CCB will issue Penghua Value Advantage Equity Securities Investment Fund (LOF) (hereinafter referred to as “Penghua Value Advantage Fund (LOF)”) as the agent bank from June 12 to July 7, 2006.

Penghua Value Advantage Fund (LOF) is a listed open-end fund with the investment objective of seeking the long-term stable value increase of fund assets by following strict research process and investment discipline and using the relative valuation analysis method to identify the Chinese companies that have relative value advantages under the circumstances of the international integration of the Chinese capital market. Main features of the fund are as follows: first, identifying the stocks with underestimated value and seeking the long-term stable value increase of fund assets. Valuation on different capital markets is compared to discover the investment value of the Chinese capital market. Sophisticated valuation method is used to identify the industrial and individual stocks with underestimated value so as to seek long-term and stable profitability; second, taking market opportunities flexibly. Penghua Value Advantage Fund (LOF) maintains the portfolio proportion of equity within 60-95%, bond within 0-35%, warrant within 0-3% and cash or government bond due within 1 year no less than 5%. In a bull market the proportion of stock assets with underestimated value may be raised while in a bear market focus may be shifted to such assets with stable yield as bond; third, leading performance of social security wealth management business and good record of fund management. As one of the first managers of social security fund, Penghua maintained the best performance of social security stock portfolio wealth management in 2004 and 2005 and received new capital input of social security in 2005 and 2006. The business performance of public funds under Penghua’s management has been improving since 2005, with dividends having been paid several times.

The issuance of Penghua Value Advantage Fund (LOF) is the first cooperation between CCB and Penghua Fund Management Co., Ltd. (Penghua Fund Company). Penghua Fund Company thus becomes the 17^th fund management company cooperating with CCB. Up to now CCB has offered investors as many as 50 funds with types covering equity, hybrid, bond, money, LOF and ETF to meet the diversified wealth management demands of investors.

Currently, CCB and Penghua Fund Company have made full preparations in terms of staff training, marketing and promotion and customer services. Investors can subscribe the fund at over 14,000 CCB outlets nationwide. For more information please call CCB customer service hotline 95533.