China Assets Appraisal Co. Ltd., whose predecessor is Zhongzi Assets Appraisal Office of China International Engineering Consulting Corporation, was established in December 1992. In June 1999, the “disjoint reform” was carried out in Zhongzi Assets Appraisal Office, and a company of limited responsibility was constructed, which is specialized in assets appraisal with certified Chinese assets appraisers as the main body of investment. In June 2000, the “disjoint reform” was accomplished in Zhongzi Assets Appraisal Office, and the company was officially renamed “Zhongzi Assets Appraisal Co. Ltd.”. Its present member institutions include: Beijing Zhongtai Xinda Investment Consulting Co. Ltd., Beijing Zhongzi Real Estate Appraisal Co. Ltd., and Beijing Zhongzi Xinda Accountant Office Co. Ltd. China Assets Appraisal Co. Ltd. is one of the largest professional appraisal institutions inside the country, which has the official assets appraisal qualification authorized by Ministry of Finance, and the assets appraisal qualification in securities business jointly authorized by the previous National State-owned Assets Administration Bureau and China Securities Regulatory Commission (SCRC), and is one of the nine executive directors of China Assets Appraisal Society and one of the executive directors of Beijing Certified Accountant Society. Zhongzi has the A-level qualification issued by Soil Resource Department that entitles it to the land appraisal business all over the country, the mine-prospecting right and mining right appraisal qualification issued by Soil Resource Department, the A-level real estate price appraisal institution qualification issued by Ministry of Construction, the A-level engineering consulting qualification issued by State Development Planning Commission, and business license that grants the practice of the legal business of certified accountant issued by Beijing Finance Bureau. Meanwhile, we are appointed to be the judicial appraiser by the Highest People Court and Beijing Senior People's Court, and become one of three appraisers that are selected by Beijing Development & Reform Committee into government investment consulting companies database in 2005. The company adheres to the principle of independence, objectivity and justice, and respects the service spirit of sincerity, commitment, enthusiasm and considerateness, seeking the development of potential value, the objective estimation and maximum realization of value for customers. Up to now, it has accomplished with high quality over 500 assets appraisal projects of all kinds, with an appraisal capital amount of over 3 trillion RMB, of which over 70% appraisal projects involve economic activity such as state-owned enterprise reconstruction, share transfer, etc, covering mine, metallurgy, petroleum, chemical industry, electronics, automobile, shipping, war industry, nuclear industry, aviation, spaceflight, light industry, textile, coal, mechanical manufacture, medication, construction, farming, foodstuff, tourism, traffic, city public utility, finance, securities, etc. Its main customers include China Telecom Group, China Petrochemistry Group, China National Petroleum corporation, China Mobile Group corporation, China Guodian corportion, State power corporation, Shanghai Baosteel Group corporation, China Nuclear Industry Group, China North Industries Group corporation(CNGC), China Aviation Industry corporation 2, China Putian Information Industry Group, Industry and Commercial Bank of China, China Development Bank, State Development and Investment Corp, CITIC Group, The People’s Insurance company of china ,China Life Insurance Company, China FAW Group coporation, China Medication Group and other enterprise groups rated among world top 500 enterprises and the leading enerprises in their field. It has accomplished over 140 projects of share market entering appraisal, which excels in appraisal institutions.

Asset Appraisal As a professional and renowned appraising institution in China with several highest operation qualifications, China Assets Appraisal CO., LTD(which is shortened for CAC) is willing to render scientific and first-class asset appraisal service and other related consultancy service relying on our solid technical strength, standard appraising methods and operation procedures, rich practical experience and good social relations, devoting ourselves to exploring the potential value, objectively reflecting the value and realizing the value to the fullest extent. Economic acts (appraisal purpose) involved in the projects implemented by CAC include: reorganization of an enterprise to get listed, investment & establishment of a company, Sino-foreign joint venture & cooperation, restructuring, merger & requisition, assignment of asset and equity, liquidation, mortgage & loan and litigation; assets appraised by CAC include: overall asset appraisal (business valuation), individual asset appraisal, exploration/mining right appraisal, intangible asset appraisal (e.g. patent, proprietary technology, trade marks, right of authorship, concession, sales channels and software). Having successfully and excellently completed over 1000 asset appraisal projects of different types for more than RMB 3 trillion, CAC has obtained a large number of clients both at home and abroad in a variety of industries, including petroleum, coal, electric power, traffic, metallurgy, chemical, machinery, electronic, war, telecommunication, auto, light & textile, medical, architectural, agricultural & animal husbandry, finance, traveling and urban public utilities industry.

Real Estate Evaluation CAC possesses the “Class I Qualification Certificate Regarding Real Estate Evaluation” issued by the Ministry of Construction (and which is the highest qualification in the domain of land evaluation). It can render such service as real estate evaluation for the purpose of purchase and sales, exchange, leasing, conversion into shares, mortgage & pledge, insurance, taxation, compensation for expropriation & removal and investment. The major buildings that have been evaluated by CAC include: Ocean Plaza, Oriental Plaza, Chang An Club, Hanwei Plaza, Tongtai Building, Onward Science & Trade Building, Olympic Hotel, Cofco Plaza, Beijing Scientific & Technical Exhibition Centre, Continental Grand Hotel, Chengdu International Exhibition & Convention Centre, Chongqing Hilton Hotel, Hangzhou International Hotel, Shanghai Holiday Shopping Mall and Xi’an Tangcheng Hotel.

Professional Team With the sound reputation within the Industry and good enterprise culture, CAC enjoys a professional team consisting of a group of excellent talents in the asset appraisal business. The senior managers and key members of CAC are all doctors and masters graduated from such renowned universities as Tsinghua University, NanKai University, TianJin University, Beihang University, Dalian University of Technology and Dongbei University of Finance and Economics, who have engaged in the practical business and theoretic research regarding asset appraisal for several years, have conducted in-depth research and practice in such professional domains as enterprise reorganization, securities issue, asset restructuring, Sino-foreign joint venture, assets and capital verification, investment and financing of projects and engineering consultancy and has accumulated rich practical experience. Several senior managers and key members of CAC serve as the member of the expert groups for project review, institution checking, training and standards preparing in the departments such as State-Owned Assets Supervision and Administration Commission of State Council, Ministry of Finance, Chinese Securities Regulatory Commission and China Appraisal Society. CAC is endowed with nearly 100 professional appraisers including certified asset appraisers, certified real estate evaluators, certified public accountants, land evaluators, exploring & mining right appraisers, cost engineers, registered consulting engineers, senior engineers, senior economists and senior accountants, who are involved in various domains such as operation management, financial accounting, architectural engineering, machinery equipment and intangible assets. With more than 50 senior project managers who have rich experience, CAC is able to provide the clients with solutions to various difficult problems. CAC boasts an expert consulting group, which pools over 200 experienced experts who are from the State Development and Reform Commission, China International Engineering Consulting Corp., Ministry of Finance and different industries. CAC enjoys a team consisting of professional personnel with good occupational moral, high sense of responsibility and diligent, responsible and enthusiastic working attitude, which can go through a hard battle. The professional personnel from CAC possess an excellent teamwork spirit, who would attach importance to the clients and the overall situation and offer cooperation and service to relevant intermediaries to the fullest extent and who have gained the sound reputation within the various intermediaries. The professional personnel from CAC attach great importance to the accumulation of experience and research on theory, which has constantly improved the operation capability, solved several knotty and difficult problems existing in the process of asset appraisal, made the contribution to the realization of appraisal purposes and gained praise from clients and competent authorities.
The company adheres to the assets appraisal principle of “independence, justice, scientificity and objectivity” and the working style of “strictness, preciseness, practicality and efficiency”, with its tenet of offering customers with the most superior service. In actual appraisal practice, it adheres to the following career ethics and profession guidelines: 1. Abide by state laws, regulations and internationally accepted appraisal guidelines; abide by career ethics and practice guidelines; accept state assets appraisal administration’s supervision and management; practice assets appraisal independently, justly, scientifically and objectively. 2. According to clients’ specified appraisal purpose, abide by legal or accepted procedures and standards, use scientific appraisal method, detailed and reliable information and modern working method, protect legal rights and benefits of asset owner, operator, user and the public, and precisely determine the value of the asset. 3. Stress on credit and reputation, abide by contract, offer high-quality and efficient appraisal service to clients, and undertake corresponding legal responsibilities for assets appraisal report. 4. Keep enterprises’ secret; do not let out client’s operation secret; for the losses caused by violating the secret-keeping rule, undertake corresponding legal and economic responsibilities. 5. According to clients’ entrustment, ensure first-class service, and at the same time actively offer related consulting opinion, advice or solution to customers according to their professional experience.

The main domestic accounting office that our company has cooperated with is.