PERSONAL INCOME TAX LAW OF THE PEOPLE’S REPUBLIC OF CHINA

Level Monthly Taxable Income Tax Rate %

1 Less than RMB 500 5

2 RMB 500.01 to 2000 10

3 RMB 2,000.01 to 5000 15

4 RMB 5,000.o1 to 20,000 20

5 RMB 20,000.01 to 40,000 25

6 RMB 40,000.01 to 60,000 30

7 RMB 60,000.01 to 80,000 35

8 RMB 80,000.01 to 100,000 40

9 More than RMB 100,000 45