- Zhongtian Securities Co., Ltd.

1.  Basics

The time of establishment: July 14, 2004

Address: 47Beiwu Rd, Heping District, Shenyang, P.R.China

Corporate type: large-scaled/ state-owned shareholding Co., Ltd

The industry affiliated: finance and insurance

The scope of operation: securities purchase and sales agent, paying interests and bonus, contract sales, and self-supporting sales consultation, safekeeping securities, opening account.

Intangible assets: 7 million Yuan (1.4 million Yuan of software, the rest for usufruct of ground,

Staff: 430, with state-owned status  (8 registered accountants, 6 senior engineers, 60 accoutants, engineers and instructors; degrees of doctors, masters and graduates and under are 2,28,382 respectively; average age: 35

2.  Corporate representative: Xueqi Li

3.  Capitalization:

Shareholders: State-owned Assets Supervision and Administration Commission of Liaoning Province (440,000,000 or 88%), Liaoning Investment Group Co., Ltd (60,000,000 or 12%).

Registered capital: 500,000,000   No subsidiary company

4.  Current operation:

in 2004, sales revenue: -9,967,200, profit: -45,235,100.

First half year in 2005, sales revenue: -4,319,000, Profit: --23,493,000

5.  Financial operation:

In 2004, total assets: 1,430,000,000, total debts: 1,025,000,000 ownership interests: 407,000,000, account receivables: 27,730,000, account payables: 92,380,000, accumulative depreciation: 141,790,000, tax: 3,580,000.

    6. current development: in 2004 no project under construction; no new investment

7.  ownership right transfer: after increasing capitals and expanding stocks, registered capital will reach above 1 billion, and new shareholders can hold above 66% stock ownership.

7.  Requests to buyers: new buyers should meet the national requests to the shareholders when security companies increase capitals and expand stocks. No input of non-securities assets is allowed.

8.  Contacts:

a. Enterprise: Chunguang Wu

Tel: +86 024 62165252

Fax:+86 024 62165613

Address: 47Beiwu Rd, Heping District, Shenyang, P.R.China

Post code: 110013

E-mail: wuchunguang@hotmail.com/wucg@ztportal.com

b. State-owned Assets Supervision and Administration Commission of Liaoning Province:

Qiong Wu, Renhe Zhao

Tel: +86 024 86903276

Fax: +86 024 86903276

Address: 45-22 Beiling Str., Huanggu District, Shenyang, P.R.China

Post code: 110032

   E-mail: zcjyc@163.com

9. Declaration: all the data in this specification are shown in the account books in RMB. The net assets value when transferring stock ownership is the post-evaluated actual number. This actual number will be the main basis of bottom price of market trade.