Summary of Individual Guaranty Contract of Maximum Amount ("Guaranty Contract 9") Signed by
Mr.Xiangqian Li as Guarantor with Commercial Bank on April 20th, 2005 to secure the Indebtedness of the
Company towards Commercial Bank under Comprehensive Agreement 3.
o Contract NO: Shen Shang Yin (Shuibei) Shouxin Gebaozi
o Guaranty Period: from the signing date of Comprehensive Agreement 3 to the expiry date of two years
commencing from maturity of the last matured loan borrowed under Comprehensive Agreement 3;
o Items secured include loan principal and related interest, penalty interest, breach of contract compensation and
expenses under Comprehensive Agreement 3;
o Maximum amount secured for loan principal under Comprehensive Agreement 3 is RMB 50 Million Yuan;
o Other Terms
The guarantor shall take joint and several responsibilities for the Company's indebtedness towards the
Commercial Bank under Comprehensive Agreement 3;
Amendment or changes made to Comprehensive Agreement 3 (except for increase of credit amount) does not
need to be approved by the guarantor and the Guaranty Contract shall remain to be effective and binding upon
Guaranty Contract 9 is irrevocable and independently effective.