Pacific Securities Co., Ltd.

The Pacific Securities Co., Ltd. is a China-based company principally engaged in the securities industry. The Company’s businesses include securities agency services such as securities trading (including foreign capital stocks listed in China), paying principal, interest and dividend, and new account registration; securities custody and identification; securities proprietary trading; securities underwriting (including main underwriting); securities investment consulting (including financial consulting), and other businesses approved by China Securities Regulatory Commission. During the year ended December 31, 2007, the Company obtained approximately 53% and 45% of its total revenue from its securities investment business and brokerage business, respectively. (Source: ARS)