THE CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON EXEMPTION FROM BUSINESS TAX ON INSURANCE PROCEEDS OF HUATAI INSURANCE COMPANY OF CHINA, LTD.

The State Administration of Taxation

The Circular of the State Administration of Taxation on Exemption from Business Tax on Insurance Proceeds of Huatai Insurance Company
of China, Ltd.

Guo Shui Han [2004] No. 1165

The local taxation bureaus of all provinces, autonomous regions and cities specifically designated in the state plan:

Pursuant to relevant provisions of the Circular on Exemption from Business Tax on Certain Items (Cai Shui [1994] No.002) and the Circular
on Certain Issues of the Exemption from Business Tax on Life Insurance Business (Cai Shui [2001] No.118) of the Ministry of Finance
and the State Administration of Taxation, it is decided after deliberation to exempt from business tax on the insurance proceeds
gained from the “Huatai An Yi Financial Personal Vehicle Accident Insurance”, which is operated by Huatai Insurance Company of China,
Ltd. and satisfies the exemption terms and conditions.

The State Administration of Taxation

October 18th, 2004