The board of directors exercises the following powers:

(1) convening shareholders’ meetings and reporting its work to the shareholders’ meeting;

(2) implementing resolutions of the shareholders’ meeting;

(3) deciding the company’s business plans and investment proposals;

(4) formulating the company’s profit distribution and loss recovery plans;

(5) formulating plans to increase or reduce registered capital and to issue corporate bonds;

(6) formulating plans for merger, division, dissolution, or change of company form;

(7) deciding the establishment of the company’s internal management bodies;

(8) deciding the appointment or dismissal of the company manager and the manager’s remuneration, and, upon the manager’s nomination, deciding the appointment or dismissal and remuneration of deputy managers and the person in charge of finance;

(9) formulating the company’s basic management systems;

(10) exercising other powers specified in the articles of association or delegated by the shareholders’ meeting.

Restrictions in the articles of association on the powers of the board may not be asserted against a good-faith counterparty.