Announcement on Resolutions of the Twelfth Meeting of the
Seventh Board of Directors
The Company and all members of the Board of Directors 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 notice of the twelfth meeting of the seventh Board of Directors of Industrial Bank was issued on June 4, 2012 and the meeting was held in Fuzhoon June 14, 2012. Fifteen directors were required to attend the meeting, and the number of directors that actually attended the meeting was fifteen. Director Chua Phuay Hee entrusted Chairman Gao Jianping to exercise voting right on his behalf. The meeting was convened in compliance with provisions of the Company Law of the People’s Republic of China and the Articles of Associations of the Company.
The Board deliberated and passed the following proposals:
1. Proposal on Revising the Articles of Association. The revised version (draft) is available on the website of Shanghai Stock Exchange.
Voting Result: In Favor: 15 votes; In Opposition: 0 vote; Abstention: 0 vote.
2. Proposal on Formulating Profit Distribution Plan for 2012-2014. The detailed profit distribution plan is available on the website of Shanghai Stock Exchange.
Voting Result: In Favor: 15 votes; In Opposition: 0 vote; Abstention: 0 vote.
3. Capital Management in 2011 and Capital Management Plan for 2012. The Board listened to the report on capital management in 2011, and required the management to allocate risk assets rationally based on the 2012 business development needs and improve the yields of risk assets. The Board also listened to the report on the progress of share placement to designated investors, raised the following thoughts on strengthening capital management in the next stage: to carry out business line specialization reforms, enhance refined capital management, make serious study on the latest capital management regulations, make full preparation for implementation, and improve capital management organizational structure.
Voting Result: In Favor: 15 votes; In Opposition: 0 vote; Abstention: 0 vote.
4. Proposal on writing off large-sum bad loans. Bad loans with amounts totaling RMB 105 million are to be written off. The amount is within the quota of RMB 0.6 billion for bad loan write-off arrangement in 2012 as approved at the tenth meeting of the seventh Board of Directors(please refer to the Company’s announcement dated March 20, 2012).
Voting Result: In Favor: 15 votes; In Opposition: 0 vote; Abstention: 0 vote.
The above-mentioned proposal 1 and 2 are subject to review and approval by the General Shareholders’ Meeting.
June 15, 2012
Board of Directors,
Industrial Bank Co., Ltd.