The Industrial Bank Co., Ltd (the“Company”) and all members of the Board of Supervisors hereby warrant that the information contained in this announcement is true, accurate and complete, and assume joint and several liabilities for any false representation, misleading statement or material omission.
The first meeting of the fourth session of the Board of Supervisors of the Company was held on 19 October 2007 in Fuzhou . All 9 supervisors eligible for attending the meeting was present, of which Wu Xiaohui (Supervisor) appointed Bi Zhonghua (Supervisor) as the proxy to vote on her behalf. The convening of this meeting complied with the relevant provisions of the Company Law and the Articles of Association of the Company.
The following proposals were reviewed and approved:
1. The Proposal on Electing Chairperson of the Fourth Board of Supervisors.
Ms. Bi Zhonghua was elected as Chairwoman of the Fourth Session of the Board of Supervisors.
2. The Proposal on the Setup of Special Committees under the Fourth Session of the Board of Supervisors.
The Supervisory Committee of the Board of Supervisors consisted of three supervisors: Li Shuang, Chen Xiaohong and Lai Furong, of which Li Shuang was appointed director member. The Nommination, Remuneration and Evaluation Committee consisted of the following three supervisors: Wu Shinong, Wu Xiaohui and Hua Bin, of which Wu Shinong was appointed director member.
3. The Proposal on Stipulating Regulations on External Supervisor Allowance of Industrial Bank.
Basic allowance for external supervisors is RMB120 thousand per capita per year. Business allowance for the committee is RMB40 thousand per capita per year. Meeting subsidiary is RMB15 thousand per capita per quarter. The above mentioned allowances are pre-tax amount and will be paid subject to the supervisors' attendance.
4. Report on Auditing Investigation on the Operational Risk of Accounting and Settlement.
The Proposal on Stipulating Regulations on External Supervisor Allowance of Industrial Bank will be submitted to the general shareholders' meeting for consideration.
Board of Supervisors, Industrial Bank, Co.,Ltd.
23 October, 2007