Annual Report of the Year of 1999

Industrial and Commercial Bank of China,
We accepted the entrustment to audit the Balance Sheet on December 31, 1999 and the Statement of Loss and Gain of the Year of 1999 of your bank. Your bank is held responsible for these two accounting statements, and our duty is to state our views on them in the audit range as is indicated in the business agreement. We carried out the audit work according to the "Norms of Independent Audit of Chinese Certified Accountants". In the course of audit, we followed the necessary audit procedure in line with the actual conditions of your bank. We hold that the above accounting statements conform to the "Enterprise Accounting Norms" and "Regulations on Financial Enterprise Accounting", as well as other Chinese laws and stipulations concerning financial accounting. They justly and soundly represented your bank's financial position on December 31, 1999 and the operation results in the year of 1999 in all major respects. The ways of accounting treatment were selected and used following the principle of consistency.

	Director Accountant：
	Chinese Certified Accountant：

Balance Sheet of the Industrial and Commercial Bank of China

Profit and Loss Sheet of the Industrial and Commercial Bank of China