The fourteenth session of the fifth Board of Directors was held in Fuzhou on August 11, 2006. Chairman Gao Jianping presided over the meeting, at which, the following five proposals were reviewed and approved: Proposal on Network Expansion Plan in 2007, Proposal on Revoking the Nomination of Mr. Yang Peisen as Candidate for Director, Proposal on Granting Basic Credit Line to Hang Seng Bank, Proposal on Revising the Bank's Initial Public Offering Prospectus, Proposal on Interim Report 2006, 2005, 2004 and 2003. The Board also listened to Report on Relevant Rectification Taken Based on CBRC's Annual Regulatory Report 2005 on Industrial Bank and Report on the Bank's Operations from January to June, 2006.