At the 4th Meeting of the 5th Board of Directors and the 3rd Meeting of the 5th Board of Supervisors, both held on 21 Oct 2008, the following proposals were examined and approved:

1. the 3Q 2008 Report and its Abstract

2. to apply with the National Association of Financial Market Institutional Investors for the issuance of RMB 400 mln worth of short-term financing bills
The proposal must be submitted to a general meeting of shareholders for examination and approval.

3. to provide joint liability guarantees on two individual loans, each equaling RMB 10 mln for Yongdeng Qilianshan Cement Co., Ltd., a wholly-owned subsidiary of the company, and for Pingliang Qilianshan Cement Co., Ltd., one of the company's subsidiaries, for periods from 26 Feb 2008 to 25 Feb 2009, and 27 Sept 2008 to 26 Sept 2009, respectively.

To date, guarantees provided by the company total RMB 65 mln. There are no guaranteed loans in arrears.

Board of Directors and Board of Supervisors
23 Oct 2008


Source: Shanghai Stock Exchange

Date: 23 Oct 2008

CN01/AX/MR/JE/KM