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<SEC-DOCUMENT>0001204459-09-002293.txt : 20091202
<SEC-HEADER>0001204459-09-002293.hdr.sgml : 20091202
<ACCEPTANCE-DATETIME>20091202070537
ACCESSION NUMBER:		0001204459-09-002293
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20091202
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20091202
DATE AS OF CHANGE:		20091202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA BAK BATTERY INC
		CENTRAL INDEX KEY:			0001117171
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				880442833
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32898
		FILM NUMBER:		091216075

	BUSINESS ADDRESS:	
		STREET 1:		BAK INDUSTRIAL PARK, NO. 1 BAK STREET
		STREET 2:		KUICHONG TOWN, LONGGANG DISTRICT
		CITY:			SHENZHEN PEOPLE
		STATE:			F4
		ZIP:			518119
		BUSINESS PHONE:		86-755-8977-0093

	MAIL ADDRESS:	
		STREET 1:		BAK INDUSTRIAL PARK, NO. 1 BAK STREET
		STREET 2:		KUICHONG TOWN, LONGGANG DISTRICT
		CITY:			SHENZHEN PEOPLE
		STATE:			F4
		ZIP:			518119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEDINA COFFEE INC
		DATE OF NAME CHANGE:	20000626
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>chinabakbattery8k120209.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html>

<head>
<title>China Bak Battery, Inc. - Form 8-K - Prepared By TNT Filings Inc.</title>
</head>

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="5">
</div>
<b><font FACE="Times New Roman" size="5">
<p align="center">UNITED STATES <br>
SECURITIES AND EXCHANGE COMMISSION <br>
</font><font FACE="Times New Roman">WASHINGTON, D.C. 20549</font></b><font FACE="Times New Roman">
</p>
</font><font FACE="Times New Roman" size="5"><b>
<p align="center">FORM 8-K</b> </p>
</font><font FACE="Times New Roman" SIZE="2"><b>
<p align="center">CURRENT REPORT</b> </p>
<b>
<p align="center">PURSUANT TO SECTION 13 OR 15(d) <br>
OF THE SECURITIES AND EXCHANGE ACT OF 1934</b> </p>
<b>
<p align="center">Date of Report (Date of Earliest Event Reported): December 2,
2009</b> </p>
</font><font FACE="Times New Roman" size="5"><b>
<p align="center"><u>CHINA BAK BATTERY, INC.</u></b></font><u><font size="5" FACE="Times New Roman">
</font></u><i><u><font FACE="Times New Roman" size="5"><br>
</font></u><font FACE="Times New Roman" SIZE="2">(Exact name of registrant as
specified in its charter)</font></i><font FACE="Times New Roman" SIZE="2"> </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="33%" align="center"><font SIZE="2"><b>Nevada</b></font></td>
    <td WIDTH="33%" align="center"><font SIZE="2"><b>001-32898</b></font></td>
    <td WIDTH="34%" align="center"><font SIZE="2"><b>86-0442833</b></font></td>
  </tr>
  <tr>
    <td WIDTH="33%" align="center"><font SIZE="2"><i>(State or other
    jurisdiction</i></font></td>
    <td WIDTH="33%" align="center"><font SIZE="2"><i>(Commission File No.)</i></font></td>
    <td WIDTH="34%" align="center"><font SIZE="2"><i>(IRS Employer</i></font></td>
  </tr>
  <tr>
    <td WIDTH="33%" align="center"><font SIZE="2"><i>of incorporation)</i></font></td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center"><font SIZE="2"><i>Identification No.)</i></font></td>
  </tr>
</table>
<font SIZE="2"><b>
<p ALIGN="CENTER">BAK Industrial Park, No. 1 BAK Street</b> <b><br>
Kuichong Town, Longgang District</b> <b><br>
Shenzhen, 518119</b> <b><br>
People's Republic of China</b> <i><br>
(Address, including zip code, of principal executive offices)</i> </font></p>
<font SIZE="2"><b>
<p align="center">(86-755) 8977-0093</b> <i><br>
(Registrant's telephone number, including area code)</i> </font></p>
<font SIZE="2"><b>
<p align="center">Not applicable</b> <i><br>
(Former name or former address, if changed since last report)</i> </p>
</font><font SIZE="2" FACE="Times New Roman">
<p align="justify">Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):</p>
<p align="justify"></font> <FONT
FACE=WINGDINGS SIZE="2">o</FONT><font SIZE="2">&nbsp; Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
<p align="justify"> <FONT
FACE=WINGDINGS SIZE="2">o</FONT><font SIZE="2">&nbsp; Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p align="justify"> <FONT
FACE=WINGDINGS SIZE="2">o</FONT><font SIZE="2">&nbsp; Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></p>
<p align="justify"> <FONT
FACE=WINGDINGS SIZE="2">o</FONT><font SIZE="2">&nbsp; Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) </p>
</font>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>

<b>
<p><font size="2">Item 2.02 </font></p>
<p style="margin-left: 50pt; margin-top: -25.5pt"><font size="2">Results of
Operations and Financial Condition. </font></p>
</b>
<p align="justify" style="text-indent: 5%"><font size="2">On December 2, 2009,
China BAK Battery, Inc. (the &quot;Company&quot;) issued a press release announcing its
financial results for the fiscal quarter and fiscal year ended September 30,
2009. A copy of the press release is furnished as Exhibit 99.1 hereto. </font>
</p>
<p align="justify" style="text-indent: 5%"><font size="2">The press release
furnished as Exhibit 99.1 hereto contains certain statements that may include
&quot;forward-looking statements&quot; within the meaning of Section 27A of the Securities
Act of 1933, as amended (the &quot;Securities Act&quot;), and Section 21E of the
Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;). All
statements, other than statements of historical fact, are &quot;forward-looking
statements,&quot; including statements regarding the Company's business strategy,
plans and objective and statements of non-historical information. These
forward-looking statements are often identified by the use of forward-looking
terminology such as &quot;should,&quot; &quot;believes,&quot; &quot;expects,&quot; &quot;anticipates&quot; or similar
expressions, and involve known and unknown risks and uncertainties. Although the
Company believes that the expectations reflected in these forward-looking
statements are reasonable, they involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not place undue
reliance on these forward-looking statements, which speak only as of their
respective dates. The Company's actual results could differ materially from
those anticipated in these forward-looking statements as a result of a variety
of factors, including those discussed in the Company's periodic reports that are
filed with and available from the Securities and Exchange Commission. All
forward-looking statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors. Other than as
required under the securities laws, the Company does not assume a duty to update
these forward-looking statements. </font></p>
<p align="justify" style="text-indent: 5%"><font size="2">In accordance with
General Instruction B.2 of Form 8-K, the information in this Report, including
Exhibit 99.1 hereto, shall not be deemed to be &quot;filed&quot; for purposes of Section
18 of the Exchange Act, or otherwise subject to the liabilities of that section,
and shall not be incorporated by reference into any registration statement or
other document filed under the Securities Act or the Exchange Act, except as
shall be expressly set forth by specific reference in such filing. </font></p>
<b>
<p><font size="2">Item 9.01 </font></p>
<p style="margin-left: 50pt; margin-top: -25.5pt"><font size="2">Financial
Statements and Exhibits. </font></p>
<p style="margin-left: 5%"><font size="2">(d) Exhibits </font></p>
</b>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td style="border-bottom-style: none; border-bottom-width: medium" width="5%">&nbsp;</td>
    <td style="border-bottom-style: solid; border-bottom-width: 1" width="13%">
    <font FACE="Times New Roman" size="2">Exhibit</font></td>
    <td width="4%">&nbsp;</td>
    <td style="border-bottom-style: solid; border-bottom-width: 1" width="78%">
    <font FACE="Times New Roman" size="2">Description</font></td>
  </tr>
  <tr>
    <td style="border-top-style: none; border-top-width: medium" width="5%">&nbsp;</td>
    <td style="border-top-style: solid; border-top-width: 1" width="13%" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">
    <a href="exh991.htm" style="text-decoration: none">99.1</a></font></td>
    <td width="4%" bgcolor="#E6EFFF">&nbsp;</td>
    <td style="border-top-style: solid; border-top-width: 1" width="78%" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">
    <a href="exh991.htm" style="text-decoration: none">Press Release dated December 2, 2009</a></font></td>
  </tr>
</table>
<p align="center"><font size="2">2</font></p>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>

<font FACE="Times New Roman"><b>
<p align="center"><font size="2">SIGNATURE</font></b><font size="2"> </font></p>
<p style="text-indent: 5%"><font size="2">Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized. </font></p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="50%">&nbsp;</td>
    <td WIDTH="50%"><font size="2"><b>CHINA BAK BATTERY, INC.</b></font></td>
  </tr>
  <tr>
    <td WIDTH="50%">&nbsp;</td>
    <td WIDTH="50%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="50%">&nbsp;</td>
    <td WIDTH="50%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="50%"><font size="2">Date: December 2, 2009</font></td>
    <td WIDTH="50%"><font size="2">By: <u>/s/ Tony Shen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </u></font></td>
  </tr>
  <tr>
    <td WIDTH="50%">&nbsp;</td>
    <td WIDTH="50%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tony
    Shen</font></td>
  </tr>
  <tr>
    <td WIDTH="50%">&nbsp;</td>
    <td WIDTH="50%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief
    Financial Officer</font></td>
  </tr>
</table>
<p align="center"><font size="2">3</font></p>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black noShade SIZE=5>

<font FACE="Times New Roman" size="2"><b>
<p align="center">EXHIBITS </p>
</b></font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td style="border-bottom-style: none; border-bottom-width: medium" width="5%">&nbsp;</td>
    <td style="border-bottom-style: solid; border-bottom-width: 1" width="13%">
    <font FACE="Times New Roman" size="2">Exhibit</font></td>
    <td width="4%">&nbsp;</td>
    <td style="border-bottom-style: solid; border-bottom-width: 1" width="78%">
    <font FACE="Times New Roman" size="2">Description</font></td>
  </tr>
  <tr>
    <td style="border-top-style: none; border-top-width: medium" width="5%">&nbsp;</td>
    <td style="border-top-style: solid; border-top-width: 1" width="13%" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">
    <a href="exh991.htm" style="text-decoration: none">99.1</a></font></td>
    <td width="4%" bgcolor="#E6EFFF">&nbsp;</td>
    <td style="border-top-style: solid; border-top-width: 1" width="78%" bgcolor="#E6EFFF">
    <font FACE="Times New Roman" size="2">
    <a href="exh991.htm" style="text-decoration: none">Press Release dated December 2, 2009</a></font></td>
  </tr>
</table>
<p align="center"><font face="Times New Roman" size="2">4</font></p>
<hr color="#000000" size="5">

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>

<HTML>
<HEAD>
   <TITLE>China BAK Battery, Inc - Exhibit 99.1 - Prepared By TNT Filings Inc.</TITLE>

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<BODY style="font-size:10pt;">

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<P align=right><b>Exhibit 99.1</b></P>
<P align=center><img border="0" src="exh9911.jpg" width="660" height="73"></P>
<P align=center><B>PRESS RELEASE</B> </P>
<P align=center><B><font size="4">China BAK Reports Fourth Quarter and Fiscal Year 2009
Financial Results </font> </B></P>
<P align=justify><B>Shenzhen, China &#150; December 2, 2009</B> &#150; China BAK Battery,
Inc. (&#147;China BAK&#148;, the &#147;Company&#148;, or &#147;we&#148;) (Nasdaq: CBAK), one of the largest
lithium-ion battery cell manufacturers in the world, as measured by production
output, today announced its financial results for the fourth quarter (&#147;Q409&#148;)
and fiscal year ended September 30, 2009 (&#147;FY09&#148;). </P>
<P align=justify><B>Recent Achievements and Highlights </B></P>
<UL>
  <LI>
  <p style="margin-top: 0; margin-bottom: 0">We saw strong recovery from the downturn with sequential growth in revenue
  ($57.6M) and operating cash flow ($5.8M) in Q409 as compared to Q309; <br>
&nbsp;<LI>
  <p style="margin-top: 0; margin-bottom: 0">Profitability further improved with higher gross margin (14.1%,) and
  smaller loss ($1.4M) than Q309; <br>
&nbsp;<LI>
  <p style="margin-top: 0; margin-bottom: 0">We have successfully established ourselves as a major competitor in the
  cylindrical cell market; revenues from cylindrical cells in FY09 increased to
  $55.3 million, up 30.0% from FY08;. <br>
&nbsp;<LI>
  <p style="margin-top: 0; margin-bottom: 0">Revenues from prismatic battery packs increased to $8.9 million or 15.5%
  of revenues in Q409, becoming our third largest revenue source, in response to
  customer needs; <br>
&nbsp;<LI>
  <p style="margin-top: 0; margin-bottom: 0">In November 2009, BAK Tianjin signed Letters of Intent with Tianjin
  Qingyuan Electric Vehicle Co., Ltd., Dongfeng Electric Vehicle Co., Ltd. and
  Brilliance Auto Engineering Research Institute for providing high-power
  batteries for use in electric cars, and with Suzhou NOAHtek Electric Bicycles
  Co., Ltd. for providing high-power batteries for use in electric bicycles; <br>
&nbsp;<LI>
  <p style="margin-top: 0; margin-bottom: 0">We raised $20.6 million in a Registered Direct Offering in October 2009,
  which will further strengthen our financial position and improve the operating
  flexibility. </LI></UL>
<P align=justify><B>Fourth Quarter FY09 Financial Results </B></P>
<P align=justify>Net revenues for the fourth quarter of FY09 were $57.6 million,
up 28.8% from $44.7 million last quarter and down 20.9% from $72.7 million in
the same quarter of last year. </P>
<P align=justify>Revenues from cylindrical cells used in notebook computers were
$15.0 million, up 18.6% from $12.7 million last quarter and down 23.4% from
$19.7 million in the same quarter of last year. </P>
<P align=justify>Revenues from prismatic cells, including aluminum-case cells,
steel-case cells and battery packs, which are used in mobile phones and certain
personal electronic devices, were $37.5 million, up 31.4% from $28.6 million
last quarter and down 16.6% from $45.0 million in the same quarter of last year.
Revenues from aluminum-case cells were $28.6 million, up 27.1% from $22.5
million last quarter and down 20.6% from $36.0 million in the same quarter of
last year. Revenues from battery packs were $8.9 million, up 55.3% from $5.7
million last quarter and up 64.4% from $5.4 million in the same quarter of last
year. Revenues from steel-case cells were minimal as we ended production in
January 2009. </P>
<P align=justify>Revenues from lithium polymer cells, used in personal
electronic devices such as PDAs, MP3 players and Bluetooth devices, were $4.9
million in the fourth quarter of FY09, up 46.1% from last quarter, and down
39.2% from the same quarter of last year. </P>
<TABLE
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  <TR vAlign=top>
    <TD noWrap align=left style="border-top-style: solid; border-top-width: 1">China BAK Battery Inc. </TD>
    <TD noWrap align=right width="50%" style="border-top-style: solid; border-top-width: 1">Page 1 of 6 </TD></TR></TABLE><BR>
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<P align=justify>Gross profit for the fourth quarter of FY09 was $8.1 million,
up 60.3% from $5.0 million last quarter and down 29.6% from $11.5 million in the
same quarter of last year. Gross margin was 14.1%, compared to 11.3% last
quarter and 15.8% in the same quarter of last year. </P>
<P align=justify>Operating expenses totaled $9.0 million or 15.7% of revenues in
the fourth quarter of FY09, as compared to $8.6 million or 19.3% of revenues
last quarter and $8.4 million or 11.6% of revenues in the same quarter of last
year. Research and development expenses were $1.6 million or 2.8% of revenues,
as compared to $1.5 million or 3.3% of revenues last quarter and $1.7 million or
2.3% of revenues in the same quarter of last year. Sales and marketing expenses
were $1.8 million or 3.2% of revenues, as compared to $1.6 million, or 3.5% of
revenues last quarter and $1.5 million or 2.2% of revenues in the fourth quarter
of last year. General and administrative expenses were $5.6 million or 9.7% of
revenues, as compared to $5.5 million or 12.4% of revenues last quarter and $5.2
million or 7.1% of revenues in the same quarter of last year. </P>
<P align=justify>Operating loss for the fourth quarter of FY09 was $0.9 million,
as compared to operating loss of $3.6 million last quarter and operating income
of $3.0 million in the same quarter of last year. </P>
<P align=justify>Net loss was $1.4 million in the fourth quarter of FY09, as
compared to net loss of $5.2 million last quarter and net income of $1.5 million
in the same quarter of last year. Diluted earnings per share were negative $0.02
compared with negative $0.09 per diluted share last quarter and $0.03 per
diluted share in the same quarter of last year. </P>
<P align=justify>For the fourth quarter of FY09, Days Sales Outstanding (&#147;DSO&#148;)
decreased to 120 from 145 last quarter, and Days Sales of Inventory decreased to
116 from 136 last quarter. </P>
<P align=justify><B><font size="2">FY09 Financial Results</font></B></P>
</P>
<P align=justify>For FY09, net revenues were $211.1 million, down 13.9% from
$245.3 million in FY08, gross profit was $26.8 million or 12.7% of net revenues,
down 13.4% from $30.9 million or 12.6% of net revenues for FY08, and net loss
was $14.0 million as compared to net loss of $7.9 million for FY08. </P>
<P align=justify><B><font size="2">Financial Condition</font></B></P>
<P align=justify>
<P align=justify>On September 30, 2009 China BAK had $30.7 million in cash and
cash equivalents and negative $46.3 million in working capital, reflecting a
current ratio of 0.83:1. Short-term bank loans and long-term bank loans totaled
$194.8 million as compared to $191.4 million on June 30, 2009. Shareholders&#146;
equity totaled $156.6 million. China BAK had $49.6 million available for
borrowing under its credit facilities. </P>
<P align=justify><B><font size="2">Business Outlook</font></B></P>
<P align=justify>
<p></P>
<P align=justify>&#147;In FY09, we have weathered the economic crisis relatively well
and grown our business by starting shipments to a tier 1 OEM notebook computer
customer. We&#146;ve also made in-roads in the New Energy/Clean Tech sector by
providing samples of power cells to auto manufacturers and received favorable
comments. We believe we will continue to grow in FY10 and be one of the few
winners in this industry&#148;, commented Mr. Xiangqian Li, CEO of China BAK. </P>
<P align=justify>&#147;We are pleased to see steady increase in revenue, gross margin
and operating cash flow since Q2FY09 amid economic recession. Operating measures
such as DSO, inventory turns have also rebounded in Q4FY09 to near pre-downturn
levels. We will continue to exercise prudence and drive for operating
excellence&#148;, commented Tony Shen, CFO of China BAK. </P>
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  <TR vAlign=top>
    <TD noWrap align=left style="border-top-style: solid; border-top-width: 1">China BAK Battery Inc. </TD>
    <TD noWrap align=right width="50%" style="border-top-style: solid; border-top-width: 1">Page 2 of 6 </TD></TR></TABLE>
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<P align=justify>China BAK expects that FY10 revenue will fall in the range of
$270 million to $310 million, which, at the low point of the range, will
represent a 28% growth from FY09, and that bottom line of FY10 will be
break-even to slightly profitable. </P>
<P align=justify><B><font size="2">Conference Call</font></B></P>
<P align=justify>
<p></P>
<P align=justify>China BAK will host a conference call at 8:00 a.m. ET on
Wednesday, December 2, 2009 to discuss results for the fourth quarter of
FY09ended September 30, 2009. Joining Xiangqian Li, China BAK's President and
Chief Executive Officer on the call will be Tony Shen, Chief Financial Officer.
To participate in the conference call, please dial the following number
approximately fifteen minutes prior to the scheduled conference call time:
800-688-0796. International callers should dial (617) 614-4070. The pass code
for the call is 976-118-60. If you are unable to participate in the call at this
time, a replay will be available from 10:00 a.m. ET on Wednesday, Dec 2, 2009
through 10:00 a.m. ET, Wednesday, Dec 16, 2009. To access the replay, please
dial 888-286-8010. International callers should dial (617) 801-6888. The pass
code for the replay is 699-49-859. The conference call will be broadcast live
over the Internet and can be accessed by all interested parties on the China BAK
website at http://www.bak.com.cn/. To listen to the live webcast, please go to
the China BAK&#146;s website at least fifteen minutes prior to the start of the call
to register, download and install any necessary audio software. For those unable
to participate during the live broadcast, shortly after the call a replay will
be made available on China BAK&#146;s website for 90 days. </P>
<P align=justify><B><I><U><font size="2">About China BAK Battery
  Inc.</font></U></I></B></P>
<P align=justify>
<p></P>
<P align=justify>China BAK Battery, Inc. is one of the largest manufacturers of
lithium-based battery cells in the world, as measured by production output. It
produces battery cells that are the principal component of rechargeable
batteries commonly used in cellular phones, notebook computers and portable
consumer electronics, such as digital media devices, portable media players,
portable audio players, portable gaming devices, and PDAs. China BAK Battery,
Inc.&#146;s 3.0 -million-square-foot facilities are located in Shenzhen and Tianjin,
PRC, and have been recently expanded to produce new products. </P>
<P align=justify><B><I><U><font size="2">Safe Harbor
Statement</font></U></I></B></P>
<P align=justify>
<p></P>
<P align=justify>This press release contains forward-looking statements, which
are subject to change. The forward-looking statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
All &#147;forward-looking statements&#148; relating to the business of China BAK Battery,
Inc. and its subsidiary companies, which can be identified by the use of
forward-looking terminology such as &#147;believes,&#148; &#147;expects&#148; or similar
expressions, involve known and unknown risks and uncertainties which could cause
actual results to differ. These factors include but are not limited to: risks
related to China BAK&#146;s business and risks related to operating in China. Please
refer to China BAK&#146;s Annual Reports on Form 10-K for the fiscal years ended
September 30, 2008, as well as China BAK's Quarterly Reports on Form 10-Q for
FY09, for specific details on risk factors. Given these risks and uncertainties,
you are cautioned not to place undue reliance on forward-looking statements.
China BAK&#146;s actual results could differ materially from those contained in the
forward-looking statements. China BAK undertakes no obligation to revise or
update its forward-looking statements in order to reflect events or
circumstances that may arise after the date of this release.<I> </I></P>
<P align=center><STRONG><EM>-Financial Tables Follow-</EM></STRONG></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left style="border-top-style: solid; border-top-width: 1">China BAK Battery Inc. </TD>
    <TD noWrap align=right width="50%" style="border-top-style: solid; border-top-width: 1">Page 3 of 6 </TD></TR></TABLE>
<P align=justify>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>

<P></P><!--$$/page=--><A name=page_4></A>
<P align=center><B>China BAK Battery, Inc. and Subsidiaries
<BR></B><B>Consolidated Statements of Operations and Comprehensive
Incom</B>e/<B>(Loss) <BR>For the Three Months and Fiscal Years Ended September
30, 2009 and 2008 <BR></B><B>(Amounts in thousands, except per share data)
</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="23%"
    colSpan=4><FONT size=2><B>Three Months Ended September 30,</B> </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="23%"
    colSpan=4><FONT size=2><B>Years Ended September 30,</B> </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2><B>2009</B> </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2><B>2008</B> </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2><B>2009</B> </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2><B>2008</B> </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(Unaudited) </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(Unaudited) </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>Net Revenues </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>&nbsp;57,551 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>&nbsp;72,738 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>&nbsp;211,144 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>&nbsp;245,348 </FONT></TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>Cost of revenues </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>(49,457</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>(61,257</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>(184,388</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>(214,442</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>Gross profit </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>8,094 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>11,481 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>26,756 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>30,906 </FONT></TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>Operating expenses:
      </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Research and development costs </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(1,629</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(1,688</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(5,643</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(6,252</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Sales and marketing expenses </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(1,842</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(1,568</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(6,176</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(5,803</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;General and administrative expenses </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>(5,563</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>(5,185</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>(21,990</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>(19,348</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total operating expenses </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>(9,034</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>(8,441</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>(33,809</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>(31,403</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>Operating income /
      (loss) </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
    size=2>(940</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT size=2>3,040
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(7,053</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
    size=2>(497</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>Finance costs, net
      </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(2,255</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(3,643</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(9,356</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(11,021</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>Government grant income </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>244 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>397 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>637 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>1,775 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>Other income </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>717 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>683 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>528 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>757 </FONT></TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>Income / (loss) before income taxes
      </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(2,234</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>477 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(15,244</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(8,986</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>Income tax benefit </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>874 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>995 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>1,253 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>1,045 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>Net (loss) / income
      </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;(1,360</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;1,472 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;(13,991</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;(7,941</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>Other comprehensive
      income / (loss) </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Foreign currency
      translation adjustment </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>(112</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>1,241 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>(355</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>15,262 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>Comprehensive income /
      (loss) </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;(1,472</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;2,713 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;(14,346</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;7,321 </FONT></TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>Net income / (loss) per
      share: </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;-Basic </FONT></TD>
    <TD noWrap align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>&nbsp;(0.02</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>&nbsp;0.03 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>&nbsp;(0.25</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>&nbsp;(0.15</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;-Diluted </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;(0.02</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;0.03 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;(0.25</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;(0.15</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>Weighted average shares
      outstanding: </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;-Basic </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>56,971 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>54,511 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>56,964 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>52,314 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;-Diluted </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>56,971 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>54,971 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>56,964 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>52,314 </FONT></TD>
    <TD noWrap align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<p>&nbsp;</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left style="border-top-style: solid; border-top-width: 1">China BAK Battery Inc. </TD>
    <TD noWrap align=right width="50%" style="border-top-style: solid; border-top-width: 1">Page 4 of 6 </TD></TR></TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=center><B>China BAK Battery, Inc. and Subsidiaries <BR>Consolidated
Balance Sheets <BR>As of September 30, 2009 and 2008 <BR></B><B>(</B><B>Amounts
in thousands)</B><B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="27%"
    colSpan=4><B>As of September 30,</B> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="12%"><B>2009</B> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="12%"><B>2008</B> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><B>Assets</B> </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><I>Current assets</I> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Cash and cash
      equivalents </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>&nbsp;30,678 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>&nbsp;35,707 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; &nbsp; &nbsp;Pledged deposits </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">31,115 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">4,449 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Trade accounts
      receivable, net </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>83,292 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>82,740 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; &nbsp; &nbsp;Inventories </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">65,535 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">67,583 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Prepayments and
      other receivables </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>4,632 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>4,463 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; &nbsp; &nbsp;Deferred tax assets </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">3,895 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">1,720 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Property, plant
      and equipment held for sale </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"
    bgColor=#e6efff>804 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total current assets </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">219,951 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">196,662 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; &nbsp; &nbsp;Property, plant and equipment,
      net </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">219,685 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">195,435 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Lease
      prepayments, net </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>32,166 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>31,782 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; &nbsp; &nbsp;Intangible assets, net </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">239 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">161 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Deferred tax
      assets </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"
    bgColor=#e6efff>43 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"
    bgColor=#e6efff>7 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Total assets </TD>
    <TD noWrap align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right
      width="12%">&nbsp;472,084 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right
      width="12%">&nbsp;424,047 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><B>Liabilities</B> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><I>Current liabilities</I> </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; &nbsp; &nbsp;Short-term bank loans </TD>
    <TD noWrap align=left width="1%">$</TD>
    <TD noWrap align=right width="12%">&nbsp;139,159 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">$</TD>
    <TD noWrap align=right width="12%">&nbsp;105,598 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Current
      maturities of long-term bank loans </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>16,114 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>8,800 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; &nbsp; &nbsp;Accounts and bills payable </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">92,572 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">57,487 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Accrued expenses
      and other payables </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"
    bgColor=#e6efff>18,425 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"
    bgColor=#e6efff>21,581 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      current liabilities </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">266,270 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">193,466 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; &nbsp; &nbsp;Long-term bank loans, less
      current maturities </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">39,553 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">55,732 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Deferred revenue
    </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>7,442 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>7,685 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; &nbsp; &nbsp;Other long-term payables </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">1,940 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">- </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Deferred tax
      liabilities </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"
    bgColor=#e6efff>278 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"
    bgColor=#e6efff>92 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Total liabilities </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="12%">315,483 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="12%">256,975 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>Commitments and contingencies </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><B>Shareholders&#146; equity:</B> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Ordinary shares
      US$ 0.001 par value; 100,000,000 authorized; </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; &nbsp; &nbsp;57,676,481 and 57,737,481 issued
      and outstanding as of </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;September 30,
      2008 and September 30, 2009, respectively </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>58 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>58 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; &nbsp; &nbsp;Donation Shares </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">14,102 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">14,102 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Additional
      paid-in-capital </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>101,161 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>97,286 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; &nbsp; &nbsp;Statutory reserves </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">7,227 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">6,918 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Retained
      earnings </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>13,328 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="12%" bgColor=#e6efff>27,629 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; &nbsp; &nbsp;Accumulated other comprehensive
      income </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">24,791 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%">25,146 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Less: Treasury shares </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"
    bgColor=#e6efff>(4,066</TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"
    bgColor=#e6efff>(4,067</TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD noWrap
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total shareholders&#146; equity </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="12%">156,601 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="12%">167,072 </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><B>Total liabilities and
      shareholders&#146; equity</B> </TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="12%"
    bgColor=#e6efff>&nbsp;472,084 </TD>
    <TD noWrap align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="12%"
    bgColor=#e6efff>&nbsp;424,047 </TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<p>&nbsp;</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left style="border-top-style: solid; border-top-width: 1">China BAK Battery Inc. </TD>
    <TD noWrap align=right width="50%" style="border-top-style: solid; border-top-width: 1">Page 5 of 6 </TD></TR></TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=center><B>China BAK Battery, Inc. and Subsidiaries <BR>Consolidated Statements of Cash Flows <BR></B><B>For the
Three Months and Fiscal Years Ended September 30, 2009 and 2008
<BR></B><B>(Amounts in thousands) </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="23%"
    colSpan=4><FONT size=2><B>Three Months Ended September 30,</B> </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="23%"
    colSpan=4><FONT size=2><B>Years Ended September 30,</B> </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2><B>2009</B> </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2><B>2008</B> </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2><B>2009</B> </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2><B>2008</B> </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(Unaudited) </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(Unaudited) </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2><B>Cash flow from
      operating activities</B> </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>Net (loss) / income </FONT></TD>
    <TD noWrap align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD noWrap align=right width="10%"><FONT size=2>&nbsp;(1,360</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD noWrap align=right width="10%"><FONT size=2>&nbsp;1,472 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD noWrap align=right width="10%"><FONT size=2>&nbsp;(13,991</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD noWrap align=right width="10%"><FONT size=2>&nbsp;(7,941</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>Adjustments to reconcile net
      (loss) / income to </FONT><FONT size=2>net cash provided by operating
      activities: </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2></FONT><FONT
      size=2></FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2></FONT><FONT
      size=2></FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2></FONT><FONT
      size=2></FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2></FONT><FONT
      size=2></FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; &nbsp;Depreciation and
      amortization </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>1,328 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>4,014 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>12,832 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>13,376 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp;Provision
      for / (recovery of) doubtful debts </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT size=2>1,864
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
    size=2>(244</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT size=2>7,725
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT size=2>1,943
      </FONT></TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; &nbsp;Provision for obsolete
      inventories </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>1,059 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>496 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>929 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>610 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>&nbsp;
      &nbsp;Share-based compensation </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT size=2>1,622
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT size=2>1,246
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT size=2>3,725
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT size=2>3,780
      </FONT></TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; &nbsp;Deferred income taxes
      </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(1,020</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(951</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(2,024</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(1,152</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp;Deferred
      revenue </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
    size=2>(58</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
    size=2>(282</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
    size=2>(234</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
    size=2>(282</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; &nbsp;Exchange loss / (gain)
      </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(458</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(182</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(48</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>1,326 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2>&nbsp;&nbsp; Loss on disposal
      of Property, plant and </FONT><FONT size=2>equipment </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2></FONT><FONT
      size=2>6 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2></FONT><FONT
      size=2>5 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2></FONT><FONT
      size=2>6 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2></FONT><FONT
      size=2>195 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>Changes in operating assets and
      liabilities: </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Trade accounts receivable </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(15,306</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT size=2>2,502
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(8,375</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(14,600</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Inventories </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(4,705</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>376 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>1,043 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(2,223</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Prepayments and other receivables </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT size=2>5,509
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT size=2>3,823
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT size=2>394
    </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(2,565</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Accounts and bills payable </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>19,460 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(1,805</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>36,331 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>6,934 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Accrued expenses and other payables </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>(2,162</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>1,518 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>78 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>3,430 </FONT></TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>Net cash provided by operating
      activities </FONT></TD>
    <TD noWrap align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>&nbsp;5,779 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>&nbsp;11,988 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>&nbsp;38,391 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><FONT size=2>&nbsp;2,831 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2><B>Cash flow from investing
      activities</B> </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp;Purchases
      of property, plant and equipment </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(6,807</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(16,672</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(40,431</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(47,575</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; &nbsp;Payment in lease
      prepayment </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>- </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(1,779</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(1,077</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(5,454</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp;Purchases
      of intangible assets </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
    size=2>(13</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
    size=2>(7</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
    size=2>(140</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
    size=2>(109</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>&nbsp;&nbsp; Proceeds from disposal of
      property, plant </FONT><FONT size=2>and equipment </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2></FONT><FONT size=2>10 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2></FONT><FONT size=2>465 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2></FONT><FONT size=2>10 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2></FONT><FONT size=2>786 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>Net cash used in
      investing activities </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;(6,810</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;(17,993</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;(41,638</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;(52,352</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2><B>Cash flow from
      financing activities</B> </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; &nbsp;Proceeds from borrowings
      </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>3,309 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>40,216 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>176,316 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>159,913 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp;Repayment
      of borrowings </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
    size=2>(22</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(46,026</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(151,448</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#e6efff><FONT
      size=2>(122,577</FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left><FONT size=2>&nbsp; &nbsp;Decrease / (increase) in
      pledged deposits </FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(1,488</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>1,829 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>(26,641</FONT></TD>
    <TD noWrap align=left width="2%" >) </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="10%"><FONT size=2>588 </FONT></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#e6efff><FONT size=2>&nbsp; &nbsp;Proceeds
      from issuance of capital stock, net </FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>150 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>15,233 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>150 </FONT></TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"
    bgColor=#e6efff><FONT size=2>29,240 </FONT></TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2>Net cash provided by / (used in) financing
      </FONT><FONT size=2>activities </FONT></TD>
    <TD align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2>&nbsp;1,949 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2>&nbsp;11,252 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2>&nbsp;(1,623</FONT></TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" ><FONT size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2>&nbsp;67,164 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2><B>Effect of exchange rate changes on cash
      and</B> </FONT><FONT size=2><B>cash equivalents</B> </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2></FONT><FONT size=2>121 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2></FONT><FONT size=2>216 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2></FONT><FONT size=2>(158</FONT></TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2></FONT><FONT size=2>3,867 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2><B>Net increase / (decrease)
      in cash and cash</B> </FONT><FONT size=2><B>equivalents</B> </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2></FONT><FONT
      size=2>1,039 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2></FONT><FONT
      size=2>5,463 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2></FONT><FONT
      size=2>(5,028</FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><FONT size=2></FONT><FONT
      size=2>21,510 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><FONT size=2><B>Cash and cash equivalents at the
      beginning</B> </FONT><FONT size=2><B>of the period</B> </FONT></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2></FONT><FONT size=2>29,639 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2></FONT><FONT size=2>30,244 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2></FONT><FONT size=2>35,706 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><FONT
      size=2></FONT><FONT size=2>14,197 </FONT></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><FONT size=2><B>Cash and cash equivalents
      at the end of the</B> </FONT><FONT size=2><B>period</B> </FONT></TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;30,678 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;35,707 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;30,678 </FONT></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><FONT
      size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="10%"
    bgColor=#e6efff><FONT size=2>&nbsp;35,707 </FONT></TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<p>&nbsp;</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left style="border-top-style: solid; border-top-width: 1">China BAK Battery Inc. </TD>
    <TD noWrap align=right width="50%" style="border-top-style: solid; border-top-width: 1">Page 6 of 6 </TD></TR></TABLE>
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<TYPE>GRAPHIC
<SEQUENCE>3
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
