ARTICLES OF ASSOCIATION OF AIR CHINA LIMITED

RNS Number : 9117Z

Air China Ld

26 May 2021

The English translation of the articles of association of Air China Limited (the "Articles") is for reference only. In the event of discrepancy between the English translation and the Chinese version of the Articles, the Chinese version shall prevail.

ARTICLES OF ASSOCIATION OF

AIR CHINA LIMITED

Adoptedbythefirstextraordinarygeneralmeetingon30September2004ApprovedbytheState-ownedAssetsSupervisionandAdministrationCommissionoftheStateCouncilon12October2004

Adoptedbythe2004annualshareholder'sgeneralmeetingon30May2005Approvedby theState-OwnedAssetsSupervisionandAdministrationCommissionoftheStateCouncilon14March2006

Adoptedbythe2006firstextraordinarygeneralmeetingon28March2006Approvedby theState-OwnedAssetsSupervisionandAdministrationCommissionoftheStateCouncilon5June2006

Adoptedbythe2005annualshareholder'sgeneralmeetingon12June2006Approvedby theState-OwnedAssetsSupervisionandAdministrationCommissionoftheStateCouncilon28December2006

Adoptedbythe2006firstextraordinarygeneralmeetingon28March2006Adoptedbythe2006thirdextraordinarygeneralmeetingon28December2006Approvedby theState-OwnedAssetsSupervisionandAdministrationCommissionoftheStateCouncilon1June2007

Adoptedbythe2006annualshareholders'generalmeetingon30May2007Approvedby theState-OwnedAssetsSupervisionandAdministrationCommissionoftheStateCouncilon7August2007

Adoptedbythe2007annualshareholders'generalmeetingon30May2008Approvedby theState-OwnedAssetsSupervisionandAdministrationCommissionoftheStateCouncilon4March2009

Adoptedbythe2008annualshareholders'generalmeetingon10June2009Approvedby theState-OwnedAssetsSupervisionandAdministrationCommissionoftheStateCouncilon19October2009

Adoptedbythe2010firstextraordinarygeneralmeetingon29April2010ApprovedbytheState-OwnedAssetsSupervisionand

AdministrationCommissionoftheStateCouncilon26January2011

Adoptedbythe2012secondextraordinarygeneralmeetingon26June2012Adoptedbythe2012thirdextraordinarygeneralmeetingon20December2012ApprovedbytheState-OwnedAssetsSupervisionand

AdministrationCommissionoftheStateCouncilon3May2013

Adoptedbythe2015firstextraordinarygeneralmeetingon22December2015

Adoptedbythe2016firstextraordinarygeneralmeetingon26January2016

Adoptedbythe2017firstextraordinarygeneralmeetingon23January2017

Adoptedbythe2017secondextraordinarygeneralmeetingon30March2017

Adoptedbythe2017thirdextraordinarygeneralmeetingon27October2017

Adoptedbythe2018firstextraordinarygeneralmeetingon19October2018

Adoptedbythe2020annualshareholders'generalmeetingon25May2021

Contents

CHAPTER	1 :	GENERALPROVISIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1
CHAPTER	2 :	THECOMPANY'SOBJECTIVESANDSCOPEOFBUSINESS . . . .	3
CHAPTER	3 :	SHARESANDREGISTEREDCAPITAL . . . . . . . . . . . . . . . . . . . .	4
CHAPTER	4 :	REDUCTIONOFCAPITALANDREPURCHASEOFSHARES . . . .	8
CHAPTER	5 :	FINANCIALASSISTANCEFORTHEACQUISITIONOFSHARES .	11
CHAPTER	6 :	SHARECERTIFICATESANDREGISTEROFSHAREHOLDERS . .	13
CHAPTER	7 :	SHAREHOLDERS'RIGHTSANDOBLIGATIONS . . . . . . . . . . . . .	19
CHAPTER	8 :	SHAREHOLDERS'GENERALMEETINGS . . . . . . . . . . . . . . . . . .	23
CHAPTER	9 :	SPECIALPROCEDURESFORVOTINGBYACLASSOFSHAREHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	39
CHAPTER	10:	THEPARTYCOMMITTEE . . . . . . . . . . . . . . . . . . . . . . . . .. . . .	42
CHAPTER	11:	BOARDOFDIRECTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	43
CHAPTER	12:	INDEPENDENTDIRECTORS . . . . . . . . . . . . . . . . . . . . . . . .. . . .	54
CHAPTER	13:	SECRETARYOFTHEBOARDOFDIRECTORS . . . . . . . . . . . . . .	58
CHAPTER	14:	PRESIDENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .	60
CHAPTER	15:	SUPERVISORYCOMMITTEE . . . . . . . . . . . . . . . . . . . . . . . . . . .	61
CHAPTER	16:	THEQUALIFICATIONSANDDUTIESOFTHEDIRECTORS,SUPERVISORS,PRESIDENT,VICEPRESIDENTSAND OTHERSENIOROFFICERSOFTHECOMPANY . . . . . . . . . ..	65
CHAPTER	17:	FINANCIALANDACCOUNTINGSYSTEMS,PROFITDISTRIBUTIONANDAUDIT . . . . . . . . . . . . . . . . . . . . . . . . . .	74
CHAPTER	18:	APPOINTMENTOFACCOUNTANCYFIRM . . . . . . . . . . . . . . . . .	81
CHAPTER	19:	MERGERANDDEMERGEROFTHECOMPANY . . . . . . . . . . . . .	84
CHAPTER	20:	DISSOLUTIONANDLIQUIDATION . . . . . . . . . . . . . . . . . . . . . . .	86
CHAPTER	21:	PROCEDURESFORAMENDMENTOFTHECOMPANY'SARTICLESOFASSOCIATION . . . . . . . . . . . . . . . . . . . . . . . . .	88
CHAPTER	22:	NOTICESANDPUBLICANNOUNCEMENTS . . . . . . . . . . . . . . . .	90
CHAPTER	23:	DISPUTERESOLUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	91
CHAPTER	24:	SUPPLEMENTARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	92

Notes: For the purpose of the marginal notes contained in the Articles of Association, Co Law means theamended Company Law came into force on 1 January 2006; the Securities Law means the amendedSecuritiesLawcameintoforceon1January2006; MP meanstheMandatoryProvisionsintheArticlesofAssociationofCompaniesListedOverseas(ZhengWeiFa[1994]No.21)jointlypromulgatedbytheformerStateSecuritiesCommissionandtheformerStateRestructuringCommission(SRC); LR meanstheRulesGoverningtheListingofSecuritiesontheStockExchangeofHongKongLimited; HongKongClearingHouseAdvices meanstheAdvicesofHongKongClearingHousepromulgated by Hong Kong SecuritiesClearingCompany Limited; Zheng JianHaiHan meansthe Letter ofOpinion onthe Supplementary Amendment to Articlesof Association ofCompanies Listed in Hong Kong promulgated by the Overseas Listing Division of the CSRC and theProductionSystemDepartmentoftheStateCommissionforRestructuringtheEconomicSystem(ZhengJianHaiHan[1995]No.1); Opinion meanstheOpiniononFurtherPromotingtheStandardized Operationsand DeepeningtheReform of OverseasListed Companies(Guo Jing Mao QiGai[1999]No.230)jointlypromulgatedbyStateEconomicandTradeCommissionandChinaSecuritiesRegulatoryCommission;and Guidance meanstheGuidanceontheArticlesofAssociationof Listed Companies (CSRC Announcement [2016] No. 23); CG Standards mean the Standards onCorporate Governance for Listed Companies (Zheng Jian Fa [2002] No. 1); GM Rules means RulesGoverningShareholders'GeneralMeetingofListedCompanies(CSRCAnnouncement[2016]No.22); Public Shareholders means Certain ProvisionsConcerning Strengtheningthe Protection of theInterests of Public Shareholders (Zheng Jian Fa [2004] No. 118); Guiding Advice means the GuidingAdviceonEstablishingIndependentDirectorshipinListedCompanies(ZhengJianFa[2001]No.102); Security Notice means the Notice Regulating the Provision of Security by Listed Companies toThirdParties(ZhengJianFa[2005]No.120); RevisingCertainProvisionsonCashDividends means the Decision on Revising Certain Provisions on Cash Dividends by Listed Companies (CSRCDecreeNo.57); NoticeRegardingCashDividendsDistribution meansNoticeRegardingFurtherImplementation of Cash Dividends Distribution of Listed Companies (Zheng Jian Fa [2012] No. 37); RegulatoryGuidanceNo.3 meansRegulatoryGuidanceNo.3ofListedCompanies-CashDividendsDistributionofListedCompanies(CSRCAnnouncement[2013]No.,allofwhicharepromulgatedbytheChinaSecuritiesRegulatoryCommission;and NoticeofAcceleratingtheInclusionofGeneralProvisionsintotheArticlesofAssociationofCentralLevelState-OwnedEnterprisesforPartyBuilding meansthedocument(GuoZiDangWeiDangJian[2017]No.1)issuedbythePartyCommitteeofState-ownedAssetsSupervisionandAdministrationCommissionoftheStateCouncilon3January2017.

ARTICLES OF ASSOCIATION OF AIR CHINA LIMITED

CHAPTER1:GENERALPROVISIONS
Article1	AirChinaLimited(the"Company")isajointstocklimitedcompanyestablishedinaccordancewiththeCompanyLawofthePeople'sRepublicofChina(the"CompanyLaw"),theStateCouncil'sSpecialRegulationsRegarding the Issue of Shares Overseas and the Listing of Shares Overseas byCompaniesLimitedbyShares(the"SpecialRegulations")andotherrelevantlawsandregulationsoftheState.
	The Company was established by way of promotion with the approval of theState-ownedAssetsSupervisionandAdministrationCommissionoftheStateCouncilon30September2004,asevidencedbytheapprovaldocumentGuoZi Gai Ge [2004] No. 872. It was registered with and has obtained a businesslicencefromtheStateAdministrationforIndustry&CommerceofthePeople'sRepublicofChina.
	ThepromotersoftheCompanyare:ChinaNationalAviationHoldingCorporationLimitedandChinaNationalAviationCorporation(Group)Limited(registeredinHongKongSpecialAdministrationRegion).
Article2	TheCompany'sregisteredChinesename: 中 TheCompany'sEnglishname: AIRCHINALIMITEDTheCompany'sabbreviatedChinesename: 中 TheCompany'sabbreviatedEnglishname: AIRCHINA
Article3	TheCompany'saddress:Basement1-1019thFloor,Building1,30TianzhuRoad,ShunyiDistrict,Beijing,China
Article4	TheCompany'slegalrepresentativeistheChairmanoftheboardofdirectorsoftheCompany.
Article5	TheCompanyisajointstocklimitedcompanywhichhasperpetualexistence.
	Theliabilityofashareholderislimitedtothevalueofthesharesheldbyhim,whiletheCompanyassumesliabilitiestotheextentofitsentireassets.
	TheCompanyisanindependentcorporatelegalperson,governedby,andexistingundertheprotectionof,thelawsandregulationsofthePeople'sRepublicofChina.

Article6	InaccordancewiththeprovisionsoftheCompanyLaw,theSpecialRegulationsandtheMandatoryProvisionsforArticlesofAssociationofCompaniesListingOverseas(the"MandatoryProvisions"),theGuidanceontheArticlesofAssociationofListedCompanies(the"Guidance"),theStandardsonCorporateGovernanceforListedCompanies(the"CGStandards")andotherPRClawsandadministrativeregulationsanddepartmentalrules,theCompanyamendedtheoriginalArticlesofAssociationoftheCompany(the"OriginalArticlesofAssociation")andadopted these Articles of Association (the "Articles of Association" or "theseArticlesofAssociation").
	These Articles of Association shall take effect after being adopted by a specialresolutionattheCompany'sgeneralmeetinganduponapprovalofthecompanies approving department authorized by the State Council. After theseArticles ofAssociationcomeintoeffect, theOriginalArticles ofAssociationshallbesupersededbytheseArticlesofAssociation.
Article7	FromthedateonwhichtheArticlesofAssociationcomeintoeffect,theArticles of Association constitute the legally binding document regulating theCompany's organisationand activities,andthe rights andobligations betweentheCompanyandeachshareholderandamongtheshareholders.
Article8	The Articles of Association are binding on the Company and its shareholders,directors, supervisors, president, vice presidents and other senior officers; all ofwhom may, according to the Company's Articles ofAssociation, assert theirrightsinrespectoftheaffairsoftheCompany.
	Subject to Article 23 of these Articles of Association, a shareholder may takeactionagainsttheCompanypursuanttotheCompany'sArticlesofAssociation.TheCompanymaytakeactionagainstashareholder,directors,supervisors,president,vicepresidentsandotherseniorofficersoftheCompanypursuanttotheCompany'sArticlesofAssociation.Ashareholdermayalsotakeactionagainstanothershareholder,andmaytakeactionagainstthedirectors,supervisors,president,vicepresidentsandotherseniorofficersoftheCompanypursuanttotheCompany'sArticlesofAssociation.
	Theactionsreferredtointheprecedingparagraphincludecourtproceedingsandarbitrationproceedings.
	The"otherseniorofficers"referredtointheseArticlesofAssociationmeantheboardsecretary,chiefaccountant,chiefpilot,generallegalcounselandotherseniorofficersappointedbytheboardofdirectorsoftheCompany.

Article9	The Company may invest in other enterprises; provided that unless otherwiseprovidedbylaw,theCompanyshallnotactasacapitalcontributorwhichassumesjointandseveralliabilitiesoftheenterprisesitinvestedin.
Article10	SubjecttocompliancewithPRClawsandregulations,theCompanyshallhavethe right to raise funds or to obtain loans, including (but not limited to) issuingcompanybonds,andhavetherighttochargeorpledgeitsassets.
Article11	According to the Constitution of the Communist Party of China, the CompanyshallestablishanorganizationoftheCommunistPartyofChina.ThePartycommitteeshallperformthecoreleadingandpoliticalfunctions,controlthedirections, manage the situation and ensure the implementation. The CompanyshallsetuptheworkingorgansoftheParty,whichshallbeequippedwithsufficientpersonneltohandlePartyaffairsandprovidedwithsufficientfundstooperatethePartyorganization.
CHAPTER2:THECOMPANY'SOBJECTIVESANDSCOPEOFBUSINESS
Article12	TheCompany'sobjectivesare:tomaximiseShareholders'interestsbyprovidingsafe,fast,accurate,economical,convenientandsatisfactoryairpackageandcargotransportationservicesthroughcustomer-oriented,marketdriven operations with the end of advanced communications technologies, anddeveloptelecommunicationsandinformationbusinesses.
Article13	The Company's scope of business shall be consistent withand subject to thescopeofbusinessapprovedbytheauthorityresponsiblefortheregistrationoftheCompany.
	TheCompany'sscopeofbusinessincludes:Internationalanddomesticscheduledandunscheduledairpassenger,aircargo,mailandluggagetransportation;domesticandinternationalbusinessaviationservices;managementandadministrationofaircraft,aircraftmaintenance,repairandoverhaulservices,businessagencyamongairlinescompanies;andgroundservices, air express service (other than mails and objects of the same nature asmails) related to the main business; on-board duty free items, on-board retail ofgoodsandunderwritingtheaviationaccidentinsurance;importandexportbusinesses;hotelmanagement;undertakingexhibitions;conferenceservices;propertymanagement;design,production,agencyandpublishofadvertisement;technologytraining;leaseofself-ownedproperty;rentalofmachineryandequipment;accommodation;cateringservices;salesofhandicraftsandsouvenirs;wholesaleofagriculture,forestry,animalhusbandryandfisheryproducts,wholesaleoffood,beveragesandtobacco

	products,wholesaleoftextiles,clothingandhouseholdgoods,wholesaleofculture, sporting goods and equipment, wholesale of mineral products, buildingmaterialsandchemicalproducts,wholesaleofmachineryandequipment,hardwareandelectronicproducts,generalretail,specialretailoffood,beverageandtobaccoproducts,specialretailoftextiles,clothinganddailynecessities,specialretailofculturalandsportinggoodsandequipment,salesof automobiles, motorcycles, spare parts and fuels and other types of energyresources, specialretail ofhouseholdappliances andelectronics, specialretailof hardware, furniture and interior decoration materials, and Internet retailing.(Cateringservices,accommodationandotherprojectssubjecttoapprovalinaccordancewiththelawshallbeoperatedwiththeapprovalofrelevantauthoritiestotheextentauthorizedbytheapproval.)
Article14	Basedonitsbusinessdevelopmentneedsanduponapprovaloftherelevantgovernmentalauthorities, theCompany may adjustitsscopeofbusiness andmanner of operation from time to time, and may establish branch organisationsand/orrepresentativeoffices(irrespectiveofwhethercontrolledorownedbyit)inthePRCoroverseas.
CHAPTER3:SHARESANDREGISTEREDCAPITAL
Article15	Thereshall,atalltimes,beordinary sharesintheCompany.SubjecttotheapprovalofthecompaniesapprovingdepartmentauthorizedbytheStateCouncil,theCompanymay,accordingtoitsrequirements,createdifferentclassesofshares.
Article16	ThesharesissuedbytheCompanyshalleachhaveaparvalueofRenminbione(1.00)yuan.
	"Renminbi"referredtointhepreviousparagraphmeansthelegalcurrencyofthePRC.
Article17	SubjecttotheapprovaloftheauthorityinchargeofsecuritiesoftheStateCouncil,theCompanymayissuesharestoDomesticInvestorsandForeignInvestors.
	"Foreign Investors" referred to in the previous paragraph mean those investorswho subscribe for the shares issued by the Company and who are located inforeigncountriesandintheregionsofHongKong,MacauandTaiwan."Domestic Investors" mean those investorswho subscribefor the shares issuedbytheCompanyandwhoarelocatedwithintheterritoryofthePRC.

Article18	ShareswhichtheCompanyissuestoDomesticInvestorsforsubscriptioninRenminbishallbereferredtoas"DomesticShares".ShareswhichtheCompanyissuestoForeignInvestorsforsubscriptioninforeigncurrenciesshallbereferredtoas"ForeignShares".ForeignShareswhicharelistedoverseasarecalled"Overseas-ListedForeignShares".BothholdersofDomesticSharesandholdersofForeignSharesareholdersofordinaryshares,andhavethesameobligationsandrights.
	"Foreigncurrencies"meansthelegalcurrenciesofcountriesoroutsidethePRC which are recognised by the foreign exchange authority of the State andwhichcanbeusedtopaythesharepricetotheCompany.
Article19	ASharesareordinarysharesinRenminbithathavebeenadmittedforlistingon domestic stock exchanges. H Shares are shares that have been admitted forlistingonTheStockExchangeofHongKongLimited(the"StockExchange").
	The A Shares of the Company shall be centralized and held in custody by theShanghai Branch of the China Securities Depository and Clearing CorporationLimited. The Overseas-Listed Foreign Shares of the Company shall be held incustodybyHongKongSecuritiesClearingCompanyLimited.
Article20	Upon theapproval of thecompanies approving department authorized by theStateCouncil,theCompanyissued6,500,000,000ordinarysharestothepromotersatthetimewhentheCompanywasestablished.Atthetimeofestablishment, the capital contribution of the promoters of the Company was asfollows:
		Name of Promoters	Numberof SharesSubscribed	MethodofCapital Contribution	DateofCapital Contribution

		ChinaNational AviationHolding CorporationLimited	5,054,276,915	Acapitalcontributionof RMB560,782,100wasmadeincashandacontributionof RMB6,451,765,800wasmade informoftheassetsand liabilityofitssubsidiariesandthoserelatingtoitsprincipal passengerandcargo businesses	9September2004

Name of Promoters

Numberof

SharesSubscribed

MethodofCapital Contribution

DateofCapital Contribution

China NationalAviationCorporation (Group)Limited

1,445,723,085

Acapitalcontributionof RMB2,005,866,000wasmade informofequityinterest

9September2004

Article21	TheCompanyshallissueadditional2,933,210,909ordinarysharesafteritsincorporation,andthepromotersoftheCompanyshallsell293,321,091ordinaryshares,allofwhichareHShares.
	ThesharecapitalstructureoftheCompanyaftertheissueandsalereferredtointhepreviousparagraphshallbeasfollows:theCompanyhasatotalof9,433,210,909ordinarysharesinissue,ofwhichChinaNationalAviationHoldingCorporationLimitedholds4,826,195,989DomesticShares,representingapproximately51.16%oftheCompany'stotalsharecapital;ChinaNationalAviationCorporation(Group)Limitedholds1,380,482,920ForeignShares,representingapproximately14.64%oftheCompany'stotalsharecapital;otherholdersoftheHShareshold3,226,532,000shares,representingapproximately34.20%oftheCompany'stotalsharecapital.
	UponcompletionoftheofferingoftheHSharessetforthaboveandsubjecttotheapprovalinformofaspecialresolutionadoptedattheshareholders'general meeting, the general meeting for holders of the domestic shares and thegeneralmeetingforholdersoftheforeignshares,theCompanyhasissued1,639,000,000 A shares in 2006. China National Aviation Holding CorporationLimited, a shareholder of the Company, also increased its shareholding in theCompany to a total amount of 122,870,578 shares pursuant to its undertakingsmadetoChinaSecuritiesRegulatoryCommission(the"CSRC").ThesharecapitalstructureoftheCompanyafterthesaidcapitalincreaseandthesaidincreaseinshareholdingoftheshareholdershallbeasfollows:
	the Company has a total of 11,072,210,909 ordinary shares in issue, of whichChina National Aviation Holding Corporation Limited holds 4,949,066,567 AShares,representingapproximately44.70%oftheCompany'stotalsharecapital;ChinaNationalAviationCorporation(Group)Limitedholds1,380,482,920AShares,representingapproximately12.47%oftheCompany's total share capital; other holders of A Shares hold 1,516,129,422shares,representingapproximately13.69%oftheCompany'stotalsharecapital;holdersofHShareshold3,226,532,000shares,representingapproximately29.14%oftheCompany'stotalsharecapital.

	UponthecompletionoftheissuanceofAsharesandsubjecttotheapprovalafterverificationbycompetentexaminationandapprovaldepartmentsauthorizedbytheStateCouncil,theCompanyhasissued1,179,151,364HSharestoCathayPacificAirwaysLimited,ashareholderoftheCompany,in2006.
	UponthecompletionofthesaidadditionalissuanceofHShares,asapprovedby the approving authority authorised by the State Council, the Company hasissued 483,592,400 new A Shares on a non-public issue basis and 157,000,000newHSharestoChinaNationalAviationCorporation(Group)Limited,ashareholderoftheCompany,onanon-publicissuebasisintheyearof2010.
	Uponthecompletionoftheaforesaidnon-publicissueofASharesandHShares,asapprovedbytheapprovingauthorityauthorisedbytheStateCouncil, the Company has issued 192,796,331 new A Shares to China NationalAviationHoldingCorporationLimited,ashareholderoftheCompany,onanon-publicissuebasisintheyearof2013.
	Uponthecompletionoftheaforesaidnon-publicissueofAShares,asapprovedbytheapprovingauthorityauthorisedbytheStateCouncil,theCompany has issued 1,440,064,181 A Shares on a non-public issue basis in theyearof2017.
	ThepresentsharecapitalstructureoftheCompanyisasfollows:theCompanyhas a total of 14,524,815,185 ordinary shares in issue, of which 9,962,131,821sharesareheldbyholdersofAShares,representingapproximately68.59%oftheCompany'stotalsharecapital,and4,562,683,364sharesareheldbyholdersofHShares,representingapproximately31.41%oftheCompany'stotalsharecapital.
Article22	TheCompany'sboardofdirectorsmaytakeallnecessaryactionfortheissuance of Overseas-Listed Foreign Shares and A Shares after proposals forissuanceofthesamehavebeenapprovedbythesecuritiesauthorityoftheStateCouncil.
	TheCompanymayimplementitsproposaltoissueOverseas-ListedForeignShares and A Shares pursuant to the preceding paragraph within fifteen (15)monthsfromthedateofapprovalbytheCSRC.

Article23	WherethetotalnumberofsharesstatedintheproposalfortheissuanceofsharesincludesOverseas-ListedForeignSharesandAShares,suchsharesshallbefullysubscribedforattheirrespectiveofferings.Ifthesharescannotbefullysubscribedforallatonceduetospecialcircumstances,thesharesmay, subject to the approval of the securities authority of the State Council, beissuedinseparatetranches.
Article24	TheregisteredcapitaloftheCompanyisRMB14,524,815,185.
Article25	TheCompanymay,basedonitsoperatinganddevelopmentneeds,authorizetheincreaseofitscapitalpursuanttotheArticlesofAssociation.
	TheCompanymayincreaseitscapitalinthefollowingways: (1) by public offering of shares; (2) by non-public offering of shares; (3) by issuing bonus shares to its existing shareholders; (4) by converting the common reserve into share capital; (5) by any other means which is prescribed by law and administrative regulations and approved by the CSRC.
	AftertheCompany'sincreaseofcapitalhasbeenapprovedinaccordancewiththeprovisionsoftheArticlesofAssociation,theissuancethereofshouldbemade in accordance with the procedures set out in the relevant State laws andadministrativeregulations.
Article26	Exceptasprovidedforbyotherprovisionsoflawandadministrativeregulations,sharesoftheCompanymaybefreelytransferredwithoutanylienattached.
CHAPTER4:REDUCTIONOFCAPITALANDREPURCHASEOFSHARES
Article27	AccordingtotheprovisionsoftheArticlesofAssociation,theCompanymayreduceitsregisteredcapital.
Article28	TheCompanymustprepareabalancesheetandaninventoryofassetswhenitreducesitsregisteredcapital.

	The Company shall notify its creditors within ten (10) days of the date of theCompany'sresolutionforreductionofcapitalandshallpublishanannouncementinanewspaperwithinthirty(30)daysofthedateofsuchresolution.Acreditorhastherightwithinthirty(30)daysofreceiptofthenoticefromtheCompanyor,inthecaseofacreditorwhodoesnotreceivesuchnotice,withinforty-five(45)daysofthedateofannouncement,torequiretheCompanytorepayitsdebtsortoprovideacorrespondingguaranteeforsuchdebt.
	TheCompany'sregisteredcapitalmaynot,afterthereductionincapital,belessthantheminimumamountprescribedbylaw.
Article29	TheCompanymay,inaccordancewiththeproceduressetoutintheCompany'sArticlesofAssociationandwiththeapprovaloftherelevantgoverningauthorityoftheState,repurchaseitsissuedsharesunderthefollowingcircumstances: (6) cancellationofsharesforthepurposesofreducingitscapital; (7) mergingwithanothercompanythatholdssharesintheCompany; (8) grantingsharesasanincentivetotheemployeesoftheCompany; (9) acquiring as requested the shares of shareholders who vote against anyresolutiononthemergerordemergeroftheCompanyadoptedatashareholders'generalmeeting; (10) othercircumstancespermittedbylawsandadministrativeregulations.
	TheCompany'srepurchaseofitsissuedsharesshallcomplywiththeprovisionsofArticle30toArticle33oftheseArticlesofAssociation.
Article30	TheCompanymayrepurchasesharesinoneofthefollowingways,withtheapprovaloftherelevantgoverningauthorityoftheState: (1) bymakingageneralofferfortherepurchaseofsharestoallitsshareholdersonaproratabasis; (2) byrepurchasingsharesthroughpublicdealingonastockexchange; (3) byrepurchasingsharesoutsideofthestockexchangebymeansofanagreement;

	(4)byanyothermeanwhichispermittedbylawandadministrativeregulationsandbytheauthorityinchargeofsecuritiesoftheStateCouncil.
Article31	The Company must obtain the prior approval of the shareholders in a generalmeeting,inaccordancewiththeArticlesofAssociationoftheCompany,before it may repurchase shares outside of the stock exchange by means of anagreement.TheCompanymay,byobtainingthepriorapprovaloftheshareholdersinageneralmeeting(inthesamemanner),release,varyorwaiveits rights under an agreement which has been entered into in the manner set outabove.
	Anagreementfortherepurchaseofsharesreferredtointheprecedingparagraphincludes(butisnotlimitedto)anagreementtobecomeliabletorepurchasesharesoranagreementtohavetherighttorepurchaseshares.
	TheCompanymaynotassignanagreementfortherepurchaseofitssharesoranyrightcontainedinsuchanagreement.
Article32	ShareswhichhavebeenlawfullyrepurchasedbytheCompanyshallbecancelledortransferredwithintheperiodprescribedbylaw,administrativeregulationandtherelevantListingRules,and,inthecaseofcancellationofshares,theCompanyshallapplytotheoriginalcompaniesregistrationauthorityforregistrationofthechangeinitsregisteredcapital.
	TheaggregateparvalueofthecancelledsharesshallbedeductedfromtheCompany'sregisteredsharecapital.
Article33	UnlesstheCompanyisinthecourseofliquidation,itmustcomplywiththefollowingprovisionsinrelationtorepurchaseofitsissuedshares: (1) wheretheCompanyrepurchasessharesatparvalue,paymentshallbemadeoutofthebookbalanceofdistributableprofitsoftheCompanyoroutofproceedsofanewissueofsharesmadeforthatpurpose; (2) wheretheCompanyrepurchasessharesoftheCompanyatapremiumtoits par value, payment up to the par value may be made out of the bookbalanceofdistributableprofitsoftheCompanyoroutoftheproceedsofa new issue of shares made for that purpose. Payment of the portion inexcessoftheparvalueshallbeeffectedasfollows: (i) ifthesharesbeingrepurchasedwereissuedatparvalue,paymentshall be made out of the book balance of distributable profits of theCompany;

	(ii)if the shares being repurchased were issued at a premium to its parvalue,paymentshallbemadeoutofthebookbalanceofdistributableprofitsoftheCompanyoroutoftheproceedsofanewissueofsharesmadeforthatpurpose,providedthattheamount paidout of theproceeds of thenew issueshall not exceedthe aggregate amount of premiums received by the Company on theissueofthesharesrepurchasednorshallitexceedthebookvalueofthe Company's capital commonreservefundaccount (includingthepremiumsonthenewissue)atthetimeoftherepurchase; (3) the Company shall make the following payments out of the Company'sdistributableprofits: (i) paymentfortheacquisitionoftherighttorepurchaseitsownshares; (ii) paymentforvariationofanycontractfortherepurchaseofitsshares; (iii) payment forthe releaseofits obligation(s)underthe contractfortherepurchaseofitsshares; (4) aftertheCompany'sregisteredcapitalhasbeenreducedbytheaggregateparvalueofthecancelledsharesinaccordancewiththerelevantprovisions,theamountdeductedfromthedistributableprofitsoftheCompanyforpaymentoftheparvalueofshareswhichhavebeenrepurchasedshallbetransferredtotheCompany'scapitalcommonreservefundaccount.
CHAPTER5:FINANCIALASSISTANCEFORTHEACQUISITIONOFSHARES
Article34	The Company or its subsidiaries shall not, at any time, provide any form offinancialassistancetoapersonwhoisacquiringorisproposingtoacquiresharesintheCompany.ThisincludesanypersonwhodirectlyorindirectlyincursanyobligationsasaresultoftheacquisitionofsharesintheCompany(the"Obligor").
	The Company or its subsidiaries shall not, at any time, provide any form offinancialassistancetotheObligorforthepurposesofreducingordischargingtheobligationsassumedbysuchObligor.
	ThisArticleshallnotapplytothecircumstancesspecifiedinArticle36oftheseArticlesofAssociation.

Article35

ForthepurposesofthisChapter,"financialassistance"includes(withoutlimitation)thefollowing:

(1) gift;

(2) guarantee (including the assumption of liability by the guarantor or theprovisionofassetsbytheguarantortosecuretheperformanceofobligations by the Obligor), indemnity (other than indemnity in respect oftheCompany'sowndefault)orreleaseorwaiverofanyrights;

(3) provisionofloan,oranyotheragreementunderwhichtheobligationsofthe Companyareto be fulfilledbefore theobligations ofanotherparty,orthechangeinpartiesto,ortheassignmentofrightsunder,suchloanoragreement;

(4) any other form of financial assistance given by the Company when theCompany is insolvent or has no net assets or when its net assets wouldtherebybereducedtoamaterialextent.

ForthepurposesofthisChapter,"assumptionofobligations"includestheassumptionofobligationsbywayofcontractorbywayofarrangement(irrespective of whether such contract or arrangement is enforceable or not andirrespective of whether such obligation is to be borne solely by the Obligor orjointlywithotherpersons)orbyanyothermeanswhichresultsinachangeinhisfinancialposition.

Article36

ThefollowingactionsshallnotbedeemedtobeactivitiesprohibitedbyArticle34oftheseArticlesofAssociation:

(1) the provision of financial assistance by the Company where the financialassistanceisgivenintheinterestsoftheCompany,andtheprincipalpurposeofwhichisnotfortheacquisitionofsharesintheCompany,orthe giving of the financial assistance is an incidental part of some largerpurposeoftheCompany;

(2) thelawfuldistributionoftheCompany'sassetsbywayofdividend;

(3) theallotmentofbonussharesasdividends;

(4) areductionofregisteredcapital,arepurchaseofsharesoftheCompanyorareorganisationofthesharecapitalstructureoftheCompanyeffectedinaccordancewiththeArticlesofAssociation;

	(5) thelendingofmoneybytheCompanywithinitsscopeofbusinessandintheordinarycourseofitsbusiness,wherethelendingofmoneyispartofthe scope of business of the Company (provided that the net assets of theCompany are not thereby reduced or that, to the extent that the assets arethereby reduced, the financial assistance is provided out of distributableprofitsoftheCompany); (6) contributionsmadebytheCompanytoemployeeshareownershipschemes(providedthatthenetassetsoftheCompanyarenottherebyreducedorthat,totheextentthattheassetsaretherebyreduced,thefinancialassistanceisprovidedoutofdistributableprofitsoftheCompany).
CHAPTER6:SHARECERTIFICATESANDREGISTEROFSHAREHOLDERS
Article37	SharecertificatesoftheCompanyshallbeinregisteredform.
	ThesharecertificateoftheCompanyshallcontainthefollowingmainparticulars: (1) thenameoftheCompany; (2) thedateofregistrationandincorporationoftheCompany; (3) theclassofshares,parvalueandnumberofsharesitrepresents; (4) thesharecertificatenumber; (5) other matters required to be stated therein by the Company Law, SpecialRegulationsandthestockexchange(s)onwhichtheCompany'ssharesarelisted.
Article38	SharecertificatesoftheCompanymaybeassigned,givenasagift,inheritedorchargedinaccordancewithrelevantprovisionsoflaws,administrativeregulationsandtheseArticlesofAssociation.
	Forassignmentandtransferofsharecertificates,relevantregistrationshallbecarriedoutwiththeshareregistrationinstitutionauthorizedbytheCompany.

Article39	SharecertificatesoftheCompanyshallbesignedbythelegalrepresentativeofthe Company's board of directors. Where the stock exchange(s) on which theCompany'ssharesarelistedrequireotherseniorofficer(s)oftheCompanytosign on the share certificates, the share certificates shall also be signed by suchsenior officer(s). The share certificates shall take effect after beingaffixed withthesealoftheCompany(includingthesealoftheCompanyespeciallyforsecurities).The sharecertificate shall beaffixed withthe sealof the CompanyorthesealoftheCompanyespeciallyforsecuritiesundertheauthorizationoftheboardofdirectors.ThesignaturesoftheChairmanoftheboardofdirectorsorotherseniorofficer(s)oftheCompanymaybeinprintedform.
Article40	TheCompanyshallnotacceptanypledgebeingcreatedoveritsownshares.
Article41	Duringtheirtermsofoffice,directors,supervisors,president,vicepresidentsandotherseniorofficersshallreportperiodicallytotheCompanytheirshareholdingsintheCompanyandthechangeofsuchshareholdings.Thetransferofsharesbysuchpersonnelshallbeconductedinaccordancewiththelaw,regulationsand/orrelevantprovisionsoftheListingRules.
Article42	ShouldtheCompany'sdirectors,supervisors,president,vicepresident,othersenior management personnel and shareholders holding more than 5% of theCompany'ssharesselltheirsharesintheCompanywithin6monthsfromthedateofpurchaseofthesame,orrepurchasetheCompany'sshareswithin6monthsfromthedateofsellingthesame,theprofitsderivedfromsuchactivitiesshallbevestedintheCompany.TheCompany'sBoardofDirectorsshallrecoverfromtheaforementionedpartiesthegainsderivedtherefrom,exceptthatthesix-monthtimelimitwithrespecttothesaleofsuchsharesshallnotapplytoanyholding5%ormoreofthesharesoftheCompanybyanysecuritiescompanyasaresultofitspurchaseofremainingsharessoldunderanunderwritingobligation.
	ShouldtheCompany'sBoardofDirectorsnotcomplywiththeprovisionsetforthintheprecedingparagraphandactaccordingly,theshareholdersshallhavetherighttorequesttheBoardofDirectorstodulyactinaccordancewiththe same within 30 days. Should the Company's Board of Directors not act inaccordancewiththe samewithintheaforementionedperiod,theshareholdersshallhavetherighttoinitiateproceedingsataPeople'sCourtdirectlyinhis/herownnamefortheinterestsoftheCompany.
	ShouldtheCompany'sBoardofDirectorsnotcomplywiththeprovisionsetforth in the first paragraph and act accordingly, the responsible Directors shallassumejointliabilityinaccordancewiththelaw.

Article43	TheCompanyshallkeeparegisterofshareholderswhichshallcontainthefollowingparticulars: (1) thename(title),address(residence)andtheoccupationorthenatureoftheoccupationofeachshareholder; (2) theclassandquantityofsharesheldbyeachshareholder; (3) theamountpaid-uponoragreedtobepaid-uponthesharesheldbyeachshareholder; (4) thesharecertificatenumber(s)ofthesharesheldbyeachshareholder; (5) thedateonwhicheachpersonwasenteredintheregisterasashareholder; (6) thedateonwhichanyshareholderceasedtobeashareholder.
	Unlessthereisevidencetothecontrary,theregisterofshareholdersshallbesufficientevidenceoftheshareholders'shareholdingsintheCompany.
Article44	TheCompanymay,inaccordancewiththemutualunderstandingandagreementsmadebetweenthesecuritiesauthorityoftheStateCouncilandoverseassecuritiesregulatoryorganisations,maintaintheregisterofshareholdersofOverseas-ListedForeignSharesoverseasand appointoverseasagent(s)tomanagesuchregisterofshareholders.TheoriginalregisterforholdersofOverseas-ListedForeignShareslistedinHongKongshallbemaintainedinHongKong.
	A duplicate register of shareholders for the holders of Overseas-Listed ForeignSharesshallbemaintainedattheCompany'sresidence.Theappointedoverseasagent(s)shallensureconsistencybetweentheoriginalandtheduplicateregisterofshareholdersatalltimes.
	If there is any inconsistency between the original and the duplicate register ofshareholdersfortheholdersofOverseas-ListedForeignShares,theoriginalregisterofshareholdersshallprevail.
Article45	TheCompanyshallhaveacompleteregisterofshareholders,whichshallcomprisethefollowingparts: (1)theregisterofshareholderswhichismaintainedattheCompany'sresidence(otherthanthoseshareregisterswhicharedescribedinsub-paragraphs(2)and(3)ofthisArticle);

	(2) the register of shareholders in respect of the holders of Overseas-ListedForeignSharesoftheCompanywhichismaintainedinthesameplaceastheoverseasstockexchangeonwhichthesharesarelisted;and (3) theregister of shareholderswhich aremaintained insuch other placeastheboardofdirectorsmayconsidernecessaryforthepurposesofthelistingoftheCompany'sshares.
Article46	Differentpartsoftheregisterofshareholdersshallnotoverlap.Notransferofany shares registered in any part of the register shall, during the continuance ofthatregistration,beregisteredinanyotherpartoftheregister.
	Anychange orcorrectionto various parts ofthe registerofshareholders shallbe carried out in accordance with the law of the place where such parts of theregisterofshareholdersaremaintained.
Article47	The transfer of Overseas-Listed Foreign Shares in the Company listed in HongKong shall be carried out in writing through transfer instruments in normal orordinaryformorintheformacceptabletotheboardofdirectors;andsuchtransferinstrument canbesignedonly under handor affixedwith theseal oftheCompany(ifthetransferorortransfereeistheCompany).Ifthetransferorortransfereeisa securities clearing institution(orits attorney)recognised bytheapplicablelistingrulesorotherrelevantsecuritieslawsandregulations,signedunderhandorsignedinprintedmechanicalform.Allthetransferinstruments shall be maintained at the legal address of the Company or anotherplaceasdesignatedbytheboardofdirectors.
	AllOverseas-ListedForeignShareslistedinHongKong,whichhavebeenfullypaid-up,maybefreelytransferredinaccordancewiththeArticlesofAssociation.However,unlesssuchtransfercomplieswiththefollowingrequirements, the board of directors may refuse to recognise any instrument oftransferandwouldnotneedtoprovideanyreasontherefore: (1) afeeofHK$2.50perinstrumentoftransferorsuchhigheramountagreed from time to time by the Stock Exchange for registration of theinstrumentoftransferandotherdocumentsrelatingtotherightofownershipoftheshares; (2) theinstrumentoftransferonlyrelatestoForeign-ListedForeignShareslistedinHongKong; (3) thestampdutywhichischargeableontheinstrumentoftransferhasalreadybeenpaid;

	(4) therelevantsharecertificate(s)andanyotherevidencewhichtheboardofdirectorsmayreasonablyrequiretoshowthatthetransferorhastherighttotransfertheshareshavebeenprovided; (5) ifitisintendedthatthesharesbetransferredtojointowners,themaximumnumberofjointownersshallnotbemorethanfour(4);and (6) theCompanydoesnothaveanylienontherelevantshares.
	IftheCompanyrefusestoregisteratransferofshares,theCompanyshallissuetothetransferorandtransfereeanoticeregardingsuchdecisionwithintwomonthsstartingfromthedateofformalapplicationfortransferofshares.
Article48	Nochangemaybemadeintheregisterofshareholdersasaresultofatransferof shares within thirty (30) days prior to the date of a shareholders' generalmeetingorwithinfive(5)daysbeforetherecorddatefortheCompany'sdistributionof dividends.The aforementionedregulation appliestoholdersofHShares.
Article49	WhentheCompanyintendstoconveneashareholders'generalmeeting,distributedividends,liquidateandengageinotheractivitiesthatinvolvedeterminationofshareholding,theboardofdirectorsortheconveneroftheshareholders'generalmeetingshalldecideonadatefortherecordofshareholding.ShareholderswhosenamesareregisteredontheshareregisteraftertheclosingofthemarketonsuchdateshallbetheCompany'sshareholders with the entitlement to the relevant rights. Should the Articles ofAssociation have contrary requirements, the Company shall comply with suchrequirements.
Article50	Anypersonaggrievedandclaimingtobeentitledtohavehisname(title)entered in or removed from the register of shareholders may apply to a court ofcompetentjurisdictionforrectificationoftheregister.
Article51	Anypersonwhoisaregisteredshareholderorwhoclaimstobeentitledtohave hisname (title)entered in theregister of shareholdersin respectof sharesintheCompanymay,ifhissharecertificate(the"originalcertificate")relatingtothesharesislost,applytotheCompanyforareplacementsharecertificateinrespectofsuchshares(the"RelevantShares").
	Application by a holder of A Shares, who has lost his share certificate, for areplacementsharecertificateshallbedealtwithinaccordancewithArticle143oftheCompanyLaw.

ApplicationbyaholderofOverseas-ListedForeignShares,whohaslosthissharecertificate,forareplacementsharecertificatemaybedealtwithinaccordancewiththelawoftheplacewheretheoriginalregisterofshareholdersofholdersofOverseas-ListedForeignSharesismaintained,therulesofthestockexchangeorotherrelevantregulations.

The issueof areplacementshare certificate toaholder ofH Shares,whohaslosthissharecertificate,shallcomplywiththefollowingrequirements:

(1) The applicant shall submit an application to the Company in a prescribedformaccompaniedbyanotarialcertificateorastatutorydeclaration,statingthegroundsuponwhichtheapplication ismade,thecircumstancesandevidenceoftheloss;anddeclaringthatnootherpersonisentitledtohavehisnameenteredintheregisterofshareholdersinrespectoftheRelevantShares.

(2) The Company has not received any declaration made by any person otherthantheapplicantdeclaringthathisnameshallbeenteredintotheregisterofshareholdersinrespectofsuchsharesbeforeitdecidestoissueareplacementsharecertificatetotheapplicant.

(3) The Company shall, if it intends to issue a replacement share certificate,publish a noticeof itsintention todoso atleast once everythirty (30)dayswithinaperiodofninety(90)consecutivedaysinsuchnewspapersasmaybeprescribedbytheboardofdirectors.

(4) TheCompanyshall,priortopublicationofitsintentiontoissueareplacement share certificate, deliver to the stock exchange on which itssharesarelisted, a copyof thenoticetobepublished andmaypublishthenoticeuponreceiptofconfirmationfromsuchstockexchangethatthe notice has been exhibited in the premises of the stock exchange. Suchnoticeshallbeexhibitedinthepremisesofthestockexchangeforaperiodofninety(90)days.

In the case of an application which is made without the consent of theregistered holders of the Relevant Shares by an applicant who is not aregisteredshareholderofRelevantSharesand,theCompanyshalldeliverbymailtosuchregisteredshareholderacopyofthenoticetobepublished.

	(5) If,bytheexpirationofthe90-dayperiodreferredtoinparagraphs(3)and (4) of this Article, the Company has not have received any objectionsfromanypersoninrespectoftheissuanceofthereplacementsharecertificate,itmayissueareplacementsharecertificatetotheapplicantpursuanttohisapplication. (6) WheretheCompanyissuesareplacementsharecertificatepursuanttothisArticle,itshallforthwithcanceltheoriginalsharecertificateanddocumentthecancellationoftheoriginalsharecertificateandissuanceofareplacementsharecertificateintheregisterofshareholdersaccordingly. (7) Allexpensesrelatingtothecancellationofanoriginalsharecertificateand the issuance of a replacement share certificate shall be borne by theapplicant and the Company is entitled to refuse to take any action untilreasonablesecurityisprovidedbytheapplicanttherefore.
Article52	Where the Company has issued a replacement share certificate pursuant to theArticlesofAssociationandabonafidepurchaseracquiresorbecomestheregistered owner of such shares, his name (title) shall not be removed from theregisterofshareholders.
Article53	The Company shall not be liable for any damages sustained by any person byreason of the cancellation of the original share certificate or the issuance of thereplacementsharecertificateunlesstheclaimantisabletoprovethattheCompanyhasactedinafraudulentmanner.
CHAPTER7:SHAREHOLDERS'RIGHTSANDOBLIGATIONS
Article54	A shareholder of the Company is a person who lawfully holds shares in theCompany and whose name (title) is entered in the register of shareholders. Ashareholdershallenjoyrightsandassumeobligationsaccordingtotheclassandamountofsharesheldbyhim;shareholderswhoholdsharesofthesameclassshallenjoythesamerightsandassumethesameobligations.
	Inthecaseofthejointshareholders,ifoneofthejointshareholdersisdeceased, only the other existing shareholder of the joint shareholders shall bedeemed as the persons who have the ownership of the relevant shares. But theboardofdirectorshasthepowertorequirethemtoprovideacertificateofdeathasnecessaryforthepurposeofmodifyingtheregister ofshareholders.Onlythe jointshareholdersrankingfirstintheregisterofshareholdershavetherighttoacceptcertificatesoftherelevantshares,receivenoticesoftheCompany,attendandvoteatshareholders'generalmeetingsoftheCompany.Any notice that is delivered to the aforesaid shareholder shall be considered asdeliveredtoallthejointshareholdersoftherelevantshares.

Article55

HoldersoftheordinarysharesoftheCompanyshallenjoythefollowingrights:

(1) the right to receive dividends and other distributions in proportion to thenumberofsharesheld;

(2) the right to request to convene, convene, preside over, attend or appoint aproxytoattendshareholders'generalmeetingsandtovotethereatinproportiontothenumberofsharesintheirpossessionpursuanttothelaws;

(3) therightofsupervisorymanagementovertheCompany'sbusinessoperationsandtherighttopresentproposalsortoraisequeries;

(4) therighttotransfer,donateorpledgethesharesin theirpossessioninaccordancewithlaws,administrativeregulationsandprovisionsoftheArticlesofAssociation;

(5) therighttoobtainrelevantinformationinaccordancewiththeprovisionsoftheArticlesofAssociation,including:

(i) therighttoobtainacopyoftheArticlesofAssociation,subjecttopaymentofcosts;

(ii) therighttoinspectandcopy,subjecttopaymentofareasonablefee:

(a) allpartsoftheregisterofshareholders;

(b) personalparticularsofeachoftheCompany'sdirectors,supervisors,president,vicepresidentsandotherseniorofficers,including:

(aa)presentandformernameandalias;(bb)principaladdress(placeofresidence);(cc)nationality;

(dd)primaryandallotherpart-timeoccupationsandduties;(ee)identificationdocumentsandthenumbersthereof;

(d) reports showing the aggregate par value, quantity, highest andlowestpricepaidinrespectofeachclassofsharesrepurchasedbytheCompanysincetheendofthelastaccountingyearandtheaggregateamountpaidbytheCompanyforthispurpose;

(e) minutesofshareholders'generalmeetings;

(f) counterfoilsofcorporatebonds,resolutionsoftheboardofdirectors,resolutionsofthesupervisoryboard,financialandaccountingreport;

(6) in the event of the termination or liquidation of the Company, the right toparticipateinthedistributionofsurplusassetsoftheCompanyinaccordancewiththenumberofsharesheld;

(7) Withrespecttoshareholderswhovoteagainstanyresolutionadoptedattheshareholders'generalmeetingonthemergerordemergeroftheCompany,therighttorequesttheCompanytoacquiretheirshares;

(8) the righttofilethe proceedings with,andbring itsclaimagainsta thirdparty which has impaired the benefits of the Company or infringed thelawfulinterestsoftheshareholdersbefore,aPeople'sCourtinaccordancewiththeCompanylaworotherlawsandadministrativeregulations;

(9) otherrightsconferredbylaws,administrativeregulations,departmentalrulesandregulationsandtheArticlesofAssociationoftheCompany.

Article56

TheordinaryshareholdersoftheCompanyshallassumethefollowingobligations:

(1) tocomplywiththeArticlesofAssociation;

(2) topaysubscriptionmoniesaccordingtothenumberofsharessubscribedandthemethodofsubscription;

(3) unlessotherwiseprovidedforbythelawsandregulations,nottowithdrawtheirshares;

(4) not to abuse the rights of the shareholders to impair the interests of theCompanyorothershareholders;nottoabusetheindependentlegalperson status oftheCompany and the enjoymentoflimitedliabilitiesoftheshareholderstoimpairtheCompany'screditorsinterest.Shouldthe

	Company'sshareholdersabusetheirshareholder'srightsandcauselossestotheCompanyorothershareholders,thesaidshareholdersshallbeliablefordamagespursuanttothelaw.ShouldtheCompany'sshareholdersabusetheCompany'sindependentlegalpersonstatusandtheenjoymentoflimitedliabilitiesoftheshareholderstoevadedebtliabilities,resultinginmateriallyimpairing the interestsof the Company's creditors, the said shareholders shallbearjointandseveralliabilitiestotheCompany'sdebts; (5) otherobligationsimposedbylaws,administrativeregulationsandtheArticlesofAssociation.
	Shareholders are not liable to make any further contribution to the share capitalother than according to the terms which were agreed by the subscriber of therelevantsharesatthetimeofsubscription.
Article57	Shouldashareholdersholding5%ormoreofthevotingsharespledgesanysharesinhis/herpossession,heorsheshallsubmittotheCompanyawrittenreportonthedayonwhichhe/shepledgeshis/hershares.
Article58	ThecontrollingshareholdersandthedefactocontrollingpersonsoftheCompanyshallnotmakeuseofitsconnectedrelationshiptoimpairtheCompany's interest. Theabovementioned personswho violate such provisionsandcauselossestotheCompanyshallbeliablefordamagestotheCompany.
	ThecontrollingshareholdersandthedefactocontrollingpersonsoftheCompanyshallhavefiduciarydutiestoboththeCompanyanditspublicshareholders. The controlling shareholders shall exercise its rights as a capitalcontributorinstrictcompliancewiththelaw.ThecontrollingshareholdersshallneitherimpairthelegalinterestsoftheCompanyandthepublicshareholdersthroughprofitdistribution,assetrestructuring,externalinvestment,useoffunds,provisionofguaranteebyborrowingfundsaswellasothermethods,norshalltheymakeuseofitscontrollingpositiontoimpairtheinterestoftheCompanyandthepublicshareholders.
Article59	Inadditiontotheobligationsimposedbylawsandadministrativeregulationsor required by the listing rules of the stock exchange on which the Company'ssharesarelisted,acontrollingshareholdershallnotexercisehisvotingrightsinrespectofthefollowingmattersinamannerprejudicialtotheinterestsofallorpartoftheshareholdersoftheCompany: (1) torelieveadirectororsupervisorofhisdutytoacthonestlyinthebestinterestsoftheCompany;

	(2) toapprovetheexpropriationbyadirectororsupervisor(forhisownbenefit orforthebenefit of anotherperson) of theCompany'sassets inanyway,including(butnotlimitedto)opportunitieswhicharebeneficialtotheCompany; (3) toapprovetheexpropriationbyadirectororsupervisor(forhisownbenefitorforthebenefitofanotherperson)oftheindividualrightsofothershareholders,including(butnotlimitedto)rightstodistributionsandvotingrights,savepursuanttoarestructuringwhichhasbeensubmittedforapprovalbytheshareholdersinageneralmeetinginaccordancewiththeArticlesofAssociation.
Article60	ForthepurposeoftheforegoingArticle,a"controllingshareholder"meansapersonwhosatisfiesanyoneofthefollowingconditions: (1) aperson who, actingalone or inconcert with others,hasthe power toelectmorethanhalfoftheboardofdirectors; (2) a person who, acting alone or in concert with others, has the power toexerciseortocontroltheexerciseof30%ormoreofthevotingrightsintheCompany; (3) apersonwho,actingaloneorinconcertwithothers,holds30%ormoreoftheissuedandoutstandingsharesoftheCompany; (4) apersonwho,actingaloneorinconcertwithothers,hasdefactocontroloftheCompanyinanyotherway.
CHAPTER8:SHAREHOLDERS'GENERALMEETINGS
Article61	Theshareholders'generalmeetingistheorganofauthorityoftheCompanyandshallexerciseitsfunctionsandpowersinaccordancewithlaw.
Article62	Theshareholders'generalmeetingshallhavethefollowingfunctionsandpowers: (1) todecideontheCompany'soperationalpoliciesandinvestmentplans; (2) toelectandreplacedirectors(excludingtheemployeerepresentativedirector)andtodecideonmattersrelatingtotheremunerationofdirectors;

(3) toelectandreplacesupervisorsappointedfrompersonnelwhoarenotrepresentatives of the employees and to decide on matters relating to theremunerationofsupervisors;

(4) toexamineandapprovetheboardofdirectors'reports;

(5) toexamineandapprovethesupervisorycommittee'sreports;

(6) to examine and approve the Company's proposed preliminary and finalannualfinancialbudgets;

(7) to examine and approve the Company's profit distribution plans and lossrecoveryplans;

(8) todecideontheincreaseorreductionoftheCompany'sregisteredcapital;

(9) to decide on matters such as merger, division, dissolution, liquidation orchangeoftheformoftheCompany;

(10) todecideontheissueofdebenturesbytheCompany;

(11) todecideontheappointment,dismissalandnon-reappointmentoftheaccountantsoftheCompany;

(12) toamendtheArticlesofAssociation;

(13) toresolve the materialpurchase and saleof assets witha value in excessof 30% of the most recent audited total assets of the Company during theyear;

(14) to resolve issues relating to the provision of guarantee in favour of thirdpartiesthatmustbeapprovedattheshareholders'generalmeetinginaccordancewiththelaws,administrativeregulationsandArticlesofAssociation;

(15) toconsiderandapprovethevariationofuseofproceeds;

(16) toconsiderthesharesincentiveprogram;

(17) todecideonothermatterswhich,accordingtolaw,administrativeregulation,departmentalrulesandregulationsortheArticlesofAssociation,needtobeapprovedbyshareholdersingeneralmeetings;

Article63

Anymatters inrelationto theprovisionof guaranteeinfavourof third partiesby the Company shall be approved by the board of directors. The followingmattersrelatingtotheprovisionofguaranteeshallbesubmittedtotheshareholders'generalmeetingsforexaminationandapprovalafterthesamehavebeenconsideredbytheboardofdirectors:

(1) AnyguaranteetobeprovidedbytheCompanyanditscontrollingsubsidiaries, with the total amount of the guarantee provided in favour ofthird parties that reaches or exceeds 50% of the most recent audited netassets;

(2) guaranteestobeprovidedinfavourofanentitywhichissubjecttoagearingratioofover70%;

(3) anysingleguaranteewithanamountwhichexceeds10%ofthemostrecentauditednetassetvalueoftheCompany;

(4) guaranteestobeprovidedinfavourofanyshareholder,personwhoexerciseseffectivecontrolovertheCompanyanditsaffiliates;

(5) anyguaranteeprovidedbytheCompanyinfavourofthirdpartieswiththe totalamountof theguaranteereaches orexceeds30%ofthe mostrecentauditedtotalassets;

(6) mattersrelatingtotheprovisionofguaranteethatneedtobesubmittedtotheshareholders'generalmeetingforexaminationandapprovalasrequiredbyotherlawsandregulationsandtheArticlesofAssociationoftheCompany.

If a director, president, vice president and other senior management personnelcommitsanyactinbreachoftheprovisionsgoverningtheauthorityinrespectoftheexaminationandapprovalof,andtheexaminationproceduresinrelationto,theprovisionofguaranteeinfavourofathirdpartyunderthelaws,administrativeregulationsortheArticlesofAssociationoftheCompany,whichresultsincausingtheCompanytosufferfromloss,suchdirector,president, vice president and senior management personnel shall be liable forindemnityandtheCompanymaybringanactionagainstthesameinaccordancewiththelaw.

Article64	Matterswhichshouldbedeterminedatashareholders'generalmeetingasstipulatedbythelaws,administrativeregulationsandtheseArticlesofAssociation must be considered at a shareholders' general meeting in order toprotecttherightoftheCompany'sshareholderstomakedecisionoversuchmatters. When necessary or under reasonable circumstances, the shareholders'generalmeetingmayauthorizetheboardofdirectorstomakeadecisionwithinitsscopeofauthorizationgrantedatashareholders'generalmeetingonspecificissueswhicharerelatedtomatterstoberesolvedbutcannotbedeterminedimmediatelyattheshareholders'generalmeeting.
	Withrespecttograntingauthorizationtotheboardofdirectorsattheshareholders'generalmeeting,ifamatterforauthorizationisthemattersubjectto an ordinary resolution, suchauthorizationshall beadopted by morethanone-half(1/2)(exclusiveofone-half)ofthevotingrightsheldbyshareholders(includingtheiragents)attendingtheshareholders'generalmeeting;ifamatterforauthorizationisthemattersubjecttospecialresolution,suchauthorizationshallbeadoptedbymorethantwo-thirds(2/3)ofthevotingrightsheldbyshareholders(includingtheiragents)attendingtheshareholders'general meeting.The contentofthe scope ofauthorization shallbeclearandspecific.
Article65	The Company shall not, without the prior approval of shareholders in a generalmeeting,enterintoanycontractwithanyperson(otherthanadirector,supervisor,president,vicepresidentsandotherseniorofficers)pursuanttowhichsuchpersonshallberesponsibleforthemanagementandadministrationofthewholeoranysubstantialpartoftheCompany'sbusiness.
Article66	Shareholders'generalmeetingsaredividedintoannualgeneralmeetingsandextraordinary general meetings. The annual general meetings shall be convenedonceeveryyearandshallbeheldwithinsixmonthsfromtheendofthepreceding financial year. Meeting venues shall be fixed for the shareholders'generalmeetings,andtheshareholders'generalmeetingsshallbeconvenedintheon-siteconferencemode.
	The Company shall facilitate the shareholders participating in the shareholders'generalmeetingsthroughallpracticablemannersandmeansandpriorityshallbe given to modern information technological means such as voting platformthroughinternet,providedthatthelegalityandeffectivenessoftheshareholders'generalmeetingareensured.Shareholdersaredeemedtobepresentintheshareholders'generalmeetingsthroughtheaforesaidmeans.

	TheCompanyshallconveneanextraordinarygeneralmeetingwithintwomonthsoftheoccurrenceofanyoneofthefollowingevents: (1) wherethenumberofdirectorsislessthantheminimumnumberstipulatedintheCompanyLawortwo-thirdsofthenumberspecifiedintheArticlesofAssociation; (2) where the unrecovered losses of the Company amount to one-third of thetotalamountofitssharecapital; (3) where shareholders who separately or jointly holds more than 10% of thetotalCompany'ssharesmakesuchrequestinwriting; (4) whenevertheboardofdirectorsdeemsnecessaryorthesupervisorycommitteesorequests; (5) underotherconditionsasprovidedforbythelaws,administrativeregulations,departmentalrulesandregulationsortheArticlesofAssociation.
	Theshareholdingmentionedinsub-paragraph(3)aboveshallbecalculatedfromthedateonwhichashareholdersubmitshis/herrequestinwriting.
Article67	WhentheCompanyconvenesashareholders'generalmeeting,writtennoticeofthemeetingshallbegivenforty-five(45)daysbeforethedateofthemeetingtonotifyalloftheshareholderswhosenamesappearontheshareregisterofthematterstobeconsideredandthedateandplaceofthemeeting.AshareholderwhointendstoattendthemeetingshalldelivertotheCompanyhis written reply concerning his attendance at such meeting twenty (20) daysbeforethedateofthemeeting.
	However,theconversingofashareholders'generalmeetingshallnotbesubjecttotheabovenoticeperiodrequirementsofallofthepromotershareholdersshallhaveagreedinwriting.
Article68	WheretheCompanyconvenesashareholders'general meeting,theboardofdirectors, the supervisory committee and shareholders who separately or jointlyhold 3% or more of the shares of the Company may submit proposals to theCompany.

	Shareholders who hold, separately or jointly, more than 3% of the Company'sshares canproposeanextraordinaryresolution inwriting totheconvenor 10dayspriortotheshareholders'generalmeeting.Within2daysafterthereceiptoftheextraordinaryresolution,theconvenorshallissueasupplementarynoticeofthegeneralmeetingtoannouncethecontentoftheextraordinaryresolution.Ifitisotherwiseprovidedforunderthelistingrulesofthejurisdictionswherethe shares of the Company are listed, such requirements shall also be compliedwith.
	With the exception of conditions mentioned above, the convener shall neitheramendtheproposalsspecifiedonthenoticeoftheshareholders'generalmeeting,noraddanynewproposalsaftertheissuanceofthenoticeoftheshareholders'generalmeeting.
Article69	TheCompanyshall,basedonthewrittenreplieswhichitreceivesfromtheshareholderstwenty(20)daysbeforethedateoftheshareholders'generalmeeting, calculate the number of voting shares represented by the shareholderswhointendtoattendthemeeting.Ifthenumberofvotingsharesrepresentedby the shareholders who intend to attend the meeting amount to more than one-halfoftheCompany'stotalvotingshares,theCompanymayholdthemeeting;ifnot,thentheCompanyshall,withinfive(5)days,furthernotifytheshareholdersbywayofpublicannouncementthematterstobeconsideredat,andtheplaceanddatefor,themeeting.TheCompanymaythenholdthemeetingafterpublicationofsuchannouncement.
Article70	Mattersfordiscussionanddeterminationatashareholder'sgeneralmeetingshall be determined in accordance with the Company Law and the Articles ofAssociation.Theshareholders'generalmeetingmaydetermineanymatterstipulatedbytheArticlesofAssociation.
	IssuesnotspecifiedinthenoticeasprovidedforinArticle67andArticle68oftheArticlesofAssociationorproposalswhichdonotconformwiththerequirements contained in Article 71 of the Articles of Association shall not bevotedandresolvedattheshareholders'generalmeetings.

Article71

Motionstabledattheshareholders'generalmeetingshallbethespecificproposalsrelatingtomatterswhichshouldbediscussedatshareholders'generalmeeting.Motionstabledatashareholders'generalmeetingshallfulfilthefollowingconditions:

(1) thecontentofsuchmotionsshallnotcontravenetherequirementsstipulatedinthelawsandregulationsaswellasintheArticlesofAssociationandshallfallwithinthescopeofbusinessoftheCompanyandwithinthefunctionsandpowersoftheshareholders'generalmeeting;

(2) there shall also have a clear topic for discussion and specific issues forresolution;

(3) allmotionsshallbepresentedtoorservedontheconvenorinwriting.

Article72

AnoticeofameetingoftheshareholdersoftheCompanyshallsatisfythefollowingcriteria:

(1) beinwriting;

(2) specifytheplace,dateandtimeofthemeeting;

(3) statethematterstobediscussedatthemeeting;

(4) providesuchinformationandexplanationasarenecessaryfortheshareholderstomakeaninformeddecisionontheproposalsputbeforethem. Without limiting the generality of the foregoing principle, where aproposalismadetoamalgamatetheCompanywithanother,torepurchasethesharesoftheCompany,toreorganiseitssharecapital,ortorestructuretheCompanyinanyotherway,thetermsoftheproposedtransactionmustbeprovidedindetailtogetherwithcopiesofthe proposed agreement, if any, and the cause and effect of such proposalmustbeproperlyexplained;

(5) containadisclosureofthenatureandextent,ifany,ofthematerialinterests of any director, supervisor, president, vice presidents and otherseniorofficersintheproposedtransactionandtheeffectwhichtheproposed transaction will have on them in their capacity as shareholdersinsofarasitisdifferentfromtheeffectontheinterestsofshareholdersofthesameclass;

(6) containthefulltextofanyspecialresolutiontobeproposedatthemeeting;

	(7) contain aconspicuous statementthat a shareholder entitledto attend andvoteatsuchmeetingisentitledtoappointone(1)ormoreproxiestoattendandvoteatsuchmeetingonhisbehalfandthataproxyneednotbeashareholder; (8) specifythetimeandplaceforlodgingproxyformsfortherelevantmeeting.
Article73	Noticeofshareholders'generalmeetingshallbeservedontheshareholders(whetherornotsuchshareholderisentitledtovoteatthemeeting),bypersonaldeliveryorbyprepaidmailtotheaddressoftheshareholderasshownintheregisterofshareholders.
	FortheholdersofAshares,noticeofthemeetingsmaybeissuedbywayofpublicannouncement.Suchpublicannouncementshallbepublishedinone(1)or more national newspapers designated by the securities authority of the StateCouncilwithintheintervalofforty-five(45)daystofifty(50)daysbeforethedateofthemeeting;afterthepublicationofsuchannouncement,allholdersofAsharesshallbedeemedtohavereceivedthenoticeoftherelevantshareholders'meeting.
	For holders of Overseas-Listed Foreign Shares, subject to compliance with thelaws and regulations and the relevant listing rules of the jurisdictions where thesharesoftheCompanyarelisted,thenoticeofshareholders'generalmeetingmayalsobeissuedbyothermeansasspecifiedinArticle231herein.
Article74	Theaccidentalomissiontogivenoticeofameetingto,orthefailuretoreceivethe notice of a meeting by, any person entitled to receive such notice shall notinvalidatethemeetingandtheresolutionsadoptedthereat.
Article75	Any shareholder who is entitled to attend and vote at a general meeting of theCompany shall be entitled to appoint one (1) or more persons (whether suchpersonisashareholderornot)ashisproxiestoattendandvoteonhisbehalf,andaproxysoappointedshallbeentitledtoexercisethefollowingrightspursuanttotheauthorizationfromthatshareholder: (1) theshareholders'righttospeakatthemeeting; (2) therighttodemandorjoinindemandingapoll; (3) unlessotherwiserequiredbytheapplicablelistingrulesorothersecuritieslawsandregulations,therighttovotebyhandoronapoll,but a proxy of a shareholder who has appointed more thanone (1) proxymayonlyvoteonapoll.

	Iftheshareholderistherecognizedclearinghousedefinedbytheapplicablelistingrulesorothersecuritieslawsandregulations,suchshareholderisentitledtoappointoneormorepersonsashisproxiestoattendonhisbehalfatageneralmeetingoratanyclassmeeting,but,ifoneormorepersonshavesuchauthority,theletterofauthorizationshallcontainthenumberandclassofthe shares in connection with such authorization. Such person can exercise theright on behalf of the recognized clearing house (or its attorney) as if he is anindividualshareholderoftheCompany.
Article76	The instrument appointing a proxy shall be in writing under the hand of theappointororhisattorneydulyauthorizedinwriting,oriftheappointorisalegalentity,eitherundersealorunderthehandofadirectororadulyauthorized attorney. The letter of authorization shall contain the number of thesharestoberepresentedbytheattorney.Theletterofauthorizationshallspecifythenumberofsharestoberepresentedbytheattorney.Ifseveralpersonsareauthorizedastheattorneyoftheshareholder,theletterofauthorizationshallspecifythenumberofsharestoberepresentedbyeachattorney.
Article77	Theinstrumentappointingavotingproxyand,ifsuchinstrumentissignedbyapersonunderapowerofattorneyorotherauthorityonbehalfoftheappointor,anotarycertifiedcopyofthatpowerofattorneyorotherauthorityshall be deposited at the premises of the Company or at such other place as isspecified for that purpose in the notice convening the meeting, not less thantwenty-four(24)hoursbeforethetimeforholdingthemeetingatwhichtheproxyproposetovoteorthetimeappointedforthepassingoftheresolution.
	If the appointor is a legal person, its legal representative or such person as isauthorized by resolution of its board of directors or other governing body mayattend any meeting of shareholders of the Company as a representative of theappointor.
Article78	Any form issuedto a shareholderby the directors foruseby suchshareholderfor theappointmentof a proxy toattendandvoteat meetings of theCompanyshall be such as to enable the shareholder to freely instruct the proxy to vote infavour of or against the motions and provide shareholders with opportunities ofinstructing the proxy to vote on each individual matter to be voted on at themeeting. Such a form shall contain a statement that, in the absence of specificinstructionsfromtheshareholder,theproxymayvoteashethinksfit.

Article79	Avotegiveninaccordancewiththetermsofaproxyshallbevalidnotwithstandingthedeathorlossofcapacityoftheappointororrevocationoftheproxyortheauthorityunderwhichtheproxywasexecuted,orthetransferofthesharesinrespectofwhichtheproxyisgiven,providedthattheCompanydidnotreceiveanywrittennoticeinrespectofsuchmattersbeforethecommencementoftherelevantmeeting.
Article80	Inthecourseofconsideringmattersrelatingtoconnectedtransactionsatashareholders'generalmeeting,theconnectedshareholdersshallabstainfromvoting.Thenumberofsharescarryingthevotingrightsheldbysuchshareholdersshallbeexcludedfromthetotalnumberofvalidvotes.Thevoting result of the non-connected shareholders shall be fully disclosed in theannouncementoftheresolutionoftheshareholders'generalmeeting.
	Thesaidconnectedshareholdersmeansthefollowingshareholders:shareholderswhoareconnectedpartiesor,incaseofnon-connectedparties,personswhohavematerialinterests intransactionspendingforresolutionortheirassociates pursuanttotheapplicablesecuritieslistingrulesas amendedfromtimetotime.
Article81	Ifanindividualshareholderappointsaproxytoattendtheshareholders'general meeting, such proxy shall present his/her own identification documentsandthepowerofattorneysignedbytheappointor.Ifthelegalrepresentativeofalegalpersonshareholderappointsaproxytoattendtheshareholders'general meeting, such proxy shall present his/her own identification documentsandthepowerofattorneysignedbythelegalrepresentative.Ifapersonisauthorizedbyresolutiontoattendtheshareholders'generalmeetinguponresolutionsattheboardofdirectorsofalegalpersonshareholderorotherdecision making authority, such person shall present his/her own identification

	documents and the written authorization issued upon resolution by the board ofdirectorsofthelegalpersonshareholderorotherdecisionmakingauthoritywiththelegalpersonsealaffixedthereon.Theletterofauthorizationshallspecifyitsdateofissue.
Article82	The Company's board of directors, independent directors and shareholders whohavesatisfiedcertainconditions(whicharedeterminedbasedonsuchstandardsaspromulgatedfromtimetotimebytherelevantcompetentauthorities)maypubliclysolicitthevotingrightsfromshareholdersatashareholders'generalmeeting.Insolicitingvotingrightsofshareholders,informationsuchasspecificvotingintentionshallbesufficientlydisclosedtotheshareholdersfromwhomvotingrightsarebeingsolicited.Considerationordefactoconsiderationforsolicitationofvotingrightsisprohibited.TheCompanymaynotproposeanyminimumshareholdingrestrictiononthesolicitationofvotingrights.Anypersonwhopubliclysolicitsvotingrightsfrom the shareholders of the Company shall also comply with other provisionsstipulatedbytherelevantcompetentauthoritiesandthestockexchangesonwhichthesharesoftheCompanyarelistedandtraded.
Article83	Resolutionsofshareholders'generalmeetingsshallbedividedintoordinaryresolutionsandspecialresolutions.
	Anordinaryresolutionmustbepassedbyvotesrepresentingmorethanone-half (exclusive of one-half) of the voting rights represented by the shareholders(includingproxies)presentatthemeeting.
	Aspecialresolutionmustbepassedbyvotesrepresentingmorethantwo-thirdsofthevotingrightsrepresentedbytheshareholders(includingproxies)presentatthemeeting.
Article84	Ashareholder(includingaproxy),whenvotingatashareholders'generalmeeting,mayexercisesuchvotingrightsasareattachedtothenumberofvoting shares which he represents. Except otherwise providedfor election ofdirectorsinArticle111andelectionofsupervisorsinArticle150oftheseArticlesofAssociationinconnectionwiththeadoptionofthecumulativevoting system for election of directors, each share shall have one (1) vote. ThesharesheldbytheCompanyitselfshallnotbeattachedwithvotingrights.Those shares shall not be counted as the total number of voting shares held byshareholdersattendingtheshareholders'generalmeetings.
	Where material issues affecting the interests of small and medium investors arebeing considered in the shareholders' general meeting, the votes by small andmediuminvestorsshallbecountedseparately.Theseparatecountingresultsshallbedisclosedtothepublicinatimelymanner.

	Whereashareholderis,undertheapplicablelistingrulesasamendedfromtimetotime,requiredtoabstainfromvotingonanyparticularresolutionortovote only for or only against any particular resolution, any votes cast by or onbehalfofsuchshareholderincontraventionofsuchrequirementorrestrictionshallnotbecounted.
Article85	Atanyshareholders'generalmeeting,aresolutionshallbedecidedonashowofhandsunlessapollisdemanded: (1) bythechairmanofthemeeting; (2) byatleasttwo(2)shareholderspresentinpersonorbyproxyentitledtovotethereat; (3) by one (1) or more shareholders (including proxies) representing 10% ormoreoftheshares(heldsolelyorincombination)carryingtherighttovoteatthemeeting,beforeorafteravoteiscarriedoutbyashowofhands.
	Unlessotherwiserequiredbytheapplicablelistingrulesorothersecuritieslawsandregulationsorapollisdemanded,adeclarationbythechairmanthata resolution has been passed on a show of hands and the record of such in theminutesofthemeetingshallbeconclusiveevidenceofthefactthatsuchresolutionhasbeenpassedwithoutproofofthenumberorproportionofvotesinfavouroforagainstsuchresolution.
	Thedemandforapollmaybewithdrawnbythepersonwhodemandsthesame.
Article86	Apolldemandedontheelectionofthechairmanofthemeeting,oronaquestion of adjournment of the meeting, shall be taken forthwith. Unless theapplicablelistingrulesorothersecuritieslawsandregulationsrequireotherwise,apolldemandedonanyotherquestionshallbetakenatsuchtimeas thechairmanofthemeeting directs,andanybusinessother thanthatuponwhichapollhasbeendemandedmaybeproceededwith,pendingthetakingofthepoll.Theresultofthepollshallbedeemedtobearesolutionofthemeetingatwhichthepollwasdemanded.
Article87	Onapolltakenatameeting,ashareholder(includingaproxy)entitledtotwo (2)ormorevotesneednotcastallhisvotesinthesameway.
Article88	Inthecaseofanequalityofvotes,whetheronashowofhandsoronapoll,thechairmanofthemeetingatwhichtheshowofhandstakesplaceoratwhichthepollisdemandedshallhaveacastingvote.

Article89

Thefollowingmattersshallberesolvedbyanordinaryresolutionatashareholders'generalmeeting:

(1) workreportsoftheboardofdirectorsandthesupervisorycommittee;

(2) profit distributionplansand lossrecovery plansformulated by theboardofdirectors;

(3) electionorremovalofmembersoftheboardofdirectorsandmembersofthesupervisorycommittee,theirremunerationandmannerofpayment;

(4) annual preliminary and final budgets, balance sheets and profit and lossaccountsandotherfinancialstatementsoftheCompany;

(5) theappointment,removalornon-reappointmentofanaccountingfirm;

(6) mattersotherthanthosewhicharerequiredbythelawsandadministrativeregulationsorbytheCompany'sArticlesofAssociationtobeadoptedbyspecialresolution.

Article90

Thefollowingmattersshallberesolvedbyaspecialresolutionatashareholders'generalmeeting:

(1) theincreaseorreductioninsharecapital andtheissue ofshares ofanyclass,warrantsandothersimilarsecurities;

(2) theissueofdebenturesoftheCompany;

(3) thedemerger,merger,dissolutionandliquidationorchangeoftheformoftheCompany;

(4) amendmentoftheArticlesofAssociation;

(5) thematerialpurchaseorsaleofassetsortheprovisionofguaranteebythe Company during the year that is in excess of 30% of the most recentauditedtotalassetsvalueoftheCompany;

(6) thesharesincentiveprogram;

(7) any other matter as provided for by the laws, administrative regulations,departmental rules and regulations or the Articles of Association, and asconsideredbytheshareholdersatashareholders'generalmeeting,andresolvedbywayofanordinaryresolution,whichisofanaturewhichmay have a material impact on the Company and should be adopted byspecialresolution.

Article91

Any resolution adopted by a shareholders' general meeting shall comply withrelevantprovisions ofPRClaws, administrativeregulations andthese ArticlesofAssociation.

Article92

Thefollowingproceduresshallbeadoptedshouldtheindependentdirectors,the supervisory committee, shareholders who separately or jointly hold votingsharesinexcessof10%requestforconveningofanextraordinarygeneralmeetingorclassmeeting:

(1) The said directors, supervisory committee and shareholders shall sign acopy,orseveralcopies,ofwrittenrequestinthesameformandsubstance, and request the board of directors to convene an extraordinarygeneralmeetingoraclassmeeting,withclearlystatedtopicsfordiscussionatthemeeting.Within10daysofreceivingthewrittenrequest,theboardofdirectorsshallreplyinwritingonwhetherornottheyagreetoconveneanextraordinarygeneralmeeting.

(2) Should the board of directors agree to convene an extraordinary generalmeeting or a class meeting, a notice for convening such meeting shall beissued within 5 days after the board of directors has adopted a resolution.Priorapprovalformakingamendmenttotheoriginalproposalcontainedinthenoticeshallbeobtainedfromtheoriginalproposer.

(3) Shouldtheboardofdirectorsnotagreetoconveneanextraordinarygeneralmeetingoraclassmeetingasproposedbytheindependentdirectors,itshallstateitsreasonsandissueanannouncementofthesame.

(4) Shouldtheboardofdirectorsnotagreetoconveneanextraordinarygeneralmeetingoraclassmeetingasproposedbythesupervisorycommittee,ornotprovideanyreplywithin10daysuponreceiptofthesaid request, the board of directors is deemed to be unable to perform orfailedtoperformitsdutiesinrespectofconveningsuchmeeting.Thesupervisorycommitteemayconveneandpresideoverthemeetingbyitself.Theproceduresforconveningsuchmeetingshallbeidenticaltothose employed by the board of directors for convening a shareholders'generalmeetingasfaraspracticable.

(5) Shouldtheboardofdirectorsnotagreetoconveneanextraordinarygeneralmeetingoraclassmeetingasproposedbytheshareholders,ornot provide any reply within 10 days upon receipt of the said request, theshareholdersshallproposetothesupervisorycommitteeinwritingtoconvene an extraordinary general meeting or a class meeting. Should thesupervisorycommitteeagreetoconveneanextraordinarygeneralmeeting

	or a class meeting, it shall issue a notice for convening a shareholder's generalmeeting or a class meeting within 5 days of receiving the said request. Priorapprovalformakingamendmenttotheoriginalproposalcontainedinthenoticeshallbeobtainedfromtheoriginalproposer.Shouldthesupervisorycommittee not issue a notice for the shareholders' general meetings or a classmeetingwithinthestipulatedperiod,thesupervisorycommitteeshallbedeemed to not convene and preside over such meeting and shareholders whoseparatelyorjointlyhold10%ormoreoftheCompany'ssharesforaconsecutive 90 days or more may convene and preside over the said meeting.(Priortotheannouncementoftheresolutionsadoptedattheshareholders'generalmeeting,thesharesheldbytheconveningshareholdersshallnotbeless than 10%ofthe total numberofshares). Theproceduresfor conveningsuchmeetingsshallbeidenticaltothoseemployedbytheboardofdirectorsforconveningashareholders'generalmeetingasfaraspracticable.
	Shouldthesupervisorycommitteeortheshareholdersconveneandholdameeting pursuant to the rules above, they shall inform the board of directors inwriting,andsubmittheirapplicationstotherelevantsupervisorydepartmentsinaccordancewiththeapplicablerules.Theboardofdirectorsandthesecretarytotheboardofdirectorsshallprovideassistanceinconnectionwiththemeeting.Theboardofdirectorsshallprovidetheshareregister.TheCompanyshallbearallreasonablecostsincurredbythemeeting.ThecostsincurredshallbedeductedfromtheamountowedbytheCompanytosuchdirectorswhohavecommittednegligenceofduties.
Article93	TheChairmanoftheboardofdirectorsshallpresideoverandchaireveryshareholders'generalmeeting.IftheChairmanisunabletoordoesnotperform his/her duties, the vice-chairman of the board of directors shall presideoverandchairthemeeting.Ifthevice-chairmanoftheboardofdirectorsisunable to ordoes notperform his/her duties, a director jointly elected bymorethanhalfofthenumberofDirectorsshallpresideoverandchairthemeeting.If the director jointly elected by more than half of the number of Directors isunable to preside over and chair the meeting, then shareholders present at themeetingmayelectone(1)persontoactasthechairmanofthemeeting.Ifforanyreason,theshareholdersfailtoelectachairman,thentheshareholder(includinga proxy) holding the largestnumber of shares carrying theright tovotethereatshallbethechairmanofthemeeting.
	Ashareholders'generalmeetingconvenedbythesupervisorycommitteeontheirownshallbepresidedbythechairmanofthesupervisorycommittee.Ifthe chairman of the supervisory committee is unable to or does notperformhis/her duties, a supervisor jointly elected by more than half of the number ofsupervisorsshallpresideoverthesaidmeeting.

	Wheretheshareholders'generalmeetingisconvenedbytheshareholdersontheirown,theconvenershallelectarepresentativetopresideoverthemeeting.
	When convening a shareholders' general meeting, should the person presidingoverthemeetingviolatestherulesandprocedures,resultingthattheshareholders'generalmeetingbecomesunabletoproceed,apersonmay,subjectto theconsentofmorethanhalfof thenumberof shareholderswithvoting rights attending the meeting at the scene, be elected at the shareholders'generalmeetingtoactasthepersonpresidingtheshareholders'generalmeetingsuchthatthemeetingmaybecontinued.
Article94	Thechairmanofthe meetingshall beresponsiblefor determiningwhetheraresolution has beenpassed. His decision, which shall be final andconclusive,shallbeannouncedatthemeetingandrecordedintheminutebook.TheCompanyshallmakeapublicannouncementontheresolutionsoftheshareholders' general meeting in accordance with the applicable laws and therelevantprovisionsstipulatedbythestockexchange(s)onwhichthesharesoftheCompanyarelistedandtraded.
Article95	Ifthechairmanofthemeetinghasanydoubtastotheresultofaresolutionwhich has been put to vote at a shareholders' meeting, he may have the votescounted.Ifthechairmanofthemeetinghasnotcountedthevotes,anyshareholder who is present in person or by proxy and who objects to the resultannouncedbythechairmanofthemeetingmay,immediatelyafterthedeclarationoftheresult,demandthatthevotesbecountedandthechairmanofthemeetingshallhavethevotescountedimmediately.
Article96	Ifvotesarecountedatashareholders'generalmeeting,theresultofthecountshallberecordedintheminutebook.
	TheCompanysecretaryshallmaketherecordoftheshareholders'generalmeeting,whichshallbesignedbythepersonpresidingthemeeting(chairmanofthemeeting),directors,supervisors,boardsecretaryandconvenorattendingthemeetingortheirrepresentatives.
	Resolutionsadoptedbyashareholders'generalmeetingshallbeincludedinthe minutes of the meeting. The record and minutes of the meeting shall be inChinese.Suchrecordandminutes,shareholders'attendancelistsandproxyformsshallbekeptattheCompany'splaceofresidenceforaperiodofnotlessthan10years.

Article97	Copiesoftheminutesofproceedingsofanyshareholders'meetingshall,duringbusinesshoursoftheCompany,beopenforinspectionbyanyshareholderwithoutcharge.Ifashareholderrequestsforacopyofsuchminutes from the Company, the Company shall send a copy of such minutes tohimwithinseven(7)daysafterreceiptofreasonablefeestherefor.
CHAPTER9:SPECIALPROCEDURESFORVOTINGBYACLASSOFSHAREHOLDERS
Article98	Thoseshareholderswhoholddifferentclassesofsharesareclassshareholders.
	Classshareholdersshallenjoyrightsandassumeobligationsinaccordancewithlaws,administrativeregulationsandtheArticlesofAssociation.
Article99	RightsconferredonanyclassofshareholdersmaynotbevariedorabrogatedsavewiththeapprovalofaspecialresolutionofshareholdersinageneralmeetingandbyholdersofsharesofthatclassataseparatemeetingconvenedinaccordancewithArticle101toArticle105oftheseArticlesofAssociation.
Article100	Thefollowingcircumstancesshallbedeemedtobevariationorabrogationoftherightsattachingtoaparticularclassofshares: (1) toincreaseordecreasethenumberofsharesofthatclass,ortoincreaseordecreasethenumberofsharesofaclasshavingvotingorequityrightsorprivilegesequalorsuperiortothoseofsharesofthatclass; (2) toexchange allor partofthe sharesofthat classforshares ofanotherclassortoexchangeortocreatearighttoexchangeallorpartofthesharesofanotherclassforsharesofthatclass; (3) to remove or reduce rights to accrued dividends or rights to cumulativedividendsattachedtosharesofthatclass; (4) to reduce or remove preferential rights attached to shares of that class toreceivedividendsortothedistributionofassetsintheeventthattheCompanyisliquidated; (5) toadd,removeorreduceconversionprivileges,options,votingrights,transferorpre-emptiverights,orrightstoacquiresecuritiesoftheCompanyattachedtosharesofthatclass; (6) toremoveorreducerightstoreceivepaymentpayablebytheCompanyinparticularcurrenciesattachedtosharesofthatclass;

(7) tocreateanewclassofshareshavingvotingorequityrightsorprivilegesequalorsuperiortothoseofthesharesofthatclass;

(8) torestrictthetransferorownershipofsharesofthatclassortoincreasethetypesofrestrictionsattachingthereto;

(9) to allot and issue rights to subscribe for, or to convert the existing sharesinto,sharesintheCompanyofthatclassoranotherclass;

(10) toincreasetherightsorprivilegesofsharesofanotherclass;

(11) torestructuretheCompanyinsuchawaysoastoresultinthedisproportionate distribution of obligations between the various classes ofshareholders;

(12) tovaryorabrogatetheprovisionsofthisChapter.

Article101

Shareholders of the affected class, whether or not otherwise having the right tovoteatshareholders'generalmeetings,havetherighttovoteatclassmeetingsin respect of matters concerning sub-paragraphs (2) to (8), (11) and (12) of theprecedingarticle,butinterestedshareholder(s)shallnotbeentitledtovoteatsuchclassmeetings.

"(An)interestedshareholder(s)",assuchtermisusedintheprecedingparagraph,means:

(1) inthecaseofarepurchaseofsharesbywayofageneraloffertoallshareholdersoftheCompanyorbywayofpublicdealingonastockexchangepursuanttoArticle 30,a"controllingshareholder"within themeaningofArticle60;

(2) inthecaseofarepurchaseofsharesbyanoff-marketagreementpursuanttoArticle30,aholderofthesharestowhichtheproposedagreementrelates;

(3) inthecaseofarestructuringoftheCompany,ashareholderwhoassumesarelativelylowerproportionofobligationthantheobligationsimposedonshareholdersofthatclassundertheproposedrestructuringorwhohasaninterestintheproposedrestructuringdifferentfromthegeneralinterestsoftheshareholdersofthatclass.

Article102	Resolutionsofaclassofshareholdersshallbepassedbyvotesrepresentingmorethantwo-thirdsofthevotingrightsofshareholdersofthatclassrepresentedattherelevantmeetingwho,accordingtoArticle101oftheseArticlesofAssociation,areentitledtovotethereat.
	Where any shareholder is, under the applicable rules governing the listing ofsecuritiesasamendedfromtimetotime,requiredtoabstainfromvotinginconnectionwithanyparticularresolutionataparticularclassmeeting,orisrestrictedtovoteonlyfororonlyagainstanyparticularresolutionataparticular class meeting, any vote cast by or on behalf of such shareholder incontraventionofsuchrequirementorrestrictionshallnotbecounted.
Article103	Written notice of a class meeting shall be given to all shareholders who areregistered as holders of that class in the register of shareholders forty-five (45)daysbeforethedateoftheclassmeeting.Suchnoticeshallgivesuchshareholdersnoticeofthematterstobeconsideredatsuchmeeting,thedateandtheplaceoftheclassmeeting.Ashareholderwhointendstoattendtheclass meeting shall deliver his written reply in respect thereof to the Companytwenty(20)daysbeforethedateoftheclassmeeting.
	Iftheshareholderswhointendtoattendsuchclassmeetingrepresentmorethanhalfofthetotalnumberofsharesofthatclasswhichhavetherighttovoteatsuchmeeting,theCompanymayholdtheclassmeeting;ifnot,theCompany shall within five (5) days give the shareholders further notice of thematters to be considered, the date and the place of the class meeting by way ofpublicannouncement.TheCompanymaythenholdtheclassmeetingaftersuchpublicannouncementhasbeenmade.
	Thequorumofanyclassmeeting(exceptfortheadjournment),whichisproposedtovarytherightsoftheabove-mentionedclassofshareholders,shallatleastbeonethirdofthetotalissuedsharesoftheabove-mentionedclass.
Article104	Noticeofclassmeetingsneedonlybeservedonshareholdersentitledtovotethereat.
	Classmeetingsshallbeconductedinamannerwhichisassimilaraspossibletothatofshareholders'generalmeetings.TheprovisionsoftheArticlesofAssociationrelatingtothemannerfortheconductofshareholders'generalmeetingsarealsoapplicabletoclassmeetings.
Article105	Apartfromtheholdersofotherclassesofshares,theholdersoftheASharesandholdersofOverseas-ListedForeignSharesshallbedeemedtobeholdersofdifferentclassesofshares.HoldersofOverseas-ListedForeignSharesshallbedeemedtobeholdersofthesameclassofshares.

	Thespecialproceduresforapprovalbyaclassofshareholdersshallnotapplyinthefollowingcircumstances: (1) where the Company issues, upon the approval by special resolution of itsshareholders in a general meeting, either separately or concurrently onceeverytwelve(12)months,notmorethan20%ofeachofitsexistingissuedASharesandOverseas-ListedForeignShares;or (2) wheretheCompany'splantoissueASharesandOverseas-ListedForeignSharesatthetimeofitsestablishmentiscarriedoutwithinfifteen(15)monthsfromthedateofapprovaloftheauthorityinchargeofsecuritiesundertheStateCouncil.
CHAPTER10:THEPARTYCOMMITTEE
Article106	TheCompanyshallestablishthePartycommittee.ThePartycommitteeiscomprisedofonesecretaryandseveralothermembers.ThepositionsofChairmanandthe secretaryofthePartycommitteeshallbeassumedbythesamepersoninprinciple,andafull-timedeputysecretaryofthePartycommitteeshallbeappointedtotakechargeofthePartybuildingwork.EligiblemembersofthePartycommitteeareentitledtobeadmittedtotheboardofdirectors,thesupervisorycommittee,andthemanagementthroughlegal procedures, and eligible Party members from the board of directors, thesupervisory committee, and the management are entitled to be admitted to thePartycommitteeinaccordancewithrelevantrulesandprocedures.Meanwhile,adisciplineinspectioncommitteeshallbeestablishedinaccordancewithappropriaterequirements.
Article107	ThePartycommitteeoftheCompanyshallperformitsdutiesbytheinternallawsandregulationsofthePartysuchastheConstitutionoftheCommunistPartyofChina. (1) ToguaranteeandsupervisetheCompany'simplementationofpoliciesandguidelinesofthePartyandtheState,implementmajorstrategicdecisions of the Central Committee of the Party and the State Council, aswellasmakedeploymentfortherelevantmaterialworksofthePartycommitteeoftheState-ownedAssetsSupervisionandAdministrationCommissionoftheStateCouncilandthesuperiorPartyorganisation. (2) ToadheretotheprincipleofthePartyexercisingleadershipovercadres,theselectionofmanagementbytheboardofdirectors,andtheexerciseofpowerasregardstherightofcadres'appointmentbythemanagementin accordance with laws. The Party committee shall deliberate and giveopinionsonthecandidatesnominatedbytheboardofdirectorsorthe

	general manager, or recommend nominees to the board of directors or thegeneral manager. The Party committee of the Company, together with theboardofdirectors,shallobservetheproposedcandidatesandgiveopinionscollectively. (3) TostudyanddiscusstheCompany'smaterialmattersonitsreform,developmentandstability,aswellasmajorissuesrelatingtotheCompany'soperationandmanagementandtotheinterestsofthestaff,andproposeopinionsandsuggestionsthereon. (4) ToassumefullresponsibilityforenforcingthestrictdisciplineoftheParty.LeadingtheCompany'sideologicalandpoliticalwork,thefrontunification work, building of spiritual civilization as well as building ofcorporateculture,andleadmassorganizationssuchasthelabourunionandtheCommunistYouthLeague.PlayingaleadingroleintheconstructionoftheParty'sworkingstyleandacleanandhonestgovernment,andsupportthedisciplineinspectioncommitteeinfulfillingitsresponsibilityofsupervisioninpractice.
CHAPTER11:BOARDOFDIRECTORS
Article108	TheCompanyshallhaveaboardofdirectors.Theboardofdirectorsshallconsistof7to13directors,atleasthalfofwhichshallbeoutsidedirectors(thosewhodonotassumeanypositionwithintheCompany),andofwhichatleast1/3oftheoveralldirectorsshallbeindependentdirectors(meaningdirectorswhoareindependentfromtheCompany'sshareholdersanddonothold offices within the Company). At least one independent director shall haveappropriateprofessionalqualification,orexpertiseinaccountingorrelatedfinancialmanagement;theboardofdirectorsshallhaveone(1)employeerepresentativedirector.
	Theboardofdirectorsshallhaveone(1)Chairmanandone(1)DeputyChairman.
Article109	Directors(excludingtheemployeerepresentativedirector)shallbeelectedattheshareholders'generalmeetingandtheemployeerepresentativedirectorshallbeelectedordismissedbytheemployeerepresentativemeetingeachforatermofthree(3)years(startingfromtheelectiondatetothedateonwhichanewboard ofdirectors iselectedatashareholders'general meeting).At theexpiryofadirector'sterm,thetermisrenewableuponre-election,providedthatthe termofreappointmentofanindependent directorshallnotbemorethansix(6)years.

	Ifthetermofofficeofadirectorexpiresbutre-electionisnotmadepromptly,thesaiddirectorshallcontinuefulfillingthedutiesasdirectorpursuanttorelevant laws, administrative regulations, departmental rules and the Articles ofAssociationuntilanewdirectoriselected.
	The list of candidates for the director (excluding the employee representativedirector)shallbesubmittedinformofamotiontoashareholders'generalmeetingforconsideration.Candidatesotherthanthoseforindependentdirectors andtheemployee representativedirectorshallbe nominatedby theboard of directors, supervisory committee or shareholder(s) holding, alone ortogether, morethanthree percent(3%) of thetotal amountof voting shares intheCompanyandelectedattheshareholders'generalmeeting.
	A written notice of the intention to propose a person for election as a director(excluding the employee representative director) and a notice in writing by thatperson indicating his acceptance of such election shall have been given to theCompany seven (7) days before the date of such shareholders' general meeting.Theshortestnoticeperiodforsuchwrittennoticeshallbe7days.
	The outside directors shall have sufficient time and necessary knowledge andability to perform its duties. When an outside director performs his duties, theCompanymust provide necessaryinformation andindependent directors maydirectlyreporttotheshareholders'meeting,theauthorityinchargeofsecuritiesoftheStateCouncilandotherrelevantdepartmentsthereon.
	Theexecutivedirectorsshallhandlemattersasauthorizedbytheboardofdirectors.
	Ifadirectorisanaturalperson,heorshemaynotberequiredtoholdsharesintheCompany.
Article110	Thefollowingproceduresshallbecarriedoutpriortotheelectionofthenon-independentdirectors: (1)Thenominatorofacandidateforthenon-independentdirectorsshallseektheconsentofsuchcandidatepriortonominationandshallhaveafullunderstandingtowardstheprofession,education,jobposition,detailedworkingexperienceandallotherpositionsheldconcurrentlyas wellaspreparing written materialscontainingthe saidinformation tothe Company. Candidates shall undertake to the Company in writing thattheyhaveagreedtoacceptthenominationandthatalldisclosedinformationrelatingtothemaretrueandcompleteandshallguaranteethat they will conscientiously perform the director's responsibilities afterbeingelected.

	(2) Ifthenominationofacandidateforthenon-independentdirectorsistakenplacebeforetheboardmeetingoftheCompanywasconvenedandif the applicable law, regulations and/or the relevant listing rules containrelevantprovisions,thewrittenmaterialsconcerningthenomineesetoutin sub- paragraph (1) of this Article shall be publicly announced togetherwiththeresolutionsoftheboardofdirectorsinaccordancewithsuchprovisions. (3) Ifashareholderholding,aloneortogether,morethanthreepercent(3%)ofthetotalvotingsharesoftheCompanyproposesanextemporemotionontheelectionofnon-independentdirectors(excludingtheemployeerepresentativedirector)attheshareholders'generalmeetingoftheCompany, thewritten notice specifyingthe intention to proposea personfor election as a director and the willingnessof the nominee toacceptnominationtogetherwiththewrittenmaterialsandundertakingscontainingsuchparticularsofthenomineeassetoutinsub-paragraph (1) ofthisArticleshallbedespatchedtotheCompanywithinten(10)dayspriortotheshareholders'generalmeeting.Suchnoticeshallcommence no earlier than the day after the despatch of the notice of themeetingforelectionofdirectorsandendnolaterthanseven(7)dayspriortothedateofsuchmeeting.
Article111	Atashareholders'generalmeeting,thecumulativevotingsystemshallbeadoptedforvotingonthemotionsforelectionofdirectors(excludingtheemployee representative director). In other words, when electing two or moredirectorsatashareholders'generalmeeting,thenumberofvotingrightscarried by each of the shares held by a voting shareholder is the same as thenumberofdirectorstobeelectedsuchthatashareholdermayexercisethevotingrightsinawaytoconcentrateallhisvotesonaparticularcandidateortospreadhisvotesonseveralcandidates.
Article112	The Chairman and the deputy Chairmen shall be elected and removed by morethanone-halfofallmembersoftheboardofdirectors.ThetermofofficeofeachoftheChairmanandthedeputychairmenshallbethree(3)years,whichtermisrenewableuponre-election.
Article113	TheboardofdirectorsshallmakeinquirieswiththePartycommitteebeforemakingdecisionsonmajorissuesoftheCompany.
Article114	Theboardofdirectorsisresponsibletotheshareholders'generalmeetingandshallexercisethefollowingdutiesandpowers: (1) tobe responsiblefortheconvening oftheshareholders' generalmeetingandtoreportonitsworktotheshareholdersingeneralmeetings;

(2) toimplementtheresolutionspassedbytheshareholdersingeneralmeetings;

(3) todeterminetheCompany'sbusinessplansandinvestmentproposals;

(4) toformulatetheCompany'spreliminaryandfinalannualfinancialbudgets;

(5) to formulate the Company's profit distribution proposal and loss recoveryproposal;

(6) toformulateproposalsfortheincreaseorreductionoftheCompany'sregisteredcapitalandfortheissuanceoftheCompany'sdebentures;

(7) todrawuptheCompany'sproposalsforthemerger,division,dissolutionorchangeoftheformoftheCompany;

(8) todecideonotherissuesrelatingtotheprovisionofguaranteeinfavorofa third party other than those must be approved at a shareholders' generalmeetingpursuanttothelaws,administrativeregulationsandtheseArticlesofAssociation;

(9) todecideontheexternalinvestments,purchaseandsaleofassets,creation of mortgage over assets, entrusted asset management, connectedtransactionsandothermatterswithinthescopeofauthorizationconferredbytheshareholders'generalmeeting;

(10) todecideontheCompany'sinternalmanagementstructure;

(11) toappointordismissthepresidentoftheCompany,secretarytotheboard of directors and determine their remunerations; and to appoint ordismiss,withreferencetothenominationbythepresident,thevicepresidents,chiefaccountant,chiefpilotandotherseniorofficersanddeterminetheirremunerations;

(12) toformulatethebasicmanagementstructureoftheCompany;

(13) tomanagemattersrelatingtothedisclosureofinformationbytheCompany;

(14) to make recommendations to the shareholders' general meetings on theappointmentorchange ofthe accounting firmwhich performs the auditworkfortheCompany;

	(15) tohearfromtheCompany'spresidentreportsonworkperformedandtoinspecttheworkofthepresident; (16) toformulateproposalsforanyamendmentoftheCompany'sArticlesofAssociation;and (17) toexerciseanyotherpowersconferredbytheshareholdersingeneralmeetingsandtheseArticlesofAssociations.
	Resolutions by the board of directors on matters referred to in the precedingparagraphmaybepassedbytheaffirmativevoteofmorethanhalfofthedirectors (amongst which resolution on matters referred to in sub-paragraph (8)shallrequiretheaffirmativevoteofmorethantwo-thirdsofthedirectorspresentattheboardmeeting)withtheexceptionofresolutionsonmattersreferredtoinsub-paragraphs(6),(7)and(16)whichshallrequiretheaffirmativevoteofmorethantwo-thirdsofallthedirectors.
	Ifanydirectorisconnectedwiththeenterprisesthatareinvolvedinthemattersto be resolved by the board meetings, he shall not exercise his voting rights forsuchmatters,norshallheexercisevotingrightsonbehalfofotherdirectors.Such board meetings shall be convened by a majority of the directors presentthereatwhoarenotconnected.Resolutionsmadebytheboardmeetingsshallbepassedbyamajorityofthedirectorsthatarenotconnected.Theaforementionedmattersthatmustbepassedbytwo-thirdsormoreofthedirectorsshallbepassedbyvotesoftwo-thirdsormoreofthedirectorsthatarenotconnected.Ifthenumberofnon-connecteddirectorsattendingtheboardmeetingsfallsshortofthree,suchmattersshallbesubmittedtotheshareholders'generalmeetingoftheCompanyforapproval.
	ResolutionsmadebytheboardofdirectorsontheCompany'sconnectedtransactionsshallcomeintoeffectonlyaftertheyaresignedbytheindependentdirectors.
Article115	Uponauthorizationbytheboardofdirectors,theChairmanmayexercisepartofthefunctionsandpowersoftheboardofdirectorswhentheboardofdirectors is not insession. Issues involving material interests of the Companyshallbesubjecttocollectivedecisionbytheboardofdirectors.

Article116	The board of directors shall not, without the prior approval of shareholders in ageneralmeeting,disposeoforagreetodisposeofanyfixedassetsoftheCompanywheretheestimatedvalueoftheconsiderationfortheproposeddisposal and the value of the consideration for any such disposal of any fixedassetsoftheCompanythathasbeencompletedintheperiodoffour(4)monthsimmediatelyprecedingtheproposeddisposal,onanaggregatebasisexceeds 33% of the value of the Company's fixed assets as shown in the latestbalancesheetwhichwasconsideredatashareholders'generalmeeting.
	ForthepurposesofthisArticle,"disposition"includesanactinvolvingthetransferofaninterestinassetsbutdoesnotincludetheusageoffixedassetsfortheprovisionofsecurity.
	ThevalidityofadispositionbytheCompanyshallnotbeaffectedbyanybreachofthefirstparagraphofthisArticle.
	Before the board of directors makes a decision on market development, mergerand acquisition, investment in new areas, etc., in relation to projects involvinginvestmentoracquisitionormergerexceedingacertainproportion(tobedetermined by shareholders' meeting) of the total assets of the Company, anindependentconsultingagencyshallbeengagedtoprovideprofessionalopinionswhichshallbeanimportantbasisofthedecisionsoftheboardofdirectors.
Article117	Unlessotherwiseprovidedforinthelaws,regulationsand/ortherelevantlistingrules,theboardofdirectorsshall,withinthescopeofauthorityasconferred by the shareholders' general meeting, have the right to decide on aninvestment(includingriskinvestment)oracquisitionproject.Foranymajorinvestment or acquisition project which is beyond the limits of authority of theboard of directors to examine and approve thereof, the board of directors shallorganizetherelevantexpertsandprofessionalstoconductanevaluationthereofandreportthesametotheshareholders'generalmeetingforapproval.
Article118	Theboardofdirectorsmayestablishthestrategyandinvestmentcommittee,theauditandriskmanagementcommittee,thenominationandremunerationcommittee,theaviationsafetycommitteeandotherspecialcommittees.Themembers'composition,dutiesandresponsibilities,andproceduresofeachspecialcommitteeoftheboardofdirectorsarespecificallydeterminedaccordingtothetermsofreferenceofeachspecialcommittee,whicharedrawnupbytheboardofdirectors.

Article119	TheChairmanoftheboardofdirectorsshallexercisethefollowingpowers: (1) topresideovershareholders'generalmeetingsandtoconveneandpresideovermeetingsoftheboardofdirectors; (2) tocheckontheimplementationofresolutionspassedbytheboardofdirectorsatdirectors'meetings; (3) tosignthesecuritiescertificatesissuedbytheCompany; (4) toconveneChairman'sofficemeeting; (5) toexerciseotherpowersconferredbytheboardofdirectors.
	Thevicechairmanoftheboardofdirectorsshallassistthechairmanoftheboardofdirectorswithhis/herduties.Shouldthechairmanoftheboardofdirectorsbeunabletoperformorfailtoperformhis/herduties,thevicechairmanoftheboardofdirectorsshallperformthesaidduties.Shouldthevice chairman of the board of directors be unable to perform or fail to performhis/herduties, a director jointlyelected bymore thanhalf ofthe number ofDirectorsshallperformthesaidduties.
Article120	Meetingsoftheboardofdirectorsshallbeheldatleasttwiceeveryyearandshall be convened by the Chairman of the board of directors. All directors andsupervisorsshallbenotifiedofthemeetingfourteendaysbeforehand.Thenoticeoftheboardmeetingsshallcontain: (1) date,venueanddurationofthemeeting; (2) reasonsandmattersfordiscussion; (3) dateofissuanceofthenotice.
	ExtraordinarygeneralmeetingshallbeconvenedbytheChairmanwithintendaysoftheoccurrenceofanyofthefollowingeventsandshallnotbesubjecttotheabovementionedperiodofnotice: (1) whereshareholdersrepresentingmorethan10%ofthevotingrightsproposetodoso; (2) wherethechairmanoftheboardofdirectorsdeemsitnecessary; (3) whereone-thirdormoreofthedirectorsjointlyproposetodoso;

	(4) whereonehalformoreoftheindependentdirectorsjointlyproposetodoso; (5) wherethesupervisorycommitteeproposestodoso; (6) wherethepresidentproposestodoso; (7) wherethesecuritiesregulatoryauthorityrequirestodoso;and (8) whereothercircumstancesspecifiedintheArticlesofAssociationoftheCompanyoccur.
	ThemeetingsoftheboardofdirectorsshallbeconductedinChineseandwherenecessary,mayhaveaninterpretertoprovideChineseandEnglishtranslationduringthemeetings.
Article121	Thenoticeofboardmeetingshallbeissuedviathefollowingmethods: (1) Forregularmeetingsoftheboardofdirectorsofwhichthetimeandvenuehavebeenstipulatedbytheboardofdirectorsbeforehand,nonoticeoftheconveningofsuchmeetingswillbeneeded. (2) Formeetingsoftheboardofdirectorsofwhichthetime,venueandagenda have not been decided by the board of directors beforehand, thesecretaryoftheboardofdirectorsshallnotifythedirectorsandsupervisorsof thetimeandvenueof suchmeetingatleast14days inadvancebytelex,bytelegram,byfacsimile,byexpressserviceorbyregistered mail or in person or by email, unless otherwise provided for inArticle120herein. (3) Notice of meetings may be served in Chinese, with an English translationattachedtheretowhennecessary.Adirectormaywaivehisrighttoreceivenoticeofaboardmeeting.
Article122	Alldirectorsmustbenotifiedabouttheimportantmattersthatshallbedecidedby the board of directors within the time limit stipulated in Article 121 of theseArticles ofAssociation and sufficientmaterials shallbe provided atthe sametimeinstrictcompliancewiththerequiredprocedures.Directorsmayrequestforsupplementaryinformation.Ifmorethanone-fourthofthedirectorsormorethantwooutsidedirectorsconsiderthatthematerialsprovidedarenotsufficient or supporting arguments are not clear, they may jointly propose topostponethemeetingorpostponethediscussionofcertainmattersontheagendaofthemeetingandtheboardofdirectorsshallacceptsuchproposal.

	Notice of a meeting shall be deemed to have been given to any director whoattendsthemeetingwithoutprotestingagainst,beforeoratitscommencement,anylackofnotice.
	Any regular or ad hoc meeting of the board of directors may be held by way oftelephoneconferencingorsimilarcommunicationequipmentsolongasalldirectorsparticipatinginthemeetingcanclearlyhearandcommunicatewitheach other. All such directors shall be deemed to be present in person at themeeting.
Article123	Aboardofdirectorsmeetingshallonlybeconvenedifamajorityofthenumber of the board members are present (including any directors appointedpursuanttoArticle120oftheseArticlesofAssociationtoattendthemeetingastherepresentativesofotherdirectors).Eachdirectorhasonevote.Anyresolution requires the affirmative votes of more than half of all the board ofdirectorsinordertobepassed.Inthecaseofequaldivisionofvotes,theChairmanoftheboardofdirectorsisentitledtoacastingvote.
Article124	Directors shall attend the meetings of the board of directors in person. Where adirectorisunabletoattendameetingforanyreason,hemaybyawrittenpowerofattorneyappointanotherdirectortoattendthemeetingonhisbehalf.Thepowerofattorneyshallsetoutthenamesoftheproxies,thematterstobedealt with by the agents, the scope of the authorization and the effective termthereof.Thepowersofattorneyshallbesignedorsealedbytheprincipals.
	ADirectorappointedastherepresentativeofanotherdirectortoattendthemeetingshallexercisetherightsofadirectorwithinthescopeofauthorityconferredbytheappointingdirector.Whereadirectorisunabletoattendameetingoftheboardofdirectorsandhasnotappointedarepresentativetoattendthemeetingonhisbehalf,heshallbedeemedtohavewaivedhisrighttovoteatthemeeting.
	Directorsshallbedeemedtobefailedtocarryouttheirdutiesiftheyfailtoattend two consecutiveboardmeetings inperson and to appoint an alternatedirector to attend board meetings on their behalf. The board of directors shallproposeattheshareholders'generalmeetingfortheremovalofsuchdirectors.
	Expensesincurredbyadirectorforattendingameetingoftheboardofdirectors shall be paid by the Company. These expenses include the costs oftransportationbetweenthepremisesofthedirectorandthevenueofthemeetingindifferentcitiesandaccommodationexpensesduringthemeeting.Rent of the meeting place, local transportation costs and other reasonable out-of-pocketexpensesshallbepaidbytheCompany.

Article125	Theboardofdirectorsmayacceptawrittenresolutioninlieuofaboardmeetingprovidedthatadraftofsuchwrittenresolutionshallbedeliveredtoeach director in person, by mail, by telegram or by facsimile. If the board ofdirectorshasdeliveredsuchproposedwrittenresolutiontoallthedirectorsandthedirectorswhosignedandapprovedsuchresolutionhavereachedtherequiredquorum,andthesamehavebeendeliveredtothesecretaryoftheboardofdirectors,suchresolutionshalltakeeffectasaboardresolution,withouthavingtoholdaboardmeeting.
Article126	The board of directors shall keep minutesof resolutions passedat meetingsoftheboardofdirectorsinChinese. Thedirectorsattendingthe boardmeetingshallhavetherighttorequesttohavethedescriptiveinformationontheirspeechgiventhereattoberecordedintheminutes.Opinionsoftheindependent(non-executive)directorsshallbeclearlystatedin theresolutionsoftheboardofdirectors.Theminutesofeachboardmeetingshall be provided to all the directors promptly. Directors who wish to amend orsupplementtheminutesshallsubmittheproposedamendmentstotheChairmaninwritingwithinoneweekafterreceiptofthemeetingminutes.Theminutesshallbesignedbythedirectorspresentatthe meetingand theperson who recorded the minutes after they are finalised. The minutes of boardmeetingsshallbekeptatthepremisesoftheCompanyinthePRCandacompletecopyoftheminutesshallbepromptlysenttoeachdirector.Theminutesshallbekeptforaperiodofnotlessthan10years.
Article127	Whereawrittenresolutionisreachedintheabsenceofthestatutoryproceduresbuthasbeensignedbythedirectors,evenifeachdirectorhasexpressedhis/herviewindifferentways,suchboardresolutionshallhavenolegaleffect.
	Ifaresolutionoftheboardofdirectorsviolatesthelaws,administrativeregulationsortheCompany'sArticlesofAssociation,thedirectorswhoparticipated in the passing of such resolution shall be directly liable therefor.However,ifitcanbeproventhatadirectorhadexpresslyobjectedtotheresolutionwhentheresolutionwasvotedon,andthatsuchobjectionwasrecordedintheminutesofthemeeting,suchdirectormaybereleasedfromsuch liability. A director who abstained from voting or was absence from themeeting without appointing a proxy to attend on his or her behalf may not bereleasedfromsuchliability.Adirectorwhohadexpresslyobjectedtotheresolutionduringdiscussionbuthadnotclearlyvoteagainstsuchmotionmaynotbereleasedfromsuchliability.

Article128	Subjecttoallrelevantlawsandadministrativeregulations,theshareholders'generalmeetingmayremoveanydirector(excludingtheemployeerepresentativedirector)byanordinaryresolutionbefore theexpirationofhistermofoffice.However,thedirector'srighttoclaimfordamagesarisingfromhisremovalshallnotbeaffectedthereby.
Article129	A director may resign prior to the expiration of his term of office. If a directorresignsfromhisoffice,heshallsubmitawrittenreportofhisresignationtotheboard ofdirectors. Independentdirectors shallprovideanexplanation onthecircumstanceswhicharerelevanttohisresignationandwhichinhisopinionarenecessarytobringtotheattentionoftheshareholdersandcreditorsoftheCompany.
	IftheresignationofadirectorwillresultintheboardofdirectorsoftheCompanyhavinglessthanthestatutoryminimumnumberofdirectors,thensuchdirector'sreportofresignationshallonly becomeeffectiveafteranewindependent director has been appointed to fill the vacancy so caused by hisresignation.TheCompanyshallconveneanadhocmeetingoremployeerepresentativemeetingassoonaspossibletoelectadirectortofillupthevacancyarisingfromtheresignationofthedirector.Beforeadecisionismadeattheshareholders'generalmeetingortheemployeerepresentativemeetingregarding the election of the director, the functions and powers of the resigningdirector and the remaining board of director shall be restricted to a reasonableextent.
	Iftheresignationofanindependentdirectorwillresultintheboardofdirectors of the Company having less than the minimum required proportion ofindependentdirectorsasrequiredbytherelevantregulatoryauthority,thensuchindependentdirector'sreportofresignationshallonlybecomeeffectiveafteranewindependentdirectorhasbeenappointedtofillthevacancysocausedbyhisresignation.
	Otherthanconditionsaforementioned,theresignationofdirectorshallbeeffectiveuponthedeliveryofitsresignationreporttotheboardofdirectors.

CHAPTER12:INDEPENDENTDIRECTORS

Article130

Candidates for theindependent directorsshall benominatedby the boardofdirectors,supervisorycommitteeorshareholder(s)holding,whetheraloneortogether, one percent (1%) or more of the total amount of voting shares in theCompanyandelectedatshareholders'generalmeeting.

(1) The nominator of a candidate for the independent directors shall seek theconsentofsuchcandidatepriortonominationandshallhaveafullunderstandingtowardstheprofession,education,jobposition,detailedworking experience and all other positions held concurrently as well aspreparingwrittenmaterialscontainingthesaidinformationtotheCompany.CandidatesshallundertaketotheCompanyinwritingthattheyhaveagreedtoacceptthenominationandthatalldisclosedinformationrelatingtothemaretrueandcompleteandshallguaranteethat they will conscientiously perform the director's responsibilities whenelected.

(2) Thenominatorshallprovidehisopinioninconnectionwiththequalificationandindependencyofsuchnomineesforactingasanindependentdirector.Iftheapplicablelaw,regulationsand/ortherelevantlistingrulescontaintherelevantprovisions,thenomineeshallmakeapublicstatementinaccordancewithsuchprovisionsthattheredoes not exist any relationship between himself and the Company whichmayinfluencehisindependentobjectivejudgement.

(3) Ifthenominationofacandidatefortheindependentdirectorsistakenplace before the board meeting of the Company is convened and if theapplicablelaw,regulationsand/ortherelevantlistingrulescontaintherelevantprovisions,thewrittenmaterialsconcerningthenomineesetoutin sub- paragraphs (1) and (2) of this Article shall be publicly announcedtogether with the resolutions of the board of directors in accordance withsuchprovisions.

(4) Ifashareholderholding,aloneortogether,morethan3%ofthevotingrightoftheCompanyorthesupervisorycommitteeproposesanextempore motion on the election of non-independent directors, the writtennoticespecifyingtheintentiontoproposeapersonforelectionasadirector and the willingness of the nominee to accept nomination togetherwiththewrittenmaterialsandundertakingscontainingsuchparticularsofthenomineeassetoutinsub-paragraphs(1)and(2)ofthisArticleshallbedespatchedtotheCompanywithinten(10)dayspriortotheshareholders'generalmeeting.

(5)Beforeageneralmeetingofshareholdersisconvenedtoelectindependentdirectors,iftheapplicablelaw,regulationsand/ortherelevantlistingrulescontaintherelevantprovisions,theCompanyshallinaccordancewithsuchprovisionssubmitrelevantmaterialsregardingall nominees to the authority in charge of securities of the State Counciland/oritslocalresidenceofficeandthestockexchangesonwhichtheCompany'ssharesarelisted.IftheboardofdirectorsoftheCompanyobjectstothequalificationsofthenominees,awrittenopinionoftheboardofdirectorsinconnectiontherewithshallalsobesubmittedatthesametime.IftheauthorityinchargeofsecuritiesoftheStateCouncilhas an objection to a nominee, such nominee shall not qualified to be acandidateforelectionasanindependentdirector.Whenconveningashareholders' general meeting to elect independent directors, the board ofdirectorsofthe Companyshallexplainwhetherornotthe authorityincharge of securities of the State Council had any objection to any of thecandidatesforindependentdirectors.

Article131

Apersonactingasanindependentdirectorshallfulfilthefollowingbasicrequirements:

(1) heorsheshallpossessthequalificationstoactasthedirectoroftheCompany in accordance the relevant laws, administrative regulations andotherrelevantregulations;

(2) heorsheconformswithindependencerequiredbytherelevantlaws,administrativeregulations,departmentrulesandregulationsandthelistingrules;

(3) he or she possesses the basic knowledge of operation of a listed companyandis familiarwithrelevant lawsandadministrative regulationsas wellasrulesandregulations(includingbutnotlimitedtotheaccountingprinciples);

(4) heorsheshallhavenotlessthanfive(5)yearsexperienceinlaw,economicsorotherworkingexperiencenecessaryforperformingdutiesofanindependentdirector;

(5) he or she shall fulfil other conditions as provided for in these Articles ofAssociation.

Article132

Independentdirectorsshallhaveindependence.Unlessotherwiserequiredbytherelevantlaws,administrativeregulationsand/ortherelevantlistingrules,noneofthefollowingpersonsshallactasindependentdirectors:

(1) personsworkingintheCompanyoritssubsidiaries,aswellastheirdirect family members or major social relations (in which direct familymembersrefertotheirspouses,parentsandchildrenetc.;andmajorsocial relations refer to siblings, parents-in-law, sons or daughters-in-law,spousesoftheirsiblingsandsiblingsoftheirspousesetc.);

(2) natural person shareholders as well as their direct family members whodirectlyorindirectlyholdnotlessthanonepercent(1%)oftheissuedsharesoftheCompanyorwhoarerankedasthetoptenshareholdersoftheCompany;

(3) personsaswellastheirdirectfamilymemberswhoworkinentitieswhicharesuchshareholdersoftheCompanydirectlyorindirectlyholdingnotlessthanfivepercent(5%)ofthesharesoftheCompanyinissueorwhicharerankedasthetopfiveshareholdersoftheCompany;

(4) persons who have satisfied the conditions stated in the above three sub-paragraphswithinthemostrecentyear;

(5) personswhoprovidefinancial,legalandconsultationservicesandotherwisetotheCompanyoritssubsidiaries;

(6) persons who are determined by the authority in charge of securities to beunqualifiedtoactasindependentdirectors.

Article133

If an independent director fails to attend three consecutive board meetings inperson,theboardofdirectorsshallproposeattheshareholders'generalmeetingthatsuchindependentdirectorshouldberemoved.Exceptforcircumstances described above, the circumstances as provided for in the thirdparagraphofArticle124oftheseArticlesofAssociationandthosesetoutintheCompanyLawthatapersonisunqualifiedtoactasadirector,anindependentdirectorshallnotberemovedwithoutcausefromhisofficebeforethe expiration of his term of office. Where an independent director is removedfrom office prior to the expiration of his/her term of office, the Company shallmakespecialdisclosureinrelationthereto.Theremovedindependentdirectormaymakeapublicstatementifhebelievesthathehasbeenimproperlyremovedfromhisoffice.

Article134

ApartfromsuchpowersasconferredonadirectorundertheCompanyLawandotherrelevantlawsandregulationsandtheArticlesofAssociation,anindependentdirectorshallalsohavethefollowingspecialfunctionsandpowers:

(1) withrespecttothematerialconnectedtransactions(asdeterminedbasedonthestandardspromulgatedfromtimetotimebythecompetentregulatory departments) and the appointment or removal of an accountingfirmthataresubjecttobeconsideredatashareholders'generalmeetinginaccordancewiththelaws,regulationsand/ortherelevantlistingrules,if the applicable law, regulations and/or relevant listing rules contain therelevant provisions, the transactions and appointment and removal set outaboveshallbeendorsedbynotlessthanone-half(1/2)oftheindependentdirectorsbeforesubmittingtotheboardofdirectorsfordiscussion. None of the resolution reached by the board of directors withrespect to the connected transactions entered into by the Company shallbecomeeffectiveunlesssuchresolutionissignedbytheindependentdirectors.Priortomakingajudgment,theindependentdirectorsmayappoint anintermediary to issuean independentfinancial adviser's reportasabasisoftheirjudgment.

(2) He or she may give recommendations to the board of directors as to theengagement,orterminationoftheengagement,ofanaccountingfirm;

(3) Heorshemayproposetotheboardofdirectorstoconveneanextraordinarygeneralmeeting;

(4) Heorshemayproposetoconveneaboardmeeting;

(5) Heorshemayengageexternalauditorsoradvisersindependently;

(6) He or she may solicit votes from shareholders prior to the shareholders'generalmeeting;

(7) Heorshemaydirectlyreporttherelevantissuestotheshareholders'general meeting, the authority in charge of securities of the State Councilandotherrelevantdepartments.

Anindependentdirectorshallobtaintheconsentfromnotlessthanone-half(1/2)ofallindependentdirectorsforexercisingtheirfunctionsandpowersinthecaseofexercisinghis/herfunctionsasdescribedinsub-paragraphs(2),(3),(4),(6)and(7)ofthisArticlesetoutabove,andtheunanimousconsentfromallindependentdirectorsinthecaseofexercisinghis/herfunctionsasdescribedinsub-paragraph(5)ofthisArticleassetoutabove.

Article135	Apartfrom the dutiesset forth above, independent directors shall alsoexpresstheirindependentopiniononthefollowingmajormatterstotheboardofdirectorsoratashareholders'generalmeeting: (1) nominationorremovalofdirectors; (2) appointmentorremovalofseniorofficers; (3) theremunerationofdirectorsandseniorofficers; (4) matterswhichtheindependentdirectorsbelievemayimpairtherightsandinterestsofminorityshareholders; (5) material financial transactions between the Company and itsshareholders,defactocontrollingpersonortheiraffiliates; (6) profitdistributionplanproposedtotheboardofdirectorsoftheCompanyfortheirreviewandconsideration; (7) failureoftheboardofdirectorsoftheCompanytoproduceproposalinconnectionwithprofitdistributionincash; (8) othermattersprovidedforbytheapplicablelawsandregulations,departmentalrulesorthearticlesofassociationoftheCompany.
	Independent directors shall give one of the following opinions in relation to theabovematters:agree;qualifiedopinionandreasonstherefore;opposeandreasonstherefore;unabletoformanopinionandtheimpedimentstodoingso.
Article136	Independentdirectorsshallsubmitanannualworkingreporttotheshareholders' general meeting to give an account of the performance of theirduties.
CHAPTER13:SECRETARYOFTHEBOARDOFDIRECTORS
Article137	TheCompanyshallhaveone(1)secretaryoftheboardofdirectors.ThesecretaryshallbeaseniorofficeroftheCompany.
	Theboardofdirectorsshallestablishasecretariatoftheboardofdirectors.
Article138	ThesecretaryoftheCompany'sboardofdirectorsshallbeanaturalpersonwhohastherequisiteprofessionalknowledgeandexperience,andshallbeappointedbytheboardofdirectors.

	Themaintasksanddutiesofthesecretaryoftheboardofdirectorsinclude: (1) assistthedirectorsintheday-to-dayworkoftheboardofdirectors,continuouslyprovidethedirectorswith,advisethedirectorsofandensurethatthedirectorsunderstandtheregulations,policiesandrequirementsoftheforeignanddomesticregulatoryauthoritiesontheoperationoftheCompany,assistthedirectorsandthepresidentineffectivelycomplyingwithrelevantforeignanddomesticlaws,regulations,theCompany'sArticlesofAssociationandotherrelevantregulations; (2) responsible for the organization and preparation of documents for boardmeetingsandshareholders'meetings,takepropermeetingminutes,ensure that the resolutions passed at the meetings comply with statutoryproceduresandsupervisetheimplementationoftheresolutionsoftheboardofdirectors; (3) responsiblefortheorganizationandcoordinationofinformationdisclosure,coordinatetherelationshipwithinvestorsandenhancetransparencyoftheCompany; (4) participateinarrangingoffinancingthroughcapitalmarkets; (5) deal with intermediaries, regulatory authorities and media, maintain goodpublicrelationswork; (6) executeothertasksassignedbytheboardofdirectorsorthechairmanoftheboardofdirectors.
Article139	AdirectororotherseniormanagementpersonneloftheCompanymayalsoactas the secretary of the board of directors. The certified public accounting firmwhich has been appointed bythe Companyto act as its auditorsshall not act asthesecretaryoftheboardofdirectors.
	Where the office of secretary is held concurrently by a director, and an act isrequiredtobedonebyadirectorandasecretaryseparately,thepersonwhoholds the office of director and secretary may not perform the act in a dualcapacity.
Article140	The secretary ofthe boardof directorsshall diligentlyexercise his duties inaccordancewiththelaws,administrativeregulations,departmentalrulesandtherelevantprovisionsoftheseArticlesofAssociation.

	ThesecretaryoftheboardofdirectorsshallassisttheCompanyincomplyingwiththerelevantPRClawsandtherulesofthesecuritiesexchangeonwhichthesharesoftheCompanyarelisted.
CHAPTER14:PRESIDENT
Article141	TheCompanyshallhaveapresidentwhoshallbeappointedordismissedbytheboardofdirectors.
	TheCompanyshallhaveseveralvicepresident,onechieffinancialofficerandonechiefpilotwhoshallassistthepresident.Thevicepresidents,chieffinancialofficerandchiefpilotshallbenominatedbythepresidentandappointedordismissedbytheboardofthedirectors.
Article142	Thetermofofficeforapresidentshallbethreeyearsandisrenewableifre-appointed.
Article143	Thepresidentshallbeaccountabletotheboardofdirectorsandshallexercisethefollowingfunctionsandpowers: (1) tobeinchargeoftheCompany'sproduction,operationandmanagementandtoorganizetheimplementationoftheresolutionsoftheboardofdirectors; (2) toorganizetheimplementationoftheCompany'sannualbusinessplanandinvestmentproposal; (3) subject to applicable laws and these Articles of Association, to decide ontransactions, which are related to the Company's main business, and thevalueofwhichshallnotexceedcertainamount,orcertainproportionoftheCompany'slatestauditednetassets(thesaidamountandproportiontobedeterminedbytheshareholders'meeting); (4) to sign contracts and agreements on behalf of the Company in accordancewiththeauthorizationgrantedbytheboardofdirectorsorthelegalrepresentative; (5) todraftplansfortheestablishmentoftheCompany'sinternalmanagementstructure,andwherenecessary,makeplansforgeneralinstitutionaladjustment; (6) todrafttheCompany'sbasicmanagementsystem; (7) toformulatebasicrulesandregulationsfortheCompany;

	(8) toproposetheappointmentordismissalofthevicepresidents,chiefaccountantandchiefpilotoftheCompany; (9) toappointordismissmanagementpersonnelotherthanthoserequiredtobeappointedordismissedbytheboardofdirectors; (10) toproposetoconveneanextraordinarymeetingoftheboardofdirectors; (11) otherpowersconferredbytheArticlesofAssociationandtheboardofdirectors.
Article144	Thepresidentshallattendmeetingsoftheboardofdirectors.Thepresidentwhoisnotadirectorshallnothavetherighttovoteatboardmeetings.
Article145	Inperformingtheirdutiesandpowers,thepresident,vicepresidents,chiefaccountant,chiefpilotandotherseniorofficersshallacthonestlyanddiligentlyinaccordancewithlaws,administrativeregulationsandtheArticlesofAssociation.
CHAPTER15:SUPERVISORYCOMMITTEE
Article146	TheCompanyshallhaveasupervisorycommittee.ThesupervisorycommitteeisapermanentsupervisorybodyoftheCompanyresponsibleforsupervisingtheboardofdirectorsanditsmembers,thepresident,vicepresidents,chieffinancialofficerandotherseniorofficersoftheCompanytopreventthemfrom abusing their powers and infringing the legal rights and interests of theshareholders,theCompanyanditsemployees.
Article147	Thesupervisorycommitteeshallcomposeoffive(5)supervisors.Thenumberofoutsidesupervisor(hereinaftermeaningsupervisorswhodonotholdofficeintheCompany)shallaccountforonehalformoreofthetotalnumberofsupervisorycommitteemembers.Thenumberofsupervisorsrepresentingemployeesshallnotbelessthanone-third(1/3)ofthetotalnumberofsupervisors.Thesupervisorycommitteeshallhaveone(1)chairman.Eachsupervisorshallserveforatermofthree(3)years,whichtermisrenewableuponre-electionandre-appointment.
	The election or removal of the chairman of the supervisory committee shall bedeterminedbytheaffirmativevotesoftwo-thirdsormoreofthemembersofthesupervisorycommittee.
	Thechairmanofthesupervisorycommitteeshallorganisetheimplementationofthedutiesofthesupervisorycommittee.

Article148	Thesupervisorycommitteeshallincludethree(3)supervisorswhoshallrepresent the shareholders (all of whom are outside supervisors) and two (2)supervisors who shall represent the employees. Supervisors who represent theshareholdersshallbeelectedorremovedbytheshareholdersingeneralmeetings,andthesupervisorwhorepresentsemployeesshallbeelectedorremovedbytheemployeesdemocratically.
	Wherenecessary,thesupervisorycommitteemayestablishanofficeresponsiblefortheday-to-dayworkofthesupervisorycommittee.
Article149	Thelistofcandidatesforsupervisorsrepresentingshareholdersshallbeproposedinformofamotiontotheshareholders'generalmeetingforresolution.Candidatesforsupervisorsrepresentingemployeesshallbenominatedbytheboardofdirectors,supervisorycommitteeorbyshareholder(s)holding,aloneortogether,morethanthreepercent(3%)ofthetotalamountofvotingsharesintheCompanyandshallbeelectedorremovedattheshareholders'generalmeeting.
Article150	Thecumulativevotingmethodmaybeadoptedforvotingtheresolutiontoelectsupervisors(excludingsupervisorsactedbystaffrepresentatives)attheshareholders'generalmeetingoftheCompany.Namely,fortheelectionofmorethantwosupervisorsattheshareholders'generalmeeting,eachshareheld by the shareholders participating in the voting shall carry the voting rightequaltothetotalnumberofsupervisorstobeelected.Theshareholderscaneither cast all the votes to elect one person or cast the votes to elect severalpersons.
Article151	Thedirectors,president,vicepresidentsandotherseniormanagementoftheCompanyshallnotactconcurrentlyassupervisors.
Article152	Theboardofsupervisorsmeetingsshallbeconvenedatleastonceevery6months.Thechairmanoftheboardofsupervisorsshallconveneandchairthesaid meetings. Should the chairman of the board of supervisors be unable toperformhis/herdutiesorfailtoperformhis/herduties,asupervisorjointlyelectedbymorethanhalfofthenumberofsupervisorsshallconveneandchairtheboardofsupervisors'meeting.Anoticeoftheboardofsupervisors'meetings shall be delivered to all supervisors in writing 10 days prior to theconveningofthesaidmeeting.Thenoticeofmeetingshallincorporatethefollowinginformation: (1) Thedate,venueanddurationofthemeeting; (2) Thereasonforconveningthemeetingandthetopicsfordiscussionthereat;

(3) Thedateonwhichthenoticeisissued.

Article153

If,atthetimewhenthetermofofficeofasupervisorexpires,theelectionofanewsupervisorisnotheldintime,andifasupervisorresignsduringhis/herterm of office and causes the number of members of the supervisory committeefall below those required by law, the incumbentsupervisor shall continue toperformhis/hersupervisor'sresponsibilitiesinaccordancewiththerelevantlaws,administrativeregulationsandtheseArticlesofAssociationuntilthenewlyelectedsupervisortakehis/heroffice.

Article154

Thesupervisorycommitteeshallbeaccountabletotheshareholdersinageneralmeetingandshallexercisethefollowingfunctionsandpowersinaccordancewithlaw:

(1) toreviewtheCompany'sfinancialpositionsituation,toexaminetheCompany'sreportspreparedbytheboardofdirectorsonaregularbasisandtopreparewrittenopinionafterthesamehavebeenexamined;

(2) to monitor the performance directors, president, vice presidents, financialcontrollerandotherseniorofficersoftheirdutiestoensurethattheydonotactincontraventionofanylaw,regulationortheArticlesofAssociation, and to recommend the dismissal of any directors and seniormanagementpersonnelwhohasviolatedthelaws,administrativeregulations,theArticlesofAssociationortheresolutionspassedattheshareholders'generalmeetings;

(3) todemandanydirector,president,vicepresident,financialcontrollerorany other senior officer who acts in a manner which is harmful to theCompany'sinteresttorectifysuchbehaviour;

(4) to verify the financial information such as the financial report, businessreportandplansfordistributionofprofitstobesubmittedbytheboardof directors to the shareholders' general meetings and to authorize, in theCompany'sname,publiclycertifiedaccountantsandpractisingauditorstoassistinthere-examinationofsuchinformationshouldanydoubtariseinrespectthereof;

(5) toproposetoamotionattheshareholder'sannualgeneralmeeting;

(6) toproposetoconveneanextraordinarygeneralmeetingandtoconveneand preside over the shareholders' general meetings when the board ofdirectorsfailstodoso;

(7) toproposetoconveneanadhocboardmeeting;

	(8) torepresenttheCompanyinnegotiationswith,orinbringingactionsagainst,adirectororseniormanagementofficer; (9) otherfunctionsandpowersspecifiedinlaws,administrativeregulationsand in these Articles of Association as well as those as conferred by theshareholders'generalmeeting.
	The supervisory committee may make recommendations on the appointment ofaccounting firm by the Company, may appoint another accounting firm in thenameoftheCompanywhennecessarytoexaminefinancialaffairsoftheCompanyindependently,andmaydirectlyreportrelevantinformationtotheauthoritiesinchargeofsecuritiesoftheStateCouncilandotherrelevantauthorities.
	Outsidesupervisorsshallreportindependentlytotheshareholders'meetingonwhethertheseniorofficersperformtheirdutieshonestlyanddiligently.
	Supervisorsmayattendmeetingsoftheboardofdirectorsasobservers,andtointerrogateorgivesuggestiontotheresolutionsattheboardofdirectors.
Article155	Supervisors may require the directors, the president, vice president and othersenior management personnel to the Board and internal and external auditingpersonneltoattendmeetingsofthesupervisorycommitteeandtoanswermattersofconcernsofthesupervisorycommittee.
Article156	Resolutionsofthesupervisorycommitteeshallbepassedbytheaffirmativevoteoftwo-thirdsormoreofallofitsmembers.
Article157	Thesupervisorycommitteeshalltakeminutesoftheresolutionsatthemeetings. Supervisor who attend the meeting and the person taking the minutesshallsigntheminutes.Thesupervisorsattendingthesupervisorycommitteemeetingshallhavetherighttorequesttohavethedescriptiveinformationontheirspeechgiventhereattoberecordedintheminutes.Minutesofthesupervisorycommitteemeetingshallbetreatedasimportantfileandkeptproperlyforaperiodofatleast10years.
Article158	Allreasonablefeesincurredinrespectoftheemploymentofprofessionals(such as, lawyers, certified public accountants or practising auditors) which arerequiredbythesupervisorycommitteeintheexerciseofitsfunctionsandpowersshallbebornebytheCompany.
Article159	Asupervisorshallcarryouthisdutieshonestlyandfaithfullyinaccordancewithlaws,administrativeregulationsandtheArticlesofAssociation.

CHAPTER16:THEQUALIFICATIONSANDDUTIESOF

THEDIRECTORS,SUPERVISORS,PRESIDENT,VICEPRESIDENTSANDOTHERSENIOROFFICERSOFTHECOMPANY

Article160

Apersonmaynotserveasadirector,supervisor,president,vicepresidentsorany other senior officers of the Company if any of the following circumstancesapply:

(1) apersonwhodoesnothaveorwhohaslimitedcapacityforcivilconduct;

(2) a person who has been sentenced for corruption, bribery, infringement ofpropertyormisappropriationofpropertyorothercrimeswhichdisruptthesocialeconomicorder,wherelessthanfiveyearshaveelapsedsincethesentencewasserved,orapersonwhohasbeendeprivedofhispoliticalrightsandnotmorethanfiveyearshaveelapsedsincethesentencewasserved;

(3) apersonwhoisaformerdirector,factorymanagerormanagerofacompanyorenterprisewhichhasbeendissolvedorputintoliquidationand who was personally liable for the winding up of such company orenterprise,wherelessthanthreeyearshaveelapsedsincethedateofcompletionoftheinsolventliquidationofthecompanyorenterprise;

(4) apersonwhoisaformerlegalrepresentativeofacompanyorenterprisethebusinesslicenceofwhichwasrevokedduetoviolationoflawandwhoarepersonallyliabletherefor,wherelessthanthreeyearshaveelapsedsincethedateoftherevocationofthebusinesslicence;

(5) a person who has a relatively large amount of debts which have becomeoverdue;

(6) apersonwhoiscurrentlyunderinvestigationbyjudicialorgansforviolationofcriminallaw;

(7) apersonwho,accordingtolaws,administrativeregulationsordepartmentalrules,cannotactasaleaderofanenterprise;

(8) apersonotherthananaturalperson;

(9) apersonwhohasbeenconvictedbythecompetentauthorityforviolationofrelevantsecuritiesregulationsandsuchconvictioninvolvesafindingthatsuchpersonhasactedfraudulentlyordishonestly,wherelessthanfiveyearshaveelapsedsincethedateofsuchconviction;

	(10) a person whohasbeen confirmed bythe authority inchargeofsecuritiesoftheStateCouncilasbeingprohibitedfromparticipatinginthemarketorhavenotbeenreleasedfromsuchprohibition; (11) other contents as provided for by the laws, administrative regulations ordepartmentalrules.
	Ifanyoftheabovecircumstancesoccursonthepartofadirectorduringhistermofoffice,theboardofdirectorsshall,startingfromthedateonwhichtheyareawarethereof,forthwithceasetheperformanceofdutiesbytherelevantdirectorandproposetoremovesuchdirectorattheshareholders'general meeting. If any of the above circumstances occurs on the part of thepresidentduringhistermofoffice,theboardofdirectorsshall,startingfromthe date on which they are aware thereof, forthwith cease the performance ofduties by the relevant president and convene a board meeting to dismiss suchpresident. If any of the above circumstances occurs on the part of a supervisorduringhistermofoffice,thesupervisorycommitteeshall,startingfromthedateonwhichitisawarethereof,forthwithceasetheperformanceofdutiesbytherelevantsupervisorandproposetoremovesuchsupervisorattheshareholders'generalmeetingortheemployeerepresentatives'meeting.
Article161	NodirectormayactinhisownnameoronbehalfoftheCompanyortheboard of directors without legal authorization pursuant to the provisions of theArticlesofAssociationorbytheboardofdirectors.Inthecourseofactinginhisownname,adirectorshallstatehispositionandidentityinsofarasathirdpartymayreasonablybelievesthatsuchdirectorisactingonbehalfoftheCompanyortheboardofdirectors.
Article162	The validity of an act carried out by a director, the president, vice presidents,financial controller or other senior officers of the Company on behalf of theCompanyasagainstabonafidethirdparty,shallnotbeaffectedbyanyirregularityinhisoffice,electionoranydefectinhisqualification.
Article163	Inadditiontotheobligationsimposedbylaws,administrativeregulationsorthelistingrulesofthestockexchangeonwhichsharesoftheCompanyarelisted,eachoftheCompany'sdirectors,supervisors,president,vicepresidentsand other senior officers owes a duty to each shareholder, in the exercise of thefunctionsandpowersentrustedtohimbytheCompany: (1) nottocausetheCompanytoexceedthescopeofbusinessstipulatedinitsbusinesslicence; (2) toacthonestlyandinthebestinterestsoftheCompany;

(3) nottodeprivetheCompanyofitsassetspropertyinanyway,including(butnotlimitedto)anyopportunitieswhichbenefittheCompany;

(4) not to deprive shareholders of the individual rights of, including (but notlimitedto)rightstodistributionandvotingrights,saveandexceptpursuanttoarestructuringoftheCompanywhichhasbeensubmittedtotheshareholdersforapprovalinaccordancewiththeArticlesofAssociation.

Article164

EachoftheCompany'sdirectors,supervisors,president,vicepresidentsandotherseniorofficersowesaduty,intheexerciseofhispowersorinthedischargeofhisduties,toexercisethecare,diligenceandskillthatareasonablyprudentpersonwouldexerciseincomparablecircumstances,includingbutnotlimitedtocompliancewiththestandardsoftheprofessionalethicsandcodeofconductformulatedbytheCompany.

Article165

EachoftheCompany'sdirectors,supervisors,president,vicepresidentsandotherseniorofficersshallexercisehispowersorperformhisdutiesinaccordance with the fiduciary principle; and shall not put himself in a positionwhere his duty and his interest may conflict. This principle includes (withoutlimitation)dischargingthefollowingobligations:

(1) toacthonestlyinthebestinterestsoftheCompany;

(2) toactwithinthescopeofhispowersandnottoexceedsuchpowers;

(3) toexercisethediscretionvestedinhimpersonallyandnottoallowhimself to act under the control of another and, unless and to the extentpermittedbylaws,administrativeregulationsorwiththeinformedconsent of shareholders given in a general meeting, not to delegate theexerciseofhisdiscretion;

(4) totreatshareholdersofthesameclassequallyandtotreatshareholdersofdifferentclassesfairly;

(5) unlessotherwiseprovidedforintheArticlesofAssociationorexceptwith the informed consent of the shareholders given in a general meeting,nottoenterintoanycontract,transactionorarrangementwiththeCompany;

(6) nottousetheCompany'spropertyforhisownbenefit,withouttheinformedconsentoftheshareholdersgiveninageneralmeeting;

(7) nottoexploithispositiontoacceptbribesorotherillegalincomeormisappropriatetheCompany'spropertyinanyway,including(butnotlimitedto)opportunitieswhichbenefittheCompany;

(8) nottoacceptcommissionsinconnectionwiththeCompany'stransactions,withouttheinformedconsentoftheshareholdersgiveninageneralmeeting;

(9) tocomplywiththeCompany'sArticlesofAssociation,toperformhisofficialdutiesfaithfully,toprotecttheCompany'sinterestsandnottoexploithispositionandpowerintheCompanytoadvancehisowninterests;

(10) not to compete with the Company in any way, save with the informedconsentoftheshareholdersgiveninageneralmeeting;

(11) nottomisappropriatetheCompany'sfunds,nottousetheCompany'sassetstosetupdepositaccountsinhisownnameorinanyothername,andnottolendthefundsoftheCompanytootherpartyortousetheassetsoftheCompanytoguaranteethedebtsofathirdpartyunlesswiththefullknowledgeandconsentoftheshareholdersgivenatashareholders'generalmeetingsoroftheboardofdirectors;

(12) nottoreleaseanyconfidentialinformationwhichhehasobtainedduringhis term of office, without the informed consent of the shareholders in ageneral meeting; nor shall he use such information otherwise than for theCompany's benefit,savethat disclosure ofsuchinformation to the courtorothergovernmentalauthoritiesispermittedif:

(i) disclosureisrequiredbythelaw;

(ii) inthepublicinterests;

(iii) intheinterestsoftherelevantdirector,supervisor,president,vicepresidentsorotherseniorofficer.

Gainsderivedbythedirectors,thepresident,thevicepresidentandothersenior management personnel in violation of this Article shall be vested in theCompany.ThesaidofficersshallbeliablefordamagesshouldtheiractionscauselossestotheCompany.

Article166

Should the directors, the supervisors, the president, the vice president and otherseniormanagementpersonnelberequestedtoattendashareholders'generalmeetingasnon-votingattendees,suchdirectors,supervisors,president,vicepresident and other senior management personnel shall attend the same as non-votingattendeesandprovideresponseandexplanationstotheinterrogationsandsuggestionraisedbytheshareholders.

Directors, supervisors, presidents, vice presidents and other senior managementpersonnelshallinformthesupervisorycommitteeoftherelevantstatusandprovidethesamewiththerelevantinformationinaccordancewiththefactsandshallnotprecludethesupervisorycommitteefromexercisingitsfunctionsandpowers.

Article167

Eachdirector,supervisor,president,vicepresidentsandotherseniorofficeroftheCompanyshallnotdirectthefollowingpersonsorinstitutions("associates")toactinamannerwhichheisprohibitedfromsoacting:

(1) thespouseorminorchildofthedirector,supervisor,president,vicepresidentsorotherseniorofficer;

(2) the trustee of the director, supervisor, president, vice presidents or otherseniorofficerorofanypersondescribedinsub-paragraph(1)above;

(3) the partner of that director, supervisor, president, vice presidents or otherseniorofficeroranypersonreferredtoinsub-paragraphs(1)and(2)ofthisArticle;

(4) acompanyinwhichthatdirector,supervisor,president,vicepresidentsorotherseniorofficer,whetheraloneorjointlywithanypersonreferredto in sub-paragraphs (l), (2) and (3) of this Article and other directors,supervisors, president and other senior officers, has de facto controllinginterest;

(5) thedirectors,supervisors,president,vicepresidentsandotherseniorofficersofacompanywhichisbeingcontrolledinthemannersetoutinsub-paragraph(4)above.

Article168	Ifadirector,supervisor,presidentandvicepresidentandotherseniorofficeroftheCompanyresignsorhisorhertermofofficeexpires,hisorherfiduciary duty owed to the Company and shareholders may not be necessarilydischargedbeforehisorherreportofresignationtakeseffectorwithinareasonableperiodthereafterandwithinareasonableperiodaftertheexpiryofhis or her terms of office while his or her duty to keep confidential of the tradesecretsoftheCompanyshallremaineffectiveaftertheexpiryofhisorhertermof officeuntil suchsecretsenterinto the publicdomain.Thesurvivalofotherdutiesshallbedeterminedinaccordancewiththeprinciplesoffairnessaswellastakingintoconsiderationthetimeintervalbetweentheoccurrenceoftheeventconcernandthetimingofhisorherdeparturetogetherwiththecircumstances and conditions under which the said person terminates his or herrelationshipwiththeCompany.
Article169	Anydirector,supervisor,president,vicepresidentandotherseniormanagementpersonnelwho,whenperformingtheirdutiesintheCompany,violatesthelaws,administrativeregulations,departmentalrulesandregulationsor the provisions contained in the Articles of Association resulting in causinglossestotheCompanyshallbeliableforindemnifyingtheCompany.Anydirector,supervisor,president,vicepresidentorotherseniorofficerwhosetermofofficehasnotbeenexpiredshallbeliableforcompensationofanylosses incurred by the Company due to his or her absence from duty withoutpermission.
Article170	Subject to Article 59 hereof, a director, supervisor, president, vice president orother senior officer of the Company may be relieved of liability for specificbreaches of his duty with the informed consent of the shareholders given at ageneralmeeting.
Article171	Whereadirector,supervisor,president,vicepresidentorotherseniorofficeroftheCompanyisinanyway,directlyorindirectly,materiallyinterestedinacontract,transactionorarrangementorproposedcontract,transactionorarrangementwiththeCompany,(otherthanhiscontractofservicewiththeCompany),heshalldeclarethenatureandextentofhisintereststotheboardofdirectorsattheearliestopportunity,whetherornotthecontract,transactionor arrangement or proposal therefore is otherwise subject to the approval of theboardofdirectors.
	Subject to the exceptions provided by theseArticles of Association, a directorshall not vote at the relevant meeting of the board of directors in respect of anycontract, transaction or arrangement in which he, or his connected persons (asdefinedintheapplicablelistingrulesasamendedfromtimetotime),arematerially interested and he shall not be counted as part of the quorum of suchmeeting.

	Unlessaninteresteddirector,supervisor,president,vicepresidentorotherseniorofficerdiscloseshisinterestsinaccordancewiththefirstsub-paragraphof this Article and he is not counted as part of the quorum and refrains fromvoting, such transaction is voidable at the instance of the Company except asagainstabonafidepartytheretowhodoesnothavenoticeofthebreachofdutybytheinteresteddirector,supervisor,president,vicepresidentorotherseniorofficer.
	A director, supervisor, president, vice president or other senior officer of theCompanyis deemedtobeinterestedin acontract,transactionor arrangementinwhichhisassociateisinterested.
Article172	Where a director, supervisor,president,vice presidentor other seniorofficerofthe Company gives to the board of directors a notice in writing stating that, byreasonofthefactsspecifiedinthenotice,heisinterestedincontracts,transactionsorarrangementswhichmaysubsequentlybemadebytheCompany,thatnoticeshallbedeemedforthepurposesoftheprecedingArticletobeasufficientdeclarationofhisinterests,sofarasthecontentstatedinsuch noticeisconcerned, providedthatsuch noticeshall havebeengivenbeforethedateon whichthe questionofenteringintotherelevantcontract,transactionorarrangementisfirsttakenintoconsiderationbytheCompany.
Article173	TheCompanyshallnotpaytaxesfororonbehalfofadirector,supervisor,president,vicepresidentorotherseniorofficerinanymanner.
Article174	The Company shall not directly or indirectly make a loan to or provide anyguaranteeinconnectionwiththemakingofaloantoadirector,supervisor,president,vicepresidentorotherseniorofficeroftheCompanyoroftheCompany'sholdingcompanyoranyoftheirrespectiveassociates.
	Theforegoingprohibitionshallnotapplytothefollowingcircumstances: (1) theprovisionbytheCompanyofaloanoraguaranteeinconnectionwiththemakingofaloantoitssubsidiary: (2) theprovisionbytheCompanyofaloanoraguaranteeinconnectionwiththemakingofaloanoranyotherfundsavailabletoanyofitsdirectors,supervisors,president,vicepresidentsandotherseniorofficerstomeetexpenditureincurredortobeincurredbyhimforthepurposesofthe Company or for the purpose of enabling him to perform his dutiesproperly,in accordancewiththe termsof aservicecontract approved bytheshareholdersinageneralmeeting;

	(3)if the ordinary course of business of the Company includes the lending ofmoney or the giving of guarantees, the Company may make a loan to orprovide a guarantee in connection with the making of a loan to any of therelevantdirector,supervisor,president,vicepresidentandanyotherseniorofficerorhisorherrespectiveassociatesintheordinarycourseofitsbusinessonnormalcommercialterms.
Article175	AnypersonwhoreceivesfundsfromaloanwhichhasbeenmadebytheCompanyactinginbreachoftheprecedingArticleshall,irrespectiveofthetermsoftheloan,forthwithrepaysuchfunds.
Article176	AguaranteefortherepaymentofaloanwhichhasbeenprovidedbytheCompanyactinginbreachofArticle174(1)oftheseArticlesofAssociationshall not be enforceable against the Company, save in respect of the followingcircumstances: (1) the guaranteewas providedin connection witha loanwhich was made toanassociateofanyofthedirector,supervisor,president,vicepresidentandanyotherseniorofficeroftheCompanyoroftheCompany'sholdingcompanyandthelenderofsuchfundsdidnotknowoftherelevantcircumstancesatthetimeofthemakingoftheloan;or (2) the collateral which has been provided by the Company has already beenlawfullydisposedofbythelendertoabonafidepurchaser.
Article177	ForthepurposesoftheforegoingprovisionsofthisChapter,a"guarantee"includesanundertakingorpropertyprovidedtosecuretheobligor'sperformanceofhisobligations.
Article178	Subjecttotheapprovalbytheshareholders'generalmeeting,theCompanymaytakeoutliabilityinsuranceforanydirector,supervisor,president,vicepresidentandanyotherseniorofficeroftheCompany,exceptforthoseliability resulting from the violation of laws, administrative regulations and theArticlesofAssociationbysuchdirector,supervisor,president,vicepresidentandotherseniorofficeroftheCompany.
Article179	In addition to any rights and remedies provided by the laws and administrativeregulations,whereadirector,supervisor,president,vicepresidentorotherseniorofficeroftheCompanybreachesthedutieswhichheowestotheCompany,theCompanyhasaright: (1)todemandsuchdirector,supervisor,president,vicepresidentorothersenior officer to compensate it for losses sustained by the Company as aresultofsuchbreach;

(2) torescindanycontractortransactionwhichhasbeenenteredintobetweentheCompanyandsuchdirector,supervisor,presidentvicepresidentorotherseniorofficerorbetweentheCompanyandathirdparty(wheresuchthirdpartyknowsorshouldhaveknownthatsuchdirector,supervisor,president,vicepresidentandotherseniorofficerrepresentingtheCompanyhasbreachedhisdutiesowedtotheCompany);

(3) todemandsuchdirector,supervisor,president,vicepresidentorotherseniorofficertoaccount forprofits madeas resultofthebreachofhisduties;

(4) torecoveranymonieswhichshouldhavebeenreceivedbytheCompanyandwhichwerereceivedbysuchdirector,supervisor,president,vicepresidentorotherseniorofficerinstead,including(withoutlimitation)commissions;and

(5) to demandrepaymentof interestearned orwhich mayhave beenearnedbysuchdirector,supervisor,president,vicepresidentorotherseniorofficeronmoniesthatshouldhavebeenpaidtotheCompany.

Article180

TheCompanyshall,withthepriorapprovalofshareholdersinageneralmeeting,enterintoacontractinwritingwithadirectororsupervisorwhereinhisemolumentsarestipulated.Theaforesaidemolumentsinclude:

(1) emolumentsinrespectofhisserviceasdirector,supervisororseniorofficeroftheCompany;

(2) emolumentsinrespectofhisserviceasdirector,supervisororseniorofficerofanysubsidiaryoftheCompany;

(3) emolumentsinrespectoftheprovisionofotherservicesinconnectionwiththemanagementoftheaffairsoftheCompanyandanyofitssubsidiaries;

(4) paymentbywayofcompensationforlossofoffice,orinconnectionwithhisretirementfromoffice.

NoproceedingsmaybebroughtbyadirectororsupervisoragainsttheCompany for anything due to him in respect of the matters mentioned in thisArticleexceptpursuanttothecontractmentionedabove.

Article181	ThecontractconcerningtheemolumentsbetweentheCompanyanditsdirectors or supervisors should provide that in the event of a takeover of theCompany, the Company's directors and supervisors shall, subject to the priorapprovalofshareholdersinageneralmeeting,havetherighttoreceivecompensationorotherpaymentinrespectofhislossofofficeorretirement.Forthepurposesofthisparagraph,atakeoveroftheCompanyincludesanyofthefollowing: (1) anoffermadebyanypersontothegeneralbodyofshareholders; (2) anoffermadebyanypersonwithaviewtotheofferorbecominga"controllingshareholder"withinthemeaningofArticle60hereof.
	IftherelevantdirectororsupervisordoesnotcomplywiththisArticle,anysumsoreceivedbyhimshallbelongtothosepersonswhohavesoldtheirsharesasaresultofsuchoffer.Theexpensesincurredindistributingsuchsumonaproratabasisamongstsuchpersonsshallbebornebytherelevantdirectororsupervisorandshallnotbepaidoutofsuchsum.
CHAPTER17:FINANCIALANDACCOUNTINGSYSTEMS,PROFITDISTRIBUTIONANDAUDIT
Article182	TheCompanyshallestablishitsfinancialandaccountingsystemsinaccordancewithlaws,administrativeregulationsandPRCaccountingstandardsformulatedbythefinanceregulatorydepartmentoftheStateCouncil.
Article183	ThefiscalyearoftheCompanyshallbeonthebasisofthesolarcalendarbeginningon1Januaryandendingon31Decemberofthesameyear.
	TheCompanyshalluseRenminbiasitsstandardunitofaccount.TheaccountsshallbepreparedinChinese.
	Attheendofeachfiscalyear,theCompanyshallprepareafinancialreportwhichshallbeexaminedandverifiedbyanaccountingfirminamannerprescribedbylaw.
Article184	TheboardofdirectorsoftheCompanyshallplacebeforetheshareholdersatevery annual general meeting such financial reports which the relevant laws,administrativeregulationsanddirectivespromulgatedbycompetentregionalandcentralgovernmentalauthoritiesrequiretheCompanytoprepare.Suchreportsmustbeauditedandreviewed.

Article185	TheCompany'sfinancialreportsshallbemadeavailableforshareholders'inspectionattheCompanytwenty(20)daysbeforethedateofeveryshareholders'annualgeneralmeeting.EachshareholdershallbeentitledtoobtainacopyofthefinancialreportsreferredtointhisChapter.
	The Company shall send to each holder of Overseas-Listed Foreign Shares byprepaid mail at the address registered in the register of shareholders the saidreportsnotlaterthantwenty-one(21)daysbeforethedateofeveryannualgeneralmeetingoftheshareholders.
	Providedthatthelawsandregulationsandtherelevantlistingrulesofthejurisdictions where the shares of the Company are listed are complied with, theabovementionedreportmayalsobeissuedorprovidedtotheholdersofOverseas-ListedForeignSharesbyothermeansasspecifiedinArticle231herein.
Article186	The financial statements of the Company shall, in addition to being prepared inaccordancewithPRCaccountingstandardsandregulations,bepreparedinaccordance with either international accounting standards, or that of the placeoutside the PRC where the Company's shares are listed. If there is any materialdifferencebetweenthefinancialstatementspreparedrespectivelyinaccordancewiththetwoaccountingstandards,suchdifferenceshall bestatedinthefinancialstatements.Indistributingitsafter-taxprofits,thelowerofthetwoamountsshowninthefinancialstatementsshallbeadopted.
Article187	AnyinterimresultsorfinancialinformationpublishedordisclosedbytheCompanymustalsobepreparedandpresentedinaccordancewithPRCaccountingstandardsandregulations,andalsoinaccordancewitheitherinternationalaccountingstandardsorthatoftheplaceoverseaswheretheCompany'ssharesarelisted.
Article188	TheCompanyshallpublishitsfinancialreportsfourtimeseveryfiscalyear,thatis,thefirstquarterlyfinancialreportshallbepublishedwithinthirty(30)days after the expiration of the first three (3) months of each fiscal year; theinterimfinancialreportshallbepublishedwithinsixty(60)daysaftertheexpirationofthefirstsix(6)monthsofeachfiscalyear;thethirdquarterlyfinancialreportshallbepublishedwithin thirty(30) daysaftertheexpirationofthefirstnine(9)monthsofeachfiscalyear;andtheannualfinancialreportshallbepublishedwithinonehundredandtwenty(120)daysaftertheexpirationofeachfiscalyear.
Article189	TheCompany'sfinancialreportsshallbepreparedpursuanttotherelevantlaws,administrativeregulationsanddepartmentalrulesandregulations.

Article190	TheCompanyshallnotkeepaccountsotherthanthoserequiredbylaw.
Article191	Whendistributingitsafter-taxprofitsinagivenyear,theCompanyshallcontribute10%ofsuchprofitstotheCompany'sstatutorycommonreservefund.Wheretheaccumulatedamountofthestatutorycommonreservefundreaches50%ormoreoftheregisteredcapitaloftheCompany,nofurthercontributionisrequired.
	WherethestatutorycommonreservefundisinsufficienttomakeforthelossesoftheCompanyinthepreviousyear,beforemakingcontributiontothestatutorycommonreservefund,theprofitsmadeinthecurrentyearshallbeusedtomakeupforthelossesfirst.
	After making contributionto the statutory commonreserve fundfrom its after-taxprofits,theCompanymay,subjecttoresolutionsadoptedatageneralmeeting,makecontributionstodiscretionarycommonreservefundsfromitsafter-taxprofits.
Article192	Capitalsurplusfundincludesthefollowingitems: (1) premiumonsharesissuedatapremiumprice; (2) anyotherincomedesignatedforthecapitalsurplusfundbytheregulationsofthefinanceregulatorydepartmentoftheStateCouncil.
Article193	Thecommonreservefunds(includingthestatutorycommonreservefund,discretionary common reserve funds and capital surplus fund) of the Companyshallbeappliedformakingupforlosses,expandingtheCompany'sproductionandoperationorcapitalisation;providedthatthecapitalsurplusfundshallnotbeusedforcoveringthelossoftheCompany.
	Whencapitalisingthestatutorycommonreservefund,thebalanceofsuchfundshallnotbelessthan25%oftheregisteredcapitalpriortocapitalisation.
Article194	Aftermakingupforthelossesandmakingcontributionstothecommonreserve fund, any remaining profits shall be distributed to the shareholders inproportiontotheirrespectiveshareholders.
	The Company shall not allocate dividends or carry out other allocations in theformofbonusesbeforeithascompensatedforitslossesandmadeallocationsto the statutory common reserve fund. No shares of the Company held by theCompanyshallparticipateintheseallocations.

	Dividends paid by the Company shall not carry any interest except where theCompanyhasfailedtopaythedividendstotheshareholdersonthedateonwhichsuchdividendsbecomepayable.
	Anyamountpaidupinadvanceof callsonashare shallcarry interest,butshallnotentitletheholderofthesharetoreceive,bywayofadvancepayment,thedividenddeclaredanddistributedthereafter.
Article195	Basicprinciplesfordividendsdistributionpolicy: (1) the Company shall fully consider the returns to investors and implementsproactivedividendsdistributionpolicy; (2) the dividends distribution policy of the Company shall remain continuousandstable,andtakeintoaccountlong-terminterestsoftheCompany,interestsofallshareholdersasawholeandsustainabledevelopmentoftheCompany; (3) theCompanyshalldistributeitsdividendsbywayofcashaspriority.TheCompanymaydistributeinterimdividendsiftheconditionspermit.
Article196	SpecificdividendsdistributionpolicyoftheCompany:
	(1) Theformofdividendsdistribution: TheCompanymaydistributedividendsincash,sharesoracombinationof cash and shares or other methods permitted by the laws, administrativeregulations,departmentalrulesandtheregulatoryrulesofthejurisdictionsinwhichthesharesoftheCompanyarelisted. TheboardofdirectorsoftheCompanyshallhavecomprehensiveconsiderationofthefactors,includingitsindustrycharacteristics,developmentstage,operationmode,profitabilityleveland whetherthereisanysignificantexpenditurepaymentarrangement,makethedifferentiatedcashbonuspolicyaccordingtotheproceduresprescribedbytheArticlesofAssociation,andidentifytheproportionofthecashbonusintheprofitdistributioninthecurrentyear,withproportionincompliancewiththerelevantstipulationsoflaws,administrativeregulations,normativedocumentationandstockexchanges. (2) Specificconditions,proportionsandintervalsfordistributingcashdividendsbytheCompany:

Saveasspecialcircumstances,thedividendsshallbedistributedincashby the Company provided that the distributable profits (i.e. the balance ofprofitaftertax,aftermakingupforthelossesandmakingcontributionsto the common reserve fund in accordance with the provisions of theseArticles of Association as well as deducting otherwise approved by therelevantnationaldepartments)realizedforthecurrentyearinthefinancialstatementoftheparentcompanypreparedinaccordancewithapplicabledomesticandoverseasaccountingstandardsandregulationsarepositive,andthecashdividendstobedistributedeachyearshallnotbelessthan15%oftheapplicabledistributableprofits.

The applicable distributable profits shall be the lower of the distributableprofits in the financial statements of the parent company prepared by theCompanyinaccordancewithapplicabledomesticandoverseasaccountingstandardsandregulations.

Specialcircumstances referto thecircumstances under whichtheboardofdirectorsconsidersthatcashdividenddistributionmayinfluencetheCompany'scontinuingoperationandlong-termdevelopment.

Whentheaforesaidconditionsofcashdistributionaremet,cashdividendsshallbedistributedonceayear.TheboardofdirectorsoftheCompanycanproposeaninterimdividenddistributionaccordingtotheCompany'sstatusofprofitabilityandcapitalneeds.

(3) SpecificconditionsunderwhichtheCompanymayissuesharesinlieuofdividends:

Where the Company is in a sound operating condition, and the board ofdirectorsconsidersthattheCompany'sstockpricedoesnotreflecttheCompany'sscaleofcapital,andissuingsharesinlieuofdividendswillbeintheinterestsofallshareholdersoftheCompanyasawhole,aproposal for the issuance of shares in lieu of dividends may be proposeduponfulfillmentoftheaboveconditionsconcerningcashdividends.

Article197

AlterationoftheCompany'sdividenddistributionpolicy:

In the event of war, natural disasters and other incidents of force majeure, orchanges to the Company's external operating environment resulting in materialimpacton itsproduction andoperation, or considerably significantchanges tothe Company's own operating conditions, the Company may adjust its profitdistributionpolicy.

TheboardofdirectorsshallformulateawrittenreportconcerningtheadjustmentoftheCompany'sprofitdistributionpolicyuponaspecialdiscussionwithdetailedverificationandreasonsprovided.Suchwrittenreport, along with the opinions expressed by the independent directors, shall besubmittedtotheShareholders'generalmeetingforapprovalbywayofaspecialresolution.Inconsideringthechangestotheprofitdistributionpolicy,theCompanymayactivelycommunicateandexchangeideaswiththeShareholders,inparticularthenon-substantialandminorityShareholders,throughvariouschannels(suchasprovidingonlinevotingandinvitingnon-substantial andminorityShareholders to participate inthemeeting),duly listento the opinions and demands of non- substantial and minority Shareholders andprovidepromptresponsestotheirquestions.

Article198

ProceduresforconsideringandapprovingthedividenddistributionproposaloftheCompany:

(1) The dividends distribution plan of the Company shall be drawn up by themanagementoftheCompanyandsubmittedtotheboardofdirectorsandthesupervisory committeeof the Companyfor consideration.The boardofdirectorsshallthoroughlydiscusstherationalityofthedividendsdistributionplanandtheindependentDirectorsshallexplicitlyexpresstheiropinions.Aspecialresolutionformulatedbytheboardofdirectorsshall be submitted to the Shareholders' general meeting for consideration.The board of directors will also fully listen to the opinions of minorityShareholders.

(2) When formulating specific plan for distribution of cash dividends by theCompany, the board of directors shall study and identify with caution thetiming,conditionsandminimumproportion,conditionsforadjustmentandrequirementsfordecision-makingproceduresinvolvedinimplementingthedistributionofcashdividends,etc.IndependentDirectorsshallexplicitlyexpresstheiropinionsthereon.IndependentDirectorsmaycollectopinionsfromminorityshareholdersforputtingforward a profitdistributionproposal which canbe directlysubmitted totheboardofdirectorsforconsideration.

(3) Where the Company does not distribute cash dividends under the specialcircumstancesasprescribedintheforegoingArticle196,theboardofdirectorsshallexplainthespecificreasonsfornotdistributingcashdividends,theexactpurposefortheretainedprofitandtheestimatedinvestmentreturn.Suchexplanation,alongwiththeopinionsexpressedbytheindependentdirectors,shallbesubmittedtotheshareholders'generalmeetingforconsiderationandbedisclosedonthedesignatedmediaoftheCompany.

	SubjecttoArticle64andsubparagraph(17)ofthefirstparagraphofArticle 114oftheseArticlesofAssociation,theboardofdirectorsmaydecidetodistributeinterimorspecialdividends.
Article199	Aftertheresolutionofprofitdistributionhasbeenadoptedbytheshareholdersatageneralmeeting,theboardofdirectorsoftheCompanyisrequiredtocompletethedistributionofdividends(orshares)withintwo(2)monthsfollowingthemeeting.
	IncaseoftheShareholders'illegaloccupationofcompanyfunds,theCompany shall deduct the cash dividends distributed to such Shareholders, inordertorepaytheShareholders'fundsoccupied.
Article200	TheCompanyshalldeclareandpaycashdividendsandotheramountswhicharepayabletoholdersofASharesinRenminbi.TheCompanyshallcalculateand declare cash dividends and other payments which are payable to holders ofForeignSharesinRenminbi,andshallpaysuchamountsinthelocalcurrencyofthejurisdictionwhereOverseas-ListedForeignSharesarelisted(incasetherearemore thanonejurisdictions oflisting, suchamounts shall be paidinthe local currency of the jurisdiction which the board determines as the mainlistingplaceoftheCompany).TheforeignexchangerequiredbytheCompanyto pay cash dividends and other amounts to holders of Overseas-Listed ForeignSharesshallbeobtainedinaccordancewiththerelevantforeignexchangeadministrativeregulationsoftheState.
Article201	Unless otherwise provided for in relevant laws and administrative regulations,wherecashdividendsandotheramountsaretobepaidinHongKongdollars,the applicable exchange rate shall be the average closing rate for the relevantforeigncurrencyannouncedbythePeoples'BankofChinaduringtheweekpriortotheannouncementofpaymentofdividendandotheramounts.
Article202	Whendistributingdividendstoitsshareholders,theCompanyshallwithholdandpayonbehalfofitsshareholdersthetaxesleviedonthedividendsinaccordancewiththeprovisionsofthePRCtaxlaw.
Article203	The Company shall appoint receiving agents for holders of the Overseas-ListedForeign Shares. Such receiving agents shall receive dividends which have beendeclaredbytheCompanyandallotheramountswhichtheCompanyshouldpaytoholdersofOverseas-ListedForeignSharesonsuchshareholders'behalf.
	ThereceivingagentsappointedbytheCompanyshallmeettherelevantrequirementsofthelawsoftheplaceatwhichthestockexchangeonwhichtheCompany'ssharesarelistedortherelevantregulationsofsuchstockexchange.

	The receiving agents appointed for holders of Overseas-Listed Foreign ShareslistedinHongKongshalleachbeacompanyregisteredasatrustcompanyundertheTrusteeOrdinanceofHongKong.
Article204	TheCompanyshallestablishaninternalauditsystembyemployingprofessionalauditingpersonnel,whoshallconductinternalauditandsupervisionontheincomeandexpensesandeconomicactivitiesoftheCompany.
Article205	TheCompany'sinternalauditsystemandtheresponsibilityoftheauditingpersonnelshallbecomeeffectiveaftertheapprovaloftheboardofdirectors.Thepersoninchargeoftheauditshallbeaccountabletotheboardofdirectorsandshallreporttotheboardofdirectors.
CHAPTER18:APPOINTMENTOFACCOUNTANCYFIRM
Article206	TheCompanyshallappointanindependentfirmofaccountantswhichisqualifiedundertherelevantregulationsoftheStatetoaudittheCompany'sannual report. Such firm of accountants shall also review the Company's otherfinancialreports,verifythenetassetsandcarryoutotherbusinessessuchastherelevantconsultationservices.
	ThefirstauditorsoftheCompanymaybeappointedbeforethefirstannualgeneralmeetingoftheCompanyattheinauguralmeeting.Auditorssoappointedshallholdofficeuntiltheconclusionofthefirstannualgeneralmeeting.
	Iftheinauguralmeetingdoesnotexercisethepowersundertheprecedingparagraph,thosepowersshallbeexercisedbytheboardofdirectors.
Article207	TheaccountingfirmappointedbytheCompanyshallholdofficeforoneyearfromtheconclusionoftheannualgeneralmeetingofshareholdersatwhichthey were appointed until the conclusion of the next annual general meeting ofshareholders.Theappointmentthereofmayberenewedatexpiry.
Article208	TheaccountingfirmappointedbytheCompanyshallenjoythefollowingrights: (1)arighttoreviewtothebooks,recordsandvouchersoftheCompanyatany time, the right to require the directors, president, vice presidents andother senior officers of the Company to supply relevant information andexplanations;

	(2) arighttorequiretheCompanytotakeallreasonablestepstoobtainfromits subsidiaries such information and explanation as are necessary for thedischargeofitsduties; (3) arighttoattendshareholders'generalmeetingsandtoreceiveallnoticesof,andothercommunicationsrelatingto,anyshareholders'generalmeeting which any shareholder is entitled to receive, and to speak at anyshareholders'generalmeetinginrelationtomattersconcerningitsroleastheCompany'saccountingfirm.
Article209	If there isavacancy in theposition of accountantof theCompany,theboardofdirectorsmayappointanaccountingfirmtofillsuchvacancybeforetheconveningoftheshareholders'generalmeeting.AnyotheraccountingfirmwhichhasbeenappointedbytheCompanymaycontinuetoactduringtheperiodduringwhichavacancyarises.
Article210	The shareholders in a general meeting may by ordinary resolution remove theCompany'saccountingfirmsbeforetheexpirationofitstermofoffice,irrespectiveoftheprovisionsinthecontractbetweentheCompanyandtheCompany's accountant firm. However, the accounting firm's right to claim fordamageswhicharisefromitsremovalshallnotbeaffectedthereby.
Article211	Theremunerationofanaccountingfirmorthemannerinwhichsuchfirmistoberemuneratedshallbedeterminedbytheshareholdersinageneralmeeting.Theremunerationofanaccountingfirmappointedbytheboardofdirectorsshallbedeterminedbytheboardofdirectors.
Article212	The Company'sappointment,removalor non-reappointmentof anaccountingfirmshallbe resolved bythe shareholders ina generalmeeting,and shallfilesuchresolutionswiththeauthorityinchargeofsecuritiesoftheStateCouncilforrecord.
	Where a general meeting of shareholders is proposed to resolve to appoint anaccountingfirmotherthananincumbentaccountingfirmtofillacasualvacancyofanaccountant,ortoreappointastheaccountantaretiringaccounting firm that was appointed by the board of directors to fill a casualvacancy, or to dismiss an accounting firm before the expiration of its term ofoffice,thefollowingprovisionsshallapply: (1)Acopyoftheappointmentorremovalproposalshallbesent(beforenoticeofmeetingisgiventotheshareholders)totheaccountingfirmproposed to beappointed or proposing toleave itspost orthe firm whichhas left its post in the relevant fiscal year (leaving includes leaving byremoval,resignationandretirement).

(2) IftheaccountingfirmleavingitspostmakesrepresentationsinwritingandrequeststheCompanytogivetheshareholdersnoticeofsuchrepresentations, the Company shall (unless the representations have beenreceivedtoolate)takethefollowingmeasures:

(a) inthenoticeoftheshareholders'meeting,statethefactoftherepresentationshavingbeenmade;and

(b) attachacopyoftherepresentationstothenoticeanddeliverittotheshareholdersinthemannerstipulatedintheCompany'sArticlesofAssociation.

(3) IftheCompanyfailstosendouttheaccountingfirm'srepresentationsinthe manner set out in sub-paragraph (2) above, such accounting firm mayrequirethattherepresentationsbereadoutatthemeeting.

(4) Anaccountingfirmwhichisleavingitspostshallbeentitledtoattendthefollowingshareholders'generalmeetings:

(a) thegeneralmeetingatwhichitstermofofficewouldotherwisehaveexpired;

(b) thegeneralmeetingatwhichitisproposedtofillthevacancycausedbyitsremoval;and

(c) thegeneralmeetingwhichconvenedasaresultofitsresignation,andtoreceiveallnoticesof,andothercommunicationsrelatingto,anysuchmeeting,andtospeakatanysuchmeetingwhichconcernsitasformerauditoroftheCompany.

Article213

Notice should be given ten (10) days in advance to the accounting firm if theCompanydecidestoremovesuchaccountingfirmornottorenewtheappointmentthereof.Suchaccountingfirmshallbeentitledtomakerepresentationsattheshareholders'generalmeeting.Wheretheaccountingfirmresignsfromitsposition,itshallmakecleartotheshareholdersinageneralmeetingwhethertherehasbeenanyimproprietyonthepartoftheCompany.

	An accounting firm may resign its office by depositing at the Company's legaladdress a resignation notice which shall become effective on the date of suchdeposit or onsuch later dateas may bestipulated in such notice.Such noticeshallcontainthefollowingstatements: (1) astatementtotheeffectthattherearenocircumstancesconnectedwithits resignation which it considers should be brought to the notice of theshareholdersorcreditorsoftheCompany;or (2) astatementofanysuchcircumstances.
	TheCompanyshall,withinfourteen(14)daysafterreceiptofthenoticereferredtointheprecedingparagraph,serveacopyofthenoticetothecompetent governing authority. If the notice contains the statement under theprecedingsub-paragraph(2),acopyofsuchstatementshallbemadeavailableatthe Company forshareholders'inspection.TheCompany shallalsosendacopyofsuchstatementbyprepaidmailtoeachholderofOverseas-ListedForeignSharesattheaddressregisteredintheregisterofshareholders.Notwithstandingtheabove,providedthatthelawsandregulationsandtherelevant listing rules of the jurisdictions where the shares of the Company arelisted are complied with, the abovementioned notice may also be served to theholdersofOverseas-ListedForeignSharesbyothermeansasspecifiedinArticle231herein.
	Wheretheaccountingfirm'snoticeofresignationcontainsastatementinrespectoftheabove,itmayrequiretheboardofdirectorstoconveneashareholders'extraordinarygeneralmeetingforthepurposeofreceivinganexplanationofthecircumstancesconnectedwithitsresignation.
CHAPTER19:MERGERANDDEMERGEROFTHECOMPANY
Article214	TheCompanymayconductmergerordemergerinaccordancewiththelaw.
	IntheeventofthemergerordemergeroftheCompany,theCompanyshalladoptnecessarymeasurestoprotectthelegalrightsandinterestsofshareholderswhoobjecttothemergerordemergeroftheCompany.
	Ashareholderwhoobjectstotheplanofmergerordemergershallhavetheright to demand the Company or the shareholders who consent to the plan ofmerger ordemerger toacquire suchdissenting shareholders' shareholding at afairprice.

	ThecontentsoftheresolutionofmergerordemergeroftheCompanyshallconstitutespecialdocumentswhichshallbeavailableforinspectionbytheshareholders of the Company. Such special documents shall be sent by mail toholdersofOverseas-ListedForeignShares.
Article215	ThemergeroftheCompanymaytaketheformofeithermergerbyabsorptionormergerbytheestablishmentofanewcompany.
	Intheeventofamerger,themergingpartiesshallexecuteamergeragreementandprepareabalancesheetandaninventoryofassets.TheCompanyshallnotify its creditors within ten (10) days of the date of the Company's mergerresolution and shallpublish a public notice in anewspaper withinthirty (30)daysofthedateoftheCompany'smergerresolution.
	Upon the merger, rights in relation to debtors and indebtedness of each of themergedpartiesshallbeassumedbythecompanywhichsurvivesthemergerorthenewlyestablishedcompany.
Article216	WherethereisademergeroftheCompany,itsassetsshallbedividedupaccordingly.
	In the event of demerger of the Company, the parties to such demerger shallexecute a demerger agreement and prepare a balance sheet and an inventory ofassets.TheCompanyshallnotifyitscreditorswithinten(10)daysofthedateoftheCompany'sdivisionresolutionandshallpublishapublicnoticeinanewspaperat leastthree(3)timeswithinthirty(30) daysofthedate oftheCompany'sdemergerresolution.
	Debtsof theCompany prior todemergershall beassumedbythe companieswhichexistafterthedivisiononajointandseveralbasisexcepttotheextentthatpriortodemerger,theCompanyhasotherwisereachedawrittenagreementwithitscreditorsinrespectofthesettlementofdebts.
Article217	TheCompanyshall,inaccordancewithlaw,applyforchangeinitsregistrationwiththecompaniesregistrationauthoritywhereachangeinanyitem in its registration arises as a result of any merger or division. Where theCompanyisdissolved,theCompanyshallapplyforcancellationofitsregistration in accordance with law. Where a new company is established, theCompanyshallapplyforregistrationthereofinaccordancewithlaw.

CHAPTER20:DISSOLUTIONANDLIQUIDATION
Article218	TheCompanyshallbedissolvedandliquidatedupontheoccurrenceofanyofthefollowingevents: (1) aresolutionfordissolutionispassedbyshareholdersatageneralmeeting; (2) dissolutionisnecessaryduetoamergerordemergeroftheCompany; (3) the Company is legallydeclared insolvent due to its failure torepay debtsastheybecomedue;and (4) thecompanyhasitsbusinesslicencerevoked,orisorderedtocloseuportohaveitsbusinesscancelledinaccordancewiththelaw;or (5) Ifacompanyhasencounteredseriousdifficultiesinitsoperationsandmanagement and the company's continued existence may materially harmtheinterestsoftheshareholders,andifthesamefailstoberesolvedbyanyothermeans,shareholdersholdingtenpercentormoreoftheaggregate voting rights of the Company may request a People's Court todissolvethecompany.
Article219	Aliquidationcommitteeshallbesetupwithinfifteen(15)daysoftheCompanybeingdissolvedpursuanttosub-paragraphs(1),(3),(4)and(5)ofthe preceding Article, and the composition of the liquidation committee of theCompany shall be determined by an ordinary resolution of shareholders in ageneralmeeting.IftheCompanyfailstosetuptheliquidationcommitteewithinthetimelimit,thecreditorsmayapplytothePeople'sCourtforappointment of relevant persons to form a liquidation committee and carry outliquidation.
Article220	Where the board of directors proposes to liquidate the Company for any reasonotherthantheCompany'sdeclarationofitsowninsolvency,theboardshallinclude a statement in its notice convening a shareholders' general meeting toconsidertheproposaltotheeffectthat,aftermakingfullinquiryintotheaffairsoftheCompany,theboardofdirectorsisoftheopinionthattheCompanywillbeabletopayitsdebtsinfullwithintwelve(12)monthsfromthecommencementoftheliquidation.
	UponthepassingoftheresolutionbytheshareholdersinageneralmeetingfortheliquidationoftheCompany,allfunctionsandpowersoftheboardofdirectorsshallcease.

	The liquidation committee shall act in accordance with the instructions of theshareholders' general meeting to make a report at least once every year to theshareholders'generalmeetingonthecommittee'sincomeandexpenses,thebusinessoftheCompanyandtheprogressoftheliquidation;andtopresentafinalreporttotheshareholders'generalmeetingoncompletionoftheliquidation.
Article221	The liquidation committee shall, within ten (10) days of its establishment, sendnoticestocreditorsandshall,withinsixty(60)daysofitsestablishment,publishapublicannouncementinanewspaper.Theliquidationcommitteeshallnotmakerepaymenttocreditorsduringtheclaimsdeclarationperiod.
Article222	Duringtheliquidationperiod,theliquidationcommitteeshallexercisethefollowingfunctionsandpowers: (1) tosortouttheCompany'sassetsandprepareabalancesheetandaninventoryofassetsrespectively; (2) tonotifythecreditorsortopublishpublicannouncements; (3) todisposeofandliquidateanyunfinishedbusinessesoftheCompany; (4) topayalloutstandingtaxesandtaxesincurredduringtheliquidationprocess; (5) tosettleclaimsanddebts; (6) todealwiththesurplusassetsremainingaftertheCompany'sdebtshavebeenrepaid; (7) torepresenttheCompanyinanycivilproceedings.
Article223	AfterithassortedouttheCompany'sassetsandafterithaspreparedthebalancesheetandaninventoryofassets,theliquidationcommitteeshallformulatealiquidationplanandpresentittoashareholders'generalmeetingortotherelevantgoverningauthorityforconfirmation.
	After the payment of liquidation expenses with priority, the Company's assetsshall be distributed in accordance with the following sequence: (i) salaries; (ii)socialinsurancepremiumsandstatutorycompensationpayments;(iii)outstandingtaxes;(iv)bankloans,andcompanybondsandotherdebtsoftheCompany.

	Any surplus assets of the Company remaining after payment referred to in theprecedingparagraphshallbedistributedtoitsshareholdersaccordingtotheclassofsharesandtheproportionofsharesheldinthefollowingsequence: (1) In the case of preferential shares, distribution shall be made to holders ofsuch preferential shares according to the par value thereof; if the surplusassetsarenotsufficienttorepaytheamountofpreferentialsharesinfull,thedistributionshallbemadetoholdersofsuchsharesinproportiontotheirrespectiveshareholdings. (2) Inthecaseofordinaryshares,distributionshallbemadetoholdersofsuchsharesinproportiontotheirrespectiveshareholdings.
	Duringtheliquidationperiod,theCompanyshallnotcommenceanybusinessactivitiesthatarenotrelatedtoliquidation.
Article224	IfafterputtingtheCompany'sassetsinorderandpreparingabalancesheetandaninventoryofassetsinconnectionwiththeliquidationoftheCompany,theliquidationcommitteediscoversthattheCompany'sassetsareinsufficienttorepaytheCompany'sdebtsinfull,theliquidationcommitteeshallimmediatelyapplytothePeople'sCourtforadeclarationofinsolvency.
	After a Company is declared insolvent by a ruling of the People's Court, theliquidation committee shalltransferallmatters arising fromthe liquidation tothePeople'sCourt.
Article225	Followingthecompletionoftheliquidation,theliquidationcommitteeshallprepare a liquidation report, a statement of income and expenses received andmadeduringtheliquidationperiodandafinancialreport,whichshallbeverified by a Chinese registered accountant and submitted to the shareholders'generalmeetingortherelevantgoverningauthorityforconfirmation.
	Theliquidationcommitteeshall,withinthirty(30)daysaftersuchconfirmation,submitthedocumentsreferredtointheprecedingparagraphtothecompaniesregistrationauthorityandapplyforcancellationofregistrationoftheCompany,andpublishapublicannouncementrelatingtotheterminationoftheCompany.
CHAPTER21:PROCEDURESFORAMENDMENTOFTHECOMPANY'SARTICLESOFASSOCIATION
Article226	The Company may amend its Articles of Association in accordance with therequirementsoflaws,administrativeregulationsandtheArticlesofAssociation.

Article227	TheamendmenttotheArticlesofAssociationshallbehandledinaccordancewiththefollowingprocedures: (1) TheboardofdirectorsshalladoptaresolutionthereforinaccordancewiththeseArticlesofAssociationandformulatetheproposalfortheamendmentoftheArticlesofAssociation;ortheshareholdersshallproposetheproposalfortheamendmentoftheArticlesofAssociation; (2) Theshareholdersshallbenotifiedoftheamendmentproposalandashareholders'generalmeetingshallbeconvenedtoreacharesolution; (3) Contentof the amendmentto theArticles of Associationshall be adoptedbyspecialresolutions.
Article228	TheCompanyshallamendtheseArticlesofAssociationunderanyofthefollowingcircumstances: (1) following the amendments to the Company Law or other relevant laws oradministrativeregulations,themattersprovidedforintheseArticlesofAssociationconflictwiththerequirementsoftheamendedlawsoradministrativeregulations; (2) following the change in the state of the Company's affairs, its conditionsbecomeinconsistentwithmattersprovidedforintheseArticlesofAssociation; (3) followingaresolutionpassedatatheshareholdersingeneralmeeting,itisdeterminedtoamendtheArticlesofAssociation.
Article229	Amendment of the Articles of Association which involve the contents of theMandatoryProvisionsofOverseas-ListedCompanies'ArticlesofAssociationshallbecomeeffectiveuponreceiptofapprovalsfromthecompaniesapprovingdepartmentauthorizedbytheStateCouncil.
Article230	WhereamendmentsoftheArticlesofAssociationinvolvetheregisteredparticularsoftheCompany,proceduresforalterationofregistrationshallbehandled in accordance with the law. Matters on amendment to the Articles ofAssociationshallbepubliclydisclosedifsorequiredbylawsandadministrativeregulations.

CHAPTER22:NOTICESANDPUBLICANNOUNCEMENTS
Article231	TheCompany'snotices(forthepurposeofthischapter,theterm"Notice"shallincludethenoticeofanymeetings,corporatecommunicationsorotherwrittenmaterialsissuedbytheCompanytoitsshareholders)maybedeliveredby the following means: (1) by designated person; (2) by mail; (3) by way ofpublicannouncement;(4)byothermeansasrecognisedbythesecuritiesregulatoryauthorityandstockexchangeinthejurisdictionswherethesharesoftheCompanyarelistedorbyothermeansasprovidedinArticlesofAssociation.
	TheCompany'snoticesdeliveredbywayofpublicannouncementshallbepublishedin thenewspapers designated by thesecurities regulatoryauthorityandstockexchangeofthejurisdictionswherethesharesoftheCompanyarelisted(ifany)and/orinotherdesignatedmedia(includingwebsites).
	As for the methods in which the corporate communications are provided and/ordistributedbytheCompanytoholdersofOverseas-ListedForeignSharesasrequiredbyHongKongListingRules,thecorporatecommunicationsmay,subjecttocompliancewiththelawsandregulationsandtherelevantlistingrulesofthejurisdictionswherethesharesoftheCompanyarelisted,alsobesentorprovidedbytheCompanytotheholdersofOverseas-ListedForeignSharesbyanyelectronicmeansorbypublishingsuchcorporatecommunicationsontheCompany'swebsite,insteadofsendingsuchcorporatecommunicationsbypersonaldeliveryorbyprepaidpostagemailtotheholdersofOverseas-ListedForeignShares.
	The term "Corporate Communication" refers to any document issued or to beissued by the Company to the holders of its securities for their information oraction,includingbutnotlimitedto: (1) the directors' report, annual accounts of the Company together with theauditors'reportand,whereapplicable,thesummaryofitsfinancialreport; (2) theinterimreportand,whereapplicable,thesummaryofitsinterimreport; (3) thenoticeofmeeting; (4) thelistingdocument; (5) thecircular;and

	(6) theproxyform.
Article232	IfthenoticeoftheCompanyisgiveninperson,therecipientshallsign(orseal)onthereturnreceiptandthedateofsigningthereturnreceiptbytherecipientshallbedeemedtobethedateofdelivery.
	IfanoticeoftheCompanyismadebypublicannouncement,thedateofservice shall be the date on which the first announcement is published. If thecorporatecommunicationismadeorprovidedattheCompany'swebsitetoholdersofOverseas-ListedForeignShares,suchcorporatecommunicationshall be deemed to be made and served at the later of: (1) the date on which anoticenotifyingthatthecorporatecommunicationhasalreadybeenpublishedontheCompany'swebsiteisissuedtoholdersofOverseas-ListedForeignShares pursuant to the Hong Kong Listing Rules; or (2) the date on which thecorporatecommunicationisfirstpublishedontheCompany'swebsite(intheeventthatcorporatecommunicationispublishedonthewebsitesubsequenttotheissuanceofthesaidnotice).
Article233	Whereanoticeissentbypost,thenoticeshallbeputintoaclearlyaddressedandprepaidpostageenvelope.Suchnoticeshallbedeemedtohavebeenissuedonthedateonwhichtheenvelopecontainingthenoticehasbeendeliveredtothepostofficeandservedonthethirdworkingdaycommencingfromthedateofissue.
CHAPTER23:DISPUTERESOLUTION
Article234	TheCompanyshallabidebythefollowingprinciplesfordisputeresolution: (1) Whenever any disputes or claims arise between: holders of the Overseas-Listed Foreign Shares and the Company; holders of the Overseas-ListedForeign Shares and the Company's directors, supervisors, president, vicepresidentsorotherseniorofficers;orholdersoftheOverseas-ListedForeign Shares and holders of other shares, in respect of any rights orobligationsarisingfromtheseArticlesofAssociation,theCompanyLaworanyrightsorobligationsconferredorimposedbytheCompanyLawandotherrelevantlawsandadministrativeregulationsconcerningtheaffairs of the Company, such disputes or claims shall be referred by therelevantpartiestoarbitration. Whereadisputeorclaimofrightsreferredtointheprecedingparagraphis referred to arbitration, the entire claim or dispute must be referred toarbitration, and all persons who have a cause of action based on the samefactsgivingrisetothedisputeorclaimorwhoseparticipationisnecessaryfortheresolutionofsuchdisputeorclaim,shall,wheresuch

	personistheCompany,theCompany'sshareholders,directors,supervisors,president,vicepresidentsorotherseniorofficersoftheCompany,complywiththearbitration.Disputesinrespectofthedefinitionofshareholdersanddisputesinrelationtotheregisterofshareholdersneednotberesolvedbyarbitration. (2) A claimant may elect for arbitration to be carried out at either the ChinaInternational Economic and Trade Arbitration Commission in accordancewithitsRulesortheHongKongInternationalArbitrationCentreinaccordance with its Securities Arbitration Rules. Once a claimant refers adispute or claim to arbitration, the other party must submit to the arbitralbodyelectedbytheclaimant. IfaclaimantelectsforarbitrationtobecarriedoutatHongKongInternationalArbitrationCentre,anypartytothedisputeorclaimmayapplyforahearingtotakeplaceinShenzheninaccordancewiththeSecurities Arbitration Rules of theHong Kong International ArbitrationCentre. (3) Ifanydisputesorclaimsofrightsaresettledbywayofarbitrationinaccordancewithsub-paragraph(1)ofthisArticle,thelawsofthePRCshallapply,saveasotherwiseprovidedinthelawsandadministrativeregulations. (4) Theawardofanarbitralbodyshallbefinalandconclusiveandbindingonallparties.
CHAPTER24:SUPPLEMENTARY
Article235	TheseArticlesofAssociationarewritteninChineseandEnglish.IfthereisanydiscrepancybetweentheChineseversionandtheEnglishversion,theChineseversionshallprevail.
Article236	TheboardofdirectorsoftheCompanyshallberesponsiblefortheinterpretationoftheseArticlesofAssociation,andtheshareholdersingeneralmeetingshallhavetherighttoamendtheArticlesofAssociation.
Article237	IntheseArticlesofAssociation,referenceto"accountingfirm"shallhavethesamemeaningas"auditor".
Article238	ForthepurposeoftheseArticlesofAssociation,theterms"notlessthan","within","notmorethan"areallinclusivetermsandtheterms"morethanhalf","lessthan","beyond"and"exceed"areexclusiveterms.

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