it (him). If it has no such official capacity, it shall
transfer the case to the competent organ.

Article 26

The complaint filed by a complainant who is under any of the circumstances set forth below shall be a false or malicious one. The
financial department shall dismiss its (his) complaint and list it (him) in the records of misconducts, and give it (him) a punishment
in accordance with the law:

(1)

It (he) has filed 3 or more complaints, but investigation reveals no evidence;

(2)

Fabricating stories or presenting false complaint materials.

Article 27

Where the illegal act of the party against whom a complaint is filed inflicts any loss to others, it (he) shall bear the civil liabilities
in pursuance of the civil law.

Article 28

While in the process of handling a complaint, if any of the functionaries of a financial department abuses his official capacity,
neglects his duties or engages in malpractices for selfish ends, he shall be given an administrative sanction; if any crime is constituted,
he shall be prosecuted for the criminal responsibility in pursuance with the law.

Chapter IV Supplementary Provisions

Article 29

No financial department may collect fees from a complainant and the party against whom a complaint is filed for handling a complaint.
But as for the authentication expense in connection with the process of handling the complaint, it shall be borne by the party in
the wrong in light of the principle ?C “The one who is in the wrong shall make payment”; if both parties are in the wrong, it shall
be jointly and reasonably borne by both of them.

Article 30

The financial departments shall set up a file management system for the complaints handling archives and shall consciously accept
the supervision and inspection carried out by the departments concerned in accordance with the law.

Article 31

The financial departments and the persons in the know shall have an obligation to keep the business secret and personal privacy that
they get to know during the process of handling the complaints.

Article 32

The present Measures shall enter into force as of September 11, 2004.

Ministry of Finance
2004-08-11

DECISION OF THE STANDING COMMITTEE OF THE NATIONAL PEOPLE’S CONGRESS ON AMENDING THE SEED LAW OF THE PEOPLE’S REPUBLIC OF CHINA

Standing Committee of the National People’s Congress

Order of the President of the People’s Republic of China

No.26

The Decision of the Standing Committee of the National People’s Congress on Amending the Seed Law of the People’s Republic of China,
which was adopted at the 11th session of the Standing Committee of the 10th National People’s Congress of the People’s Republic of
China on August 28th, 2004, is hereby promulgated, and shall be implemented as of the date of its promulgation.

Hu Jintao, President of the People’s Republic of China

August 28th, 2004

Decision of the Standing Committee of the National People’s Congress on Amending the Seed Law of the People’s Republic of China

Paragraph 2 of Article 17 shall be amended as: “Tree species that fail the examination and/or fail to receive approval cannot be
regarded as quality seeds to use and popularize, but if there is necessity to use them for production, they shall be subject to the
verification of the Tree Species Examination and Approval Committee.”

Article 33 shall be amended as: “No one may purchase the seeds of rare trees and the forest seeds subject to restricted purchase
by the people’s government of the corresponding level without the approval of the competent administrative department of forests
of the people’s governments of the provinces, autonomous regions, and municipalities directly under the Central Government.”

The present Decision shall be implemented as of the date of its promulgation.

The Seed Law of the People’s Republic of China shall be re-promulgated after being amended in accordance with the present Decision.

Standing Committee of the National People’s Congress
2004-08-28

1...8910...29 Page 9 of 29

Brazilian Laws

CONSTITUTIONAL AMENDMENTS part 4 – 1988 Constitution

CONSTITUTIONAL AMENDMENTS part 3 – 1988 Constitution

CIRCULAR OF THE MINISTRY OF COMMERCE ON ISSUING EXPORT QUOTAS FOR MULBERRY SILK COMMODITIES IN 2005

CIRCULAR OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION ON EXEMPTING THE HONG KONG OR MACAO HOUSING SUBSIDIES RECEIVED BY FOREIGN INDIVIDUALS FROM INDIVIDUAL INCOME TAX

AGREEMENT ON THE PROMOTION AND PROTECTION OF INVESTMENTS BETWEEN THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF THE REPUBLIC OF BENIN

ADMINISTRATIVE RULES OF FUTURES BROKERAGE COMPANY (FOR TRIAL IMPLEMENT)

MEASURES FOR THE ADMINISTRATION ON FOREIGN INVESTMENT IN COMMERCIAL FIELDS

MEASURES FOR THE ADMINISTRATION OF FOREIGN DEBTS OF FOREIGN-FUNDED BANKS IN CHINA

ANNOUNCEMENT OF OPEN MARKET OPERATIONS

MEASURES FOR HANDLING THE COMPLAINTS OF THE GOVERNMENT PROCUREMENT SUPPLIERS

DECISION OF THE STANDING COMMITTEE OF THE NATIONAL PEOPLE’S CONGRESS ON AMENDING THE SEED LAW OF THE PEOPLE’S REPUBLIC OF CHINA

CONSTITUTION ACT, 1982 – page 22

CONSTITUTION ACT, 1982 – page 21

CONSTITUTION ACT, 1982 – page 20

CONSTITUTION ACT, 1982 – page 19

CONSTITUTION ACT, 1982 – page 18

CONSTITUTION ACT, 1982 – page 17

CONSTITUTION ACT, 1982 – page 16

CONSTITUTION ACT, 1982 – page 12

CONSTITUTION ACT, 1982 – page 11

CONSTITUTION ACT, 1982 – page 10

CONSTITUTION ACT, 1982 – page 9

CONSTITUTION ACT, 1982 – page 8

CONSTITUTION ACT, 1982 – page 7