ACCOUNTING STANDARDS FOR ENTERPRISES NO. 3 – INVESTMENT REAL ESTATES

the Ministry of Finance

Accounting Standards for Enterprises No. 3 – Investment Real Estates

Cai Kuai [2006] No.3

February 15, 2006

Chapter I General Provisions

Article 1

In order to regulate the recognition and measurement of the investment real estates and disclosure of the relevant information,, these
Standards are formulated in the light of the Accounting Standards for Enterprises – Basic Standards.

Article 2

The term “investment real estates” refers to the real estates held for generating rent and/or capital appreciation. The investment
real estate shall be measured and sold respectively.

Article 3

These standards shall apply to the following investment real estates:

(1)

The right to use any land which has already been rented;

(2)

The right to use any land which is held and prepared for transfer after appreciation; and

(3)

The right to use any building which has already been rented.

Article 4

The following items are not included within the scope of investment real estates:

(1)

The real estates for self-use, that is to say, the real estates held for manufacturing commodities, rendering labor services or business
management; and

(2)

The real estates regarded as inventories.

Article 5

Other relevant accounting standards shall apply to the items as follows:

(1)

The Accounting Standards for Enterprises – Construction Contracts shall apply to the real estates built by enterprises for others;
and

(2)

The Accounting Standards for Enterprises No. 21 – Leasing shall apply to the income from rents of investment real estates and the
leaseback of investment real estates.

Chapter II Recognition and Initial Measurement

Article 6

No investment real estate shall be recognized unless it meets the following requirements simultaneously:

(1)

The economic benefits pertinent to this investment real estate are likely to flow into the enterprise; and

(2)

The cost of the investment real estate can be reliably measured.

Article 7

The initial measurement of the investment real estate shall be made at its cost.

(1)

The cost of an investment real estate by acquisition consists of the acquisition price, relevant taxes, and other expenses directly
relegated to the asset.

(2)

The cost of a self-built investment real estate composes of the necessary expenses for building the asset to the hoped condition for
use.

(3)

The cost of an investment real estate obtained by other means shall be recognized in accordance with the relevant accounting standards.

Article 8

For the follow-up expenses pertinent to an investment real estate, if they meet the recognition conditions as mentioned in Article
6 of these Standards, they shall be included in the cost of the investment real estate; otherwise, if they fail to meet the recognition
conditions as mentioned in Article 6 of these Standards, they shall be included in the current profits and losses when they are
incurred.

Chapter III Follow-up Measurement

Article 9

An enterprise shall make a follow-up measurement to the investment real estate through the cost pattern on the date of the balance
sheet except that the investment real estate complies with the provisions of Article 10 of these Measures.

The Accounting Standards for Enterprises No. 4 – Fixed Assets shall apply to the follow-up measurement of a building measured through
the cost pattern.The Accounting Standards for Enterprises No. 4 – Intangible Assets shall apply to the follow-up measurement of the
right to the use of the land measured through the cost pattern.

Article 10

Where any well-established evidence shows that the fair value of an investment real estate can be obtained in a continuous and reliable
way, a follow-up measurement may be made to the investment real estate through the fair value pattern. To make a measurement through
the fair value pattern, the following conditions shall be met simultaneously:

(1)

There is an active trading market of real estate in the location of the investment real estate; and

(2)

The enterprise is able to obtain the market prices of the identical or similar real estates and other relevant information from the
trading market of real estate, so as to be able to estimate the fair value of the investment real estate.

Article 11

For the investment real estate measured through the fair value pattern, where there is no accrual depreciation or amortization made
for it, its book value shall be adjusted on the basis of its fair value on the date of the balance sheet, and the difference between
the fair value and its original book value shall be included in the current profits and losses.

Article 12

Once an enterprise’s pattern for the measurement of the investment real estate is decided, it shall not be changed randomly. If the
enterprise replaces the cost pattern by the fair value pattern, it shall be considered that it has changed its accounting policy,
which shall be disposed in accordance with the Accounting Standards No. 28 – Changes in Accounting Policies and Estimates? and Correction
of Errors.

For an investment real estate that has been measured through the fair value pattern, the pattern of its measurement shall not be changed
from the fair value pattern to the cost method.

Chapter IV Conversion

Article 13

Where an enterprise which has well-established evidence to indicate that the purpose of the real estate has changed, it shall convert
the investment real estate to other assets or vise versa, when it meets any of the following conditions:

(1)

The investment real estate begins to be used for its own;

(2)

The investment real estate for inventory is changed for rent;

(3)

The lands with the right to self-use are changed for generating rents or capital appreciation; or

(4)

The buildings with the right to self-use are changed for rent.

Article 14

Under the cost pattern, the book value of the real estate prior to the conversion shall be entry value after conversion.

Article 15

Where an investment real estate measured through the fair value pattern is converted into self-use real estate, the fair value on
the very date of conversion shall be the book value of the self-sue real estate. The difference between the fair value and the original
book value shall be included in the current profits and losses.

Article 16

When any self-use real estate or real estate for inventory is converted to investment real estate to be measured through the fair
value pattern, the investment real estate shall valuate under the fair value on the very date of the conversion. If the fair value
on the very date of the conversion is less than the original book value, the difference shall be included in the current profits
and losses. If the fair value on the very date of the conversion is more than the original book value, the difference shall be included
in the owner’s rights and interests.

Chapter V Disposal

Article 17

If an investment real estate is disposed of, or if it withdraws permanently from use and if no economic benefit will be obtained from
the disposal, the recognition of it as an investment real estate shall be terminated.

Article 18

When an enterprise sells, transfers or discards any investment real estate, or when any investment real estate of an enterprise is
damaged or destroyed, the enterprise shall deduct the book value of the investment real estate as well as the relevant taxes from
the disposal income, and include the amount in the current profits and losses.

Chapter VI Disclosure

Article 19

An enterprise shall, in the notes, disclose the information concerning the investment real estates as follows:

(1)

The type, amount and measurement pattern of the investment real estates;

(2)

The information on the depreciation or amortization as well as the provision for the impairment of the investment real estates measured
through the cost pattern;

(3)

As to the investment real estate measured through the fair value pattern, its basis and pattern for the recognition of the fair value,
and the relevant effects of changes of the fair value on the profits and losses;

(4)

The information about the conversion of the real estates-and the relevant reasons, as well as the effects on the profits and losses
or the owner’s rights and interests; and

(5)

The investment real estates disposed currently and the relevant effects on the profits and losses.

the Ministry of Finance
2006-02-15

ORDER NO.459

The State Council

Order No.459 [2006] of the State Council concerning Abolishing the Provisional Regulations on Animal Slaughter Tax

Order No.459 [2006] of The State Council

Provisions of the State Council concerning Imposition of Agricultural Tax on Agricultural Specialty Income promulgated by Order No.143
of the State Council of the People’s Republic of China on January 30, 1994 shall be nullified and abolished as of February 17,2006.
Imposition of tobacco tax in the Provisions shall be prescribed otherwise.

Provisional Regulations on Animal Slaughter Tax approved in the 63rd Session of the Government Administration Council on December
15, 1950 and promulgated on December 19 shall be nullified and repealed simultaneously.

Premier of the State Council: Wen Jiabao

February 17, 2006

The State Council
2006-02-17

LETTER OF THE CHINA BANKING REGULATORY COMMISSION ON APPROVING THE BANCO DE CHILE TO SET UP BEIJING REPRESENTATIVE OFFICE

Letter of the China Banking Regulatory Commission on Approving the Banco de Chile to Set up Beijing Representative Office

Banco de Chile,

The letter signed by board chairman Mr. Femando Canas addressed to this Commission on December 15, 2005 has been received.

According to the Measures for the Administration on Representative Offices in China of Foreign-funded Financial Institutions (Decree
No. 8, 2002 of the People’s Bank of China, hereinafter referred to as these Measures), you are hereby approved to establish a representative
office in Beijing, whose Chinese name is “ɷ޹˾” and English name “Banco de Chile Beijing Representative
Office”.

In accordance with the related provisions of these Measures, Maurice Epicum Diemer Ojeda is granted an approval to take the position
of the chief representative of this Representative Office.

The China Banking Regulatory Commission

February 23, 2006

The China Banking Regulatory Commission
2006-02-23

THE ADMINISTRATIVE PROVISIONS ON THE SUPERVISION OF FOOD HYGIENE AT ENTRY-EXIT PORTS

General Administration of Quality Supervision, Inspection and Quarantine

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

No.88

The Administrative Provisions on the Supervision of Food Hygiene at Entry-Exit Ports was discussed and adopted at the Executive Meeting
of the General Administration of Quality Supervision, Inspection and Quarantine on December 31, 2005. It is hereby promulgated and
shall enter into force as of the date of April 1, 2006.

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

March 1, 2006

The Administrative Provisions on the Supervision of Food Hygiene at Entry-Exit Ports

Chapter I General Provisions

ArticleI

These Provisions are formulated in accordance with the Frontier Health and Quarantine Law of the People’s Republic of China and its
Rules for Implementation, the Food Hygiene Law of the People’s Republic of China and the provisions of relevant laws and regulations
for the purposes of strengthening the administration of the supervision of food hygiene at entry-exit ports, of guaranteeing the
safety of the entry-exit food, and of safeguarding the health of the general public.

ArticleII

These Provisions are applicable to the hygiene supervision and administration for the food producing and dealing units at the entry-exit
ports and the food producing and dealing units of the ports (hereinafter referred to as the food producing and dealing units) providing
the entry-exit transportation facilities with the services of food and drinking water.

ArticleIII

The General Administration of Quality Supervision, Inspection and Quarantine (hereinafter referred to as the AQSIQ) shall be in charge
of the administrative and supervisory work of food hygiene at entry-exit ports.The local entry-exit inspection and quarantine authorities
(hereinafter referred to as the inspection and quarantine authorities) established by the AQSIQ shall be in charge of the administrative
and supervisory work of food hygiene at entry-exit ports under their jurisdictions.

ArticleIV

The inspection and quarantine authorities shall conduct an administration of health permit for the food producing and dealing units,
exercising an administration of health permit for the employees dealing food and drinking water (hereinafter referred to as the employees)
on the entry-exit transportation facilities within the entry-exit ports.The inspection and quarantine authorities shall exercise
an administration of risk analysis and grading management for the hygiene supervision and administration of the food at entry-exit
ports.

ArticleV

The inspection and quarantine authorities shall exercise the hygiene supervision and administration for the entry-exit food in accordance
with relevant national food hygiene standards, and may, in accordance with the relevant standards designated by the AQSIQ, exercise
the hygiene supervision and administration for the items subject to no national standard.

Chapter II The Health Permit Administration of the Food Producing and Dealing Units

ArticleVI

The food producing and dealing units, when undertaking new facilities building, extension of the existing facilities and facilities
rebuilding, shall receive the hygiene supervision from the local inspection and quarantine authorities.

ArticleVII

The food producing and dealing units, when starting to engage in the production and dealing of entry-exit foods, shall apply to the
local inspection and quarantine authorities for the issuing of Health Permit for Food Producing and Dealing Unit at Frontier Ports
of the People’s Republic of China (hereinafter referred to as the Health Permit).

ArticleVII

The food producing and dealing units applying for the Health Permit shall meet the sanitary conditions as follows:

Having places of business, sanitary environment and sanitary installations and equipments suitable for the food producing and dealing
activities; and

Having operational norms consistent with the hygienic safety requirements for food and beverage processing, and managerial system
and accountability system guaranteeing the quality of the processed food and beverage; and

Having sound and well-established sanitary management organizations and systems; and

The employees shall have no infectious diseases that jeopardize the food hygienic safety; and

The employees shall be equipped with a general knowledge of food hygienic safety for their food producing and dealing works.

ArticleIX

The food producing and dealing units, when applying for the Health Permit, shall submit to the inspection and quarantine authorities
these documents as follows:

The application letter for the Health Permit; and

The duplicated copy of the Business License (resubmitted after acquired); and

Documents concerning their internal sanitary management organizations and systems; and

The Health Certificates of the employees and their certificates for hygienic knowledge training; and

The ichnographies of their places of business and their processing flow diagrams; and

The ingredients of their raw materials, documents concerning their production facilities, sanitary installations and depictions of
their product packaging materials; and

The food producing units shall submit the hygienic inspection reports for their production water supply; and

The hygienic standards for their products, the identifications of their products, the hygienic inspection results for their products,
and the control measures for safety and hygiene; and

Other documents that need to be submitted.

ArticleX

The inspection and quarantine authorities shall, in accordance with the requirements, examine and verify the application documents
to ensure whether the documents are complete or not and whether the documents accord with relevant provisions, then make decisions
of “accepted” or “rejected” and issue written confirmations. With regard to those whose documents submitted are not complete or against
relevant provisions, the inspection and quarantine authorities shall, on the locus in quo or within 5 days after the reception of
these documents, inform the applicants to redress, otherwise, it shall be regarded as being accepted as of the date of the reception
of these documents.The inspection and quarantine authorities, after accepting the applications of the food producing and dealing
units, shall examine and verify the application documents, and conduct on-scene hygienic permit check and quantifying grading.The
inspection and quarantine authorities shall, in accordance with the results of document examinations, on-scene checks and quantifying
grading, make decisions of “approved” or “rejected” to the food producing and dealing units within 20 days as of the date of the
acceptance (the time used for on-scene check shall be excluded, and it shall not exceed 1 month at most), and shall, within 10 days
as of the date of decision, issue or send the Health Permit to the applicants.The term of validity for the Health Permit is of 1
year. The food producing and dealing units, when demanding an extension of the term of validity for the Health Permit, shall submit
applications to the local inspection and quarantine authorities within 30 days before the expiration of the Health Permit.

ArticleXI

Within the term of validity for the Health Permit, the food producing and dealing units, when undertaking the change of their business
items, their legal persons, and their unit names, relocation of their producing facilities, new facilities building, extension of
the existing facilities and facilities rebuilding, shall report to the inspection and quarantine authorities that issued their Health
Permit.

ArticleXII

The food producing and dealing units, when shutting down their businesses, shall go to the inspection and quarantine authorities that
issued their Health Permit to go through the formalities of cancellation and hand in their Health Permit for cancellation.

ArticleXIII

The food producing and dealing units, when supplying food and products for food to the food producing and dealing units of other places,
may, upon the strength of the effective Health Permit, go to file with the inspection and quarantine authorities of the places concerned
their activities.

Chapter III The Hygienic Administration of the Employees

ArticleXIV

The inspection and quarantine authorities shall exercise an administration of Health Certificate for the employees. The employees
shall annually go to the medical and public health institutions authorized by the inspection and quarantine authorities for health
examination; and the newly recruited employees and temporary employees shall undergo health examinations before they formally start
their works.

ArticleXV

The employees shall apply to the inspection and quarantine authorities for Health Certificate; and when applying for Health Certificate,
the employees shall submit these documents as follows:

The application letters for Health Certificate; and

The effective certifications for their identities; and

The health examination reports issued by the medical and public health institutions authorized by the inspection and quarantine authorities.The
inspection and quarantine authorities shall, in accordance with relevant regulations of the AQSIQ, examine the aforesaid documents,
and issued Health Certificate to the qualified employees. The term of validity for the Health Certificate is of 1 year.Those who
obtain the Health Certificate shall be qualified to engage in production and dealing of entry-exit foods.

ArticleXVI

The inspection and quarantine authorities shall be responsible for supervising, guiding and assisting the trainings and examinations
for the employees of the food producing and dealing units at the entry-exit ports concerned.The employees shall be equipped with
a general knowledge of food hygiene and laws and regulations concerning foods.

ArticleXVII

The inspection and quarantine authorities shall make chest cards, which contain the profiles of those who pass the health examinations
and the hygienic knowledge training. And the employees shall wear these chest cards on work for examinations.

Chapter IV The Supervision and Administration of Food Hygiene

ArticleXVIII

The food producing and dealing units shall perfect their management systems for food hygiene, designate full-time or part-time management
personnel for food hygiene and strengthen the inspection of their produced and dealt foods.

ArticleXIX

The food producing and dealing units shall establish systems of inspection of merchandise purchases for approval. And when food and
raw materials are procured, the inspection-passing certificates or certificates of analysis shall be requested, and the Health Permit
shall be consulted.The units providing the entry-exit transportation facilities with foods shall establish systems of inspection
of merchandise purchases for approval, and hygienic archives for the units selling foods and raw materials. The inspection and quarantine
authorities shall regularly conduct selective examinations on the purchased foods and raw materials and screen their hygienic archives.The
hygienic archives shall contain those documents as follows:

The Business License (duplicated copy); and

The Production License (duplicated copy); and

The Health Permit (duplicated copy); and

The users of imported raw materials shall provide their Health Permit for Imported Foods (duplicated copy); and

The supply contracts or agreements; and

The inspection-passing certificates or certificates of analysis for related batches; and

The inventories for the products and other required documents.

ArticleXX

The inspection and quarantine authorities shall, in accordance with the requirements of laws, regulations, administrative provisions
and hygienic standards, conduct supervision and inspection on the food producing and dealing units, and the supervision and inspection
shall contain those items as follows:

The Health Permit, the Health Certificates of the employees and the hygienic knowledge trainings for the employees; and

The hygienic management organizations and systems; and

The environmental hygiene and personal hygiene, sanitary installations, the overall arrangements of equipments and the processing
flows; and

The production, collection, purchase, processing, stockpiling, transportation, exhibiting, supply, sale etc. of foods; and

The sensory characteristics of the food raw materials, semi-finished products and finished products and the utilization and indexing
of food additives; and

The inspections of food hygiene; and

On-scene inspections necessary sampling examinations of the hygienic quality of foods, dining and drinking facilities and containers
containing ready-to-eat foods; and

The hygiene of the water supply; and

The utilization of detergents and disinfectants; and

10.

The controlling of medical biological vectors.

ArticleXXI

The inspection and quarantine authorities shall conduct daily hygienic supervisions on the food producing and dealing units, designating
more than 2 hygienic supervisors of the ports to fill in, as required, the grading forms in accordance with the results of their
on-scene inspections. And the grading forms shall, after checks for faults by those in charge of the supervised units or other relevant
personnel, be co-signed by the hygienic supervisors of the ports and those in charge of the supervised units or other relevant personnel,
and the revisions shall be signed or sealed by those in charge of the supervised units or other relevant personnel. In case that
those in charge of the supervised units or other relevant personnel refuse to sign, the hygienic inspectors of the ports shall specify
the reasons for their refusals on the grading forms.

ArticleXXII

The inspection and quarantine authorities shall, in accordance with the relevant provisions for food hygiene inspection, collect samples
and send them for examinations, and present their Sampling Warrants (please refer to Annex III) when collecting samples.

ArticleXXIII

The food producing and dealing units engaged in supplying the entry-exit transportation facilities with food and drinking water, shall,
before the providing of their services, report to the inspection and quarantine authorities; and they may provide their services
only after the inspection and quarantine authorities’ examinations of their registration records for supplied products, their inspection-passing
certificates and inspection reports, and their other required documents.

ArticleXXIV

The aviation food producing and dealing units shall enhance food hygiene and safety by means of pursuing actively the quality control
and guarantee systems of GMP, HACCP, etc.

Chapter V Risk Analysis and Grading Management

ArticleXXV

The inspection and quarantine authorities shall, in accordance with the provisions in laws, administrative regulations and standards
and referring to the results of on-scene inspections, exercise an administration of risk analysis and level-to-level management for
the entry-exit foods.

ArticleXXVI

The inspection and quarantine authorities shall mobilize technological forces to monitor the occurrence, epidemicity and distribution
of the foodborne diseases at the ports, to forecast the epidemic tendencies of the foodborne diseases at the ports, and to advance
prevention and control countermeasures for risk analyses.

ArticleXXVII

The inspection and quarantine authorities shall exercise grading management on the food producing and dealing units of different types
in accordance with the results of their health permit examinations and daily hygienic supervisions and inspections.

Those units whose results of both health permit examinations and daily hygienic supervisions and inspections are positive shall be
graded as A-level units, on which the supervisions by the inspection and quarantine authorities shall be 1 time per month.

Those units whose results of either health permit examinations or daily hygienic supervisions and inspections are positive shall be
graded as B-level units, on which the supervisions by the inspection and quarantine authorities shall be 2 times per month.

Those units whose results of both health permit examinations and daily hygienic supervisions and inspections are mediocre shall be
graded as C-level units, on which the supervisions by the inspection and quarantine authorities shall be 4 times per month.

Those units whose results of health permit examinations are negative or whose results of health permit examinations are positive while
whose results of daily hygienic supervisions and inspections are relatively negative shall be graded as D-level units, and the inspection
and quarantine authorities shall issue no health permits to the D-level units or grant no extension of the term of validity for the
health permits next year.

ArticleXXVIII

The inspection and quarantine authorities shall exercise dynamic supervisory administration on the units of different grades in accordance
with the results of risk analyses and daily supervisions, and make necessary readjustments of promotion or demotion 1 time per year
(please refer to Annex IV).

ArticleXXIX

The inspection and quarantine authorities shall, in accordance with the food early-warning notices released by the AQSIQ, timely adopt
effective measures to prevent the supply of related foods to the entry-exit ports and entry-exit transportation facilities.

ArticleXXX

In case that such accidents as food poisoning, food contamination, foodborne diseases etc. occur, the inspection and quarantine authorities
shall initiate the Emergency Provisions for Dealing with Food Poisoning at Entry-exit Ports to conduct timely treatments and inform
relevant authorities as required in the Provisions.

Chapter VI Penalties

ArticleXXXI

The inspection and quarantine authorities shall, in accordance with the relevant provisions in the Frontier Health and Quarantine
Law of the People’s Republic of China and its Rules for Implementation and other laws and regulations, conduct administrative penalties
on the food producing and dealing units at the ports that have committed any of the following activities:

Undertaking food producing and dealing activities without the Health Permit or with the counterfeit Health Permit; and

Altering and lending the Health Permit; and

Allowing those employees without the Health Permit to start their works, or not removing those employees having infectious diseases
jeopardizing food hygiene and safety; and

Refusing to accept the hygienic supervisions from the inspection and quarantine authorities; and

Other activities in violation of laws, regulations and relevant provisions.

ArticleXXXII

The inspection and quarantine authorities shall, in accordance with the relevant provisions in the Frontier Health and Quarantine
Law of the People’s Republic of China and its Rules for Implementation and other laws and regulations, conduct administrative penalties
on the employees that have committed any of the following activities:

Undertaking food producing and dealing activities without Health Certificate; and

Counterfeiting health examination reports; and

Other activities in violation of laws, regulations and relevant provisions.

ArticleXXXIII

The employees of the inspection and quarantine authorities, who commit such activities as abusing their power, engaging in malpractice
for personal gain or neglecting their duties, shall, according to circumstances, be given administrative sanctions or investigated
for criminal responsibilities in accordance with laws.

Chapter VII Supplementary Provisions

ArticleXXXIV

The AQSIQ is responsible for the interpretation of these Provisions.

ArticleXXXV

These Provisions shall enter into force as of the date of April 1, 2006.

Annexes:

Annex I Health Permit for Food Producing and Dealing Unit at Frontier Ports of the People’s Republic of China

Annex II Pattern of Chest Card for Employee Engaged in Food Industry at the Entry-exit Ports

Annex III Sampling Warrant for Hygienic Supervision at the Entry-exit Ports

Annex IV Notice Letter of Credit Standing of Food Producing and Dealing Unit at the Entry-exit Ports htm/e04799.htmCounterfoil

Annex I

Health Permit for Food Producing and Dealing Unit at Frontier Ports of the Peoples Republic of China

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LETTER OF CHINA BANKING REGULATORY COMMISSION CONCERNING APPROVING TIANJIN BRANCH OF MITSUI SUMITOMO BANKING CORPORATION TO DEAL IN RMB BUSINESS SERVICES FOR NON-FOREIGN-FUNDED ENTERPRISES

Letter of China Banking Regulatory Commission concerning Approving Tianjin Branch of Mitsui Sumitomo Banking Corporation to Deal in
RMB Business Services for Non-foreign-funded Enterprises

Japan Mitsui Sumitomo Banking Corporation,

The letter which was signed by Masayuki Oku, president of your bank, and was addressed to this Commission on October 31, 2005 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):

Your Tianjin Branch is approved to deal in RMB business services for non-foreign-funded enterprises under the scope prescribed in
Article 17 of the Regulation.

After going through the statutory formalities in accordance with the Regulation and the Detailed Rules, your Tianjin Branch may, under
Article 35 of the Detailed Rules, deal in providing foreign exchange business for various clients under the following scope: providing
RMB business services for foreign-funded enterprises, China-based foreign institutions, mainland-based representative offices of
the enterprises established by institute from Hong Kong, Macao and Taiwan, aliens, 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, conducting transacting
domestic and overseas settlements, buying and selling foreign currencies, 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

March 13, 2006

China Banking Regulatory Commission
2006-03-13

ARRANGEMENT BETWEEN THE MAINLAND AND THE MACAO SPECIAL ADMINISTRATIVE REGION ON THE MUTUAL RECOGNITION AND ENFORCEMENT OF CIVIL AND COMMERCIAL JUDGMENTS

Supreme People’s Court

Notification of the Supreme People’s Court of the People’s Republic of China

Fa Shi [2006] No.2

According to Article 93 of the Basic Law of the Macao Special Administrative Region of the People’s Republic of China, the Supreme
People’s Court reached the Arrangement between the Mainland and the Macao Special Administrative Region on the Mutual Recognition
and Enforcement of Civil and Commercial Judgments (hereinafter referred to as the Arrangement) with the Macao Special Administrative
Region upon consultation and signed the Arrangement on February 28, 2006. This Arrangement has been adopted at the 1378th meeting
of the Judicial Committee of the Supreme People’s Court on February 13, 2006 and is hereby promulgated. In light of the unanimity
of both parties, this Arrangement shall come into force as of April 1, 2006.

Supreme People’s Court

March 21, 2006

Arrangement between the Mainland and the Macao Special Administrative Region on the Mutual Recognition and Enforcement of Civil and
Commercial Judgments

In accordance with the Article 93 of the Basic Law of the Macao Special Administrative Region of the People’s Republic of China,
the Supreme People’s Court reached the following arrangements between the Mainland and the Macao Special Administrative Region on
the mutual recognition and enforcement of civil and commercial judgments with the Macao Special Administrative Region upon consultation:

Article 1

The mutual recognition and enforcement of judgments of civil and commercial cases in the Mainland and the Macao Special Administrative
Region (hereinafter referred to as Macao) (including the labor dispute cases in the Mainland and the civil labor cases in the Macao
Special Administrative Region) shall be governed by this Arrangement.

This Arrangement shall also be applicable to the judgments and verdicts of civil damages compensate involved in criminal cases.

This Arrangement shall not be applicable to administrative cases.

Article 2

The “judgments” as mentioned in this Arrangement include the judgments, verdicts, decisions, mediation agreements and orders to pay
in the Mainland; and include the judgments, verdicts, rulings of confirming reconcilement, decisions or instructions of judges in
Macao.

The “requested party” as mentioned in this Arrangement refers to either party of the Mainland or Macao that accepts the application
for recognition and enforcement of the judgment.

Article 3

In respect to an effective judgment with the content of payment made by the court of one party and, the party involved can file an
application for recognition and enforcement to the competent court with the jurisdiction of the other party.

In respect to a judgment without the content of payment or which needs not to be implemented but must be recognized through judicial
procedures, the party involved may solely file an application for recognition to the court of the other party or may directly use
this judgment as the evidence in the litigation procedures of the court of the other party.

Article 4

The mainland court that has the power to accept the applications for the recognition and enforcement of judgments shall be the intermediate
people’s court at the locality of the domicile, habitual residence or property of the party against whom the application is filed.
Where there are two or more intermediate people’s courts that all have the jurisdiction, the applicant shall choose one of intermediate
people’s courts to submit the application.

The court in Macao that has the power to accept the applications for the recognition of judgments shall be the intermediate court,
and the court that has the power to enforce shall be the primary court.

Article 5

Where the party against whom the application is filed has the property both in the Mainland and Macao that can be enforced , the applicant
may file an application for enforcement with the court of either place.

When the applicant files an application for enforcement to the court of one place, he/it can file an application to the court of another
place for seal-up, seizure or freeze of the property of the enforced party . After the court of one place enforces the judgment,
the applicant may, upon the strength of the enforcement certification issued by the court of one place, apply to the court of another
place for adopting enforcement measures of property execution for the insufficient part.

The total amount of property executed by the courts of two places shall not exceed the amount determined according to the judgment
or prescribed by the law.

Article 6

An application form for the recognition and enforcement of judgments shall indicate the following matters:

(1)

If the applicant or the party against whom the application is filed is a natural person, the application form shall indicate his name
and domicile; if the applicant or the party against whom the application is filed is a legal person or any other organization, the
application form shall indicate its name and domicile, the name, position and domicile of its legal person or main principal;

(2)

The case number and date of adjudication of the judgment for which an application for recognition and enforcement is filed; and

(3)

The reasons and targets for the application for the recognition and enforcement as well as the implementation circumstance of this
judgment by the court that renders this judgment.

Article 7

An application form shall be attached with the duplicate of the effective judgment or the certification with the seal of the court
that renders this effective judgment as well as the relevant documents that can prove the following matters issued by the court that
renders this effective judgment or by the enpost_titled organ :

(1)

The summons is delivered according to law, unless it is proved by the judgment;

(2)

A person with no capacity of litigation has an agent according to law, unless it is proved by the judgment;

(3)

The judgment has been served to the parties involved and has come into effect according to the law of the place where the judgment
is rendered;

(4)

The duplicate of the legal person business license or corporate registration certificate shall be provided if the applicant is a legal
person; and

(5)

The certification on the implementation of the judgment provided by the court that renders the judgment.

In case the court of the requested party maintains that it has thoroughly known the relevant matters, the relevant documents may be
exempted .

In case the court of the requested party is still doubtful about the authenticity of the judgment provided by the party involved,
it may request the court that renders this effective judgment for confirmation.

Article 8

An application form shall be made in Chinese. In case the attached judicial documents or relevant documents are not made in Chinese,
the Chinese translation thereof shall be provided. If the judgment rendered by the court is not made in Chinese, the Chinese translation
thereof issued by the court shall be provided.

Article 9

After the court receives an application form for recognition and enforcement of the judgment filed by an applicant, it shall serve
the application form to the party against whom the application is filed.

The party against whom the application is filed shall have the right to put forward the plea of defense.

Article 10

The court of the requested party shall examine the application for recognition and enforcement as soon as possible and render the
verdict.

Article 11

In case any of the following circumstances exist through examines and verifies by the court of the requested party , the ruling of
non recognize the judgment shall be made:

(1)

The matter verified in the judgment shall be subject to the exclusive jurisdiction of the court of the requested party according to
the laws of the requested party;

(2)

The court of the requested party has disposed any similar action, and the aforesaid action is put forward prior to the judgment to
be recognized, and the court of the requested party has the jurisdiction;

(3)

The court of the requested party has recognized or enforced the judgment or arbitration award rendered by the court or arbitral organ
other than itself for the same lawsuit;

(4)

The party that loses the case has not been lawfully summoned or the person with no capacity to take part in litigation is not provided
with any agent according to the laws of the place where the judgment is rendered;

(5)

The judgment for which an application for the recognition and enforcement thereof has not come into force or is ruled not to be enforced
due to retrial according to the laws of the place where the judgment is rendered; or

(6)

The recognition and enforcement of the judgment in the Mainland would be contrary to the basic principles of the laws or social public
interests of the Mainland; or the recognition and enforcement of the judgment in Macao would be contrary to the basic principles
of the laws or public order of Macao.

Article 12

The court shall timely serve the verdict after it renders a verdict with regard to the request for recognition and enforcement of
the judgment .

In case the party involved is not satisfied with the verdict in which the recognition of the judgment is approved or not, he/it may
request the review to the people’s court at the next higher level in the Mainland, or may file an appeal according to the provisions
of laws in Macao. In case he/it is not satisfied with the verdict made during the course of enforcement, he/it may seek for relief
from the court at the next higher level in accordance with the provisions of laws of the requested party.

Article 13

Where a judgment is recognized by verdict, it shall have equal effectiveness with the judgment rendered by the court of the requested
party. If any payment shall be conducted according to the judgment, the party involved may apply to the jurisdictional court of
the requested party for the enforcement.

Article 14

When the court of the requested party can not recognize or enforce all the requests confirmed in a judgment, it may recognize or enforce
some requests thereinto.

Article 15

Before or after the court accepts an application for recognition and enforcement of the judgment, it may take preservation measures
for the property of the party against whom the application is filed according to the provisions in the laws of the requested party
on the property preservation and upon the strength of the application of the applicant.

Article 16

While the court of the requested party accepts an application for recognition and enforcement of the judgment, or where the judgment
has been recognized and enforced, if the party involved files a same lawsuit, the court of the requested party shall not accept it.

Article 17

As to the judgment that can not be recognized according to Item (1), (4) or (6) of Article 11 of this Arrangement, the applicant
shall not file any application for recognition and enforcement any more. However, if the court of the requested party has the jurisdiction
in accordance with its laws, the party involved may file another lawsuit to the local court with the facts of the same case.

With regard to the judgment as mentioned in Item (5) of Article 11 of this Arrangement shall refer to the application that the applicant
may file another application for recognition and enforcement after the circumstance for not recognizing the judgment eliminates.

Article 18

In order to applicable for this Arrangement, all the authentication formalities shall be exempted for the original, duplicate and
translation made or notarized by the competent public institution (including notaries public) of one party, and they can be used
by the other party.

Article 19

When an applicant applies for the recognition and enforcement of the judgment in accordance with this Arrangement, he/it shall pay
the litigation costs and enforcement costs in accordance with the provisions of laws of the requested party.

In case the applicant is approved to be able to suspend, reduce or exempt the payment of litigation costs at the place where the effective
judgment is rendered, he/it shall enjoy the equal treatment when it files an application for recognition and enforcement of the judgment
with the court of the requested party.

Article 20

Unless it is prescribed by this Arrangement, the recognition and enforcement of civil and commercial judgments shall be governed by
the laws and regulations of the requested party.

Article 21

The request for recognition and enforcement put forward before this Arrangement comes into force shall not be applicable for this
Arrangement.

As to the judgments rendered by the courts in the Mainland and Macao from December 20, 1999 until before the entry-into-effect of
this Arrangement, if the party involved fails to apply for the recognition and enforcement with the court of the other party or the
court of the other party refuses to accept, the application still may be filed after the entry-into-effect of this Arrangement.

The time limit for the party involved to file an application for the recognition and enforcement of judgments rendered by the court
in Macao during the aforesaid term with the people’s court in the Mainland shall be calculated anew as of the entry-into-effect of
this Arrangement.

Article 22

Where this Arrangement meets any problem or needs to be altered during the course of implementation thereof, the Supreme People’s
Court and the Macao Special Administrative Region shall solve it through consultation.

Article 23

In order to implement this Arrangement, the Supreme People’s Court and the Court of Final Appeal of Macao shall mutually provide the
relevant legal materials.

The Supreme People’s Court and the Court of Final Appeal of Macao shall mutually circulate the notice on the enforcement of this Arrangement
every year.

Article 24

This Arrangement shall come into force as of April 1, 2006.

Supreme People’s Court
2006-03-21

ANNOUNCEMENT NO.20, 2006 OF THE MINISTRY OF COMMERCE OF THE PEOPLE’S REPUBLIC OF CHINA

Ministry of Commerce

Announcement No.20, 2006 of the Ministry of Commerce of the People’s Republic of China

[2006] No. 20

Ministry of Commerce issued announcement on April 13, 2005, on starting the anti-dumping investigation on imported Spandex originating
from Japan, Singapore, ROK, Taiwan region and the U.S.. The investigated product is listed under No. 5402492054026920 of Import
and Export Tariffs of the People’s Republic of China.

Since this case is rather complicated, Ministry of Commerce decided to postpone the investigation period for another 6 month, namely
ending on October 13, 2006, in accordance with Article 26 of Anti-dumping Regulations of People’s Republic of China.

Ministry of Commerce

April 3, 2006

Ministry of Commerce
2006-04-03

GUIDANCE TO CORPORATE GOVERNANCE OF STATE-OWNED COMMERCIAL BANKS AND THE RELEVANT SUPERVISION THEREOF

Circular of China Banking Regulatory Commission on Printing and Distributing the Guidance to Corporate Governance of State-owned Commercial
Banks and the Relevant Supervision thereof

Yin Jian Fa [2006] No.22

Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communication,

in order to strengthen the reform of corporate governance of state-owned commercial banks and ensure the stock reform to get substantial
results, this Commission has revised the Guidance to Corporate Governance of State-owned Commercial Banks and the Relevant Supervision
thereof, which is hereby printed and distributed to you, please implement it accordingly.

China Banking Regulatory Commission

April 18, 2006

Guidance to Corporate Governance of State-owned Commercial Banks and the Relevant Supervision Thereof
Chapter I General Provisions

Article 1

In order to ensure corporate governance of state-owned commercial banks to get substantial results, the present Guidance is formulated
according to the Company Law of the People’s Republic of China, Banking Regulatory Law of the People’s Republic of China, the Law
of Commercial bankof the People’s Republic of China, and other laws and regulations.

Article 2

The overall objective of the reform of corporate governance shall be to put emphasis on reforming management systems, perfecting
governance structures, transferring management mechanisms, and improving management performances so as to built the state-owned commercial
banks into modern joint stock commercial banks with adequate capital, close internal control system , safe operation, good service
and benefit, and international competitiveness step by step.

Article 3

Through the stock reform, the state-owned commercial banks shall improve the level of their operation management, strengthen their
financial power, and reach and retain the level , which is above middle of the big banks ranking top 100internationally concerning
the financial indexes widely accepted internationally.

Article 4

The core and crux of the reform is to improve corporate governance. The state-owned commercial banks shall enhance core competitiveness
through setting up and perfecting corporate governance mechanism to stimulate the sustainable and healthy development.

Chapter II Corporate Governance

Article 5

In accordance with the requirements for the modern financial enterprise system, state-owned commercial banks shall set up standard
shareholders’meeting, board of directors, and board of supervisors, and senior management level system, and set up a scientific mechanism
with balance of power, accountability system and interest incentives system.

In accordance with the provisions of the Company Law of the People’s Republic of China and other laws and regulations, a state-owned
commercial bank shall set up shareholders’meeting, board of directors, board of supervisors, and senior management level, constitute
articles of association of the banks reflecting the requirements of modern financial enterprise system, and specify the obligations
and powers of shareholders’meeting, board of directors, board of supervisors and directors, supervisors, and senior administrative
personnel, in order to give shape to the organic combination of powers, responsibilities and benefits, and set up a reasonable and
high efficient mechanism of decision-making, implementation and supervision, and make sure that each party runs independently and
balances effectively.

The shareholders’meeting is the organ of power of the state-owned commercial bank. The shareholders of a state-owned commercial bank
shall lawfully exercise their rights through shareholders’meeting, be in compliance with laws and regulations and the provisions
of the banks’articles of associations, and shall not interfere in the performance of duties of the board of directors and senior
management level. If the shareholders cause losses to the banks or any other shareholder by misusing their rights, they shall be
liable for the damage in accordance with law.

The board of directors of a state-owned commercial bank shall take charge of the shareholders’meeting. The board of directors shall
set up a special committee to formulate the rules of procedures and working instruction for each special committee. With the authorization
of the board of directors, each special committee shall perform duties and provide professional opinions to the board of directors.
Each special committee shall be enpost_titled to have direct communication with the senior management personnel and other staff members
to get adequate information on the operation and management of the bank.

In principle, the board of directors of a state-owned commercial bank shall set up a strategic planning committee, a compensation
and nomination committee, an auditing committee, a risk management committee, a connected transaction control committee and other
special committees. There shall be no less than 3 members in each special committee. The posts of the chairmen of the compensation
and nomination committee, auditing committee, and connected transaction control committee shall be taken up by independent directors
in principle. The number of the independent directors in the compensation and nomination committee, auditing committee, and connected
transaction control committee shall exceed half of the total members of the committees they work in.

The senior management level of a state-owned commercial bank shall bear responsibility for the board of directors, and be supervised
by the board of supervisors. The senior management level shall exercise duties independently under their jurisdiction in accordance
with law.

The board of supervisors is the supervision organ of a state-owned commercial bank, and shall bear responsibility for the shareholders’meeting.
The board of supervisors shall be in charge of supervising the acts of directors and senior management personnel for their performance
of duties, and make suggestions on recalling the directors and senior management personnel who violate laws and regulations, articles
of associations of the bank or the resolutions of the shareholders’meeting; and ask directors or senior management personnel to make
a correction when any act of the director or the senior management personnel damages the interests of the bank; and supervise operation
and management acts including decision of operation ,risk control internal control and so on.

A commercial bank shall make detailed rules decision-making for shareholders’meeting, board of directors, and supervision board,
and the detailed rules and procedures for the work of senior management level, and make clear the jurisdiction of the ogans, and
set up a clear mechanism of report procedure and information communication .

A state-owned commercial bank shall set up a due diligence system for directors, supervisors, and senior management personnel. The
directors shall bear the relevant legal liabilities in their individual capacities, and discharge their functions as a trustee and
custody . The supervisors shall strictly discharging their functions of supervision and supervise the operation of the bank and the
performance of duties by directors, senior management personnel, and other staff members. The senior management personnel shall have
good professional quality and moral fortitude to manage and run the bank professionally.

A state-owned commercial bank shall set up a perfect system for nomination, appointment, resign and dismissal of directors, supervisors,
and senior management personnel, and go through the relevant formalities according to the related provisions. A state-owned commercial
bank shall set up and improve market-oriented performance evaluation methods and incentive and binding mechanism for directors, supervisors,
and senior management personnel as well as a routine and multi-level system of accountability.

A state-owned commercial bank shall fully respect the opinions and suggestions of directors and supervisors to make sure that the
directors and supervisors be able to work in an independent way, and bring full play into corporate governance. The directors with
stock rights shall play their role positively in corporate governance, to promote the state-owned commercial bank to perfect corporate
governance, and reinforce risk control and internal management.

10.

State-owned commercial banks shall regulate the connected transactions. Connected transactions shall be implemented in accordance
with the principle of honesty and good faith and fairness, and shall be governed by law and regulations, and make revealment of
them in a comprehensive, objective and truthful way.

Article 6

State-owned commercial banks shall set up multiple equity structure, and bring in strategic investors on the basis of the enhancement
of corporate governance of themselves and the operation management level.

That the principle of holding shares for long terms, optimizing governance, business cooperation, and evasion of competition shall
be complied with by a state-owned commercial bank when introducing any strategic investor, and the following five standards shall
be kept to:

In principle, the strategic investors shall hold no less than 5% percentages of shares .

The term for holding the stock right by the strategic investors shall be more than 3 years as of the settlement day,.

In principle, the strategic investors shall send directors to the bank, and simultaneously encourage the experienced to send senior
management talents to give about management experiences in a direct way.

The strategic investors shall have abundant backgrounds of management in financial industry, and simultaneously, they shall have
mature management experiences and technology in financial industry, and good will of cooperation.

A strategic investor of a commercial bank shall not make investment in more than two state-owned commercial banks.

Article 7

Practically, a state-owned commercial bank shall work out clear medium and long-term development strategy according to its actual
conditions to maximize the value of the bank.

A state-owned commercial bank shall have accurate market orientation, work out and carry out famous brand strategy, and give play
to the comparative competition advantages, and enhance the market to recognize bank brand through differentiation competitive strategy.

A state-owned commercial bank shall have medium and long term development plans and propel their implementation gradually.

After its listing, a state-owned commercial bank shall pay close attention to any factor that may affect the change of the market
value, and set up the management ideas of maximizing the market value.

Article 8

For state-owned commercial banks, risk control and construction of compliance with regulations shall be reinforced, and scientific
decision-making system, as well as internal control mechanism and risk control system shall be set up.

State-owned commercial banks shall set up and improve the risk management system, such as credit risk, market risk, and operation
risk, and identify, measure, monitor, and control all kinds of risks in an effective way.

State-owned commercial banks shall set up a standard internal control and supervision system, which specifically includes: supervision
carried out by the board of directors or the board of supervisors, supervision carried out by the personnel not participating in
the specific operation of each kind of business fields, supervision carried out within the business flow, and supervision carried
out by independent risk control department, compliance department, and audit department.

State-owned commercial banks shall employ advanced international risk control technology to enhance the internal control management
level and fulfill the effective combination of quantitative and qualitative risk control.

In order to make clear the specific functions of the board of directors and senior management level in the compliance risk management,
state-owned commercial banks shall set up and perfect the framework of the compliance risk management..

Article 9

For state-owned commercial banks, the business process flow and management process shall be integrated, organizational structure
shall be optimized, resource allocation shall be perfected, and business operation efficiency shall be enhanced in accordance with
the principle of intensive management.

In accordance with their own conditions and the demand of the clients, state-owned commercial banks shall gradually set up a vertical
management system of risk control, auditing, and etc., in order to give effect to enterprise department management system with the
product units and business line as the process flow.

State-owned commercial banks shall gradually simplify their organizations and make centralized management on their operation, in
order to reduce the levels in management, adjust overall arrangement for the organization, and enhance operation efficiency.

State-owned commercial banks shall set up a scientific and overall evaluation system and build up a good coordination and communication
mechanism among internal departments, reinforce cooperation relationship inbusiness doing, and form a complete process flow in management
and control.

Article 10

For state-owned commercial banks, its deliberate financial accounting system and market-oriented information revealment system shall
be carried out in accordance with the standards and requirements for modern financial enterprises and large listed banks.

State-owned commercial banks shall carry out deliberate accounting system and make business accounting system perfect. Based on strict
implementation of domestic accounting system of financial enterprises, the state-owned commercial banks shall positively try to be
in line with international accounting rules.

State-owned commercial banks shall attach importance to management of the construction of accounting, reinforce financial management,
and build up a financial operation mechanism with the comprehensive budgetary management as means, the comprehensive cost management
as the main contents, and the financial information to be reported in a timely, accurate and smooth way.

State-owned commercial banks shall reinforce information revealment work, set up a perfect information revealment system, and play
the full role of the market in the supervision and check, and reveal the financial information and other information in a truthful,
overall, and accurate way, in order to enhance the transparency of the operation and management of the banks.

Article 11

State-owned commercial banks shall reinforce the construction on information science and technology, so as to enhance comprehensive
management and service functions in an overall way.

State-owned commercial banks shall institutea clear medium and long-termed plan of information science and technology development
, and make clear the overall objects and specific measures for building the information science and technology, and trace the development
of financial science and technology attentively in order to enhance the information science and technology level gradually.

State-owned commercial banks shall improve information science and technology system to fulfill the gathering of the data, and set
up an advanced platform for information science and technology, in order to enhance functions of comprehensive management and service
in an overall way.

Article 12

In accordance with the requirements for human resources management of modern financial enterprises, a market-oriented human resources
management system and incentive and binding mechanism shall be set up by state-owned commercial banks.

State-owned commercial banks shall consider comprehensively the capacity for acceptance and other factors, give consideration to
the principle of both fairness and efficiency, so as to impel the human resources system reformed in a positive and steady way.

State-owned commercial banks shall bring into competitive mechanism, so as to set up a market-oriented personnel system .of surviving
of the fittest and competent to work ., assuming the posts according to their abilities,and enabling to come and leave, and call
off the administrative levels , and implement the appointment and discharge system focusing on engagement. and

State-owned commercial banks shall suit the market demand, reform the pattern of the salary payment, set up and improve the system
of performance index and make the evaluation procedures in a strict way.

Article 13

State-owned commercial banks shall carry out financial talents strategy, and increase pertinent on training talents and do well in
introducing talents to key positions, and simultaneously, attach importance to the effective usage and reasonable allocation of human
resources, and make use of the activity and creativity of the existing human resources.

State-owned commercial banks shall pay much attention to constructing the training system, set up and improve all employees’on-the-job
training system with such main contents as on-the-job qualification training, performance capability training, and employee professional
career development training.

State-owned commercial banks shall pay much attention to cultivating medium and senior management talent teams, enhance the source
structure of human resources, and do well in the examination of the relevant qualifications and the report and approval of them as
introducing scarce talents to key job positions in market-oriented way.

Article 14

State-owned commercial banks shall display professional advantages of intermediate institutions to impel the reformation in the shareholding
system steadily.

For popurse of using the up-to-date experiences of corporate governance of international banking industry, state-owned commercial
banks shall make full use of the professional technical advantages of intermediate institutions, such as financial consultants, certified
public accountants firms, lawyers firms, and management consultants, and etc., so as to impel the reform on shareholding system to
deeper development. and

State-owned commercial banks shall set up the afterwards evaluation mechanism for the work of intermediate institutions, and submit
to the regulatory departments in time

Chapter III Evaluation and MonitoringIndexes

Article 15

China Banking Regulatory Commission (hereinafter referred to as the CBRC) shall evaluate the stock reform of state-owned commercial
banks according to the seven in three large categories, including such categories as operation performance, assets quality and prudent
operation. The indicators in the category of operation performance shall consist of ratio of assets (ROA), ratio of equity (ROE),
and cost-revenue ratio. The indicator in the category of assets quality shall be the percentage of bad loans. The indicators in the
category of prudent operation shall consist of capital adequacy ratio, intensiveness of large amount risks, and non-performing loans
(NPL) provisioning coverage ratio. State-owned commercial banks shall be monitored on the stock reform by CBRC.

Article 16

The ROA of state-owned commercial banks shall be up to 0.6% in the next year of the year when the financial reorganization is finished,
and shall be up to internationally good level in the following three years.

The formula for computation of the ROA shall be: (Omitted)

Article 17

The ROE of the state-owned commercial banks shall be up to 11% in the next year of the year when the financial reorganization is
finished, and shall be up to not less than 13% afterwards year by year.

The formula for computation of the ROE shall be: (Omitted)

Article 18

The cost-revenue ratio of a state-owned commercial bank shall be controlled in the scope of 35% to 45% from the next year after financial
reorganization.

The formula for computation of cost/income ratio shall be: (Omitted)

Article 19

Strictly based on the five-leveled standard of classification, the state-owned commercial banks shall sort the credit assets and
evaluate the quality of the credit assets based on the five- leveled classification standards, and the non-performing loans shall
be controlled less than 5% continuously after financial reorganization.

The percentage of non-performing loans shall be measured based on the five- leveled classification standards for the loans, and the
formula for computation shall be: (Omitted)

Article 20

The state-owned commercial banks shall make management on their capital strictly according to the related provisions of the Measures
for the Administration of Capital Adequacy Ratio of Commercial Banks, and the capital adequacy ratio after financial reorganization
shall be kept more than 8%.

Capital adequacy ratio shall be measured according to the related provisions of the Measures for the Administration of Capital Adequacy
Ratio of Commercial Banks, and the formula for computation shall be: (Omitted).

Article 21

A state-owned commercial bank shall strictly control its collective risk for the credit granted to the same borrower, and the percentage
of loan balance for the same borrower to capital balance by this bank shall not more than 10%.

The formula for computation of the intensiveness of large amount risk shall be: (Omitted)

Article 22

The NPL provisioning coverage ratio of a state-owned commercial bank shall be no less than 60% in the current year when the financial
reorganization is finished, and the bank shall increase the percentage year by year on the precondition of ensuring the steadiness
of finance, and shall try its best to have it up to 100% in 5 years.

The formula for computation of the NPL provisioning coverage ratio shall be: (Omitted).

Article 23

In order to set up a monitoring indicator system, CBRC shall monitor the business operations of state-owned commercial banks during
their stock reform. A state-owned commercial bank shall set up a relevant risk monitoring mechanism to positively operate in coordination
with the implement of risk monitoring.

The monitoring indicators and monitoring requirements of a state-owned commercial bank shall be as follows:

Tier 1 Capital. The monitoring requirements consist of closing balance and increase rate.

Capital scale. The monitoring requirements consist ofclosing balance, world ranking, and increase rate.

Percentage of capital to assets. The monitoring requirements consist of closing balance of the current term, closing balance of the
last term, ranking at the end of the current term, and ranking at the end of last term.

Pre-tax profits. The monitoring requirements consist of closing balance and increase rate. and

Actual profit increase. The monitoring requirements consists ofincrease at the end of the current term, increase rate in the balance
of last term at the end, and the world ranking of the current term.

Chapter IV Examination and Report

Article 24

In accordance with the targets of reform and the requirements for the tasks, state-owned commercial banks shall work out specific
corporate governance scheme, and carry out the responsibility on different levels. State-owned commercial banks shall carry out a
rigorous target management, and evaluate the work of each stage through rigorous examination and checking and acceptance, and then
submit to CBRC in time.

Article 25

CBRC shall evaluate and monitor the stock reform of the state-owned commercial banks and work out an evaluation and monitoring report
and then submit it to the State Council.

Article 26

In accordance with the evaluation and monitoring, CBRC shall supervise and direct the work of stock reform of state-owned commercial
banks in time, and reveal the corporate governance and all kinds of evaluation and monitoring indexes in proper ways.

Chapter V Supplementary Provisions

Article 27

CBRC shall be responsible for interpretation of the present Guidance .

Article 28

The present Guidance shall go into effect as of April 24, 2006. The Guidance to Corporate Governance of the Bank of China and China
Construction Bank and the Supervision thereof promulgated on March 11, 2004 shall be abolished at the same time.

China Banking Regulatory Commission
2006-04-18

ANNOUNCEMENT NO. 31, 2006 OF MINISTRY OF COMMERCE, ON ADJUSTING THE SCOPE FOR HANDCRAFTS EXPORTED TO EU LISTED IN ANNOUNCEMENT NO. 49, 2005 OF MINISTRY OF COMMERCE

Ministry of Commerce

Announcement No. 31, 2006 of Ministry of Commerce, on Adjusting the Scope for Handcrafts Exported to EU Listed in Announcement No.
49, 2005 of Ministry of Commerce

[2006] No. 31

In accordance with regulations on implementing Memorandum of Understanding and reaching relative administrative arrangements, the
Scope for Handcrafts Exported to EU Listed in Announcement No. 49, 2005 of Ministry of Commerce is now adjusted as follows:

Category 5 and Category 26 shall be added to Article 1 of Appendix 1 of Announcement No. 49, 2005 of Ministry of Commerce; one-piece
dress Knit or crocheted by hand shall be added to Appendix 2.

Other issues shall still be in line with Announcement No. 49, 2005 of Ministry of Commerce.

This Announcement shall be implemented as from the date of promulgation.

Ministry of Commerce

April 28, 2006

Ministry of Commerce
2006-04-28

NOTICE OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION ABOUT ADJUSTING THE SCOPE OF TAX REFUND POLICY ON DOMESTICALLY-MADE FACILITIES PURCHASED BY FOREIGN FUNDED PROJECTS

Ministry of Finance, State Administration of Taxation

Notice of the Ministry of Finance and the State Administration of Taxation about Adjusting the Scope of Tax Refund Policy on Domestically-made
Facilities Purchased by Foreign Funded Projects

Cai Shui [2006] No.61

The public finance departments or bureaus, the bureaus of state taxes of all provinces, autonomous regions, municipalities directly
under the Central Government, and cities specifically designated in the state plan, and the finance bureau of the Xinjiang Production
and Construction Corps:

The Changes have been taken place on correlative policies since the tax refund policy has been implemented on the domestic-made facilities
purchased by foreign funded projects. In order to carry out the tax refund policy on the domestic-made facilities purchased by foreign
funded projects better, specific adjusting scope of tax refund policy on domestically-made facilities purchased by foreign funded
projects shall be as follows:

The scope of enterprise to enjoy the tax refund of domestically-made facility shall refer to the foreign funded enterprise that is
recognized as a general taxpayer of value added tax, the foreign funded enterprise that is recognized as a general taxpayer of non
value added tax engaged in the traffic transportation and the development of common dwelling house, and the Chinese-foreign contractual
joint venture engaged in prospecting, developing and producing of sea oil. The foreign funded enterprise shall include the Chinese-foreign
equity joint venture, Chinese-foreign contractual joint venture and solely foreign funded enterprise. When the foreign funded enterprise
purchase the domestically-made facility for self use as the name of its sub-company (factory), the tax refund shall be applied by
this sub-company (factory) to the competent organ that is responsible for handling the tax refund where the branch is located. For
the Chinese-foreign cooperative project of oil-gas field to co-explore the resource of sea oil, the tax refund shall be applied by
operator of oil-gas field of cooperation, operation institute or sub-company of operation. With regard to the foreign funded enterprise
that shall expand the deduct scope of value added tax according to the provision, the tax refund policy of value added tax shall
not be implemented when it purchases the domestically-made facilities within the total amount of investment.

The encouraged class which falls within the Guidance Catalogue for Foreign Investment Industry and the foreign investment project
(hereinafter referred to as encouraged foreign investment project) which falls within the Catalogue of Priority Industries for Foreign
Investment in the Central-Western Region (above mentioned two Catalogues are hereinafter referred to as Encouraged Foreign Investment
Catalogue) shall enjoy the tax refund policy of value added tax for the purchased facility domestically made. When adjusting the
encouraged foreign investment catalogue, the project to enjoy the tax refund policy for purchasing the domestically-made facility
shall conform to the projects in the encouraged foreign investment catalogue implemented when approving the projects.

The tax refund policy shall not be applied, where the enterprises engaged in the Encouraged Foreign Investment Project purchase domestically-made
facilities within China that falls within the Catalogue of Imported Commodities Not Exempted from Taxes for Foreign-funded Projects
(hereinafter referred to the Catalogue of Commodities not Exempted from Taxes). When adjusting the Catalogue of Commodities not Exempted
from Taxes by state, the facility, whether or not it falls within the scope of Catalogue of Commodities not Exempted from Taxes,
shall be judged by the Catalogue of Commodities not Exempted from Taxes that was implementing when issuing the special invoice of
value added tax for purchasing domestically-made facility.

For the engineering project in the Encouraged Foreign Investment project, if it is constructed by other enterprise entrusted by the
foreign funded enterprise through the way of contract for construction and materials, the foreign funded enterprise may conclude
an entrusting agreement with the entrusted enterprise to purchase the domestically-made facility, the special invoice of value added
tax gotten by the entrusted enterprise for purchasing the domestically-made facility shall be given to the foreign funded enterprise
for applying the tax refund according to the provisions.

The domestically-made facility mentioned in present Notice shall refer to the facility produced inside the territory of People’s Republic
of China, purchased by the encouraged foreign investment project and managed as the fixed assets, including the auxiliary parts,
spare parts and etc. purchased together with the facility according to the purchase contract.

If any previous provision conflicts with the present Notice, the present Notice shall prevail

Ministry of Finance

State Administration of Taxation

May 10, 2006

Ministry of Finance, State Administration of Taxation
2006-05-10

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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

ACCOUNTING STANDARDS FOR ENTERPRISES NO. 3 – INVESTMENT REAL ESTATES

ORDER NO.459

LETTER OF THE CHINA BANKING REGULATORY COMMISSION ON APPROVING THE BANCO DE CHILE TO SET UP BEIJING REPRESENTATIVE OFFICE

THE ADMINISTRATIVE PROVISIONS ON THE SUPERVISION OF FOOD HYGIENE AT ENTRY-EXIT PORTS

LETTER OF CHINA BANKING REGULATORY COMMISSION CONCERNING APPROVING TIANJIN BRANCH OF MITSUI SUMITOMO BANKING CORPORATION TO DEAL IN RMB BUSINESS SERVICES FOR NON-FOREIGN-FUNDED ENTERPRISES

ARRANGEMENT BETWEEN THE MAINLAND AND THE MACAO SPECIAL ADMINISTRATIVE REGION ON THE MUTUAL RECOGNITION AND ENFORCEMENT OF CIVIL AND COMMERCIAL JUDGMENTS

ANNOUNCEMENT NO.20, 2006 OF THE MINISTRY OF COMMERCE OF THE PEOPLE’S REPUBLIC OF CHINA

GUIDANCE TO CORPORATE GOVERNANCE OF STATE-OWNED COMMERCIAL BANKS AND THE RELEVANT SUPERVISION THEREOF

ANNOUNCEMENT NO. 31, 2006 OF MINISTRY OF COMMERCE, ON ADJUSTING THE SCOPE FOR HANDCRAFTS EXPORTED TO EU LISTED IN ANNOUNCEMENT NO. 49, 2005 OF MINISTRY OF COMMERCE

NOTICE OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION ABOUT ADJUSTING THE SCOPE OF TAX REFUND POLICY ON DOMESTICALLY-MADE FACILITIES PURCHASED BY FOREIGN FUNDED PROJECTS

CONSTITUTION ACT, 1982 – page 22

CONSTITUTION ACT, 1982 – page 21

CONSTITUTION ACT, 1982 – page 20

CONSTITUTION ACT, 1982 – page 19

CONSTITUTION ACT, 1982 – page 18

CONSTITUTION ACT, 1982 – page 17

CONSTITUTION ACT, 1982 – page 16

CONSTITUTION ACT, 1982 – page 12

CONSTITUTION ACT, 1982 – page 11

CONSTITUTION ACT, 1982 – page 10

CONSTITUTION ACT, 1982 – page 9

CONSTITUTION ACT, 1982 – page 8

CONSTITUTION ACT, 1982 – page 7