A Brief Introduction of CMAA China Mergers & Acquisitions Association (CMAA) is a non-profit, non-governmental organization administrated by the All-China Federation of Industry and Commerce (ACFIC). Founded in September 2004, the CMAA is headquartered in Beijing with branch offices in Hong Kong and Shanghai. The China Mergers & Acquisitions Association is comprised of leading Chinese professional service institutions. Including M&A advisory, companies provide a broad range of services such as enterprise restructuring, private placement, IPO, M&A transactions and industrial consolidation from both mainland China ,Hong Kong and Asia. CMAA member companies work closely with professionals across all industries for the development and standardization of M&A activity in China. All companies are bound by the premise that vigorous M&A activity is essential to development and globalization of Chinese enterprises and China’s economy.

Geographical Distribution of CMAA Member Companies

CMAA Core Objectives To monitor trends in M&A and to maintain the interests of the constituents; To compile a database of M&A transactions and establish an online transaction platform for its members; To cooperate in the strategic development and formulation of M&A standards, to maintain a high level of professionalism for the M&A market; To establish a platform whereby members can co-operate and share the resources of various M&A businesses in China.

International Cooperation Division Organizational Structure CMAA’s highest level of authority is the CMAA Council. Members of the CMAA council elect the Chairman, Vice Chairman and Executive Directors of the CMAA. The Secretariat of the Board of Executive Directors is responsible for CMAA’s daily operations, which are divided among four divisions. Development Division Conducts public relations efforts with governments and related partners Formulates professional standards and practices to guide M&A development in China Membership Division Responsible for recruiting and liaising with new members Overseer of the CMAA network of member companies Maintains updated information to serve member companies Secretariat International Cooperation Division Develop the international market Network with overseas peers enhance CMAA’s international status & reputation Research Division Research and training Preparation of computerized network system and publication of periodicals

Member Benefits CMAA's Business Network -- Members gain the opportunity to connect with business leaders in various industries as well as with government officials. The business network serves as a valuable information channel and a platform for new business development. Through various forums, expositions, visits, as well as periodic training programs and continuing professional education seminars, members will expose themselves to the highest quality and most current developments in China M&A. Policy Influence -- CMAA focuses on the dynamics of China’s M&A activities, provides professional M&A advice to the government on behalf of industry, and helps to stimulate research activities within the M&A industry. Furthermore, as a coordinator, CMAA is able to protect members lawful business rights, promote the standardization of M&A transactions, and create ethical standards for the M&A industry. Access to current information -- CMAA members receive China M&A Express and the China M&A Yearbook free of charge. Members also have their own website linked directly with www.mergers-china.com, the official website of CMAA. Furthermore, all members are granted their own IP address. Discounts and Privileges -- All members guarantee to provide M&A services to fellow members at the lowest possible price. Additionally all members enjoy discounted prices for conferences and forums held or sponsored by CMAA. Deep discounts are awarded to members placing advertisements with media having business relationships with CMAA. Members may, with CMAA’s permission, be entitled to conduct business activities under the CMAA name.

Qualifications for the Membership Commitment to the previously mentioned CMAA Core Objectives, and affirmation of the rules and regulations of CMAA;   Recognized and constructive contribution towards the development of China’s M&A industry;  Recommendations from two active members of CMAA; Candidates should be individuals, professional service firms or corporations engaged in business related to M&A.

Council of CMAA Honorary Chairman: Liu Ji Chairman, Global M&A Research Center He is the Honorary President of China Europe International Business School, PhD Supervisor of CASS, Chairman of China Mobile Communications Association, Vice-Board Chairman of China Soft Science and Executive Director of CASTP. He specializes in the development of the Chinese economy, systemic reform, macroeconomics, culture and politics. He is the writer of Socialist Reform and five other books as well as "Essence and Strategic Response to Economic Globalization" and 100 other papers. Honorary Chairman:　Zhu Li President, China Galaxy Financial Holdings Limited Upon graduating from Beijing Institute of Economics, Mr. Zhu worked in the National Economic Reform Commission. From 1990 to 1992, he studied in Germany while working for several commercial banks. Since 1992, Zhu Li has successively held the positions of Vice-Director of the Department of Macroeconomics for the National Economic Reform Commission, Secretary-General of the China Securities Regulatory Commission, Vice-President of China Securities Regulatory Commission, Vice-President of the Agricultural Development Bank of China, and President of the Securities Association of China Chairman:　 Wang Wei Secretary General, Global M&A Research Center Dr. Wang Wei worked at the World Bank, Chemical Bank, Construction Bank of China, China M&A Management Holdings, Inc. and Bank of China. As Chairman of CMAA, Dr. Wang organized the restructuring of many Mainland China companies. Additionally, Dr. Wang is the economic consultant for several Chinese government ministries and provincial governments. He is a widely recognized expert in the innovation of financial markets in China. He is the author of Country Risk(1987), MBO: Management Buyouts (1999), The China M&A Yearbook(2001-2006) and China Industrial Map (2003-2005).

Council of CMAA President: Gong Shaolin Chairman, China Merchants Securities Co., Ltd. Dr. Gong is the Director of China Merchants Group, he holds a PhD in Economics and is guest professor at the Graduate School of People's Bank of China, and Southwestern University of Finance and Economics. Dr. Gong is the former Secretary of General Office of the PBC, Division Chief of Fund Planning Department of the PBC, Assistant President and Vice-President of Shenzhen Branch of the PBC. He is also the former Deputy Director of State Ministration of Foreign Exchange, Shenzhen Branch and the former Executive Vice-President of China Merchants Bank. Secretary General:　Guo Jian Assistant President, China Merchants Securities Co., Ltd. Mr. Jian Guo has served as the Managing Director of the Investment Banking Dept of China Marchants Securities Co., Ltd. and the Vice-Chairman of China Merchants Securities Co. (HK), Director of China Association of Chief Financial Officer, and Standing Director of Tariff Accountant Association of China. Mr. Jian Guo used to work at Shanghai Maritime University as a lecturer of accounting and at China Merchants Group as an international manager of the Accounting Department. He has also worked at China Merchants Bank as representative in the Hong Kong Office, Shenzhen Licheng Certified Public Accountants as Partner, and Shenzhen Zhongda Investment Management Co., Ltd. as Assistant President and CFO.

Council of CMAA Vice-Chairman: Xia Bin President, Financial Research Institute Development Research Center of The State Council of P.R.C. Xia Bin used to be Vice-President of Finance Research Center of People’s Bank of China, President of the Exchange Department of China Securities Regulatory Commission and Manager of Shenzhen Stock Exchange. He is the chief editor of the Securities Dictionary, and published China’s Financial Problem in its Transition Period, Empirical Research of Supply Theory of Chinese Currency and The Report of Chinese Privately Offered Funds. Vice-Chairman: 　Alec YW Tsui President, WAG Worldsec Corporate Finance Limited Alec was the CEO of The Stock Exchange of Hong Kong. Under his guidance the Hong Kong Exchanges and Clearing was established. From March to July 2003, he was the CEO of that company. Now he is the Independent Non-Executive Director for many listed companies in Hong Kong. Vice-Chairman:　 Ge Ming Chairman, Ernst & Young Hua Ming Ge Ming worked as Executive Director in a joint venture consulting company founded by China Consultants of Accounting and Financial Management Co., Ltd. (CCAFM), the Ministry of Finance and Ernst & Young in Hong Kong in 1985. In 1992, he established the joint venture of Ernst & Young Hua Ming Certified Public Accountants in Beijing. With more than 20 years of cooperation with Ernst & Young, he participated in and organized the listings and mergers of various enterprises. He has a lot of practical experience in cooperation with international accounting firms.

Council of CMAA Executive Director: Sun Yuehuan Chairman and CEO, China Enterprise Appraisals Co., Ltd. Executive Director: Xie Jiayang Partner, Deloitte Touche Tohmatsu CPA, Ltd., Beijing Branch Executive Director: Xie Simin Senior Partner, C&I Partners, Beijing Executive Director: Xiong Yan President, China Beijing Equity Exchange Executive Director: Henry Cheong Director, Worldsec Group

Council of CMAA Executive Director: Tang Shisheng Chairman, Hong Yuan Securities Co., Ltd. Executive Director : Wang Shaohua President, China Credit Trust Co., Ltd.   Executive Director: Wang Dongming Chairman, CITIC Securities Co., Ltd. Executive Director: Fei Guoping Managing Partner, LongAn Law (Shanghai Office) Executive Director: Xie Tao Partner, Transaction Services Department, PwC Beijing

Council of CMAA Executive Director: Zhang Xiaosen Partner, ZHONGZI LAW OFFICE Executive Director: Zheng Jianbiao Partner, Beijing Jingdu CPAs Executive Director: Feng Bing Executive Director, China Consultants of Accounting and Financial Management Co., Ltd. Executive Director: Liu Gongqin Vice-Chairman,China Appraisal Society

Council of CMAA Director: Wang Yang Chairman, China M&A Management Holdings, Inc Director: Wang Bo partner of Accenture and Vice President of Accenture/China Director: Bruce Wang Client Solution Officer, Mercer Human Resource Consulting Director: Jeffrey R Williams Adjunct professor,Guanghua School of Management at Peking University Director: Benjamin Wey Managing Director, New York Global Group, Inc.

Council of CMAA Director: Cong Peiguo Managing Partner, Jun You Lawyers Director: Shi Tiejun Partner, Jun He Law Offices Director: Lv Hongbing Chief Executive Partner, Grandall Legal Group Director: Liu Yan Partner, Tian Yuan Law Firm Director: Akira Kato Partner, Deloitte Touche Tohmatsu

Council of CMAA Director: Kwon Jaeryun Chairman, Korea M&A Corporation Director: Patrick Wu General Manager, American Appraisal Associates, Inc. Director: Lawrence Ho Managing Director, Melco International Development Limited Director: Lawrence Yee President, Dun & Bradstreet (Greater China) and President, D&B (PRC) Director: Zhang Ke Chairman, Shinewing CPAs

Council of CMAA Director: Zhang Hongjiu Managing Partner, Jingtian & Gongcheng Director: Li Su CEO, H&J Vanguard Consulting Group Director: Li Xiangjun Chairman, Shenzhen Shinewing Consulting Co., Ltd. Director: Shen Qi Chairman, China United Assets Appraisal Director: Shen Gongwei Executive Partner, Chongqing Gongwei Law Firw

Council of CMAA Director: Bill Kwok President, Wocom Holdings Limited Director: Xu Weihui General Manager,Sinochem International Corporation Director: Leong Ka Chai Director, Roctec Securities Co., Ltd. Director: Carson Wen Partner, Jones Day Director: Chiang Sheung Yee Anthony Partner, Anthony Chiang & Partners

Senior Members of CMAA Secretariat Vice-Secretary General Guo Tianjue [ gtj@mergers-china.com ] Gu Ningke [ nickgu@mergers-china.com ] Assistant of Chairman Ma Weijing [ mwj@mergers-china.com ]

Professional Distribution of CMAA Member Companies 13 12 8 9 6 3 3 1 该资料为2007年2月统计

Publications and Activities from China Mergers & Acquisitions Association (CMAA) and Global M&A Research Center (GMAC) Hosting www.mergers-china.com, the largest Internet portal for M&A business in China    Publishing the China M&A Yearbook since 2001  Selecting the Top 10 M&A Deals in China and Top 10 M&A Dealmakers in China annually since 2001 Editing and publishing the China M&A Index monthly since 2002  Publishing the China Industrial Map yearly since 2003 Publishing the China M&A Report monthly and quarterly since 2003  Co-editing the M&A Weekly Newsletter and China M&A Express (M&A Weekly Newsletter merged with China M&A Express on September 2005)  Organizing the China M&A Annual Conference yearly since 2003 

China M&A Express China M&A Express is China’s leading M&A focused publication. The magazine is written and edited by a number of top academic and professional experts. Mr. Wang Wei, Mr. Xia Bin, Mr. Nie Qingping, Mr. Liu Ji, Mr. Yu Yongding, Mr. Zhu Li, Mr.Gong Shaolin, Mr. Tang Shisheng, Mr. Ge Ming and Mr. Xie Tao, all CMAA members, have published articles in China M&A Express. Also the M&A Express has fielded feature articles from experts at the Global M& A Research Center (GMARC), www.mergers-china.com, China Galaxy Securities, China M&A Management (CMA), and Pricewaterhouse Coopers Beijing. Readers of China M&A Express will discover very comprehensive and authoritative China M&A information.

www.mergers-china.com Founded in 1998, www.mergers-china.com is China’s largest and most comprehensive online investment banking information source. To date, it has published 300 issues of M&A Weekly (now China M&A Express), covering transaction information for more than 40 cities. The service has a registered membership in excess of 14,000. www.mergers-China.com provides three main business services: —Current professional M&A news; —Concise information regarding M&A transactions; —Professional PR services for the M&A and private equity industries. Combining conventional M&A and Internet technology, www.mergers-china.com strives to achieve e-commerce M&A deals. The online nature of the service provides low cost, effective M&A consulting services for SME (Small and Medium-sized Enterprises).

CMAA Activities January 24th, 2005, Mr. Huang Mengfu, Chairman of ACFIC, Mr. Qu Huaiming, Chairman of The Membership Association of ACFIC and Mr. Liu Honglu, Director of The Membership Department of ACFIC at a meeting with CMAA leaders Wang Wei, Zhu Li, Wang Dongming and Ge Ming.

CMAA Activities Chairman Wang Wei and Mr. Jeck Welch,the Former CEO of GE. (Shanghai, 2004) Chairman Wang Wei and Mr.George Soros, a famous financier and the founder of Quantum Fund. (Beijing,2005)

CMAA Activities July 28th, 2005, The Yangtze River Delta M&A Forum 2005 is held in the Shanghai International Conference Center. The Conference theme is Opportunities and Challenges in a full floating Market.

CMAA Activities October 27th ,2005, The Japan-China M&A Forum 2005 was held at Academic International Exchange Center of Hitotsubashi University, which is organized jointly by CMAA, Japan-China Economic Association (JCEA),Tokyo Stock Exchange , Nomura Securities and Hitotsubashi University. Mr. Xiabin, Vice-Chairman of CMAA, delivered his speech at the forum. January 4th, 2006, Top 10 M&A Deals in China and Top 10 M&A Dealmakers in China of 2005 are announced at a news briefing. Zhu Li, President of CMAA announces the 2005 award recipients.

CMAA Activities April 14th, 2006, the CMAA Directorate and leaders of ACFIC at CMAA’s 4th Director’s Convention.

China M&A Annual Conference The 1st China M&A Annual Conference, was held at the China Europe International Business School, Shanghai on April 20th, 2003. 200 people took part in the conference. The 2nd China M&A Annual Conference, was held at the Kunlun Hotel, Beijing on April 24th, 2004. 300 people took part in the conference.

China M&A Annual Conference The 3rd China M&A Annual Conference, was held at the Beijing International Hotel on April 28th, 2005. 300 people took part in the conference. The 4th China M&A Annual Conference, was held at Swissotel Beijing on April 15th, 2006. 400 people took part in the conference.

Contact Us Beijing Headquarters Address: Suite 816, Tower one, Bright China Chang An Plaza No.7 Jianguomen Nei Avenue, Beijing, China Zip Code: 100005 Tel: 86-10-65171198 Fax: 86-10-65171125 E-mail: cmaa@mergers-china.com Hong Kong Branch Add: 6F New Henry House, 10 Ice House Street, Central, hong Kong Tel: 852-2971 4288 Fax: 852-2810 6638 E-mail: alectsui@wag.com.hk Shanghai Office Add: Suite 1701,Aurora Plaza,99 Fucheng Road,Lujiazui,Shanghai,China Zip Code: 200120 Tel: 86-21-51096555 Fax: 86-21-58798869 E-mail: feiguoping@bizlawyers.cn CMAA Secretariat Add: 6th floor Capital Steel International Plaza,60 Xizhimen Avenue North,Haidian District,Beijing,P.R.China Zip Code: 100088 Tel: 86-10-82295577632 Fax: 86-10-82291151 E-mail: puwei@ccs.com.cn