At the 32nd Meeting of the 3rd Board of Directors, held on 28 Oct 2008, the following proposals were examined and approved:

1. the 3Q 2008 Report
2. to discuss certain lawsuits and study countermeasures accordingly
3. to conduct an overall rectification of the company's fifteen subsidiaries
4. to deregister branches which have suffered continuous losses in recent years, and to upgrade the company's Wuhan branch to a subsidiary, on the basis of its superior operations

The former Wuhan branch will be deregistered accordingly.

Board of Directors
29 Oct 2008


Source: Shanghai Stock Exchange

Date: 30 Oct 2008

CN01/KC/VW/MR/JE/KM