LETTER OF CHINA BANKING REGULATORY COMMISSION CONCERNING THE APPROVAL FOR BEIJING BRANCH OF THE BANK OF MONTREAL, CANADA LTD. TO DEAL IN RMB BUSINESS

Letter of China Banking Regulatory Commission concerning the Approval for Beijing Branch of the Bank of Montreal, Canada Ltd. to Deal
in RMB Business

Bank of Montreal, Canada Ltd.,

The letter which was signed by Mr. Tony Comper, President and Chief Executive Officer of your bank, on July 29, 2005 and was addressed
to this Commission has been received.

The following reply is hereby given to you according to the Regulation of the People’s Republic of China on the Administration of
Foreign-funded Financial Institutions (Order No. 340 of the State Council, hereinafter referred to as the Regulation) and the Detailed
Rules for the implementation of the Regulation of the People’s Republic of China on the Administration of Foreign-funded Financial
Institutions (Order No. 4,2004 of China Banking Regulatory Commission, hereinafter referred to as the Detailed Rules),:

Within the scope prescribed in Article 17 of the Regulation, your Beijing Branch is hereby approved to deal in RMB business services
for foreign-funded enterprises, China-based foreign institutions, mainland-based representative offices of Hong Kong, Macao and Taiwan,
for aliens and the compatriots from Hong Kong, Macao and Taiwan, and the non-foreign-funded enterprises.

Your bank is hereby approved to make additional allocations of a sum of RMB working capital in convertible currencies, equivalent
to 100 million Yuan, to your Beijing Branch. After increasing the capital, the working capital of this Branch comes up to 302.06
million Yuan, of which the foreign exchange working capital in convertible currencies comes up to 202.06 million Yuan and the RMB
working capital comes up to 100 million Yuan.

After increasing capital and performing statutory procedure in accordance with the Regulation and the Detailed Rules, your Beijing
Branch may, under Article 35 of the Detailed Rules, deal in providing foreign exchange business services for various clients under
the following scope: providing RMB business services for foreign-funded enterprises, China-based foreign institutions, and mainland-based
representative offices of Hong Kong, Macao and Taiwan, and for aliens, the compatriots from Hong Kong, Macao and Taiwan, and the
non-foreign-funded enterprises, pooling public deposits, granting short-term, medium-term and long-term loans, transacting acceptance
and discount of negotiable instruments, buying and selling government bonds and financial bonds, buying and selling non-stock negotiable
instruments denominated in a foreign currency, providing services on letter of credit and guaranties, transacting domestic and overseas
settlements, buying and selling foreign currencies for itself or on a commissioned basis, converting foreign currencies, inter-bank
funding, bank card business, safety-deposit box, providing credit-standing investigation and consultation services, as well as other
business activities upon the approval of China Banking Regulatory Commission.

China Banking Regulatory Commission

February 21, 2006

China Banking Regulatory Commission
2006-02-21

MEASURES FOR THE ADMINISTRATION ON POLLUTION CONTROL OF ELECTRONIC INFORMATION PRODUCTS

Ministry of Information Industry, SDRC, MOFCOM, GAC,SAIC, State Administration of Quality Supervision, Inspection and Quarantine,
State Environmental Protection Administration

Order of the Ministry of Information Industry

No. 39

The “Measures for the Administration on Pollution Control of Electronic Information Products” are hereby promulgated, and shall come
into force on March 1, 2007.

Minister of Information Industry, Wang Xudong

Director General of the State Development and Reform Commission, Ma Kai

Minister of Commerce, Bo Xilai

Director General of the General Administration of Customs, Mu Xinsheng

Director General of the State Administration for Industry and Commerce, Wang Zhongfu

Director General of the State Administration of Quality Supervision, Inspection and Quarantine, Li Changjiang

Director General of the State Environmental Protection Administration, Zhou Shengxian

February 28, 2006

Measures for the Administration on Pollution Control of Electronic Information Products

Chapter I General Provisions

Article 1

The present Measures are formulated in accordance with the “Law of the People’s Republic of China on Promoting Clean Production”,
the “Law of the People’s Republic of China on the Prevention and Control of Environmental Pollution by Solid Wastes” as well as other
laws and administrative regulations for the purpose of controlling and reducing the pollution caused by the wasted electronic information
products to the environment, promoting the production and sale of low-pollution electronic information products, and protecting the
environment and human health.

Article 2

Except for the production for export products, the control and reduction of the pollution and other public hazards caused by electronic
information products to the environment during the procedure of production, sale and import of electronic information products within
the territory of the People’s Republic of China shall be governed by the present Measures.

Article 3

In the present Measures, the following terms shall have their respective meanings as follows:

(1)

The term “electronic information products” shall refer to the products produced with electronic information technologies, including
electronic radar products, electronic communication products, radio and television products, computer products, home electronic products,
electronic measurement devices products, special electronic products, electronic element and component products, electronic application
products, electronic material products, etc., as well as the parts and components thereof.

(2)

The term “pollution of electronic information products” shall refer to the destructions, damages, wastes or other bad effects caused
to the environment, resources, human body, life or health, or the property safety due to the toxic or noxious substances or elements
contained in electronic information products, or due to the toxic or noxious substances or elements contained in electronic information
products which exceed the national standards or industrial standards.

(3)

The term ” pollution control of electronic information products” shall refer to the following measures adopted to reduce or eliminate
the toxic or noxious substances or elements contained in electronic information products:

the technical measures of changing the research and design scheme, adjusting the technological process , replacing the materials or
renovating the method of production, etc. in the process of design or production;

the measures of indicating the names and contents of toxic or noxious substances or elements, indicating the environmental protection
use term of the electronic information products, etc. in the process of design, production, sale or import;

the measures such as rigidly limiting the purchasing avenues, or refusing to sell the electronic information products which do not
meet the national or industrial standards for the control of toxic or noxious substances or elements of electronic information products
in the process of sale;

prohibiting the import of electronic information products which do not meet the national or industrial standards for the control of
toxic or noxious substances or elements of electronic information products;

other pollution control measures prescribed in the present Measures.

(4)

The term “toxic or noxious substances or elements” shall refer to the following substances or elements contained in electronic information
products:

lead;

hydrargyrum;

cadmium;

HexChrome;

PBB;

PBDE;

other toxic or noxious substances or elements prescribed by the state.

(5)

The term “environmental protection use term of electronic information products” shall refer to the time period within which the toxic
or noxious substances or elements contained in electronic information products will not leak or suddenly change, and the users of
the electronic information products will not cause serious pollution to the environment or serious personal or property damages.

Article 4

The Ministry of Information Industry of the People’s Republic of China (hereinafter referred to as “MII”), the State Development and
Reform Commission of the People’s Republic of China (hereinafter referred to as “SDRC”), the Ministry of Commerce of the People’s
Republic of China (hereinafter referred to as “MOC”), the General Administration of Customs of the People’s Republic of China (hereinafter
referred to as “the General Administration of Customs”), the State Administration for Industry and Commerce (hereinafter referred
to as “SAIC”), the State Administration of Quality Supervision, Inspection and Quarantine (hereinafter referred to as “SAQSIQ”),
and the State Environmental Protection Administration (hereinafter referred to as “SEPA”) shall, within the scope of their respective
duties, administer and supervise the pollution control of the electronic information products. The above relevant competent departments
shall, when necessary, set up a work coordination mechanism to resolve the major matters and problems in the pollution control of
electronic information products.

Article 5

MII shall, in consultation with the relevant competent department of the State Council, formulate measures favorable to the pollution
control of electronic information products.

MII and the relevant competent departments of the State Council shall, within the scope of their respective duties, promote the technologies
on the pollution control of electronic information products and the comprehensive utilization of resources, etc., encourage and support
the scientific research, technological development and international cooperation on the pollution control of electronic information
products, and ensure the implementation of the relevant provisions on the pollution control of electronic information products.

Article 6

MII may provide certain support to the organizations and individuals who actively develop, research and manufacture new environmental
protection electronic information products.

Article 7

The competent departments of information industry, development and reform, commerce, customs, industry and commerce, quality inspection,
environmental protection, etc. of each province, autonomous region, or municipality directly under the Central Government shall,
within the scope of their respective duties, supervise and administer the control of pollution caused from production, sale and import
of electronic information products, and shall, when necessary, set up a work coordination mechanism for regional control of pollution
from electronic information products, uniformly coordinate their work and assume their respective responsibilities.

Article 8

The competent department of information industry of each province, autonomous region, or municipality directly under the Central Government
may commend and award the organizations and individuals that have made prominent achievements in the pollution control of electronic
information products and other relevant activities.

Chapter II Pollution Control of Electronic Information Products

Article 9

An electronic information product designer shall, when designing electronic information products, meet the national or industrial
standards for control of toxic or noxious substances or elements of electronic information products, and shall, on the premise of
satisfying the technique requirements, adopt a non-toxic and innoxious or a low-toxicity and low-noxiousness solution in which the
said substances or elements are easy to be degraded or convenient for recovery and utilization.

Article 10

An producer of electronic information products shall, when producing or manufacturing electronic information products, meet the national
or industrial standards for control of toxic or noxious substances or elements of electronic information products, and use the materials,
technologies and techniques with high resource utilization rate, easy for recycling and treatment, and beneficial to environmental
protection.

Article 11

The environmental protection use term of electronic information products shall be determined by the producer or importer of electronic
information products itself. The producer or importer of electronic information products shall mark the environmental protection
use term on the electronic information products it produces or imports, or shall, if the said use term cannot be labeled on the
products due to the limited product size or function, indicate it in the product specification.

The labeling specimen and the way of indication, which are prescribed in the preceding paragraph, shall be uniformly prescribed by
MII in consultation with the relevant competent department of the State Council. The labeling specimen and the way of indication
shall meet the national or industrial standards for control of toxic or noxious substances or elements of electronic information
products.

The relevant industrial organizations may, according to the technical development level, formulate guidelines on the environmental
protection use term of relevant electronic information products.

Article 12

MII encourages the relevant industrial organizations to submit their guidelines on the environmental protection use term of their
electronic information products to MII.

Article 13

A producer or importer of electronic information products shall mark the toxic or noxious substances or elements contained in the
electronic information products it launches to the market, indicating the name, content and the components contained of toxic or
noxious substances or elements, , and whether they may be recycled for utilization, etc, or shall, if such information cannot be
labeled on the products due to the limited product size or function, indicate it in the product specification.

The labeling specimen and the way of indication, which are prescribed in the preceding paragraph, shall be uniformly prescribed by
MII in consultation with the relevant competent department of the State Council, and shall meet the national or industrial standards
on the control of toxic or noxious substances or elements contained in electronic information products.

Article 14

A producer or importer of electronic information products shall, when making and using the packages of electronic information products,
use the non-toxic and innoxious materials which are easy to be degraded or convenient for recovery and utilization by following
the national or industrial standards for control of toxic or noxious substances or elements of electronic information products.

A producer or importer of electronic information products shall mark the name of the package material on the package of the electronic
information products it has produced or imported; or shall, if it cannot be labeled due to the limited product size or exterior surface,
indicate it in the product specification.

The labeling specimen and the way of indication, which are prescribed in the preceding paragraph, shall be uniformly prescribed by
MII in consultation with the relevant competent department of the State Council, and shall meet the national or industrial standards
for the control of toxic or noxious substances or elements of electronic information products.

Article 15

A seller of electronic information products shall rigidly limit the purchasing channels, and shall not be permit to sell any electronic
information product not meeting the national or industrial standards for control of toxic or noxious substances or elements of electronic
information products.

Article 16

The imported electronic information products shall meet the national or industrial standards for the control of toxic or noxious substances
or elements of electronic information products.

Article 17

MII shall, in consultation with SEPA, formulate industrial standards for control of toxic or noxious substances or elements of electronic
information products.

MII shall, in consultation with the National Standardization Commission of China, draft national standards for control of toxic or
noxious substances or elements of electronic information products.

Article 18

MII shall, in consultation with the SDRC, MOC, the General Administration of Customs, SAIC, SAQSIQ and SEPA, work out and adjust the
catalogue subject to the key point management for pollution control of electronic information products.

The catalogue subject to the key point management for pollution control of electronic information products shall be composed of
the categories of electronic information products, the kinds of toxic or noxious substances or elements restricted to use, and the
limited use term thereof, and shall be adjusted year by year in light of the actual situation and the requirement of scientific
and technological development level.

Article 19

The Certification and Accreditation Administration of China shall lawfully implement compulsory product certification administration
to the electronic information products included into the catalogue subject to the key point management for pollution control of
electronic information products.

The entry and exit inspection and quarantine institution shall implement the port verification and arrival-based inspection on the
imported electronic information products. The customs shall handle the inspection release procedures upon the strength of the “List
of Customs Clearance of Inward Goods” issued by the entry and exit inspection and quarantine institution.

Article 20

The electronic information products included into the catalogue subject to the key point management for pollution control of electronic
information products shall, in addition to conforming to the relevant provisions in the present Measures on the pollution control
of electronic information products, meet the requirements for key point pollution control prescribed in the catalogue subject to
the key point management for pollution control of electronic information products .

The electronic information products not included into the catalogue subject to the key point management for pollution control of
electronic information products shall conform to other provisions in the present Measures on the pollution control of electronic
information products.

Article 21

MII shall, in consultation with the SDRC, MOC, the General Administration of Customs, SAIC, SAQSIQ and SEPA, and in light of the actual
situation on industrial development, promulgate the implementation time limit that the toxic or noxious substances or elements shall
not be permitted to be contained in the electronic information products listed into the catalogue subject to the key point management
for pollution control of electronic information products.

Chapter III Penalty Provisions

Article 22

Whoever violates the present Measures and is under any of the following circumstances shall be penalized by the customs, the administrative
departments of industrial and commerce, quality inspection, environmental protection, etc. within the scope of their respective duties:

(1)

A producer of electronic information products violates Article 10 of the present Measures because the materials, technologies or
techniques it adopts do not meet the national or industrial standards for the control of toxic or noxious substances or elements
of electronic information products;

(2)

A producer or importer of electronic information products violates Paragraph 1 of Article 14 of the present Measures because the
electronic information product packages it makes or uses do not meet the national or industrial standards for the control of toxic
or noxious substances or elements of electronic information products;

(3)

A seller of electronic information products violates Article 15 of the present Measures by selling electronic information products
that fail to meet the national or industrial standards for the control of toxic or noxious substances or elements of electronic information
products;

(4)

An importer of electronic information products violates Article 16 of the present Measures because the electronic information products
it imports do not meet the national or industrial standards for the control of toxic or noxious substances or elements of electronic
information products;

(5)

A producer, seller or importer of electronic information products violates Article 21 of the present Measures by still producing,
selling or importing electronic information products whose content of toxic or noxious substances or elements exceeds the national
or industrial standards for the control of toxic or noxious substances or elements of electronic information products as of the starting
date of the implementation time limit that the toxic or noxious substances or elements shall not be permitted to be contained in
the electronic information products listed into the catalogue subject to the key point management for pollution control of electronic
information products ; or

(6)

An importer of electronic information products violates the provisions in the present Measures on import administration to import
electronic information products.

Article 23

Whoever violates the present Measures and is under any of the following circumstances shall be penalized by the administrative departments
for industry and commerce, quality inspection, and environmental protection, etc. within the scope of their respective duties:

(1)

A producer or importer of electronic information products violates Article 11 of the present Measures by failing to explicitly mark
the environmental protection use term of its electronic information products;

(2)

A producer or importer of electronic information products violates Article 13 of the present Measures by failing to explicitly mark
the name, content, the components contained of the toxic or noxious substances or elements of its electronic information products,
or whether they may be recycled for utilization; or

(3)

A producer or importer of electronic information products violates Paragraph 2 of Article 14 of the present Measures by failing to
explicitly mark the components of the materials of the packages of its electronic information products.

Article 24

Where any government functionary abuses his power, practices favoritism for himself or his relative, connives at or harbors the acts
of violating the present Measures, or helps the party who violates the present Measures in avoiding investigation and punishment,
he shall be given administrative sanctions in accordance with the law.

Chapter IV Supplementary Provisions

Article 25

Any organization or individual may reveal to MII or to the competent department of information industry of the local province, autonomous
region, or municipality directly under the Central Government the designers, producers, importers and sellers who cause any pollution
bypollution by electronic information products.

Article 26

The power and responsibility to interpret the present Measures shall remain with MII in consultation with SDRC, MOC, the General Administration
of Customs, SAIC, SAQSIQ and SEPA.

Article 27

The present Measures shall come into force on March 1, 2007.

Ministry of Information Industry, SDRC, MOFCOM, GAC,SAIC, State Administration of Quality Supervision, Inspection and
Quarantine, State Environmental Protection Administration
2006-02-28

NOTICE THE STATE ADMINISTRATION OF TAXATION ON IMPOSING BUSINESS INCOME TAX IN REAL ESTATE DEVELOPMENT

The State Administration of Taxation

Notice the State Administration of Taxation on Imposing Business Income Tax in Real Estate Development

Guo Shui Fa [2006] No.31

March 6, 2006

To states tax bureaus, local tax bureaus of all provinces, autonomous region, municipalities under the Central Government, cities
specifically designated in the state plan:

In order to strengthen and standardize the administration on business income tax in the enterprises concerning real estate development,
in accordance with Provisional Regulations of the People’s Republic of China on Enterprise Income Tax and its enforcement regulations,
laws and provisions related to Law of The People’s Republic of China concerning the Administration of Tax Collection Order, as well
as the operational characteristics of the enterprises of real estate development, business income tax concerning real estate development
enterprises is hereby given as follows:

Tax handling of uncompleted development products

Where such development products as residence developed and constructed by development enterprises, commercial occupancy as well as
other buildings, attaching, supporting facilities and etc. are sold by means of advance sale prior to its completion, its presale
income shall, in accordance with assessable gross profit, work out quarterly( or monthly) gross profit volume of the current period
and subsequently the taxable income after having deducted relevant period charge, sales tax and adjunct account and then be adjusted
after the assessable cost of development products was calculated.

(i)

The item of economically affordable housing shall comply with the provisions such as Notice of the Ministry of Construction, State
Development and Reform Commission, Ministry of Natural Resources, People’s Bank of China on Printing and Distributing Measures for
Economic Affordable Houses (Jian Zhu Fang (2004) No.77) and etc, the assessable gross profit margin rate of the presale income shall
be no less than 3%. The real estate development shall, when applying for initial tax returns filing, attach the certificate documents
of the related departments as well as other relevant certificate document. For those who do not comply with the provisions or fail
to submit the certified documents of the related departments as well as other related certificate documents, they shall calculate
the business income tax in accordance with the provisions about sale of non-economic affordable houses.

(ii)

The estimated assessable gross profit margin rate of non-economic affordable houses shall be determined in accordance with the following
provisions:

Where the development item is located in the urban and suburban areas of provinces, autonomous regions, and cities specifically designated
in the state plan, its estimated assessable gross profit margin rate shall be not less than 20%.

Where the development item is located in prefecture or its suburban region, its estimated assessable gross profit margin rate shall
be not less than 15%.

Where the development item is located in other areas, its estimated assessable gross profit margin rate shall be not less than 10%.

II.

Tax affairs treatment about completed development products

(i)

Those who comply with any of the following circumstances shall be deemed as having completed the development product:

The certificate of project completion of the development product or (cost objective) has been submitted to the management department
of real estate for record;

The development product or (cost objective) has obtained the certificate of initial property right.

(ii)

After the completion of development product, development enterprises shall, in accordance with the nature and means of production
of its income and means of sale as well as the principle of income confirmation, confirm rationally the presale as real sale income,
and simultaneously carry forward the corresponding assessable cost and work out the gross profit of the real sale income hereof.
The difference between gross profit margin of its real sale and the estimated gross profit margin shall be calculated in the tax
payable of the project completion year. Where those completed development products yet fail to calculate the assessable cost in the
project completion year in accordance with the related provisions, or fail to adjust the taxpaying difference between the real sale
income of real sale and gross profit margin, the tax authorities is enpost_titled to confirm or verify its assessable cost and thereby
conduct taxpaying adjustment and handle it in accordance with Law of The People’s Republic of China concerning The Administration
of Tax Collection Order.

(iii)

After the completion of product development, development enterprises shall, prior to the annual taxpaying declaration, submit the
status quo of the project completion to the taxation authorities in responsible. The development enterprises shall, when declaring
annual taxpaying, submit the tax appraisal report issued by related departments concerning adjustment of difference between gross
profit margin of its real sale and the presale gross profit margin as well as other related documents required by the tax authorities.

The aforesaid tax appraisal report concerning difference adjustment includes: geographical locations and survey of the development
item, floor space, development usage, initial development time, completion time, salable areas and sold areas, presale income and
gross profit, real sale income and gross profit margin, development cost and real sale cost and etc.

(iv)

The income of development product covers all the purchase price in the process of product development, including cash, cash equivalent
as well as other economic interest. Where various fund, expenses and adjunct account charged by the development enterprise in the
name of relevant departments, units and enterprises are included in cost of development product or invoice issued by development
enterprise, they shall be confirmed as sale income; otherwise, they may be deemed funds to collect or remit for management.

(v)

The sale income of development product shall be confirmed in accordance with the following provisions:

Where the development products are sold by means of one-off collection, the income shall be confirmed on the very day when real payment
or price certificate (right) are fulfilled.

Where the development products are sold by means of installment collection, the income shall be confirmed by means of the settled
price and cash day. Where the payer pays in advance, the income shall be confirmed on the actual cash day.

Where development products are sold by means of bank mortgage, the income volume shall be determined in accordance with the settled
price determined in sale contract or agreement, its initial payment shall be confirmed on very day when it is received, the remaining
part shall be confirmed on the very day when the account is transferred by means of bank mortgage.

Where the development products are sold by means of entrustment, they shall be realized in accordance with the following principles:

(1) Where the development products are entrusted to be sold by means of paying service charge, fund shall be confirmed on the very
day when the list of sold development products from entrusted party is received in accordance with the settled sum in sales contract
or agreement.

(2) Where development products are entrusted to be sold by means of buyout, and sales contract or agreement are signed by the development
enterprise or buyer, or jointly signed by the development enterprise, the entrusted party and the buyer, if the settled price in
the sales contract or agreement is higher than the buyout price, the fund calculated by the settled price in the sales contract or
agreement shall confirmed on the very day when the list of the sold development products from the entrusted party is received; where
the settled price in the sales contract or agreement in the former two occasions is lower than the buyout price and the sales contract
or agreement is signed by the entrusted party and the buyer, the fund calculated in accordance with buyout price shall be confirmed
on the very day when the list of sold products from the entrusted party is received.

(3) Where the development products is entrusted to be sold by means of base price (minimum price) and profit-sharing by the two parties
through excessive base price and sales contract or agreement is signed by the development enterprise and the buyer or jointly signed
by development enterprise, the entrusted party, the buyer, if the settled price in the sales contract or agreement is higher than
the base price, the fund calculated in accordance with the settled price in the sales contract or agreement shall be confirmed on
the very day when the bill of sold development products from the entrusted party is received, and the sum paid by development enterprises
to the entrusted party shall not be deducted from sales income; where the settled price in sales contract or agreement is lower than
the base price, the sum calculated by base price shall be confirmed on the very day when the bill of sold development products form
the entrusted party is received. Where the sales contract is directly signed by the entrusted party and the buyer, the sum calculated
by base price plus the gained sum shall be confirmed on the very day when the list of sold development products from the entrusted
party is received.

(4) Where the development products is entrusted to be sold by means of exclusive sales, the sum in the exclusive sales term may be
confirmed in accordance with the related provisions of exclusive contract and the aforesaid items from (1) to (3); where the development
products have not been sold after the expiration of the exclusive sales term, the development enterprise shall be confirmed in accordance
with the price and means of paying in sales contracts or agreement.

The list of sold development products shall include such contents of the development products as name, geographical location, serial
number, amount, unit price, sum, service charges and etc. are calculated on month or quarter basis regularly, and taxpaying declaration
and prepay tax shall be submitted to tax authorities within the prescribed time limit. Where those fail to conduct regular settlement,
taxpaying declaration and prepay tax, they should be punished in accordance with Law of The People’s Republic of China concerning
the Administration of Tax Collection Order.

Where the development enterprises rent and then sell the development products, those who transform the development products to fixed
assets, the purchase price obtained in the period of rent shall be confirmed through the amount of rent; where those fail to transform
development products to fixed assets, the purchase price in the period of rent shall be confirmed through rent and then through the
income from sale of development products in time of its sale.

III.

Confirmation of order-rent income of development products

Where the development enterprise sign forward contract with leaseholder prior to completing newly built development products or
undertaking house property initial registration and obtaining property certificate, the order-rent income gained by the renter shall
be confirmed through rent, and the order-rent expense paid by the leaseholder shall undertake pre-tax deduction in accordance with
rent expense.

IV.

Tax treatment about cooperation in the construction of development products

Where the development enterprise relies mainly on itself and cooperates with other enterprises, units, individuals or through joint-venture
to develop real estate item which has not established independent incorporated company, it shall carry it out in accordance with
the following provisions:

(i)

Where it is settled in the development contract or agreement that development products will be distributed to all of the investors
and the item has calculated its assessable cost in the first time for the development enterprise to distribute its development products,
the difference between the assessable cost of the development products due to be distributed to the investor ( i.e. its cooperation
and joint party, the same below) and its investment cost shall be calculated in the tax payable income; where the assessable cost
is not calculated in, the investment cost shall be deemed as presale income for related tax treatment.

(ii)

The distribution of item profit settled in development contract or agreement shall be handled in accordance with the following provisions:

The development enterprise shall incorporate the operating profit arisen from the item into the taxable income of the current period
and apply universally for business income tax and shall not distribute profit of the item prior to tax. Meanwhile, it shall not amortize
in the cost because of the acceptance of investment volume form the investor or deduct the relevant interest payment prior to tax.

The operating profit gained by the investor shall be deemed as equivalent to acquisition of dividend and bonus and pay the overdue
tax by holding the certificate issued by tax authorities in responsible in accordance with the provisions.

Tax treatment about investment development item in the land use right

(i)

Where the enterprise or unit invests land use right in real estate development item to exchange for development products, it shall
conduct it in accordance with the following provisions:

Where the enterprise or unit initially acquires development products, it shall divide it into transfer of land use right and buying
in development products to conduct income tax, and estimate, on the basis of fair market value of the acquired development products
(including that in the first time and that acquired later) the gain and loss due to the transfer of land use right.

The developer who have obtained land use right shall, when dividing it for the first time, divide it into two economic businesses
for treatment of income tax: the development products needed to be divided (including the initial time and the following ones), and
buying-in of the land use right, and calculate the value of land use right into the cost of this item.

(ii)

Where the enterprise or unit invests land use right in real estate development item in the form of stock rights, it shall conduct
it in accordance with the following provisions:

The enterprise or unit shall, on occasion of investment trade, divide it into sale of relevant non-cash asset and investment for business
income treatment and estimate loss and gain from asset transfer.

Where the proportion of the income of aforesaid transfer of land use right exceeds 5 % in the tax payable of the same year, the enterprise
or unit may, as of the commencement of investment trade, share equally in the taxable income by five tax years.

The developer who has accepted the land use right may, in time of investment trade, calculate the aforesaid investment trade volume
to confirm the cost of land use right and calculate it in the cost of development products.

VI.

Tax treatment concerning deeming development products as marketing

Such acts as the development enterprise transforms the development products to fixed assets or uses them for donate, sponsorship,
welfare of staff and worker, rewarding and overseas investment, or distributes them to stockholders or investor, reclaims debt, or
trades for non-cash assets of other enterprises and institutions, shall be deemed as marketing and the income (or profit) shall be
confirmed on the occasion when the ownership or right of use is transformed or the actual interest and profits are gained. The means
and orders to confirm the realization of income (or profit) shall be:

(i)

confirmed in accordance with the marketing price of the same kind of development products in the recent or the latest month of
the enterprise;

(ii)

confirmed by the tax authority in responsible by referring to the fair market value of the same kind of development products;

(iii)

confirmed in line with the cost-profit ratio of the development product. The cost-profit ratio of the development cost shall be no
less than 15% with the tax authority responsible for the determination of its detailed ratio.

VII.

Tax treatment concerning consigned project construction

(i)

Where the term of consigned project and labor service provided by the development enterprise is no more than 12 months, its receipt
may be confirmed in accordance with the settlement date agreed in the contract or on the date when the project is completed; where
the duration is more than 12 months, the receipt may be confirmed quarterly be means of percentage of project completion. Percentage
of project completion means that receipt and expenses are confirmed in accordance with the progress of contract. Its completion progress
may be determined in accordance with the proportion of the actual accumulative contract cost in estimated contract cost, the proportion
of the completed contract workload in the total contract workload as well as the completed contract workload.

(ii)

Where the material, leftovers, abandoned project or scrap of the products and etc. spared by the development project in the process
of project construction, labor service provisions are required to be owned by the development project, the receipt shall be confirmed
in accordance with the fair market value closing cost

VIII.

Deduction of development product cost and expense

The development enterprise shall, when conducting accounting and deduction of development product cost and expenses, differentiate
period expense and development product expense, accounting cost of development cost and the assessable cost hereof, the assessable
cost of the sold development products and unsold development products.

(i)

The development enterprise shall, when settle the assessable cost, behave in accordance with the following provisions:

Where all kinds of expenses in the process of development products construction arise in the current period, they shall be calculated
in cost objective in accordance with the principle of accrual system. Where the expenses have yet not arisen and born by the current
period, they shall not be calculated in the cost objective of the current period except that they are enpost_titled to be calculated in
the cost objective of the current period in accordance with tax provisions.

The development products shall, in accordance with common operation and accounting conventions, rationally divide cost objective,
meanwhile, divide all expenses into direct cost, indirect cost and common cost.

The direct cost, indirect cost and common cost arisen prior to the completion of development products shall, in accordance with the
Matching Principle, allocate them in all cost objective, of which direct cost and indirect cost may make a clear distinction between
the cost incidence objectives and shall be calculated in cost objectives; where common cost and indirect cost cannot make a clear
distinction between the cost incidence objective due to the simultaneous development or rolling development, the allocation shall
be calculated in accordance with floor spacebuilding area, or project estimate of every cost objective(project).

The expenses calculated in development products shall be actual, except otherwise prescribed, all withdrawing (or accrued expense)
shall not be calculated in development product cost.

The expense calculated in development product cost shall comply with the provision of state tax. Otherwise, it shall be adjusted in
line with tax provisions.

The assessable cost shall be calculated within the prescribed time limit after the completion of development products, yet shall not
advanced or put off. Should the accounting cost be settled, its tax shall be adjusted in accordance with revenue provisions.

(ii)

The following items shall be deducted in accordance with the following provisions:

The assessable income of sold development products. Such cost of sold development product as is authorized to be deducted shall be
confirmed in accordance with the actual sale and project cost of saleable area. The assessable cost of unit project concerning saleable
area and the sold development shall be determined by the following formula:

unit project cost of saleable area= total cost of cost objectiveunit project cost of total area assessable cost of sold development
products= actual sale of saleable areaunit project cost of saleable area

The expense due to calculated in development product cost by the development enterprise, including construction cost in the prior
period, infrastructural construction cost, public supporting facility expenses, land acquisition and removal cost, building and installation
project cost, development overhead expense and etc, shall be allocated in accordance with the following provisions:

(1) Such expenses as occur before the project completion shall be calculated into cost objective in accordance with the provisions
concerning assessable cost and other relevant provisions.

(2) Such expenses as occur after the project completion shall, in accordance with provision concerning assessable settlement as well
as other provision, firstly be divided between completed cost objective and the uncompleted cost objective and then divide the expenses
due to be shouldered by the completed cost objective into the sold development products and unsold development products.

Accrued expense. All kinds of accrued expense arisen from development enterprises may be calculated in the assessable income of development
products on the strength of legal certificate or be deducted before taxpaying, provided that expense drawing is otherwise prescribed.

Maintenance costs. The actual expenses spent by the development enterprise to undertake daily maintenance, upkeep, repair and etc
on unsold development product and the sold development products (common part, common facilities and equipments) in accordance with
the relevant laws, rules or contract provisions shall be deducted in the current period.

Maintenance expenses for common part and common facilities. Where the maintenance expenses for common part and common facilities calculated
by the development enterprise is transferred to relevant units and department, it shall be deducted in time of its transfer. The
collected and remitted maintenance expenses and withholding maintenance shall not be deducted.

Such facilities built by the development enterprise in the development zone as chambers, parking lots, property management place,
electric plants, water works, physical and cultural places, kindergarten and etc shall be handled in accordance with the following
provisions:

(1) Where these facilities are unprofitable or owned by all the proprietors or donated to local governments or public utilities,
they may be deemed public supporting facilities, the construction expenses shall be undertaken in accordance with the provisions
concerning supporting facilities.

(2) Where these facilities are profitable or owned by the development enterprise or their ownership is not clearly expressed or donated
to other units except local governments or public facilities, their cost shall be calculated independently. Except that those facilities
developed by the enterprises for their own use shall be used for the construction of fixed assets, others shall be used for the construction
of development products.

The postal and communication facilities, schools, medical facilities built in the development zone by the development enterprises
shall have their cost calculated independently and handled in accordance with the following provisions:

(1) Where these facilities are completed after their investment and construction by development enterprises, they shall be handled
in accordance with the standard for construction of development products, where they are rent, they shall be handled in accordance
with the standard for the construction of fixed assets; where they are donated freely to the relevant national departments and units,
they shall be handled in accordance with the standard for the construction of public supporting facilities

(2) Where these facilities are constructed by the development enterprises and relevant operation management departments and units
through joint venture and transferred with compensation, the economic compensation given by relevant national service management
departments and units may directly offset the construction cost of the project and the difference of offset shall be calculated into
the assessable income.

Where the house sale department (reception) and showcase houses can be deemed as cost objective for calculation independently, it
may be handled in accordance with the standard for self-built fixed assets, others shall be handled in accordance with the criteria
for the construction of development products. The fitment expenses shall, regardless its volume, shall be calculated in its construction
cost.

Bail. Where the development enterprise sells development products by means of bank mortgage, and the development enterprise presents
a guarantee for bank mortgage of the buyer, the bail (caution money) shall neither be deducted from its sales income, nor deducted
as expenses from its current period tax, yet the actual loss may be deducted faithfully.

10.

The advertising cost, publicity expenses and business reception expenses shall be handled in accordance with the following provisions:

(1) The presale income acquired by the development enterprise shall not be deemed as cardinal number for such three expenses as advertising
cost, publicity expenses and business reception expenses until the presale income has been transferred to actual sale income.

(2) The advertising cost, publicity expenses and business reception expenses concerning the construction and sale of development products
arisen from the acquisition of the first actual sale income of development products by the newly-built enterprise may be carried
forward and deducted in accordance with the tax provisions with the maximum carry-forward period no more than three tax years.

11.

Interest shall be handled in accordance with the following provisions:

(1)Where the borrowing cost arisen from the borrowed capital from the development enterprises to construct development enterprise
in accordance with the tax provisions prior to the completion of cost objective, it shall match the cost objective; where it arises
after the completion of cost objective, it may be directly deducted as financial expenses.

(2) Where the development enterprise borrows fund from financial institution universally and lends to the other enterprises and units
within its group, and the debit may present the loan certificate gained from the financial institution, its interest to be paid shall
be deducted prior to tax in accordance with the tax provisions.

(3) Where the development enterprise lends its own fund to exclusively-invested enterprises (including its branches) and other relevant
enterprises and the fund borrowed by the related-party is more than 50% of its registered capital, the interest expenditure for the
excessive part shall not be deducted prior to taxpaying; the interest expenditure otherwise is allowed deducted prior to tax in accordance
with the calculated amount calculated in line with benchmark ratio of the same kind of the same period loan in the financial institution.

12.

Charge for idle land. Where the development enterprise acquires the land use right for real estate development by means of assignment,
it shall assign the contracted use of land in line with land use right and land development time limit. Where the charge of idle
land is handed over because of exceeding the contracted date for commencement of construction, it shall be calculated in the construction
cost of cost objective; loss arisen from the withdrawal of land use right by the country may be deemed as property loss and deducted
prior to tax in accordance with tax provisions.

13.

Loss for scrap and damage of the cost objective. Where scrap and loss arisen from the cost objective of individual item or unit project
in the process of its construction, they shall, after deducting net loss of scrap value and the compensation from negligence-doer
from insurance companies, be calculated as project cost for continuous project construction; where the cost objective is scrapped
or damaged totally, its net loss may be deemed as property loss and deducted in accordance with tax collection provisions.

14.

Depreciation. Where the development enterprise transfers the development products to fixed assets, it may deduct the depreciation
expense; otherwise, it shall not deduct the depreciation expenses.

IX.

On collection management

(i)

The development enterprise shall, when declaring annual taxpaying, verify the deduction items prior to tax one by one examined, approved
or recorded by tax authorities. Where the development enterprise fails to submit the relevant documents for examination, approval
or record in accordance with the relevant provisions, or does not have complete documents, it shall make up the relevant procedures
and documents; otherwise, it shall not be deduct the income prior to tax.

(ii)

Where any of the following circumstances occurs, the tax authorities are enpost_titled to collect, manage and gradually standardize the
previous tax payable by means of verification of collection, and to conduct in accordance with taxation laws and provisions such
as Law of The People’s Republic of China concerning the Administration of Tax Collection Order, however, it shall not prescribe in
advance that the income tax of development enterprise should be collected and managed by means of collection verification.

Account may be opened in accordance with laws and administrative regulations;

Account should have been made in accordance with laws and administrative regulations;

The account was destroyed the account without authorization or data of tax payments fails to be presented.

The account, albeit opened, is in chaos or lack of compete cost data, income revenue, expenses certificate so that account cannot
be checked;

Those who fails to handle the due tax payment declaration within the prescribed time limit, o

NOTIFICATION NO.4, 2006 OF FOREIGN ASSISTANCE PROJECT BID BOARD OF THE MINISTRY OF COMMERCE

Notification No.4, 2006 of Foreign Assistance Project Bid Board of the Ministry of Commerce

Tong Gao [2006] No.4

Foreign Assistance Project Bid Board of the Ministry of Commerce held the 4th regular meeting on March 8, 2006. Matters of concern
and resolution are notified as follows:

The tender mode of Tonga Assembly Hall Construction assistance project was discussed. The Bid Board adopted limited invitation tendering
mode, and 7 enterprises including China Foreign Construction Corporation, Guangsha Chongqing Construction (Group) Co., Ltd., China
Civil Engineering Construction Corporation, Jiangsu Construction Group Corp., Hunan Construction Engineering Group Corporation, China
National Overseas Engineering Corporation, Qingdao Construction Group Corporation will be invited to participate in the bid. Specific
matters of concern shall be notified later.

The tender mode of Zimbabwe National Stadium Maintenance Construction assistance project was discussed. The Bid Board adopted limited
invitation tendering mode, and 15 enterprises including China Jiangsu International Economic Technical Cooperation Corp., China Jiangxi
Corporation For Economic and Technical Cooperation, Gansu Foreign Engineering Corporation, China Henan International Cooperation
Group Co., Ltd., Jiangsu Construction Engineering Corp., China State Construction Engineering Corp., Weihai International Economic
& Technical Cooperative Co., Ltd., China Shandong Foreign Economic Technical Cooperation Corp., Anhui Foreign Economic Construction
Corporation (group) Co., Ltd., Liaoning International Techno-Economic Cooperation Co., Ltd., China Shanxi International Economic
& Technical Cooperation Corporation, Hubei Construction Engineering Group Corporation, Ningbo Construction Group Co., Ltd., China
Tianjian International Economic and Technical Cooperative Corporation and China SFECO Group Co., Ltd. will be invited to participate
in the bid. Specific matters of concern shall be notified later.

The tender mode of Providing 10, 000 tons of Diesel Oil to the Democratic People’s Republic of Korea assistance project was discussed.
The Bid Board adopted limited invitation tendering mode, and 5 enterprises including Sinochem Corporation, Henan Light Industrial
Products Imp.& Exp. Group Co., Ltd., Henan Yuguang Gold & Lead Co., Ltd., Henan Cereals, Oil & Foodstuff Imp. & Exp.
Group Corp. Ltd. and Heilongjiang United Oil & Chemicals CO., Ltd. will be invited to participate in the bid. Specific matters
of concern shall be notified later.

The implementation mode of providing a batch of commodities to Eritrea assistance Project was discussed. The Bid Board determined
to provide the commodities by means of agency by agreement, and appointed CITIC Int’l. Cooperation Co., Ltd. as the commercial agent
to handle the specific tasks on commodity arrangement and shipping.

Foreign Assistance Project Bid Board of the Ministry of Commerce

March 17, 2006

Foreign Assistance Project Bid Board of the Ministry of Commerce
2006-03-17

MEASURES OF THE CUSTOMS OF THE PEOPLE’S REPUBLIC OF CHINA FOR THE ASSESSMENT AND DETERMINATION OF DUTY-PAID VALUE OF IMPORT AND EXPORT GOODS

General Administration of Customs

Order of the General Administration of Customs

No.148

The Measures of the Customs of the People’s Republic of China for the Assessment and Determination of Duty-paid Value of Import and
Export Goods deliberated and adopted at the executive meeting of the General Administration of Customs on March 8, 2006, are hereby
promulgated and shall come into force as of May 1, 2006. The Measures of the Customs of the People’s Republic of China for the Assessment
and Determination of Duty-paid Value of Import and Export Goods as promulgated by Order No. 95 of the General Administration of Customs
on December 31, 2001 and the Measures of the Customs of the People’s Republic of China for the Evaluation of Royalties of Imported
Goods as promulgated by Order No. 102 of the General Administration of Customs on May 30, 2003 shall be repealed simultaneously.

General Director of General Administration of Customs, Mou Xinsheng

March 28, 2006

Measures of the Customs of the People’s Republic of China for the Assessment and Determination of Duty-paid Value of Import and Export
Goods

Chapter I General Provisions

Article 1

For the purpose of correctly measuring and determining the duty-paid value of import and export goods, these Measures are formulated
in pursuant to the Customs Law of the People’s Republic of China and the Regulation of the People’s Republic of China on the Import
and Export Duties.

Article 2

The customs shall observe the principles of objectiveness, fairness and unification when checking and determining the duty-paid value
of import and export goods.

Article 3

These Measures shall apply when the customs checks and determines the duty-paid value of import and export goods.

These Measures shall not be applicable to the checking and determination of the duty-paid value of such articles for personal use
that are permitted to be imported as the luggage of passengers entering China, personal postal items and etc., or the assessable
value of the import and export goods and articles that are suspected of being involved in smuggle.

Article 4

The customs shall properly keep the materials involving business secrets provided by taxpayers, and shall not provide them to any
other people or entity unless it is otherwise prescribed by the laws or administrative regulations according to the relevant provisions
of the State.

A taxpayer may request the customs to keep business secrets in the form of written application and specifically mention the contents
that need to be kept confidential, but shall not refuse to provide relevant materials for the customs on the pretext of business
secrets.

Chapter II Duty-paid Value of Imported Goods

Section 1 Method for Determining the Duty-paid Value of Imported Goods

Article 5

The duty-paid value of imported goods shall be checked and determined by the customs on the basis of the transaction value of those
goods, which shall include the freight and relevant expenses and the insurance premiums of the goods before they are transported
to and unloaded at the entry spot within the territory of the People’s Republic of China.

Article 6

Where the transaction value of imported goods does not comply with the provisions in Section 2 of this Chapter or cannot be determined,
the transaction value of those goods shall be determined in sequence by the following methods after the customs gains knowledge of
the relevant situations and carries out consultation on pricing with the taxpayer:

(1)

The appraisal method for the transaction value of identical goods;

(2)

The appraisal method for the transaction value of similar goods;

(3)

The subtractive method;

(4)

The computing method; and

(5)

Other reasonable methods.

The taxpayer may file an application for reversing the applying order for Item (3) and Item (4) of the preceding Paragraph after providing
relevant materials.

Section 2 Appraisal Method for the Transaction Value

Article 7

The transaction value of imported goods shall refer to the total amount of the paid-in or payable value that the buyer shall pay to
the seller for the imported goods when the goods are sold within the territory of the People’s Republic of China after adjustment
according to the provisions in Section 3 of this Chapter, which shall include the price that is directly and indirectly paid.

Article 8

The transaction value of imported goods shall comply with the following conditions:

(1)

The buyer shall not be restricted with regard to the disposal or use of imported goods, except for the restrictions prescribed and
implemented by laws or administrative regulations, the restrictions on areas where the goods are to be sold, and the restrictions
that have no substantial impact on the value of the goods;

(2)

The value of imported goods shall not be affected by the conditions or factors that may make the determination of the transaction
value of those goods impossible;

(3)

The seller shall not directly or indirectly acquire any proceeds from the buyer’s selling, disposal or use of imported goods, unless
the adjustment can be made according to Item (4) of Paragraph 1 of Article 11 of these Measures; and

(4)

There shall be no special relation between the buyer and the seller, unless the special relation will not affect the transaction value
according to Article 17 of these Measures.

Article 9

It shall be regarded that the buyer is restricted with regard to the disposal or use of imported goods under any of the following
circumstances:

(1)

The imported goods can be used solely for exhibitions or as free gifts;

(2)

The imported goods can be sold solely to the designated third party;

(3)

The imported goods can be sold solely to the seller or the designated third party after they are processed into finished products;
or

(4)

Any other circumstance under which the buyer is regarded as being restricted with regard to the disposal or use of imported goods
upon examination of the customs.

Article 10

It shall be regarded that the value of imported goods has been affected by the conditions or factors that make the determination of
the transaction value of those goods impossible under any of the following circumstances:

(1)

The value of imported goods is determined on condition that the buyer purchases a certain amount of other goods from the seller;

(2)

The value of imported goods is determined on condition that the buyer sells other goods to the seller; or

(3)

Any other circumstance under which the value of imported goods is affected by the conditions or factors that makes the determination
of the transaction value of those goods impossible upon examination of the customs.

Section 3 Adjustment Items for the Transaction Value

Article 11

When the duty-paid value of imported goods is checked and determined on the basis of transaction price, the following expenses or
values that are excluded from the paid-in or payable value of those goods shall be taken into account of the duty-paid value:

(1)

The following expenses as borne by the buyer:

Commissions and brokerages other than the commission for buying goods;

Expenses for the containers which are regarded as integral parts of those goods; and

Expenses for the package materials and packing services.

(2)

The value of the following goods or services that are relevant to the production of imported goods and the selling thereof within
the territory of the People’s Republic of China and are provided for free or sold at a price lower than the cost price by the buyer,
which may be apportioned in appropriate proportion:

Materials, parts, accessories and similar goods contained in imported goods;

Tools, molds and similar goods used in the production of imported goods;

Materials consumed in the production of imported goods;

Relevant services occurring out of China such as engineering design, technological research and development, techniques and drawings,
etc. that are needed for the production of imported goods.

(3)

The royalties that the buyer needs to pay to the seller or the relevant party directly or indirectly, unless it is under either of
the following circumstances:

The royalties are irrelevant to those goods; or

The payment of royalties does not constitute the conditions for those goods to be sold within the territory of the People’s Republic
of China.

(4)

The proceeds directly or indirectly acquired by the seller from the buyer’s selling, disposal or use of those goods after the import
thereof.

The taxpayer shall provide objective and quantitative data and materials about the aforesaid expenses or values to the customs. Where
the taxpayer fails to provide the aforesaid data and materials, the customs shall check and determine the duty-paid value upon consultation
on pricing with the taxpayer according to the methods as mentioned in Article 6 of these Measures.

Article 12

When determining the value of goods that shall be taken into account of the duty-paid value of imported goods according to Item (2)
of Paragraph 1 of Article 11 of these Measures, the relevant expenses shall be calculated according to the following methods:

(1)

The purchasing price shall be taken into account of the value in case that the buyer purchases goods from the third party that has
no special relation therewith;

(2)

The cost of manufacture shall be taken into account of the value in case that the buyer manufactures goods by it or purchases goods
from the third party that has any special relation therewith;

(3)

The cost of lease borne by the buyer shall be taken into account of the value in case that the buyer acquires the goods by leasing;
and

(4)

The value of tools, molds and similar goods used in the production of imported goods shall include the expenses for engineering design,
technological research and development, techniques and drawings, etc.

Where the goods have been used by the buyer before they are provided to the seller, the value to be taken into account shall be the
value upon depreciation according to the domestically recognized accounting principles.

Article 13

The royalties that comply with any of the following conditions shall be regarded as relevant to the imported goods:

(1)

The royalties are paid for the patent or the right to use know-how, and the imported goods are under any of the following circumstances:

The imported goods contain patent or know-how;

The imported goods are produced by using any patented method or know-how; or

The imported goods are specially designed or manufactured for implementing the patent or know-how.

(2)

The royalties are paid for trademark right, and the imported goods are under any of the following circumstances:

The imported goods are attached with the trademark;

The imported goods are attached with the trademark after importing and may be directly sold; or

The imported goods contain the trademark right when imported and may be sold with the trademark attached after minor processing.

(3)

The royalties are paid for copyright, and the imported goods are under either of the following circumstances:

The imported goods contain software, words, music, graphics, images, or other similar contents, including the form of tape, disk,
compact disk, or other similar media; or

The imported goods contain other contents with copyright.

(4)

The royalties are paid for the right to distribute, or sell or other similar rights, and the imported goods are under either of the
following circumstances:

The imported goods may be directly sold after importing; or

The imported goods may be sold after minor processing.

Article 14

Where the buyer cannot purchase the imported goods or the deal cannot be made under the conditions stipulated in the contract because
the buyer fails to pay the royalties, it shall be regarded that the payment of royalties constitutes the conditions for the imported
goods to sell within the territory of the People’s Republic of China.

Article 15

The following taxes and expenses separately listed in the value of imported goods shall not be taken into account of the duty-paid
value of those goods:

(1)

The expenses for the construction, installation, assembly, maintenance or technical aid that occur after the import of workshops,
machines, equipments or other goods, except for the warranty costs;

(2)

The freight and relevant expenses and the insurance premiums of the imported goods that occur after the goods are transported to and
unloaded at the entry spot within the territory of the People’s Republic of China;

(3)

The import duties, the import linkage taxes levied by the customs on behalf of other authorities and other internal taxes;

(4)

The expenses paid for the reproduction of imported goods within China; and

(5)

The expenses for domestic and overseas technical trainings and overseas inspection.

The expenses for interests that comply with the following conditions simultaneously shall not be taken into account of the duty-paid
value:

(1)

The expenses for interests are incurred from the financing for the buyer to purchase imported goods;

(2)

There is a written financing agreement;

(3)

The expenses for interests are separately listed; and

(4)

The taxpayer can prove that the relevant interest rate is not higher than that for local similar transactions at the time and the
value of identical or similar imported goods for which there is no financing arrangement is very close to the paid-in or payable
value of imported goods.

Section 4 Special Relations

Article 16

It shall be regarded that there is a special relation between the buyer and the seller in case of any of the following circumstances:

(1)

Both the seller and the buyer are the members of a same family;

(2)

One of the seller and the buyer is a business senior employee or board director of the other;

(3)

One of the seller and the buyer is directly or indirectly controlled by the other;

(4)

Both the seller and the buyer are directly or indirectly controlled by a third party;

(5)

The seller and the buyer directly or indirectly control a third party together;

(6)

One of the seller and the buyer directly or indirectly possesses, controls or holds 5% or more of the voting stocks or shares publicly
issued by the other;

(7)

One of the seller and the buyer is the employee, senior employee or board director of the other; or

(8)

Both the buyer and the seller are members of a partnership.

Where the buyer and the seller have mutual relations in business, and one party is the exclusive agent, distributor or assignee of
the other, it shall be deemed that there is a special relation between them providing that the provisions of the preceding Paragraph
are met.

Article 17

Where the taxpayer can prove that the transaction value is close to any of the following values occurring at or about the same time
even though there is a special relation between the buyer and the seller, it shall be regarded that such special relation has no
impact on the transaction value of imported goods:

(1)

The transaction value of identical or similar goods sold to a buyer with no special relation within China;

(2)

The duty-paid value of identical or similar goods determined according to Article 22 of these Measures; or

(3)

The duty-paid value of identical or similar goods determined according to Article 24 of these Measures.

When comparing the aforesaid values, the customs shall consider the differences in business level and import quantity, and the expense
differences resulted from the special relation between the buyer and the seller.

Section 5 Checking Methods Other Than the Checking Method for the Transaction Value

Article 18

The checking method for the transaction value of identical goods refers to such an checking method with which the customs checks and
determines the duty-paid value of imported goods on the basis of the transaction value of identical goods sold within the territory
of the People’s Republic of China at or about the same time as the imported goods were imported.

Article 19

The checking method for the transaction value of similar goods refers to such an checking method with which the customs checks and
determines the duty-paid value of imported goods on the basis of the transaction value of similar goods sold within the territory
of the People’s Republic of China at or about the same time as the imported goods are imported.

Article 20

When checking and determining the duty-paid value of imported goods according to the checking method for the transaction value of
identical or similar goods, the customs shall use the transaction value of the identical or similar goods of the same business level
and in basically the same quantity as the imported goods. However, the differences between the imported goods and the identical or
similar goods in costs and other expenses resulted from the differences of transportation distance and modes shall be adjusted in
light of the objective and quantitative data when the aforesaid value is used.

Where there is no transaction value of identical or similar goods mentioned in the preceding Paragraph, the transaction value of identical
or similar goods of different business level or in different import quantity may be adopted, however, the differences between the
imported goods and the identical or similar goods in value, costs and other expenses resulted from the differences in business level,
import quantity, transportation distance and modes shall be adjusted in light of the objective and quantitative data and materials
when the aforesaid value is used.

Article 21

When checking and determining the duty-paid value of imported goods according to the checking method for the transaction value of
identical or similar goods, the customs shall first use the transaction value of the identical or similar goods manufactured by the
same manufacturer.

Where there is no transaction value of the identical or similar goods manufactured by the same manufacturer, the customs may use the
transaction value of the identical or similar goods manufactured by other manufacturers in the same manufacturing country or region.

Where there are several transaction values of the identical or similar goods, the duty-paid value shall be checked and determined
in light of the lowest transaction value.

Article 22

The subtractive method refers to such an checking method with which the customs checks and determines the duty-paid value of imported
goods in light of the sales price of the imported goods, the identical or similar goods that are sold within China by deducting the
relevant expenses incurred within China. And the sales price shall meet the following conditions at the same time:

(1)

It is the price for selling the imported goods, the identical or similar goods at or about the same time of the import of those goods;

(2)

It ii the price for selling the goods in the status as they are imported;

(3)

It is the price for selling the goods at the first link within China;

(4)

It is the price for selling the goods to the parties without special relations within China; and

(5)

The accumulated sales quantity of the goods is the largest when the goods are sold at the aforesaid price.

Article 23

When the duty-paid value of imported goods is checked and determined according to the subtractive method, all the following items
shall be subtracted:

(1)

Usual profits and general expenses (including direct and indirect expenses) as well as the generally paid commission of the goods
of the same grade or same kind as those goods when they are sold at the first sales link within China;

(2)

Freight and relevant expenses and insurance premiums incurring after the goods are transported to and unloaded at the entry spot within
China; and

(3)

Import duties, import linkage taxes levied by the customs on behalf of other authorities and other internal taxes.

Where the imported goods, the identical or similar imported goods are not sold within China in the state as they are imported, the
sales price of the further processed goods may be used to check and determine the duty-paid value at the request of the taxpayer
providing that other conditions prescribed in Article 22 are met, but the added value from processing shall be deducted at the same
time.

The “added value from processing” mentioned in the preceding Paragraph shall be calculated in light of the objective and quantitative
data and materials relevant to the costs of processing and according to the standards, calculation methods and other industrial practices
generally recognized by the industry.

When determining the items of subtraction according to this Article, the customs shall use the principles and methods in accordance
with the accounting principles generally acknowledged within China.

Article 24

The computing method refers to such an checking method with which the customs check and determine the duty-paid value of imported
goods in light of the sum of all the following items:

(1)

The costs of materials and parts used for the manufacture of those goods and the expenses of processing;

(2)

The usual profits and general expenses (including direct and indirect expenses) for the sales of the goods of the same grade or same
kind within China; and

(3)

The freight and relevant expenses and the insurance premiums incurring before the goods are transported to and unloaded at the entry
spot within China.

When checking and determining the duty-paid value of imported goods according to the preceding Paragraph, the customs may verify the
relevant materials provided by that enterprise out of China after obtaining the consent of the overseas manufacturer and notifying
the government of the relevant country or region in advance.

When determining the relevant value or expenses according to Paragraph 1 of this Article, the customs shall use the principles and
methods in accordance with the accounting principles generally acknowledged in the manufacturing country or region.

Article 25

The method of rational checking refers to such an checking method with which the customs check and determine the duty-paid value of
imported goods according to the principles prescribed in Article 2 of these Measures and in light of the objective and quantitative
data and materials when the checking method for the transaction value, the checking method for the transaction value of identical
or similar goods, the subtractive method and the computed method cannot be used to determine the duty-paid value.

Article 26

When using the method of rational checking to determine the duty-paid value of imported goods, the customs shall not use the following
prices:

(1)

The domestic sales price of the goods manufactured within China;

(2)

The higher prices among the available prices;

(3)

The sales price of the goods on the market of the export place;

(4)

The price of identical or similar goods calculated in light of the values or expenses other than those specified in Article 24 of
these Measures;

(5)

The sales price of the goods exported to a third country or region; and

(6)

The lowest fixed price, or other arbitrary or fictive prices.

Chapter III Duty-paid Value of Special Imported goods

Article 27

Where the duties shall be levied on the imported materials and parts for processing trade or the finished products thereof, the customs
shall check and determine the duty-paid value according to the following provisions:

(1)

With regard to the imported materials and parts for the processing with the imported materials for which the duties shall be collected
at importation, the transaction value declared for the import of those materials and parts shall be taken as the basis for the checking
and determination of duty-paid value;

(2)

With regard to the imported materials and parts for the processing with imported materials or the finished products thereof (including
inferior products) that are sold in the domestic market, the customs shall check and determine the duty-paid value in light of the
original import transaction value of those materials and parts. If the original import transaction value of those materials and parts
cannot be determined, the customs shall check and determine the duty-paid value in light of the import transaction price of the identical
or similar goods imported at or about the same time when accepting the declaration for domestic sales;

(3)

With regard to the imported materials and parts for the processing with customers’ materials or the finished products thereof (including
inferior products) that are sold in the domestic market, the customs shall check and determine the duty-paid value in light of the
import transaction price of the identical or similar goods imported at or about the same time when accepting the declaration for
domestic sales; and

(4)

With regard to the leftover materials produced in the processing of the processing enterprises to be sold in the domestic market,
the domestic sales price as checked and determined by the customs shall be taken as the duty-paid value.

Where the duty-paid value of the goods of processing trade that will be sold in the domestic market still cannot be determined after
referring to the preceding Paragraph, the customs shall check and determine the duty-paid value in light of the method of rational
checking.

Article 28

With regard to the finished products (including inferior products) sold in the domestic market by the processing enterprises within
export processing zones, the customs shall check and determine the duty-paid value in light of the import transaction value of the
identical or similar goods imported at or about the same time when accepting the declaration for domestic sales.

With regard to the leftover materials or by-products produced in the processing of the processing enterprises within export processing
zones, the domestic sales price as checked and determined by the customs shall be taken as the duty-paid value.

If the duty-paid value of the finished products (including inferior products), leftover materials or by-products of the processing
enterprises within export processing zones that will be sold in the domestic market still cannot be determined according to the preceding
two paragraphs, the customs shall check and determine the duty-paid value in light of the method of rational checking.

Article 29

With regard to the import materials and parts or the finished products thereof (including inferior products) of the processing enterprises
within export processing zones that will be sold in the domestic market, the customs shall check and determine the duty-paid value
in light of the import transaction value of the identical or similar goods imported at or about the same time when accepting the
declaration for domestic sales.

Where there are materials and parts purchased within China in the finished products from the imported materials of the processing
enterprises within export processing zones that will be sold in the domestic market, the customs shall check and determine the duty-paid
value in light of the original import transaction value of the materials and parts purchased from abroad and contained in the finished
products. Where the original import transaction value of the materials and parts cannot be determined, the customs shall check and
determine the duty-paid value in light of the import transaction value of the identical or similar goods imported at or about the
same time when accepting the declaration for domestic sales.

Where there are materials and parts purchased within China in the finished products from the customers’ materials of the processing
enterprises within export processing zones that will be sold in the domestic market, the customs shall r the duty-paid value in light
of the import transaction value of the identical or similar goods, as the materials and parts purchased abroad and contained in the
finished products, imported at or about the same time when accepting the declaration for domestic sales.

With regard to the leftover materials or by-products of the processing enterprises within export processing zones that are produced
during the course of the processing for domestic sales, the domestic sales price as checked and determined by the customs shall be
taken as the duty-paid value.

Where the duty-paid value of the finished products (including inferior products), leftover materials or by-products of the processing
enterprises within export processing zones that will be sold in the domestic market still cannot be determined after referring to
the preceding 4 Paragraphs of this Article, the customs shall check and determine the duty-paid value in light of the method of rational
checking.

Article 30

With regard to the goods (excluding the imported materials for processing trade and the finished products thereof) that are imported
from such areas or places as bonded zones, export processing zones, bonded logistics parks, or bonded logistics centers into China
and that should be taxed, the customs shall, by referring to the relevant provisions in Chapter II of these Measures, check and determine
the duty-paid value in light of the sales price of the goods that are imported from the aforesaid areas or places.

Wher

ANNOUNCEMENT NO. 18, 2006 OF MINISTRY OF COMMERCE, ON FINAL JUDICIAL REVIEW ARBITRATION ON ANTI-DUMPING MEASURES ON COLD ROLLED STAINLESS STEEL SHEET

Ministry of Commerce

Announcement No. 18, 2006 of Ministry of Commerce, on Final Judicial Review Arbitration on Anti-dumping Measures on Cold Rolled Stainless
Steel Sheet

[2006] No. 18

Ministry of Commerce issued Announcement No.15, 2005 to start a final judicial review investigation on the anti-dumping measures on
imported Cold Rolled Stainless Steel Sheet originating from Japan and ROK.

The judicial review investigation covers products under the anti-dumping measures, namely Cold Rolled Stainless Steel Sheet in Japan
and ROK.

In accordance with Article 48 and Article 50 of Anti-dumping Regulations of People’s Republic of China and the result of the investigation,
matters of concern are listed as follows:

Ministry of Commerce decided that if the anti-dumping measures are terminated, dumping of imported Cold Rolled Stainless Steel Sheet
originating in Japan and ROK and damage to the domestic industry in China may be recurrent.

In accordance with Article 50 of Anti-dumping Regulations of People’s Republic of China and the suggestion raised by Ministry of
Commerce, Customs Tariffs Committee of the State Council decided to maintain the anti-dumping measures on the imported Cold Rolled
Stainless Steel Sheet. Namely, as of April 8, 2006, the anti-dumping duties shall be imposed as that announced in Announcement No.
15, 2000 and shall last 5 years.

The investigated product is listed under No. 72193100, 72193200, 72193300, 72l93400, 72193500, 72199000, 72202010 and 72202090 in
the Import and Export Tariffs of People’s Republic of China.

Companies in Japan:

Nippon Steel & Sumikin Stainless Steel Corporation24%

NIPPON METAL INDUSTRY CO.,LTD.26%

NISSHIN STEEL CO.,LTD.17%

NIPPON YAKIN KOGYO CO.,LTD.27%

NIPPON KINZOKU CO.,LTD.58%

TAKASAGO TEKKO K.K.58%

NAS STAINLESS STEEL STRIP MFG CO.,LTD. 58%

JFE Steel Corporation shall still follow the related regulations in the former price protocol as from April 8, 2006

All others 58%

Companies in ROK

POSCO, INI STEEL Company, BNG STEEL COMPANY, Taihan Electronic Wire Co., Ltd., DAIYANG METAL COLTD., and SAMWON PRECISION METALS
CO., LTD. shall still follow the related regulations in the former price protocol as from April 8, 2006

All others57%

Disagreement with the final arbitration or the levy of the anti-dumping duties, could apply for an administrative reconsideration
or lawsuit in accordance with Article 53 of Anti-dumping Regulations of People’s Republic of China.

Appendix: Final Judicial Review Arbitration of Ministry of Commerce on Anti-dumping Measures on Imported Cold Rolled Stainless Steel
Sheet Originating from Japan and ROK.

Ministry of Commerce

April 8, 2006

Ministry of Commerce
2006-04-08

NOTIFICATION NO.9, 2006 OF FOREIGN ASSISTANCE PROJECT BID BOARD OF THE MINISTRY OF COMMERCE

Notification No.9, 2006 of Foreign Assistance Project Bid Board of the Ministry of Commerce

Tong Gao [2006] No.9

Foreign Assistance Project Bid Board of the Ministry of Commerce held the 9th regular meeting on April 18, 2006. Matters of concern
and resolution are notified as follows:

The bid-winning enterprise of Bahamas Stadium assistance project was examined and approved. The tendering board opened sealed tenders
on April 14, 2006. In all, 17 tender enterprises including Anhui Foreign Economic Construction Corporation (group) Co., Ltd., Qilu
Construction Group Corporation, Shanxi Construction Engineering (group) Co., Shanghai Construction Group General Co., Beijing Construction
Engineering Group Co., Ltd., Qingdao Construction Group Corporation, Hunan Construction Engineering Group Corporation, China State
Construction Engineering Corp., Yanjian Group Co., Ltd., China Civil Engineering Construction Corporation, China National Overseas
Engineering Corporation, Guangdong Xinguang International Group Co., Ltd., Guangdong Construction Engineering Group Co., Ltd., Jiangsu
Construction Group Corp., China Ershisanye Construction Group Co., Ltd., Beijing Urban Construction Group Co., Ltd. and Zhejiang
Electric Power Construction Corp. submitted the tender documents on time. Fujian Construction Engineering Group General Co., and
Chongqing Foreign Construction Corporation gave up. The Bid Board, in accordance with “the Measures for Tender Assessment of Undertaking
Foreign Assistance Complete Plant Projects” which was revised in 2005 by the Ministry of Commerce of the People’ Republic of China,
for Trial Implementation and the principles of “competing with no minimum bid” and “biding with reasonable lower price”, determined
to confer bid to Qilu Construction Group Corporation after two steps of tender review with technical measures and integrated quantity
measures.

The tender mode of Cuba Medical Treatment and Sanitation Materials assistance project was discussed. The Bid Board adopted limited
invitation tender mode, and 13 enterprises Suntime International Techno-Economic Cooperation (Group) Co., Ltd., Tianjin Machinery
Import & Export Corporation, China Meheco Corporation, Henan Cereals, Oil& Foodstuff Imp. & Exp.Group Corp., China Machine-
Building International Corporation, Suzhou Hengrun Import & Export Corp., Ltd., China National Pharmaceutical Foreign Trade Corporation,
China Xinjiang Tacheng Sanbao Import & Export Company, Shanghai Automobile Import & Export Co., Ltd., Northern International
Group Co., Ltd., Hebei Shenglun Imp.& Exp.(Group) Corp., China National Electronics Import and Export Corporation and XY Group
Co., Ltd. will be invited to participate in the bid. Specific matters of concern shall be notified later.

Foreign Assistance Project Bid Board of the Ministry of Commerce

April 21, 2006

Foreign Assistance Project Bid Board of the Ministry of Commerce
2006-04-21

CIRCULAR OF THE SUPREME PEOPLE’S COURT ON STRICTLY IMPLEMENTING THE RELATED PROVISIONS FOR THE DISPOSAL OF PROPERTIES INVOLVED IN SMUGGLING CASES

Circular of the Supreme People’s Court on Strictly Implementing the Related Provisions for the Disposal of Properties Involved in
Smuggling Cases

Fa [2006] No 114
April 30, 2006

The higher people’s courts of all provinces, autonomous regions and municipalities directly under the Central Government, the PLA
military courts, and Xinjiang Production and Construction Corps Branch of the Higher People’s Court,

The General Administration of Customs reported that some local courts failed to judge or only partially judged the illicit money and
properties related to the criminal cases of smuggling. As for the properties that the people’s court failed to make a judgment of
recovery or confiscation were confiscated or recovered by the customs offices by way of administrative punishment, which then results
in bad consequences such as administrative lawsuits. In order to earnestly regulate the law enforcement, we hereby restate the related
provisions as follows.

As for the disposal of illicit money and properties involved in criminal cases, there are definite laws and judicial interpretations.
In Article 92 of the Customs Law, it is provided that “Before the people’s court makes a judgment or the customs office makes a
decision on the punishment, the goods, articles and means of transportation detained by any customs office under law may not be disposed
of” and that “Smuggled goods, articles, illegal incomes, smuggling vehicles, or specially-made equipments, which are confiscated
by the people’s court or the customs office, shall be disposed of uniformly by the customs office under law, and the money from the
disposal and the fines over shall be turned in to the central treasury.” In Article 23 of the Opinions of the Supreme People’s Court,
the Supreme People’s Procuratorate and the General Administration of Customs on Some Issues concerning the Laws Applicable to the
Disposal of Criminal Cases of Smuggling, it is provided that “The people’s court shall, when adjudicating the criminal cases of smuggling,
examine and confirm the money and properties as stated in the lists and certification documents, and make a ruling of recovery and
confiscation according to law; the customs shall dispose of the articles in light of the judgment of the people’s court and the related
provisions in the Customs Law, and turn them in to the central treasury.”

Therefore, it shall strictly follow and implement the aforesaid provisions of laws and judicial interpretations and make judgments
of recovery or confiscation of the illicit money and properties involved in this case when any of the local people’s courts hears
a criminal case of smuggling. For any new situation or new problem occurring during the process of trial of the criminal case of
smuggling, it shall intensify the contact and collaboration with the customs office and other related departments. In case of any
new problem related to the application of laws, it shall report it to the Supreme People’s Court in a timely manner.

The Supreme People’s Court
2006-04-30

CIRCULAR OF CHINA SECURITIES REGULATORY COMMISSION CONCERNING ABOLISHING THE PROCEDURES OF THE STOCK ISSUANCE EXAMINATION AND APPROVAL OF THE CSRC

Circular of China Securities Regulatory Commission concerning Abolishing the Procedures of the Stock Issuance Examination and Approval
of the CSRC

Zheng Jian Fa [2006] No. 47

On the basis of approval of the State Council, the Procedures of the Stock Issuance Examination and Approval of the CSRC (approved
by the State Council and promulgated by the CSRC on March 16, 2000) shall be abolished on May 18, 2006.

China Securities Regulatory Commission

May 17, 2006

China Securities Regulatory Commission
2006-05-17

NOTIFICATION NO.11, 2006 OF FOREIGN ASSISTANCE PROJECT BID BOARD OF THE MINISTRY OF COMMERCE

Notification No.11, 2006 of Foreign Assistance Project Bid Board of the Ministry of Commerce

Tong Gao [2006] No.11

Foreign Assistance Project Bid Board of the Ministry of Commerce held the 11th regular meeting of 2006 on May 26, 2006. Relevant matters
and resolution are now notified as follows:

The tender mode of Madagascar International Conference Hall assistance project was discussed. The Bid Board adopted limited invitation
tender mode, and 15 enterprises including China Civil Engineering Construction Corporation, Yanjian Group Co., Ltd., Anhui Foreign
Economic Construction Corporation (group) Co., Ltd., Qingdao Construction Group Corporation, Beijing Construction Engineering Group
Co., Ltd., Shanxi Construction Engineering (group) Co., China National Overseas Engineering Corporation, Guangdong Construction Engineering
Group Co., Ltd., Shanghai Construction Group General Co., Fujian Construction Engineering Group General Co., Jiangsu Construction
Group Corp., Nanjing Dadi Construction (group) Co., Ltd., China Ershisanye Construction Group Co., Ltd., Zhejiang Electric Power
Construction Corp. and China State Construction Engineering Corp. will be invited to participate in the bid. Specific matters of
concern shall be notified later.

The tender mode of Meeting Hall of Ministry of Foreign Affairs of the Republic of Cote d’Ivoire assistance project was discussed.
The Bid Board adopted limited invitation tender mode, and 15 enterprises including Anhui Foreign Economic Construction Corporation
(group) Co., Ltd., Gansu Foreign Engineering Corporation, Liaoning International Techno-Economic Cooperation Co., Ltd., Jiangsu Construction
Engineering Corp., Hainan Construction Engineering General Co., China Yunnan International Techno-Economic Cooperation Co.Ltd.,
China Jiangxi Corporation For Economic and Technical Cooperation, Weihai International Economic & Technical Cooperative Co.,
Ltd., China Shenyang International Economic & Technical Cooperation Corporation, China Foreign Construction General Corporation,
China Shanxi International Economic & Technical Cooperation Corporation, Jiangsu Geology & Engineering Co. Ltd., Ningbo Construction
Group Co.,Ltd., Guangsha Chongqing Construction (Group) Co., Ltd. and China Building Technique Group Co., Ltd. will be invited to
participate in the bid. Specific matters of concern shall be notified later.

The tender mode of Present Office of the Republic of Namibia was discussed. The Bid Board adopted limited invitation tender mode,
and 15 enterprises including Zhengtai Group Co., Ltd., China Civil Engineering Construction Corporation, China Jiangxi Corporation
For Economic and Technical Cooperation, Qingdao Construction Group Corporation, China State Construction Engineering Corp., Jiangsu
Construction Group Corp., Hainan Construction Engineering General Co., China Yunnan International Techno-Economic Cooperation Co.,
Ltd., Gansu Foreign Engineering Corporation, Liaoning International Techno-Economic Cooperation Co., Ltd., Weihai International Economic
& Technical Cooperative Co., Ltd., Dalian Zhucheng Construction Group Co., Ltd., China Shenyang International Economic &
Technical Cooperation Corporation, China Shanxi International Economic & Technical Cooperation Corporation and Hubei Construction
Engineering Group Corporation will be invited to participate in the bid. Specific matters of concern shall be notified later.

The tender mode of Shar-Shar Tunnel and North-South Connection of The Republic of Tajikistan assistance project was discussed. The
Bid Board adopted limited invitation tender mode, and 8 enterprises including China Railway 17BG Group Corporation Co., Ltd., Fujian
Construction Engineering Group General Co., Hunan Road & Bridge Construction Group Corporation, China Road & Bridge Corporation,
China Metallurgical Group Corp., China 15th Metallurgical Construction Co., Ltd., Beijing Municipal Engineering Corporation and
China Railway Engineering Corporation will be invited to participate in the bid. Specific matters of concern shall be notified later.

Department of Foreign Aid on implementing status of the 4th regular meeting of 2006 of Bid Board on Principle Suggestions on Matters
Concerning projects of the Reconstruction of 5.8 km Urban Avenue in Aid of Ethiopia was reported. The Bid Board determined to have
tender discussion with China Road & Bridge Company. Specific matters of concern shall be notified later.

The price of the agent supply contract of Eritrea construction materials assistance project was examined and approved.

The tender mode of RMB 40,000,0000 yuan fittings of the Democratic People’s Republic of Korea assistance project was discussed. The
Bid Board determined to have tender discussion with China National Complete Plant Import & Export Corporation (Group). Specific
matters of concern shall be notified later.

The tender mode of municipal roads renovation and street lamp reconstruction of Nairobi, capital city of Kenya assistance project
was discussed. The Bid Board determined to have tender discussion with China Road & Bridge Company about the design and construction.
Specific matters of concern shall be notified later.

Foreign Assistance Project Bid Board of the Ministry of Commerce

May 29, 2006

Foreign Assistance Project Bid Board of the Ministry of Commerce
2006-05-29

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German Laws

Act on Proceedings in Family Matters and in Matters of Non-contentious Jurisdiction

Act on Occupational Physicians, Safety Engineers and Other Occupational Safety Specialists

LETTER OF CHINA BANKING REGULATORY COMMISSION CONCERNING THE APPROVAL FOR BEIJING BRANCH OF THE BANK OF MONTREAL, CANADA LTD. TO DEAL IN RMB BUSINESS

MEASURES FOR THE ADMINISTRATION ON POLLUTION CONTROL OF ELECTRONIC INFORMATION PRODUCTS

NOTICE THE STATE ADMINISTRATION OF TAXATION ON IMPOSING BUSINESS INCOME TAX IN REAL ESTATE DEVELOPMENT

NOTIFICATION NO.4, 2006 OF FOREIGN ASSISTANCE PROJECT BID BOARD OF THE MINISTRY OF COMMERCE

MEASURES OF THE CUSTOMS OF THE PEOPLE’S REPUBLIC OF CHINA FOR THE ASSESSMENT AND DETERMINATION OF DUTY-PAID VALUE OF IMPORT AND EXPORT GOODS

ANNOUNCEMENT NO. 18, 2006 OF MINISTRY OF COMMERCE, ON FINAL JUDICIAL REVIEW ARBITRATION ON ANTI-DUMPING MEASURES ON COLD ROLLED STAINLESS STEEL SHEET

NOTIFICATION NO.9, 2006 OF FOREIGN ASSISTANCE PROJECT BID BOARD OF THE MINISTRY OF COMMERCE

CIRCULAR OF THE SUPREME PEOPLE’S COURT ON STRICTLY IMPLEMENTING THE RELATED PROVISIONS FOR THE DISPOSAL OF PROPERTIES INVOLVED IN SMUGGLING CASES

CIRCULAR OF CHINA SECURITIES REGULATORY COMMISSION CONCERNING ABOLISHING THE PROCEDURES OF THE STOCK ISSUANCE EXAMINATION AND APPROVAL OF THE CSRC

NOTIFICATION NO.11, 2006 OF FOREIGN ASSISTANCE PROJECT BID BOARD OF THE MINISTRY OF COMMERCE

CONSTITUTION ACT, 1982 – page 22

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