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Notice of the Ministry of Finance, the State Administration for Industry and Commerce, the Ministry of Commerce , the State Administration of Foreign Exchange and China Securities Regulatory Commission on the Issuance of Sino-foreign Cooperative Accounting Firms Localization Conversion Program

【Issuing authority】the Ministry of Finance, the State Administration for Industry and Commerce, the Ministry of Commerce, the State Administration of Foreign Exchange, China Securities Regulatory Commission 【Issue No. 】 CaiKuai (2012) No.8 【Date issued】 May 2, 2012 【Enforcement date】 May 10, 2012 The department (Bureau) of finance and industrial and commercial bureau of each province, autonomous regionand municipality, The Finance Commission and Market Supervision Administration Bureau of Shenzhen Municipality, The department of administration for commerce and foreign exchange and the department of supervision for securities of each province, autonomous region, municipality and city with independent budgetary status, Ernst & Young Hua Ming Accounting Firm, KPMG Accounting Firm, Deloitte Touche Tohmatsu Accounting Firm and Price Waterhouse Coopers Accounting Firm: In order to implement the Notice of General Office of the State Council on Forwarding the Several Opinions of the Ministry of Finance on Accelerating Development of Certified Public Accountant Industry of China (GuoBanFa (2009) No.56), regulate the localization conversion work of present Sino-foreign cooperative accounting firms and promote fair competition under the legal framework of our country and uniform market, the Ministry of Finance, the State Administration for Industry and Commerce, the Ministry of Commerce, the State Administration of Foreign Exchange and China Securities Regulatory Commission, in accordance with the Certified Public Accountant Law of the People’s Republic of China, the Partnership Enterprise Law of the People’s Republic of China, the Administrative Measures for the Establishment of Partnership Enterprises within China by Foreign Enterprises or Individuals (Order of the State Council No. 567) and the Interim Measures for the Examination, Approval and Supervision of Accounting Firms (Order of the Ministry of Finance No. 24) and other relevant regulations and rules, enacted the Sino-foreign Cooperative Accounting Firms Localization Conversion Program, which we issue herein and which enters into force upon May 10, 2012. Attachment: The Sino-foreign Cooperative Accounting Firms Localization Conversin Program

The State Administration for Industry and Commerce of the People’s Republic of China The Ministry of Commerce of the People’s Republic of China The State Administration of Foreign Exchange of the People’s Republic of China China Securities Regulatory Commission May 2, 2012

(Translated by 刘嘉)

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