State tax bureaus and local tax bureaus of provinces, autonomous regions, municipalities directly under the Central Government, and cities specifically designated in the state plan:

In accordance with Enterprise Income Tax Law of the People’s Republic of China and its Implementation Regulations (hereinafter referred to as Enterprise Income Tax Law), issues with respect to withholding and remitting enterprise income tax on dividends, bonuses and interest paid by Chinese resident enterprises to Qualified Foreign Institutional Investors (hereinafter referred to as QFII) are hereby clarified as follows:

1. QFII shall be subject to enterprise income tax at the rate of 10% on its dividends, bonuses, and interest income derived from within China, in accordance with Enterprise Income Tax Law. In the case of dividends and bonuses, the enterprise income tax shall be withheld and remitted by the enterprise distributing such dividends and bonuses. In the case of interest, the enterprise income tax shall be withheld and remitted by the enterprise at the time of payment or when the payment becomes due and payable.

2. Where a QFII needs to claim tax treaty (arrangement) benefits on its dividends, bonuses or interest income, it may apply to the tax authority in charge. After examination and confirmation, the tax authority in charge shall implement the provisions of the tax treaty (arrangement). Where there is a tax refund involved, it shall be processed in a timely manner.

3. Local tax authorities shall keep themselves updated on the investment activities of QFII in China, provide timely taxpayer services, establish archives of tax administration, and ensure that the withheld taxes are timely remitted to the treasury in full.

January 23, 2009

All information in this document is authentic in Chinese. English is provided for reference only. In case of any discrepancy, the Chinese version shall prevail.