OPINIONS OF SHANGHAI REGULATORY BUREAU UNDER CHINA BANKING REGULATORY COMMISSION ON THE SUPERVISION AND ADMINISTRATION OF FOREIGN LEGAL-PERSON BANKS IN SHANGHAI MUNICIPALITY

Opinions of Shanghai Regulatory Bureau under China Banking Regulatory Commission on the Supervision and Administration of Foreign
Legal-Person Banks in Shanghai Municipality

Hu Yin Jian Fa [2007] No.125

All the solely foreign-owned banks and Chinese-foreign joint-venture banks in Shanghai:

According to the principle of territorial supervision over legal-person banks, this Branch will, under the unified leadership of China
Banking Regulatory Commission, implement risk-based supervision over legal-person banks by focusing on the ideal of prudent supervision
and risk supervision. For the purpose of enhancing the efficiency and transparency of supervision, the following opinions are hereby
proposed on the supervision over foreign legal-person banks in Shanghai:

Foreign legal-person banks shall fully acquaint themselves with the regulatory thoughts of regulatory departments and actively assist
them in jointly promoting the sound and stable operation of banks.

The principle of territorial supervision shall be adopted by China Banking Regulatory Commission applies for foreign legal-person
banks. Under the unified guidance of China Banking Regulatory Commission, this Branch will perform the major duties of supervision
over the legal-person banks in Shanghai. The principal off-site supervisors will make further investigation to know more about each
bank, frequently visit these banks and do well in risk assessment and early warning. The principal on-site inspector shall attach
more importance to verifying the implementation of each mechanism through on-site testing, and make various inspection methods including
investigation and verification to improve the efficiency and effect of inspection. Meanwhile, each bank shall be graded according
to the sufficient communication between the principal supervisor and the principal inspector, and grading results shall be linked
up with regulatory measures and market access. Each bank shall further understand the regulatory principle, methods and requirements
over foreign legal-person banks and do well in making lower levels know policies and carry out internal training. The related organs
of each bank shall actively reinforce communication and exchange with regulatory departments to improve communication effects and
guarantee the bank operates in a sound and stable manner.

Foreign legal-person banks shall improve corporate governance and reinforce comprehensive risk management and compliance management

This Branch will emphasize on corporate governance, comprehensive risk management and compliance management of banks. Each bank shall
keep the business development level fit for its risk management capacity and compliance control capacity.

(1)

As regards corporate governance, each bank shall further improve its corporate governance structure and mechanism, and the board of
directors and the senior management level shall perform duties effectively. According to the principle of territorial supervision
and the general situation of classified supervision, this Branch will regularly hold more meetings and exchange ideas with the board
of directors and the senior management level of each bank, present the meeting of the board of directors as a nonvoting delegate
when necessary, hold talks with the shareholders of each bank attracting much attention, and hold annual conversation concerning
prudence with the senior management level. Each bank shall timely report this Branch the board meeting information in time for making
regulatory arrangement.

(2)

As regards comprehensive risk management, each bank shall make more efforts to perfect its risk management mechanism and the comprehensive
risk management level so as to make its risk management capacity fit for its business scale, complicated procedure and developing
speed.

(3)

As regards compliance management mechanism, each bank shall, on its own initiatives, reinforce identification management and self-assessment
of compliance risks so as to set up a sufficient and effective compliance management mechanism.

Foreign legal-person banks shall reinforce the independency and efficacy of internal auditing work and give real play to the role
of inner control as the third line of defense

Each bank shall further reinforce the building-up of internal auditing committee to enhance the independency, efficacy and appropriateness
thereof. This Branch will set up a mechanism to make regular communication and exchange with the internal auditing department of
each bank and, according to regulatory needs, propose the requirements of regulatory authorities on the items under internal auditing.
The internal auditing department of each bank shall accomplish the auditing of the stipulated items as required, directly send the
auditing report to this Branch and affix the auditing scheme, which shall list the auditing procedure, methods and selective inspection
results. This Branch will reevaluate the quality of these auditing reports and regularly hold meetings the persons responsible for
internal auditing of all banks attends to communicate and exchange regulatory opinions and information.

Foreign legal-person banks shall strengthen the responsibilities for internal management and conduct self-assessment on corporate
governance mechanism, comprehensive risk management mechanism and compliance management mechanism

Self-assessment mechanism shall be promoted by this Branch among foreign banks. A foreign legal-person bank newly established shall
make annual self-assessment on corporate governance mechanism, comprehensive risk management mechanism and compliance management
mechanism (for the specific format and content, see affixes) from the first year when it officially starts operation. Self-assessment
will be deemed as an organic component part of comprehensive risk supervision. This Branch will then reevaluate the self-assessment
results and exchange ideas thereon with the high level of each bank on the basis of off-site daily supervision and on-site examination
results. The self-assessment results and reevaluation results will be considered as important basis for regulatory grading and daily
examination.

Affix:

Report by Foreign Legal-person Banks Concerning the Self-assessment over Corporate Governance(omitted)

Report by Foreign Legal-person Banks Concerning the Self-assessment of Comprehensive Risk Management(omitted)

Report by Foreign Legal-person Banks Concerning the Self-assessment of Compliance Management(omitted)

China Banking Regulatory Commission, Shanghai Branch

April 27, 2007

Shanghai Regulatory Bureau under China Banking Regulatory Commission
2007-04-27

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON ENTRY INTO FORCE AND ENFORCEMENT OF THE AGREEMENT BETWEEN THE GOVERNMENT OF PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF BRUNEI DARUSSALAM FOR THE AVOIDANCE OF DOUBLE TAXATION AND PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME

Circular of the State Administration of Taxation on Entry into Force and Enforcement of the Agreement between the Government of People’s
Republic of China and the Government of Brunei Darussalam for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with
respect to Taxes on Income

Guo Shui Fa [2007] No.64

The state taxation bureaus and local taxation bureaus of all provinces, autonomous regions, municipalities directly under the Central
Government and the cities specifically designated in the state plan,

The Government of People’s Republic of China and the Government of Brunei Darussalam have officially signed the Agreement for the
Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income (hereinafter referred to as the Agreement)
on September 21, 2004. The foreign affairs departments of both governments have exchanged notes with each other on February 25th,
2005 and November 29th, 2006, respectively, confirming that the necessary legal procedures for entry into force have been accomplished.
Subject to the provision of Article 28 of the Agreement, the Agreement shall enter into force as of January 1, 2007. The State Administration
of Taxation has printed and distributed the text of the aforesaid Agreement to you in the “Guo Shui Han [2006] No. 1103” on October
8th, 2004. Please comply with and enforce it accordingly.

State Administration of Taxation

June 5, 2007

State Administration of Taxation
2007-06-05

PROVISIONS OF THE PEOPLE’S REPUBLIC OF CHINA ON THE CONDITIONS FOR MARITIME ADMINISTRATIVE LICENSE

Ministry of Communications

Order of the Ministry of Communications

No.1 [2006]

The Provisions of the People’s Republic of China on the Conditions for Maritime Administrative Licensing, which were adopted at the
29th ministerial meeting on December 15, 2005, are hereby promulgated, and shall come into force as of April 1, 2006.

Li Shenglin, Minister of the Ministry of Communications

January 9, 2006

Provisions of the People’s Republic of China on the Conditions for Maritime Administrative License

Chapter I General Provisions

Article 1

The present Provisions are formulated in accordance with the Administrative License Law of the People’s Republic of China and the
relevant maritime administration laws, administrative regulations, as well as the relevant international maritime conventions concluded
or joined in by the People’s Republic of China, for the purpose of implementing maritime administrative license according to law
and maintaining the lawful rights and interests of each party of the maritime administrative license .

Article 2

The maritime administrative license conditions relied for applying examining and determining the maritime administrative license
shall be in accordance with the present Provisions. . The maritime administrative license as mentioned in the present Provisions
shall refer to the administrative license established on the relevant water traffic safety, pollution prevention, and other maritime
administration laws and administrative regulations, or on the decision of the State Council, implemented by the maritime administrative
organs or by the Ministry of Communications, and handled specifically by the maritime administrative organs.

Article 3

No maritime administrative organ may increase, decrease, or alter the conditions for maritime administrative licensing without permission
when examining and determining maritime administrative license. No decision on granting maritime administrative license may be made
to those not complying with the corresponding conditions prescribed in the present Provisions.

Article 4

The conditions for maritime administrative licensing shall be publicized in accordance with the Provisions on the Implementing Procedures
for Communications Administrative License. If any applicant requests to make explanations on the conditions for maritime administrative
licensing, the maritime administrative organ shall give explanations.

Article 5

The maritime administrative organ of the state shall, according to the conditions for maritime administrative licensing, clarify uniformly
the materials that shall be submitted by the applicants. The relevant maritime administrative organs shall publicize the catalogues
of the materials.

When an applicant applies for maritime administrative license, it shall submit an application letter and the relevant materials as
prescribed , and shall be responsible for the truthfulness and efficiency of the materials submitted.

When an applicant applies for altering any maritime administrative license or extending the time limit for maritime administrative
license, if there is no change on general circumstance in the materials submitted, he may only submit the relevant materials concerning
the matter or items that is altered;, it may no longer submit whole materials.

Chapter II The Conditions for Maritime Administrative Licensing

Section One Navigation Administration

Article 6

The conditions for licensing on the safety use of shorelines of navigable waters shall be:

The feasibility study on the engineering, operations, and activities concerning the use of shorelines has been completed;

The shorelines has been complied with the technical specifications and requirements for water traffic safety after technical evaluation
on the safety use of shorelines; and

Measures that may sufficiently eliminate the factors influencing water traffic safety have been formulated.

Article 7

The conditions for licensing of construction operations on the surface or the underwater of the navigable waters shall be:

Other relevant formalities for the construction operations have been gone through according to law;

The entities, personnel, ships, and facilities of the construction operations have been complied with the requirements for safety
navigating, berthing and operating

The scheme for construction operations or activities has been formulated, including the time for starting and ending the construction
operations or activities, place and scope, as well as the arrangement for the progress of work, and etc.;

Those construction operations that will have great impact on the safety and pollution prevention have been passed the technical evaluation
on navigation safety and environmental impact; and

The responsibility system of safety and pollution prevention has been set up, and the safeguard measures and corresponding emergency
preliminary plans that comply with the requirements for water traffic safety and pollution prevention have been formulated.

Article 8

The conditions for licensing on carrying out digging, blasting, and other activities within the water area of a port shall be:

The approval of the competent department for port has been obtained;

The license on blasting operations has been obtained in accordance with the state provisions;

The entities of operation, personnel, and facilities thereof have been complied with the requirements for safety operation;

The scheme for digging and blasting operations has been formulated, including the time for starting and ending the operations, place
and scope, as well as the arrangements for the progress of work, and etc.; and

The responsibility system on safety and pollution prevention has been established, and the guaranteed measures and corresponding
emergency preliminary plans that comply with the requirements for water traffic safety and pollution prevention have been formulated.

Article 9

The conditions for the examination and approval on salvage operation for sinking ships and sinking objects within navigable waters
shall be:

The entities and personnel participating in the salvage shall have corresponded abilities.

The agreement on salvage for sinking ships and sinking objects has been concluded according to law;

The ships and facilities undertaking the salvage operation have been complied with the requirements for safety navigating , berthing
and operating ;

The plan and scheme for salvage operation have been formulated, including the time for starting and ending the salvage, place and
scope, and the arrangements for the progress of work, and etc.;

Those operations that have great impact on safety and pollution prevention have passed technical assessment on navigable safety and
environmental impact; and

The responsibility system on safety and pollution prevention has been established, and the safeguard measures and corresponding emergency
preliminary plans that comply with the requirements for water traffic safety and pollution prevention have been formulated.

Article 10

The conditions for the examination and approval on lining out the restricted navigation zones, the navigation channels (routes),
the traffic control areas, the anchorage grounds, and the safety operation area in navigable waters shall be:

There are clear facts and necessary reasons for the demand of the zoned water area;

The lining out activity shall comply with the protection requirements of military or major civilian targets nearby;

Those areas lined out that have great influence on water traffic safety and pollution prevention have passed technical evaluation
on navigation safety and environmental influence;

Survey or measurement has been conducted on the water areas that are used for setting up navigation channels (routes) and anchorage
grounds, and the bottom characteristics, hydrogeology, meteorology, and other elements of the water areas have satisfied the requirements
for navigation safety; and

The areas of lined out have complied with the requirements for water traffic safety and pollution prevention, and the safeguard
measures and pollution prevention measures have been formulated.

Article 11

The conditions for licensing a ship to enter into or cross restricted navigation zones shall be:

There are clear facts and necessary reasons for entering into or crossing the restricted navigation zones due to life safety of human
being, pollution prevention, security, and other special needs;

The conditions on safety and pollution prevention in the restricted navigation zones are fit for the ship’s entering or crossing;

The ship satisfies the special requirements for water traffic safety and pollution prevention of the restricted navigation zones and
has formulated the measures for ensuring the safety, pollution prevention and control, and protection of restricted navigation zones
and emergency preparedness plan; and

In case the ship enters into or crosses restricted military navigation zones, it shall have been approved by the competent military
department.

Article 12

The conditions for licensing of large facilities tugged on water and movable platforms shall be:

There is real demand for tugging and necessary reasons;

The tugboat is employable for navigation and tugging, and the seafarers are qualified;

The towing operations on the sea have passed towage inspection, and have passed the corresponding safety technical evaluation when
towing objects of overweight, over-length, over-height, over-width, or semi-submersible objects in inland water;

The towing plan and towing scheme have been formulated, and there are clear estimated time and place for starting and ending the towing
and the water areas for navigating through; and

The requirements for water traffic safety and pollution prevention have been satisfied, and the corresponding guaranteed measures
and emergency preliminary plans have been formulated.

Article 13

The conditions for the examination and approval of a foreign ship or airplane that enters into China to undertake maritime search
and rescue shall be:

The entry is for the purpose of searching and rescuing lives at sea;

There is a clear search and rescue plan or scheme, including the time, place, scope, as well as the basic information on the ship
or airplane put in for search and rescue; and

If the dispatched airplane or ship for search and rescue is for military use, it shall have been approved by the competent military
department.

Article 14

The conditions for the examination and approval of setup or dismantlement of coastal navigation marker by entities other than the
administration organs of navigation marker shall be:

The navigation marker to be set up and dismantled shall be the special used navigation marker that be set up by any citizen, legal
person, or other organization himself/itself;

The setup and dismantlement of any navigation marker shall comply with such requirements for the safety, economy, and convenience
of navigation;

The navigation marker and the distribution thereof shall comply with the relevant technical specifications and standards of the state;

The scheme for the design and construction of navigation marker has been subject to special technical evaluation or specialist argumentation
;

In case of applying for setting up navigation marker, a scheme for maintenance of navigation marker has been formulated, and the maintenance
entity in the scheme has set up quality assurance system for the maintenance of navigations marker; and

In case of applying for setting up navigation marker, the type of navigation marker to be set up falls within the type of navigation
marker having been publicized, and has passed technical and economic argumentation .

The setup of navigation marker as mentioned in the present Article shall include newly setup of navigation marker, change of positions,
and alteration of other status.

Section Two Administration on Ships

Article 15

The conditions for licensing a foreign ship to enter into the water area that is not open to the outside shall be:

The foreign ship has been approved by the local port inspection organ, competent military department, and local people’s government
to enter into the water area temporarily that is not open to the outside;

The water area to be opened temporarily to the outside is fit for the entering of a foreign ship, and has the safety, pollution prevention,
and security conditions for the navigation, berth, and operation of ships;

The ship status meets the requirements for water traffic safety, pollution prevention, and security for the water area to be entered
into; and

The ship has formulated the measures for ensuring water traffic safety, pollution prevention, and security, and emergency preliminary
plan thereof.

Article 16

The conditions for licensing a ship to enter and leave a port shall be:

The conditions for the examination and approval of an international voyaging ship to enter a port shall be:

The ship has complete and effective certificates, documents, and materials;

The manning of the ship complies with the requirements for minimum safe manning, and the seafarers have the competency qualification;

The ship status satisfies the safety, pollution prevention, and security requirements for navigation, berth, and operation, and the
various safety, pollution prevention, and security measures and emergency preliminary plans have been formulated. If navigation
guidance or protection is needed, it shall have applied to the maritime administrative organ;

The water area for the ship to enter or pass shall be the water area open to international voyaging ships, and the wharfs, berths,
and spots for loading and unloading outside the port shall satisfy the requirements for safety, pollution prevention, and security;

The ship that carries goods shall comply with the requirements for safe stowage and fastening, and has no goods or article that is
prohibited from entering the territory by the state; and the ship that carries dangerous goods has gone through the declaration formalities
for carrying dangerous goods as required; and

The nuclear-powered ships or other special ships shall comply with the relevant provisions of the laws, administrative regulations,
and rules of our country.

The conditions for the examination and approval of an international voyaging ship to leave a port shall be:

The ship has complete and effective certificates, documents, and materials;

The manning of the ship complies with the requirements for minimum safe manning, and the seafarers have the competency qualification;

The ship status meets the safety, pollution prevention, and security requirements for navigation, berth, and operation, and the various
safety, pollution prevention, and security measures and emergency preliminary plans have been formulated. If navigation guidance
or protection is needed, it shall have applied to the maritime administrative organ;

The certificate of readiness to load has been properly handled for the ship that carries dangerous goods, and the carriage conditions
comply with the requirements for safety, pollution prevention, and security management of a ship that carries dangerous goods;

The safety inspection and defect correction on the ship conducted by the flag country or the port country of the ship shall comply
with the prescribed requirements, and effective measures have been taken in answer to the warning of the maritime administrative
organ;

Taxes, fees, and other fees that shall be paid before setting sail have been paid according to law, or appropriate guaranty has been
rendered;

The act in violation of maritime administration has been handled according to law;

The mandatory judicial or administrative measures that prohibit the ship from navigating have been unchained according to law;

The nuclear-powered ships or other special ships shall comply with the relevant provisions of the laws, administrative regulations,
and rules of our country; and

10.

It has been approved by other port inspection organs.

The conditions for domestic voyaging ships to enter a port and issue a visa shall be:

The ship has complete and effective certificates, documents, and materials;

The manning of the ship complies with the requirements for minimum safe manning, and the seafarers have the competency qualification;

The ship status meets the safety, pollution prevention, and security requirements for navigation, berth, and operation, and the various
safety and pollution prevention measures and emergency preliminary plan have been formulated. If navigation guidance or protection
is needed, it shall have applied to the maritime administrative organ;

The water areas for the ship to enter or pass and the wharfs and berths for the ship to anchor have satisfied the requirements for
safety and pollution prevention;

The ship that carries goods complies with the requirements for safety stowage and fastening, and the ship that carries dangerous goods
has handled declaration formalities for the ship to carry dangerous goods; and

The nuclear-powered ships or other special ships shall comply with the relevant provisions of the laws, administrative regulations,
and rules of our country.

The conditions for domestic voyaging ship to leave a port and issue a visa shall be:

The ship has complete and effective certificates, documents, and materials;

The manning of the ship complies with the requirements for minimum safe manning, and the seafarers have the competency qualification;

The ship status satisfies the safety, pollution prevention, and security requirements for navigation, berth, and operation, and the
various safety and pollution prevention measures and emergency preliminary plans have been formulated. If navigation guidance or
protection is needed, it shall have applied to the maritime administrative organ;

The certificate of readiness to load has been properly handled for the ship that carries dangerous goods, and the carriage conditions
has complied with the requirements for safety and pollution prevention of a ship that carries dangerous goods;

The safety inspection and defect correction on the ship shall comply with the prescribed requirements, and effective measures have
been taken in answer to the warning of maritime administrative organ;

Taxes, fees, and other fees that shall be paid before setting sail have been paid according to law, or appropriate guaranty has been
rendered;

The act in violation of maritime administration has been handled according to law;

The mandatory judicial or administrative measures that prohibit the ship from navigating have been unchained according to law; and

The nuclear-powered ships or other special ships shall comply with the relevant provisions of the laws, administrative regulations,
and rules of our country.

Article 17

The conditions for issuing the certificate of nationality of a ship shall be:

The ship is lawfully owned, operatedor managed by a citizen, legal person, government, or other organization of the People’s Republic
of China, if the ship is owned by an enterprise legal person, the capital proportion of the Chinese party shall comply with the provisions
of the Regulation on Ship Registration;

The ship has corresponding technical conditions for sea worthiness, and has passed the inspection of a ship inspection organ and eligible;

The ship does not have the circumstance that may result in double nationality or two or more ports of registry;

The ship has obtained the ship name verified by the maritime administrative organ;

The ship has handled registration on the ownership according to law; and

The registrant of the nationality of the ship is the ship owner.

The conditions for issuing a temporary certificate of nationality of a ship shall be:

The ship that applies for the issuance of a temporary certificate of nationality falls within one of the following circumstances:

(1)

It is a ship sold abroad, or a new build-to-order ship by an overseas citizen, legal person, or other organization within the territory
of the People’s Republic of China, and is delivered overseas on CIF basis;

(2)

It is a ship purchased from overseas by a citizen, legal person, government, or other organization of the People’s Republic of China
or a build-to-order ship thereof, and is delivered overseas on FOB basis;

(3)

It is a ship registered overseas, which is chartered on bareboat conditions by a citizen, legal person, government, or other organization
of the People’s Republic of China; and

(4)

It is a newly built ship within China that needs the handling of temporary registration of nationality.

The ship ownership has been obtained or an effective bareboat chartered contract has been concluded.

The registrant of the nationality of the ship is the ship owner or the charterer that operates an overseas-registered ship in the
form of bareboat charter.

The ship has corresponding technical conditions for sea worthiness, and has passed the inspection of a ship inspection organ and eligible.

The ship does not have the circumstance which may result in double nationality or two or more ports of registry. And

The ship has obtained the ship name verified by the maritime administrative organ.

Article 18

The conditions for issuing an international ship security certificate shall be:

The conditions for approving a ship security plan shall be:

The ship has passed ship security evaluation;

The ship security plan is compiled by a ship company or a prescribed security organization;

The ship security plan complies with the corresponding compiling criterions and the ship security requirements; and

The defects discovered in the ship security evaluation have been corrected or arranged in a proper way.

The conditions for obtaining an international ship security certificate shall be:

The ship has effective certificate of nationality and Continuous Synopsis Record;

The ship is marked with a permanent identification number as required, and is equipped with a ship security alert system that satisfies
the requirements of the 1974 International Convention for the Safety of Life at Sea as required;

The ship has been equipped with qualified ship security officers;

The ship has the approved Ship Security Plan; and

The ship has passed security checking.

The conditions for obtaining a temporary international ship security certificate shall be:

One of the following circumstances shall be complies with:

(1)

The ship has not obtained the International Ship Security Certificate at the time when it is delivered or before it is put into operation
or put into operation once again;

(2)

The nationality of the ship is changed into Chinese nationality from a non-Chinese one; or

(3)

The liabilities for operation of the ship are undertaken by the citizen, legal person, or other organization that has not operated
this kind of ship.

The ship has passed ship security evaluation.

The ship is equipped with a duplicate of the Ship Security Plan, which has been submitted for examination, reported for approval,
and put into implementation.

The company security officers have made plans and arrangements on the ship security checking work, and promised to pass the security
checking within 6 months.

The ship has been equipped with the ship security officers that comply with the security requirements. And

The captain, ship security officers, and other crew members who undertake concrete security duties are familiar with the security
functions and liabilities, and familiar with the relevant provisions of the Ship Security Plan.

Article 19

The conditions for issuing the documents of ship safety and pollution prevention certificates shall be:

The conditions for issuing security certificate of operating high-speed passenger ships shall be:

The nationality registration on the ship has been gone through at the maritime administrative organ;

The water areas in which the ship navigates comply with the requirements for safety navigation of a high-speed passenger ship;

The ship has the technical conditions for the safety and pollution prevention of a high-speed passenger ship after the inspection
of a recognized ship inspection organ, and has the corresponding certificates, documents, and materials as required;

The ship has formulated corresponding safety and pollution prevention safeguard measures and emergency preliminary plans; and complies
with the ship security requirements for international navigating or overseas port; and

The seafarers have passed the special training on high-speed passenger ships as prescribed by the Ministry of Communications.

The conditions for issuance of the insurance of civil liabilities for oil pollution damage or other certificates of financial guarantee
shall be:

The oil pollution insurance or other certificates of financial guaranty held by the ship is handled by the financial institutions
or mutual-aid insurance institutions that have the corresponding compensation ability as publicized by the Maritime Safety Administration
of the People’s Republic of China; and

The face amount satisfies the limit of liabilities undertaken.

Section Three Prevention of Pollution from Ships and Management on Dangerous Goods Carried by Ships

Article 20

The conditions for licensing of operations for the prevention of pollution from ships to the harbor water area shall be:

The conditions for licensing on the use of chemical oil-eliminating agents in a ship, wharf, or facility shall be:

The type of chemical oil-eliminating agents applied for use has been recognized by a professional institution;

The use complies with the prescribed scope of use and standard method of usage;

The doses applied for use equal to the amount of oil-elimination, and comply with the requirements for prevention of environmental
pollution of water areas; and

There are measures or emergency preliminary plans for prevention of water area pollution and ensuring the safety.

The conditions for licensing a ship to use incinerators in a coastal port shall be:

The port does not have the corresponding ability for receiving and handling pollutants;

The ship storage equipment cannot meet the demand for next voyage;

The type of incinerators has been recognized by a professional institution and passed the inspection thereof;

The articles to be incinerated are the garbage or residue oil produced by the ship itself;

The relevant requirements for safety and pollution prevention have been complied with; and

The measures or emergency preliminary plans for the prevention of water area pollution and ensuring the safety have been formulated.

The conditions for licensing a ship to wash tank, clean cabins, and make gas freeing operation at the harbor water area shall be:

The ship has formulated operation schemes, safeguard measures, and emergency preliminary plans that comply with the requirements for
safety and pollution prevention;

The equipment used by it fits the corresponding usage and has passed inspection;

The operators have passed corresponding training on safety and pollution prevention;

The operating entities have the corresponding ability;

The water area for gas freeing opera

MEASURES FOR THE SUPERVISION AND EXAMINATION OF THE GOVERNMENT’S PRICE COSTS

The National Development and Reform Commission

Decree of the National Development and Reform Commission

No.42

In accordance with the Price Law of the People’s Republic of China, the Interim Measures for the Examination of the Price Costs of
Major Goods and Services (Decree No.25 of the former State Planning Commission) have been revised, which were promulgated by the
former State Planning Commission, and on this basis, the Measures for the Supervision and Examination of the Government’s Price Costs
are specifically formulated, which were adopted through discussion at the office meeting of the directors of the National Development
and Reform Commission, are hereby promulgated, and shall enter into effect as of the day of March 1, 2006.

Director General Ma Kai

January 17, 2006

Measures for the Supervision and Examination of the Government’s Price Costs

Article 1

In accordance with the Price Law of the People’s Republic of China, these Measures are formulated in order to improve the scientific
decision-making to boost prices by the government of the competent price departments, and regulate the act of supervision and examination
on price costs.

Article 2

These Measures shall be in the same with the acts of the government of the competent price departments on the supervision and examination
of price costs in the course of formulating or adjusting and servicing the prices of the goods, which are subject to government-guided
prices or government-set prices (hereinafter referred to as the pricing).

Article 3

The “supervision and examination on price costs (hereinafter referred to as the cost supervision and examination)” as mentioned in
these Measures shall means to the acts of the government of the competent price department to verify the price costs on the basis
of investigating, measuring, and examining on the costs of the operators during the process of pricing. The pricing costs as mentioned
in these Measures shall mean the average social reasonable expenses of the operators of countrywide or within a certain range for
them producing or managing the same goods or providing the same kinds of services, which is the basis of pricing for the government.

Article 4

The cost investigation organs of the competent price departments of the people’s governments at various levels (hereinafter referred
to as the cost investigation organizations) shall take the charge of organizing the enforcement of the concrete work of cost supervision
and examination.

The cost investigation organizations of all levels shall take the charge of the concrete affairs of cost supervision and examination
within the competent price department at the same levels, or conduct cost supervision and examination on the relevant operators which
are entrusted by the competent price department of the higher level or are asked for by the competent price department of a lower
level.

Article 5

Catalogue management shall be applied to cost supervision and examination. Those goods and services, listed into the catalogue of
cost supervision and examination, shall be determined by the competent price department under the State Council and the competent
price department of the people’s governments of the provinces, autonomous regions, and municipalities directly under the Central
Government in accordance with central and local pricing catalogues, and they shall be formulated .

All the goods and services listed into the catalogue of price hearings and excluded the catalogue of price hearings but whereon hearings
are required shall be automatically listed into the catalogue of price supervision and examination .

When making prices on goods and services unlisted into the catalogue of cost examination, the government of the competent price department
may implement cost supervision and examination that is believed necessary.

Article 6

The justicial, scientific, normative, and efficient principle shall be followed in cost supervision and examination.

Article 7

The system of pre-pricing supervision and examination (hereinafter referred to as the examination on pricing and price adjustment)
and regular supervision and examination shall be combinative applied to cost supervision and examination.

The intervals of regular supervision of the different goods and services shall be determined by the government of the competent price
department in the catalogue of cost supervision and examination , and the intervals of regular examination shall be no less than
one year at the minimum.

Article 8

The supervision and examination on pricing and price adjustment as well as regular supervision and examination shall not be carried
out overlapped or repeatedly on the cost of the same kind of good or service of the same operator in a financial year.

Article 9

All goods or services listed in the catalogue of cost supervision and examination are not supervised on pricing and price adjustment
or regular supervision and examination, and a price shall not be set up by the government of the competent price department .

Article 10

All the operators that produce or manage the same kind of goods or provide the same kind of services shall be enforced cost supervision
and examination by a cost investigation organization. If the operators are in a large number, the cost investigation organization
may select a certain number of operators that have representative to implement cost supervision and examination.

Article 11

In accordance with the fact of the costs of different goods and services and the power of price management, the measures on the supervision
and examination of pricing costs of material goods and services shall be formulated by the competent price department of the State
Council and the competent price department of the people’s government of province, autonomous region, or municipality directly under
the Central Government. The measures on the supervision and examination of pricing costs of material goods and services shall be
covered the constituted items of the price costs of the relevant goods or services, verification methods and standards, and etc.
For the goods and services in the local pricing catalogue, the nationally uniform measures for the supervision of price costs may
be formulated by the competent price department of the State Council through coordination.

Article 12

Business accounting on the price costs shall be implemented according to the reasonable expenses, which the operators use in their
normal production and business operation acts. The expenses shall not be listed into the price cost as follows:

Expenses, which does not keep tally with the provisions of the Accounting Law of the People’s Republic of China and the relevant laws,
administrative regulations, and financial accounting systems;

Expenses, which has nothing to do with the acts of production and business operation of goods and services in the process of cost
supervision and examination;

Expenses that does not keep tally with the provisions of the measures for the supervision and examination of price cost on relevant
goods and services; and

Other unreasonable expenses which operators use in the process of production and business operations.

Article 13

The operator shall record and make business accounting on the cost of production and business operations of goods and services correctly,
and shall not resort to deceit.

The independent accounting shall be made on the goods and services, which are under the control of government guided prices or government-set
prices as well as the costs and incomes of the production and business operations of the relevant goods and services, which have
close relationship with them.

Article 14

The operator shall submit the cost documents of the relevant goods and services (hereinafter referred to as the cost documents) in
accordance with the request of the government of the competent price department for cost examination, and shall take the charge of
the authenticity and legitimacy of the cost documents that he provides. The cost documents shall include the contents as follows:

The report forms of cost shall be filled according to the requirements of the government of the competent price department of and
the prescribed formats after business accounting.

The annual financial report shall have been audited by registered accountants or the departments of taxation, the departments of audit
and other governmental departments. And

Other documents correlating with the cost.

If the normal business operations have not been started, the feasibility study report examined and approved by the entity, which has
the power of examination and approval, and the report forms of cost measured and filled in the light of the requirements of the competent
price department and the prescribed format thereof, shall be provided.

Article 15

The preliminary examination on the cost documents, which are submitted by operators, shall be made by the cost investigation organization
. If the contents of the cost documents are not complete, the operators shall be required to make up the relevant documents.

Article 16

If the cost documents submitted by the operator have been passed the preliminary examination, according to Article 12 of these Measures,
the relevant measures for the supervision and examination of price costs of the goods or services and other relevant provisions,
the cost investigation organization shall, make examination on the costs of the operator. The operator shall be notified in a written
form in time by the cost investigation organization, which contents the opinions and reasons for increasing or cutting down the cost
to the operator. If the operator has different opinions on increasing or cutting down of the verified cost, opinions and reasons
may be brought forward in a written form to the cost investigation organization. After completing the cost examination work of the
individual operators, the cost investigation organization shall fill in the cost verification forms of the operators according to
the cost data finally verified.

Article 17

After completing the cost examination work for each project, the cost investigation organization shall make business accounting on
the price costs of all the operators supervised and examined in accordance with the cost verification forms, and a report on cost
examination shall be handed in to the competent price department. The report on cost supervision and examination shall be included
the contents as follows:

Projects of cost supervision and examination;

Basis for cost supervision and examination;

Procedures for cost supervision and examination;

Major contents of cost supervision and examination;

Conditions of cost increase and decrease and the reasons thereof;

Cost verification form;

Price costs; and

Other matters need to be specified.

The report of cost supervision and examination shall be signed and sealed by the personnel who has participated in the cost examination,
and shall be affixed with the official seal of the cost investigation organization or the special seal of the cost supervision and
examination.

Article 18

If the government of the competent price department breaks these Measures, and formulates the prices of the goods and services, which
are listed into the catalogue of cost supervision and examination without going through cost supervision and examination, the competent
price department in the higher level or the people’s government in the corresponding level shall order it to correct and if the circumstance
is serious, a notice of criticism shall be circulated. If the big impact has been made, the governor who is directly responsible
and other personnel directly liable shall be given a disciplinary sanction in accordance with law or submitted to the relevant department
for disciplinary sanction.

Article 19

If the staff member, who is taken the charge of the work of cost supervision and examination, has relationship of interest with the
operator, he or she shall evite when examining the cost of the operator. The cost investigation organization and the staff members
may not use the cost documents of the operators that they have obtained according to the law for any other purpose beyond cost supervision
and examination, and shall not disclose the business secrets of the operators.

Article 20

In their cost examination work, if the staff members who take the charge of the work of cost supervision and examination disclose
state secrets, or business secrets, or abuse their power, practice favoritism for selfish interests, neglect their duty, extort
or take bribes, and enough to constitute a crime, criminal responsibility shall be investigated in accordance with the law; if it
does not constitute a crime, a disciplinary sanction shall be given.

Article 21

If the operator breaks the provisions of Article 13 of these Measures or fails to hand in the cost documents as the provisions of
Article 14 of these Measures, the government of the competent price department shall order to correct in time, and a notice of criticism
shall be circulated. If an operator provides the cost documents less contents than those prescribed in Article 14 and can not submit
the supplement documents according to the requirements of the cost investigation organization, or provides false cost documents,
the cost investigation organization shall not provide cost supervision and examination or shall suspend the current cost supervision
and examination.

Article 22

The expenses for the cost supervision and examination may be applied to list into the financial budget of the corresponding level.

Article 23

When formulating the charge standards of the administrative organs of the state, the government of the competent price department
shall conduct cost supervision and examination according to these Measures.

Article 24

When other relevant departments formulate prices, these Measures shall be referred to as the cost supervision and examination are
made.

Article 25

The rules may be formulated by the governments of the competent price departments of the people’s governments of all the provinces,
autonomous regions, and municipalities directly under the Central Government according to these Measures.

Article 26

The National Development and Reform Commission have the right of interpreting these Measures.

Article 27

These Measures shall enter into effect as of the day of March 1, 2006, the Interim Measures for the Supervision and Examination on
the Price Costs of Major Goods and Services promulgated by the National Development and Planning Commission on November 1, 2002
shall be annulled therefore.

The National Development and Reform Commission
2006-01-17

ANNOUNCEMENT NO. 6, 2006 OF MINISTRY OF COMMERCE, GENERAL ADMINISTRATION OF CUSTOMS AND GENERAL ADMINISTRATION OF QUALITY SUPERVISION, INSPECTION AND QUARANTINE OF THE PRC

20060501

Ministry of Commerce, General Administration of Customs and General Administration of Quality Supervision, Inspection and Quarantine

Announcement No. 6, 2006 of Ministry of Commerce, General Administration of Customs and General Administration of Quality Supervision,
Inspection and Quarantine of the PRC

[2006] No. 6

In accordance with related regulation of Memorandum of Understanding on Textile and Costume Trade between Peoples Republic of China
and the United States of America, Ministry of Commerce, General Administration of Customs and General Administration of Quality Supervision,
Inspection and Quarantine of the PRC adjusted the Temporary Commodity Catalogue of Textile Exports as follows:

Add the following commodity codes of Customs to Item 222: 6002901000, 6002903000, 6002904000, 6002909000, 6004901000, 6004903000,
6004904000, 6004909000, 6006310000, 6006320000, 6006330000, 6006340000, 6006410000, 6006420000, 6006430000, 6006440000

Add the following commodity codes of Customs to Item 229: 6003300000, 6003400000

This announcement shall take effect as of January 27, 2006.

Ministry of Commerce

General Administration of Customs

General Administration of Quality Supervision, Inspection and Quarantine of the PRC

January 25, 2006

Ministry of Commerce, General Administration of Customs and General Administration of Quality Supervision, Inspection
and Quarantine
2006-01-25

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LETTER OF CHINA BANKING REGULATORY COMMISSION CONCERNING APPROVING THE AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED TO SET UP GUANGZHOU REPRESENTATIVE OFFICE

Letter of China Banking Regulatory Commission concerning Approving the Australia and New Zealand Banking Group Limited to Set up Guangzhou
Representative Office

Australia and New Zealand Banking Group Limited,

The letter which was signed by John McFarlane, your chief executive officer, and was addressed to this Commission has been received.

According to the Measures for the Administration of Foreign-funded Financial Institutions’ Representative Offices in China (Order
No. 8 [2002] of the People’s Bank of China) (hereinafter referred to as these Measures), a representative office in Guangzhou are
hereby approved to set up, whose name in Chinese is “ĴǺ˾” and whose name in English is “Guangzhou
Representative Office of Australia and New Zealand Banking Group Limited”.

According to the related provisions of these Measures, upon approval, Christopher Bryan Lefebvre is granted to take the position of
the chief representative of this Representative Office.

China Banking Regulatory Commission

February 14, 2006

China Banking Regulatory Commission
2006-02-14

ACCOUNTING STANDARDS FOR ENTERPRISES NO. 18 – INCOME TAXES

the Ministry of Finance

Accounting Standards for Enterprises No. 18 – Income Taxes

Cai Kuai [2006] No. 3

February 15, 2006

Chapter I General Provisions

Article 1

With a view to regulating the recognition and measurement of enterprise income taxes and the presentation of relevant information,
the present Standards are formulated according to the Accounting Standards for Enterprises – Basic Standards.

Article 2

The “income taxes” as mentioned in the present Standards shall include all types of domestic and oversea tax amounts based on the
amounts of taxable income of enterprises.

Article 3

The present Standards shall not cover the recognition and measurement of government subsidies. But the temporary difference of income
tax arising from government subsidies shall be recognized and measured according to the present Standard.

Chapter II Tax Base

Article 4

Where an enterprise obtains assets or liabilities, it shall determine its tax base. Where there is difference between the carrying
amount of the assets or liabilities and its tax base, the deferred income tax assets or the deferred income tax liabilities shall
be determined according to the present Standards.

Article 5

The “tax base of an asset” shall refer to the amount which may be deducted from the taxable benefits when the amount of taxable income
is calculated according to the tax law provisions during the course of the enterprise’ recovering the carrying amount of the asset.

Article 6

The “tax base of an liability” shall refer to the carrying amount of a liability minus the amount that can be deducted according to
the tax law when the amount of taxable income is calculated in the future period.

Chapter III Temporary Difference

Article 7

The “temporary difference” shall refer to the difference between the carrying amount of an asset or liability and its tax base. As
for an item that has not been recognized as an asset or liability, if its tax base can be determined in light of the tax law, the
difference between the tax base and its carrying amount shall also be a temporary difference.

Pursuant to the effect of temporary differences on taxable amounts during future periods, they can be classified into taxable temporary
differences and deductible temporary differences.

Article 8

The term “taxable temporary difference” shall refer to temporary differences that will result in taxable amounts in the future when
the carrying amount of the asset is recovered or the liability is settled.

Article 9

The term “deductible temporary difference” shall refer to temporary differences that will result in amounts that are deductible in
the future when the carrying amount of the asset is recovered or the liability is settled.

Chapter IV Recognition

Article 10

An enterprise shall recognize the accrued income tax of the current period and prior periods as a liability, and shall recognize the
part of the income tax already paid minus the payable amount as an asset.

Where there is any taxable temporary difference or deductible temporary difference, it shall be recognized as a deferred income tax
liability or deferred income tax asset according to the present Standards.

Article 11

Except for the deferred income tax liabilities arising from the following transactions, an enterprise shall recognize the deferred
income tax liabilities arising from all taxable temporary differences:

(1)

the initial recognition of business reputation;

(2)

the initial recognition of assets or liabilities arising from the following transactions which are simultaneously featured by the
following:

(a) The transaction is not business combination;

(b) At the time of transaction, the accounting profits will not be affected, nor will the taxable amount (or the deductible loss)
be affected.

The deferred income tax liabilities arising from the taxable temporary differences related to the investments of subsidiary companies,
associated enterprises and contractual enterprises shall be recognized according to Article 12 of the present Standard.

Article 12

The taxable temporary differences related to the investments of subsidiary companies, associated enterprises and joint enterprises
shall recognize corresponding deferred income tax liabilities. However, those that can simultaneously meet the following conditions
shall be excluded:

(1)

The investing enterprise can control the time of the reverse of temporary differences; and

(2)

The temporary differences are unlikely to be reversed in the excepted future.

Article 13

An enterprise shall recognize the deferred income tax liabilities arising from a deductible temporary difference to the extent of
the amount of the taxable income which it is most likely to obtain and which can be deducted from the deductible temporary difference.
However, the deferred income tax assets, which are arising from the initial recognition of assets or liabilities during a transaction
which is simultaneously featured by the following, shall not be recognized:

(1)

This transaction is not business combination; and

(2)

At the time of transaction, the accounting profits will not be affected, nor will the taxable amount (or the deductible loss) be affected.

On the balance sheet date, where there is any exact evidence showing that it is likely to acquire sufficient amount of taxable income
tax in a future period to offset against the deductible temporary difference, the deferred income tax assets unrecognized in prior
periods shall be recognized.

Article 14

Where the deductible temporary difference related to the investments of the subsidiary companies, associated enterprises and joint
enterprises can meet the following requirements simultaneously, the enterprise shall recognize the corresponding deferred income
tax assets:

(1)

The temporary differences are likely to be reversed in the expected future; and

(2)

It is likely to acquire any amount of taxable income tax that may be used for making up the deductible temporary differences.

Article 15

As for any deductible loss or tax deduction that can be carried forward to the next year, the corresponding deferred income tax assets
shall be determined to the extent that the amount of future taxable income to be offset by the deductible loss or tax deduction to
be likely obtained.

Chapter V Measurement

Article 16

On the balance sheet day, the current income tax liabilities (or assets) incurred in the current period or prior periods shall be
measured in light of the expected payable (refundable) amount of income taxes according to the tax law.

Article 17

On the balance sheet day, the deferred income tax assets and deferred income tax liabilities shall be measured at the tax rate applicable
to the period during which the assets are expected to be recovered or the liabilities are expected to be settled.

In case the applicable tax rate changes, the deferred income tax assets and deferred income tax liabilities which have been recognized
shall be re-measured, excluding the deferred income tax assets and deferred income tax liabilities arising from any transaction or
event directly recognized as the owners’ rights and interests, and the amount affected by them shall be recorded into the income
tax expenses of the current period during which the change occurs.

Article 18

The measurement of deferred income tax assets and deferred income tax liabilities shall reflect the effect of the expected asset recovery
or liability settlement method on the balance sheet day on the income taxes, i.e. the tax rate and tax base, which is adopted at
the time of measurement of the deferred income tax assets and deferred income tax liabilities and shall be identical with those of
expected asset recovery or liability settlement method.

Article 19

An enterprise shall not discount any deferred income tax asset or deferred income tax liability.

Article 20

The carrying amount of deferred income tax assets shall be reexamined on balance sheet day. If it is unlikely to obtain sufficient
taxable income taxes to offset the benefit of the deferred income tax assets, the carrying amount of the deferred income tax assets
shall be written down.

When it is probable to obtain sufficient taxable income taxes, such write-down amount shall be subsequently reversed.

Article 21

The income taxes of the current period and deferred income tax of an enterprise shall be treated as income tax expenses or incomes,
and shall be recorded into the current profits and losses, excluding the income taxes incurred under the following circumstances:

(1)

the business combination; and

(2)

the transactions or events directly recognized as the owner’s rights and interests.

Article 22

The income taxes of the current period and deferred income tax related to the transactions or events directly recorded in the owner’s
rights and interests shall be recorded into the owner’s rights and interests.

Chapter VI Presentation

Article 23

The deferred income tax assets and deferred income tax liabilities shall be respectively presented as the non-current assets and non-current
liabilities in the balance sheet.

Article 24

The income tax expenses shall be presented separately in the profit statement.

Article 25

An enterprise shall, in its notes, disclose the following information related to the income taxes:

(1)

the main constituent parts of the income tax expenses (incomes);

(2)

a statement of the relationship between the income tax expenses (incomes) and the accounting profits;

(3)

the amounts of deductible temporary difference or deductible loss of unrecognized deferred income tax assets (if there is a date due,
it shall disclose the date due);

(4)

every category of temporary difference and deductible loss, the amount of the deferred income tax assets or deferred income tax liabilities
which are recognized during the presentation period, and the basis for the recognition of the deferred income tax assets; and

(5)

as for any deferred income tax liabilities which have not been recognized, the amounts of temporary differences related to the investments
of the subsidiary companies, associated enterprises and joint enterprise.

the Ministry of Finance
2006-02-15

ACCOUNTING STANDARDS FOR ENTERPRISES NO. 32 – INTERIM FINANCIAL REPORT

Ministry of Finance

Accounting Standards for Enterprises No. 32 – Interim Financial Report

Cai Kuai [2006] No. 3

February 15, 2006

Chapter I General Provisions

Article 1

These Standards are formulated in accordance with the Accounting Standards for Enterprises – Basic Standards for the purpose of regulating
the contents of interim financial reports, and the principles of recognition and measurement to be followed when working out the
interim financial reports.

Article 2

An interim financial report refers to a financial report worked out on the basis of an interim period.

An interim period refers to a reporting term which is shorter than a full fiscal year.

Chapter II Contents of Interim Financial Reports

Article 3

An interim financial report shall at least include a balance sheet, an profit statement, a cash flow statement and explanatory notes.

The balance sheet, profit statement and cash flow statement included in an interim financial report shall be presented in their complete
forms. Their format and contents shall be consistent with the annual accounting statements of the prior fiscal year. .

If the format and content of the financial statements have been changed due to the adoption of new accounting standards for the current
year, the interim financial statements shall be worked out according to the amended format and content. In addition, the format and
content of comparative financial statements for the prior fiscal year shall also be adjusted accordingly.

The basic earnings per share and the diluted earnings per share shall be separately presented in the interim profit statement.

Article 4

Where consolidated financial statements were worked out for the prior year, consolidated financial statements shall be worked out
by the end of the interim period.

If a financial report for the prior year includes financial statements of the parent company besides the consolidated financial statements,
the interim financial report shall include the financial statements of the parent company as well.

If a financial report for the prior year includes consolidated financial statements, but if all subsidiaries which were included in
the consolidation scope were disposed during the period of interim reporting, the interim financial report shall be only required
to provide the financial statements of the parent company, but the comparative financial statements for the prior year shall still
include the consolidated financial statements unless there is no subsidiary in the comparative interim period of the prior year.

Article 5

An interim financial report shall, according to the following provision, provide the comparative financial statements :

(1)

The balance sheet statement at the end of the current interim period and the balance sheet statement at the end of the prior year;

(2)

The profit statement for the current interim period, the profit statement for the period from the beginning of the year to the end
of the current nterim period, as well as the profit statement of the comparative period of the prior year; and

(3)

The cash flow statement for the period from the beginning of the year to the end of the current interim period, and the cash flow
statement for the period from the beginning of the prior year to the end of the comparative current interim period.

Article 6

Where any adjustment or revision is made to the items of the financial statements in an interim report, the relevant amounts of the
items in the comparative financial statements for the prior year shall be re-classified according to the requirements of the interim
financial statements for the current year, and the reasons and contents of the reclassification shall be explained in the notes.
If the reclassification is impracticable, the reasons shall be given in the notes.

Article 7

The notes in an interim financial report shall be worked out based on the period from the beginning of the year to the end of the
current interim, and shall disclose any significant events or transactions, which occurred after the balance sheet date of the prior
year and which may be helpful to the understanding of financial status, operating performance and cash flows changes of the enterprise.

The enterprise shall, in its notes, disclose any significant events or transactions, which may be helpful to the understanding of
its financial status, operating performances and cash flows during the current interim period.

Article 8

The notes in an interim financial report shall at least include the following information:

(1)

A declaration that the accounting policies adopted for the interim financial statements are consistent with those for the financial
statements of the prior year.

If the accounting policy altered, the nature, details, reasons and effect of the change of the accounting policy shall be explained
. If it is unable to make a retrospective adjustment, the reasons shall be explained.

(2)

The details, reasons and effect of alteration of accounting estimates, or if the effect cannot be determined, the reason shall be
explained;

(3)

The nature of any prior period error and the amount of correction; if the retrospective restatement is impractical, the reasons shall
be explained;

(4)

The seasonal or periodicity features of the enterprise’s operations;

(5)

The details of changes in affiliated enterprises where a control relationship exists. Where there are related party transactions,
the nature of the affiliated party relationship, the types of transactions and the essential elements of the transactions shall be
disclosed;

(6)

The details of changes in the consolidation scope for the consolidated financial statements;

(7)

The explanatory comments about the financial statement items that are abnormal in terms of their nature or amounts;

(8)

The details of issuance, repurchase, and repayment of securities;

(9)

The details of any distribution of profits to the enterprise’s owners, including profits distributed and distribution proposed or
approved but not yet made in the interim period;

(10)

If any segment reporting information is required to be disclosed under the Accounting Standards for Enterprises, the segment revenue
and segment profit (loss) under primary segment reporting shall be disclosed;

(11)

The non-adjusting events occurring during the period from interim balance sheet date to the date on which the interim financial report
is authorized for issuance;

(12)

The details of any changes in contingent liabilities and contingent assets after the prior year’s balance sheet date;

(13)

A description of any changes in the composition of the enterprise such as business combination, acquisition or disposal of long-term
investments for which the enterprise can exercise significant influence, has joint control or control over the investees, or termination
of business operations; and

(14)

Other significant transactions or events such as transfer and sale of significant long-term assets, significant acquisitions of fixed
assets and intangible assets, significant research and development disbursements, significant assets impairment losses, etc.

When an enterprise provides information about the affiliated party transactions, and segment revenue and segment profit (loss) as
mentioned in the preceding items (5) and (10), it shall simultaneously provide the figures of the current interim period (or the
end of the current interim period), the figures during the period from the beginning of the current year to the end of the current
interim period, the comparative figures of the comparative current period of the prior year (or the end of the comparative period),
and comparative figures during the period from the beginning of the comparative year to the end of the current interim period.

Article 9

In the recognition, measurement and reporting the each line item on the interim financial statements, the enterprise shall base its
judgment about the importance of each line item on the interim financial figure other than on the annual financial figure. As compared
with annual financial figures, the interim accounting measurement may rely on the estimates to a greater extent, however, the enterprise
shall ensure that the interim financial report it provides includes the relevant important information.

Article 10

During the same fiscal year, if an estimate amount reported in an prior interim financial report is changed significantly during the
final interim period but a separate financial report is not published for that final interim period by enterprise, the details, reasons,
and effect amount of that alteration of estimate should be disclosed in the notes of the annual financial statements. .

Chapter III Recognition and Measurement

Article 11

The accounting policies adopted by an enterprise for its interim financial statements shall be consistent with those as adopted for
its annual financial statements.

If any accounting policy alters after the balance sheet date of prior year and if the accounting policy after alteration will be adopted
for the annual financial statements, the accounting policy after alteration shall be adopted for the interim financial statements
and shall be treated according to the provision of Article 14 of these Standards.

Article 12

The interim accounting measurement shall be based on the period from the beginning of the year to the end of the current interim period.
The frequency of the financial reports shall not affect the measurement of the annual results.

Within a same accounting year, if the accounting estimate for an accounting statement item reported in a prior interim period alters
in the subsequent interim period, such amount after accounting estimate alteration should be reflected in the subsequent interim
accounting statements, but the amount of the item as reported in the prior interim period should not be adjusted. In the mean while,
the alteration of the accounting estimate shall also be disclosed in the notes according to provisions of Article (2) or Article
10 of these Standards.

Article 13

An enterprise should recognize and measure revenues that are received seasonally, cyclically or occasionally when they are occurred
and shall not anticipate or defer such revenues in interim accounting statements unless anticipation or deferral were permitted at
the end of the accounting year.

An enterprise shall recognize and measure costs that are incurred unevenly during an accounting year when they are incurred and shall
not anticipate or defer such costs in the interim accounting statements unless the anticipation or deferral would be acceptable at
the end of the fiscal year.

Article 14

If there is any alteration in an accounting policy during the interim period for an enterprise, it shall be treated according to the
Accounting Standards for Enterprises No. 28 – Changes in Accounting Policies and Accounting Estimates, and Corrections of Errors
and shall be disclosed accordingly in the notes pursuant to the provision of Article 8 (1) of these Standards.

If the cumulative effect of a change in accounting policy can be reasonably determined and if the change in accounting policy affects
the figures of any line items on the interim financial statements for the prior interim period in the current fiscal year, these
items shall be adjusted retrospectively as if the same accounting policy has been adopted throughout the whole fiscal year. In the
mean while, the comparative financial statements of the prior year shall also be adjusted accordingly.

Ministry of Finance
2006-02-15

MEASURES FOR ADMINISTRATION OF E-MAIL SERVICE ON INTERNET

Ministry of Information Industry

Decree No.38 of the Ministry of Information Industry of the People’s Republic of China

No.38

Measures for Administration of E-mail Service on Internet have been adopted at the fifteenth Ministerial Conference of the Ministry
of Information Industry on November 7, 2005, and are hereby published and come into effect on March 30, 2006.

Minister, Wang Xudong

February 20, 2006

Measures for Administration of E-mail Service on Internet

Article 1

These Measures are formulated in accordance with the provisions of Telecommunication Regulations of the People’s Republic of China
and Measures for Administration of Internet Information Service and relative laws and administrative laws and regulations for the
purposes of regulating E-mail service on internet, safeguarding the legitimate rights of the users of E-mail service on internet.

Article 2

These Measures apply to providing E-mail service on internet, and providing access service and sending Internet E-mail for E-mail
service on internet in the territory of the People’s Republic of China.

E-mail service on internet in terms of these Measures means the activity to establish servers of Internet E-mail and provide conditions
for internet users to send and receive E-mail on internet.

Article 3

the communication secret of the citizens to use E-mail service on internet shall be under the protection of law. No organization or
individual shall violate citizens’ communication secret with any reasons except that when the public security agency or procuratorial
organ checks up the content of the communication for the needs of national safety or finding out criminal offence according to the
procedures prescribed by law.

Article 4

Providing E-mail service on internet should obtain business license for value added telecommunication service or go through record
formalities for non-operational information service on internet according to law.

No organization or individual should be engaged in E-mail service on internet in the territory of the People’s Republic of China before
obtaining business license for value added telecommunication business or going through record formality for non business information
service on internet.

Article 5

The providers for internet access service and other providers for telecommunication service shall not provide internet access service
for any organizations or individuals that have not obtained business license for value added telecommunication business or have not
gone through the record formality for non-operational internet information service to carry out E-mail service on internet.

Article 6

The state shall register the IP address of E-mail server of the provider for E-mail service on internet for administration. The provider
for E-mail service on internet shall register the IP address used for E-mail server on internet in the Ministry of Information Industry
of the People’s Republic of China (MII) or Telecommunication Administration of the provinces, autonomous regions or municipalities
directly under the Central Government (TA) 20 days before an E-mail server is opened.

The provider for E-mail service on internet shall, if planning to change the IP address of Internet E-mail, go through change formality
30 days in advance.

Article 7

The provider for E-mail service on internet shall, according to the technical standard laid down by the Ministry of Information Industry,
establish the system of E-mail service on internet, close anonymous transmissive function of E-mail server, and improve the administration
of the safety of E-mail service system. Security measures should be taken as soon as any safety loopholes are found.

Article 8

The providers for E-mail service on internet shall, while providing service to the consumers, inform the consumers of the content
of service and rules for use.

Article 9

The providers for E-mail service on internet have the duty to maintain secrecy about the consumers’ personnel registration information
and E-mail address on internet.

The providers for E-mail service on internet and their staffs should not use illegally the consumers’ personnel registration information
and E-mail address on internet, and without the consumers’ permission, should not leak the consumers’ personnel registration information
and E-mail address on internet except for the circumstances stipulated separately by law and administrative law and regulations.

Article 10

The providers for E-mail service on internet shall note down the time of sending or receiving Internet E-mail, E-mail address on internet
and IP address of the persons sending and receiving the E-mail of the Internet E-mail sent or received through their E-mail server.
Above record should be kept for sixty days and should be provided to the relevant agency of the state for the examination according
to law.

Article 11

No organization or individual shall produce, copy, publish or spread the Internet E-mail as prescribed in Article 57 of Telecommunication
Regulations of the People’s Republic of China.

No organization or individual shall be engaged in the activities harming the safety of network and information as prohibited in Article
58 of Telecommunication Regulations of the People’s Republic of China.

Article 12

No organization or individual shall have any of following activities:

Making use of others’ computer system to send internet E-mail without any authorization; or

Sell, share or exchange others’ E-mail address on internet obtained by means of automatically collection on line, willfully combination
of letters or numerals, or send internet E-mails to the internet E-mail address obtained by above means.

Article 13

No organization or individual shall have any of following activities of sending internet E-mail or authorizing others to send Internet
E-mail:

Intentionally suppressing or forging envelope information of Internet E-mail;

Without explicit agreement of the receiver of Internet E-mail, sending Internet E-mail containing the content of business advertisement
thereto; or

Do not give clear indication of the word “advertisement” or “AD” in front of the tile of Internet E-mail when sending internet E-mail
containing the content of business advertisement.

Article 14

Where a receiver of internet E-mail agrees clearly to receive the internet E-mail containing the content of business advertisement,
but refuses to receive it, internet E-mail sender shall stop sending it except that there is an agreement between the both sides.

The sender for internet E-mail service shall, while sending internet E-mail containing the content of business advertisement, provide
the contact information to the receiver for refusing to receive it continuously, including the internet E-mail address of the sender,
and guarantee that the contact information is valid within 30 days.

Article 15

The provider for internet E-mail service and the telecommunication provider providing access service for internet E-mail service should
accept and handle the users’ complaints on internet E-mail and provide direct and simple way for the informants.

Article 16

The provider for internet E-mail service and the telecommunication provider providing access service for internet E-mail service shall
handle the consumers’ complaints according to following requirements:

Where an informed internet E-mail containing clearly the content that is prohibited as prescribed in Article 11 , Section 1 of these
Measures is found, it should be reported to relevant agency of the state;

All the informed internet E-mail except for the E-mail prescribed in Section 1 of this Article should be reported to Internet E-mail
Informant Center established by China Internet Association with the authorization of the MII (IEIC); and

Where an informed internet Email referring to this unit, an investigation should be carried out immediately, reasonable and effective
looking-out or treatment measures should be taken, and the result of relevant information and investigation should be reported in
time to the relevant agency of the state or IEIC.

Article 17

IEIC shall, according to the rules and process worked out by the MII, carries out following works:

Accept and handle the complaints on internet E-mail;

Assist MII or TA to confirm whether the informed internet E-mail violates the provisions of related clauses of these Measures, and
assist to find out corresponding responsible persons; and

Assist relative agency of the state to find out corresponding responsible persons violating the provisions of Article 11 of these
Measures.

Article 18

The provider for internet E-mail service and telecommunication business provider providing access service for internet E-mail service
shall cooperate positively with relevant agency of the state and IEIC in relevant investigation.

Article 19

Whoever violates the provisions of Article 4 of these Measures to be engaged in internet E-mail service without the license of value
added telecommunication business or without going through record formalities for non-operational internet information service should
be punished according to the provisions of Article 19 of Measures for Administration of Internet Information Service.

Article 20

Whoever violates the provisions of Article 5 of these Measures should be ordered to make correction by MII or TA according to its
function and power, and a fine of less than 10 thousand Yuan should be imposed.

Article 21

Whoever does not perform the obligations stipulated in Article 6 , 7, 8 and 10 of these Measures should be ordered to make correction
by MII or TA and a fine of more than 5 thousand Yuan and less than 10 thousand Yuan should be imposed.

Article 22

Whoever violates the provisions of Article 9 of these Measures should be ordered to make correction by MII or TA and a fine of less
than 10 thousand Yuan should be imposed. Whoever has obtained illegal income should be imposed a fine of less than 30 thousand Yuan.

Article 23

Whoever violates the provisions of Article 11 of these Measures should be punished according to the provisions of Article 67 of
Telecommunication Regulations of the People’s Republic of China.

Where any providers for internet E-mail service and any other telecommunication providers have the prohibited activities as stipulated
in Article 11 of these Measures, MII or TA shall give them punishment according to the provisions of Article 78 of Telecommunication
Regulations of the People’s Republic of China and Article 20 of Measures for Administration of Internet Information Service.

Article 24

Whoever violates the provisions of Article 12 , 13 and 14 of these Measures should be ordered to make correction by MII or TA and
a fine of less than 10 thousand Yuan should be imposed. Whoever has illegal income should be imposed a fine of less than 30 thousand
Yuan.

Article 25

Whoever violates the provisions of Article 15 , 16 and 18 of these Measures should be given a warning by MII or TA according to its
function and power and a fine of more than 5 thousand Yuan and less than 10 thousand Yuan should be imposed.

Article 26

Internet E-mail address in terms of these measures refers to the only endpoint identifier in the world which is used to send internet
E-mails to the consumers of E-mail on internet.

Envelope information of internet E-mail in terms of these Measures refers to the information that is attached to internet E-mail and
used for identifying sender, receiver and route, showing the source, destination and transmitting process of the E-mail.

The tile information of internet E-mail in terms of these Measures refers to the information attached to internet E-mail used for
identifying the content of internet E-mail.

Article 27

These Measure shall come into effect as of March 30, 2006.

Ministry of Information Industry
2006-02-20

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CONSTITUTION ACT, 1982 – page 22

CONSTITUTION ACT, 1982 – page 21

CONSTITUTION ACT, 1982 – page 20

CONSTITUTION ACT, 1982 – page 19

CONSTITUTION ACT, 1982 – page 18

CONSTITUTION ACT, 1982 – page 17

CONSTITUTION ACT, 1982 – page 16

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CONSTITUTION ACT, 1982 – page 9

CONSTITUTION ACT, 1982 – page 8

CONSTITUTION ACT, 1982 – page 7