Regulations of Preferential and Preemptive Rights for Employees of Subordinate upon the Privatization Enterprises under the Ministry of Finance to Subscribe the Government-Owned Shares Article 11

Employees may subscribe to non-transferable shares pursuant to the available subscription shares and over-subscription shares as described in Article 9, as well as and incentive subscription shares as described in Paragraph 1 of the preceding Article; the total purchase cost of subscribed shares shall be paid in full in one lump sum within the prescribed period, under-subscription and failure to make payment in full amount shall be regarded as having voluntarily forfeited the subscription rights. For employees who have terminated employment or retired, the incentive shares subscribed according to Paragraph 3 in the foregoing Article shall still be eligible to the stipulations in the preceding paragraphs.